Forex Signals Brief for Jun 2: Risk Back in Favour Despite US Worries
Today’s data agenda is just about as thin as it gets and we must once again look to sentiment to try and gauge the overall direction of the
US Market Wrap
The new trading week got underway with a distinct flow towards risk assets.
It was the AUD/USD leading the major forex pairs higher and that was certainly helped by some weakness in the Greenback.
The SPX closed higher for another session and the positive sentiment was in spite of US riots and threats by US leaders to send in the national guard to control the situation plus curfews.
At the same time, US-China worries have taken a back seat for now as the newsflow moves on to more pressing issues.
The Data Agenda
Today’s data agenda is just about as thin as it gets and we must once again look to sentiment to try and gauge the overall direction of the day.
Thre are a few second-tier releases in the UK by way of house price data. So potentially the GBP/USD could respond to those updates.
But otherwise, we will be looking for more of the same with the US riots, US-China fears boiling away and the improving sentiment as economies reopen from COVID-19, the main themes that will be battling it out on Tuesday.
Forex Signal Update
The FX Leaders Team closed one signal in the green from two trades yesterday as our EUR/USD position hit our take profit target.
Gold – Pending Signal
The GOLD trade has certainly been bullish of recent times, but price is clearly having trouble around the $1750-60 region. This will be the line in the sand for now as we look for long opportunities above that point and even shorts below.
Oil – Pending Signal
WTI is still sitting right on that $35 level and I suspect that we are still looking for that upside breakout any day now.
Cryptocurrency Update
BTC has had a massive start to the trading week and has retaken the $10,000 level with a huge breakout.
Can this move hold? Well, that’s the million-dollar question at the moment. There wasn’t really a fundamental catalyst for the move, with the exception of some steady buying, particularly on futures markets, so that is something to be cautious about.
As I’ve been saying, we continually see size liquidate into rallies, which has so far put a cap on any breakouts.
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