Forex Signals Brief for Apr 2: US Data Bucking the Trend
Rowan Crosby • 2 min read
Economic data was mixed out of the US yesterday, but it appears that investors didn’t seem to worry too much about the negative results.
Both the USD and S&P 500 continue to push towards the highs and the bond buying has seemingly slowed for the time being.
Today there is more data coming out from the US as the build-up to Friday’s US non-farm payrolls gather steam. The data to watch today will be core durable goods orders for February.
Out of the UK, we will forget the Brexit sagas for a moment, and today there will be some attention on the construction data due for release.
Most of the majors are getting pushed around by a strong USD at the moment, so we will be looking for more of the same on Tuesday.
Forex Signal Update
It was two out of two for the FX Leaders Team for a positive start to the trading week.
EUR/CHF – Active Signal
The EUR/CHF is continuing to hold up at support, which is something we spoke about yesterday. This pair is traditionally a bit of a slow mover, but we need to remember that the trend is down and the EUR is weak.
Oil – Pending Signal
Oil continues to fight back from the big sell-off that we saw late last year and is now back above a very key technical level in $60. We are biased to the long side and looking for opportunities to buy a pullback.
Bitcoin might be on a longer-term bearish path but that hasn’t stopped it from posting its best quarter since the raging bull market of late 2017.
In Q1 BTC was up nearly 11% and it appears the bulls are gaining a bit of control, at least from a technical standpoint.
While price holds the $4,000 level it does look like the buyers are in control. Currently, we are still short with a stop at $4.375 and the take profit at $3,175.