Forex Signals Brief for July 10: Big Data is Finally on the Agenda
Rowan Crosby • 2 min read
It has certainly been a slow start to the trading week as markets have really been sitting on their hands waiting with anticipation for Jerome Powell to testify in front of Congress.
That’s happening today, but there are a host of other big data points coming thick and fast that should get the majors moving and provide us with plenty of opportunities.
The FOMC minutes will be out today as well, however, with Powell speaking, all that information might be a little too dated.
The GBP/USD will be busy early on as we get GDP and Manufacturing Production.
Later in the day, the USD/CAD will be in-play as we get the BOC Interest Rate Decision. It’s widely expected rates will remain on hold at this meeting and for the rest of the year, but given the dovish turn from most central banks, this is clearly not set in stone.
We’ll also be getting the WTI inventory data which has been quite a volatile release of recent times. Crude has been battling the $60 level where it has been largely unpassable to date.
Overall it looks to be a fantastic day ahead for forex traders after a slow start to the trading week.
Forex Signal Update
Despite relatively slow conditions, the FX Leaders Team finished with 5 wins from 6 trades with a really solid performance across the board.
USD/JPY – Active Signal
The USD/JPY has been pushing higher over the last few sessions, really just following the lead of the Greenback as we await Powell’s testimony. The Yen loves a round number and we feel that at the moment 109.00 should provide a bit of resistance. Watch this one closely if this is still active when Powell begins to speak.
EUR/GBP – Active Signal
Our EUR/GBP signal is under a fair bit of pressure now as it pushes towards the 0.9000 level. Given the big data in the Pound today, we’ll have a result one way or another as soon as the Euro session gets underway.
Another day and another big breakout for BTC as it has just taken out the $13,000 level.
Like I said earlier today it feels like I am having deja-vu on a daily basis, as price keeps on pushing higher during the Asian session and taking out key levels.
There now appears to be little standing in the way of a run into the recent highs at $14,000. Price has done everything the bulls could realistically expect of it and I will be looking for a test of that level in the coming sessions.
The positive run from Bitcoin is helping to drag the other major coins higher and for now, the sector is very strong.