Forex Signals Brief for May 14: Markets Ready to Rebound
Rowan Crosby • 2 min read
The US-China trade wars took another step backwards yesterday when China rolled out a fresh set of tariffs on $60 billion worth of US exports.
The news sent markets tumbling and risk-off was certainly the order of the day. As Asian trade gets underway today, there are some positive signs for markets.
The ES Futures are pushing higher on the session so far and are back in the green. The question is now if they can hold these gains or will the sellers pile back in?
For now, the risk proxies such as the AUD/USD are higher, while GOLD is now trading at the lows and is back under 1300.
The GBP/USD will be in focus today as the UK release wage and employment data. While for the EUR/USD, the attention will be on ZEW Economic Sentiment.
Forex Signal Update
The FX Leaders Team finished the week with four wins from six signals for a strong start to the week.
NZD/USD – Active Signal
The NZD/USD is still below the 0.6600 level and we couldn’t quite hit our take profit on yesterday’s weakness. There has been a little bounce this morning but I still like the look of this trade.
AUD/USD – Pending Signal
Just like the Kiwi, the AUD/USD has been weak recently and has tagged three-year lows. Given the little bounce today, this might be a chance for another short position if the sellers return.
BTC is looking like it is unstoppable at the moment as price has now taken out the $8,000 level.
Clearly, price is getting very vertical here, but it is tough to try and pick a top. And who is to say there is one coming at this point?
Either look to get long with the momentum above $8,000 and try for another leg higher, or wait for a period of consolidation below a key level and some red days.