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