Forex Signals Brief for August 9: The Greenback Falls Away
The week continues to plod along at a relatively slow pace. Forex markets have been mixed, as we haven’t had any real drivers to build any momentum. The USD has continued to struggle to gain any traction this week and the lack of economic data isn’t helping.
On Thursday, we saw the RBNZ come out with a dovish tone after they left official rates on hold at 1.75%. That sent the NZD/USD tumbling lower in what might provide some good trading opportunities headed into the European session.
Meanwhile, the GBP was the weakest in trade yesterday. The move really just follows the overall downtrend we’ve been seeing, as concerns around how the Brexit deal might ultimately look, remains a worry.
Today the economic calendar remains on the thin side. The only top-tier data that we’ll be seeing is PPI from the US. While during the European session we will get a look at Swiss employment. And later in the day Canadian housing starts.
Forex Signal Update
The FX Leaders team had another quiet day with only the two signals. For one win and one loss.
Bitcoin – Active Signal
Bitcoin has continued to fall away before it got a slight bounce at $6,200. The decline has been short and sharp since we took out support around $7,000. Hopefully, we will see more buying coming in at either $6,000 or $5,800 should we push any lower on Thursday.
DAX – Pending Signal
The German Dax hasn’t been trading in a very wide range this month. We are still waiting for a pullback to the lower support level around the 12,480 point. Overall equities have been bullish, led by the US which has had a strong week to date.
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