Forex Signals Brief for Feb 27: Volatility Continues to Rule
Rowan Crosby • 2 min read
US Market Wrap
Markets tried their best to recover yesterday, but ultimately it was the weight of the sellers that took hold.
Whether the bounce is coming is too close to tell at this stage but after dropping -8% it might be time for value buyers to start sniffing around.
As has been the case all week, data will be thin and even the numbers we do see will likely be overshadowed by the volatility and fear that remains in the air at the moment.
We do have a couple of key numbers from the US with GDP and Core Durable Orders, but both might not move the needle too far. On top of that pending homes sales and jobless claims will be out, but both will likely be even less market moving.
We’ll continue to watch the main trades at the moment, which includes the safe-havens such as GOLD, risk assets like the AUD/USD and WTI and then, of course, the SPX to see if it can finally close the floodgates.
Forex Signal Update
The FX Leaders Team closed one signal yesterday at our profit target, in what was a volatile session.
EUR/USD – Active Signal
The EUR/USD has really bounced sharply off the 1.080 level after a period where it got smashed. We are long looing to ride the move.
EUR/CHF – Active Signal
We are short the EUR/CHF as it remains soft. Investors are still seeking the safety of the CHF so that is what we want to see here.
BTC has really fallen away over the last 24 hours, just as we felt it might if that $9,000 level cracked.
In truth, I thought that level would put up a bit of a fight but it seems the sellers are now back in control.
The chart has been just so bearish since $10,000 failed and that will likely continue for the short-term.