Forex Signals Brief for August 8: USD Struggling to Breakout
Rowan Crosby • 1 min read
The week continues to move along at a slow pace, with limited economic data causing markets to remain relatively subdued. The USD has been doing all it can to push higher, but at the moment there just isn’t the catalyst there to see it break out to the upside.
On Wednesday, it appears we have another thin data day. Crude Oil will be a big focus as we get the weekly inventory data. Yesterday, we saw the unofficial API number show a bigger than expected draw. Meaning we might have some upside ahead.
The rest of the week does appear to be a bit busier. Starting with the RBNZ interest rate decision tomorrow. We also have US CPI and UK GDP to close out the week.
Forex Signal Update
The FX Leaders team had another positive day despite the quiet conditions. We grabbed three winners and had only the one loss.
DAX – We are looking to buy the German Dax if it can pull back to support. Equities have been strong in the last few sessions, led by a strong SPX.
NZD/USD – Active Signal
The NZD/USD is in focus this week, ahead of the RBNZ interest rate decision. Today we saw inflation expectations come in line with predictions. We are getting very close to our TP here. And I would think that the slightest hint of USD strength when Europe opens, will get the job done.
Bitcoin – Active Signal
Bitcoin has continued to slip backwards since it first cracked the $7,000 mark. This is a long-term play so I would be happy to give this plenty of time to turn around. I would expect to see minor support around $6,600 and $6,200.