Forex Signals Brief for Feb 5: Markets Continue the Grind Higher
Markets are still riding high on the back of the FOMC turning dovish on rates last week and the melt up has stretched on.
However, on the forex front, the USD has managed to claw its way back and regain some of the lost ground, meaning the majors have seen a bit of downside.
That comes on the back of the RBA Interest Rate Decision and a weaker than expected retail sales number which has seen the AUD/USD weaken also.
Today the main data points are from the UK and US. With Services PMI and Non-ISM Manufacturing PMI, in what is a bit of a quiet one by recent standards.
Forex Signal Update
The FX Leaders Team finished with 3 winning signals from 5 trades in what was a busy start to the week.
AUD/USD – Active Signal
The AUD/USD has been bouncing off the 0.7200 level for some time now. Despite a weak retail sales number we are long hoping this level will continue to hold.
NZD/USD – Active Signal
The Kiwi has been strong in recent times and we are long on the pullback here, looking for some more follow through.
Cryptocurrency Update
Bitcoin continues to hold around the $3,400 level and volatility is low despite a number of headlines coming out recently.
Twitter co-founder Jack Dorsey sees the value of BTC rising in coming years and at the same time a survey of experts predicting Bitcoin could be back up at $7,000 by years end.
To date the price action doesn’t reflect those bold predictions just yet as we are still trading towards the lows with the downtrend still intact.
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