Forex Signals Brief for August 13: The USD & Safe Havens Take Control
Rowan Crosby • 2 min read
Forex markets had a slow week, prior to Friday’s session. However, things changed very quickly as the USD decided it was time to take control.
Buoyed by a strong GDP number, there was no stopping the Greenback as it rallied hard and put pressure on all the majors across the board. The rally was only intensified as safe-haven buying started coming into the Greenback on the back of a falling Turkish lira. Concerns surrounding the emerging markets and the state of the Turkish economy are seeing the JPY and CHF get bought up, along with the USD in early Asian trade.
The major events of the week for the USD are likely to be US retail sales. Only a few months ago we saw a strong print that really pushed the USD higher. While the Pound will also be busy with CPI data, employment figures and retail sales.
Eurozone CPI will be important as the EUR/USD got hit hard on Friday and it needs a strong number to try and turn things around.
While the AUD/USD will get employment data and the USD/CAD gets CPI. It looks like we have an exciting week ahead and we can thank the strong Greenback for all the action.
Forex Signal Update
Last week was a really quiet one on forex markets and they didn’t really get going until Friday as we have mentioned. The FX Leaders team ultimately put together a strong week under the circumstances with 12 wins and only the 6 losers. A strong day on Friday really helped and it was the type of day that traders love.
EUR/JPY – The EUR/JPY has sold off pretty hard and we will be looking for signs of a retrace if we get near a major support area.
Bitcoin – Active Signal
While the downtrend in Bitcoin is gaining steam, the big support levels are holding. $6,000 has stood up so far and we can expect more buyers to come in if we have another go. Should we fall below that level, there might be some cause for concern.
Gold – Pending Signal
Gold has been really very quiet in recent times and has been in a tight trading range. Even the fears of a meltdown in the Turkish Lira, couldn’t see any buying come into gold. Nevertheless, we are waiting and watching for an opportunity to sell, given the fact that gold simply can’t rally at the moment. And there has been a significant downtrend in place for some time now.