Forex Signals Brief for Feb 6: Can Trump Further Boost Markets?
Markets are still working their way through President Trump’s SOTU address and so far there hasn’t been a huge response.
Markets are still working their way through President Trump’s SOTU address and so far there hasn’t been a huge response.
Trump touched on a few of the key issues that he is known for including illegal immigration, prescription drug prices and improving infrastructure.
Markets have been strong again this week, while the USD also continues to strengthen by the day. It will be interesting to see if Trump’s speech can further boost confidence.
The key data points today are also out of the US, with some important data on Building Permits and Retail Sales.
Forex Signal Update
The FX Leaders Team finished with 3 winning signals from 3 trades with a focus on the AUD/USD and commodities.
USD/CAD – Active Signal
The USD/CAD has been weak of recent times and we are short on a pullback. The stop has certainly been tested, so hopefully, there is enough wiggle room for this trend to keep on working.
NZD/USD – Active Signal
The Kiwi hasn’t moved too far in the last 24 hours and price is still around breakeven in this trade. We do have some important NZD data tomorrow, so we’ll be hoping for a strong result should this position remain open.
Cryptocurrency Update
Bitcoin continues to feel weak and is still below the $3,400 level with volatility almost non-existent at the moment.
Price keeps getting pushed down, only to retrace. So we are really having a battle at the moment.
But as I keep mentioning the trend is still down, so we remain bearish until proven otherwise.
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