Can the USD Rally?

Forex Signals Brief for August 8: USD Struggling to Breakout

Posted Wednesday, August 8, 2018 by
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.

NZD/USD
NZD/USD – 240 min.

 

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.

Bitcoin
BTC – 240min.
Check out our free forex signals
Trade better, discover more Forex Trading Strategies

About the author

Rowan Crosby is our Asia-Pacific Analyst
Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.
Related Articles
The global stock market indices rallied ever so slightly during the Asian session. However, there is a significant amount of resistance as..
10 hours ago
Comments

Leave a Reply

avatar
  Subscribe  
Notify of