Forex Signals Brief for Feb 6: Is The Cure Finally Here? - Forex News by FX Leaders
Is there a cure?

Forex Signals Brief for Feb 6: Is The Cure Finally Here?

Posted Thursday, February 6, 2020 by
Rowan Crosby • 2 min read

US Market Wrap

The coronavirus continues to be the thing that is making most headlines at the moment and all the talk yesterday was around a possible cure.

A few different sources came out suggesting they are making good progress on a vaccine of sorts, however, that was quickly dispelled by the WHO.

It did seem to be enough to get markets ticking into the green and the SPX put in another solid session with upward of 1% gains on the day.

Today’s Agenda

As we move towards the end of the week, data is starting to thin out a little, however, we are all waiting for Friday’s US jobs report.

The main events of interest today will be focused on the EUR/USD as ECB boss Christine Lagarde is speaking along with some other members. She did speak yesterday so we have to expect that there won’t be all that much that will be market moving, however, we might get some economic forecasts.

Otherwise, there is only some second-tier data including German factory orders so once again, we return to sentiment being the major catalyst for the session.

Forex Signal Update

The FX Leaders Team finished with one winning signal from four trades yesterday.

NZD/USD – Active Signal

Despite improved sentiment across the board, the NZD/USD remains soft. After failing to break higher, we have taken a short signal and feel that price could make its way into support below.

NZD/USD
NZD/USD – 240min.

EUR/CHF – Active Signal

The EUR/CHF signal has put in what looks like a bit of a double bottom. As mentioned, if price can take out the most recent high, this trade will be back on track nicely.

EUR/CHF
EUR/CHF – 240min.

Cryptocurrency Update

Just when we thought BTC was starting to look soft, it has surprised us to the upside and broken through the $9,500 level after a short and sharp push.

Price made it as far as the $9,600 level before stalling, but the buyers are there it seems.

The retest of $9,500 will be key here as if it can hold a test of $10,000 grows likely.

BTC
BTC – 240min.
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About the author

Rowan Crosby // Asia-Pacific Analyst
Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.
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