Forex Signals Brief for Feb 4: Fears Subside For Now
Rowan Crosby • 2 min read
US Market Wrap
The coronavirus took a back seat on Monday as some better than expected economic data helped boost sentiment, both in Europe and the US.
The Eurozone manufacturing PMI pushed higher last month, while the US PMI manufacturing data also crept into expansion territory.
There’s little on the agenda today in terms of economic data, outside of the RBA interest rate decision.
Forex Signal Update
The FX Leaders Team finished with the one winning signal from one trade over the last 24 hours.
AUD/USD – Active Signal
We are long the AUD/USD as it battles the massive support level at 0.6700. We will know its fate in the next few hours as we get the latest RBA decision. A rate cut would sink the Aussie as it is not expected.
EUR/CHF – Active Signal
The EUR/CHF signal might have just put in a double bottom here. If price can now make a higher low, then this one can certainly turn around.
BTC has done very little in the past 24 hours and remains in an area of consolidation between $9,250 and $9,500.
The fact that price is above the $9,000 level makes me bullish, for the time being, and as I said yesterday I am expecting a test of $10,000
However, I do feel we need to wait on a break of the current range to dictate our bias.