Forex Signals Brief for August 7: Trump Targets Iran

The week got off to a relatively slow start on forex markets, thanks largely to a lack of any major economic data and a wind down from last weeks busy close.

Late Monday, US President signed an executive order restricting purchases of dollar banknotes by Iran. Stopping the country trading gold and metals. This comes with more Iran sanctions on oil coming into place. Given the measures, we would expect commodities to be in focus on Tuesday.

Elsewhere, today marks the RBA interest rate decision. While we have some other top-tier data by way of JOLT job openings from the US and Canadian Ivey PMI.

Remember last week started slowly as well and hit back hard. Let’s hope for more of the same.

Forex Signal Update

The FX Leaders team had a quiet yet positive start to the trading week, with two wins in gold and the NZD/USD.

DAX – The German Dax has been grinding sideways for a little while after breaking down from its channel. We are looking to buy a bounce off support below.

AUD/USD – Active Signal

The AUD/USD has been struggling to push higher thanks largely to a strong USD. The RBA is still battling to raise interest rates, thanks to weak inflation and soft employment growth. This signal is tracking along OK and a further upside push in the USD would be welcome.

Bitcoin – Active Signal

Bitcoin has had a decent sized retrace. Not long ago we were back up at $8,500, and now we have taken out the $7,000 support level.

Skerdian has some more details on this new signal.