Forex Signals Brief, Dec 28: Subdued Bitcoin Crashes Again While Dollar Remains Weak

Good morning, traders.

Despite the thin volatility, team FX Leaders closed another strong day with five take profits in a row. The winners came from Forex pairs ( USD/JPY , USD/CAD , AUD/USD ) and Indices like DAX and NKY . Well, thanks to the weaker dollar. The Greenback slipped against the Japanese Yen, giving up most of the gains, as the US government shutdown thing isn’t getting better and seems to extend until January 2019.

In response to this, the investors are loading up on perceived safe-haven assets. Today, investors will be eyeing a series of economic events from the US and Eurozone, especially the Chicago PMI and German CPI figures. As usual, we are going to discuss them in our Economic Events Outlook brief, now it’s time for looking at current signals in place.

Forex Signal Update

As discussed above, all of the trading signals are already closed at take profit overnight, giving us a strong closing for the Christmas week. At the moment, we have an EUR/USD signal in place and it’s in the highlights due to German Inflation figures today.

EUR/USD – Active Signal
The EUR/USD is looking bullish after breaking above the 1.1450 key resistance level. The pair continues to trade sideways in a trading range of $1.1475 – $1.1420. We continue to prefer doing choppy trading, by selling at top and buying at the bottom.

Today, the price continues to be supported above the $1.1420 support region, giving us our first trade signal for the day.

EUR/USD – 120min.

Cryptocurrency Update

The crypto leader BTC/USD found some support several times at $3785 recently but the bearish fundamentals triggered a bearish breakout. Since the market is already holding below $3,785 support, this level will now work as a resistance and the market can push BTC/USD towards $3,560.

Most of the selling triggered after a man from Taiwan suspected of stealing electricity worth over $3 million to mine Bitcoin (BTC) and Ethereum (ETH) got arrested.

BTC – 140min.

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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