Forex Signals Brief for Apr 25: The Greenback Rally Marches On
Rowan Crosby • 2 min read
Now that the two Central Bank meetings of the week are behind us, the attention will continue to be on Friday’s US GDP number.
This week, the story has really been all about the USD and the fact that it continues to be so strong. Combine that with a bullish stock market and you could be forgiven for thinking that the US economy is charging. That’s what makes this GDP number so interesting.
At the same time, we will continue to see volatility in stocks thanks to US earnings season, with a number of big names reporting over the next two sessions.
The main data today will be US core durable orders, in what is another quiet day for economic results, particularly in Europe.
Forex Signal Update
The FX Leaders Team finished the session with two wins from three signals with a nice winner in the AUD/USD as it fell sharply.
Oil – Pending Signal
WTI has pulled back a touch after a few strong sessions where it really broke to the upside. The $65 level is the one we are watching. If we pullback and the buyers look strong, this could be our opportunity.
Gold – Active Signal
Our GOLD signal has so far recovered nicely and is back trading around breakeven. The USD strength is holding this one down a touch along with the risk-on feel. US GDP on Friday could be a make or break here.
BTC has been a very interesting technical trade of recent times with the $5,600 resistance level the last one to hold up, almost to the dollar.
$5,400 will now be on watch as price pulls back after its stellar run so far this April. If price was to pull back into the range between, $5,000-$5,400, that would be short-term bearish. If it holds we look for another break of resistance and a possible test of the $6,000 level.
Longer-term, the FX Leaders Team remains short and is looking for a fall back below the $5,000 mark.