Forex Signals Brief for Jul 8: Markets Finally Pull-Back
Rowan Crosby • 2 min read
US Market Wrap
After five straight days of gains, US equity markets finally started to slow down.
The gains against a backdrop of rising COVID-19 cases and it felt like it was time for markets to finally pulled back. We saw flows into the safe-havens with the likes of GOLD performing strongly.
Meanwhile, the key risk assets such as the SPX and AUD/USD all gave up ground.
The move into Gold continues to be an interesting story with price looking to test the $1800 level which is the highest point since 2011.
The Data Agenda
The calendar today is extremely thin with very little to look out for today.
European trade will be very quiet with not much outside on Swiss unemployment, which might impact the USD/CHF. While we also see some EU economic forecasts which could move the EUR/USD.
By the time we get around to the US session, the only real item on the agenda is WTI] crude oil inventories, in what is otherwise a very light day of data.
Forex Signal Update
The FX Leaders Team hit 6 winners from 7 trades yesterday, for a massive 86% win rate on the session. Keep watching the forex signals page as we look for the same type of price action today.
EUR/USD – Active Signal
The EUR/USD pulled back overnight after being one of the leading bull trades lately With that in mind we are in a long position here as price could well bounce.
USD/CAD – Active Signal
The USD/CAD has been selling off since April, and we are short looking to ride this longer-term trend.
BTC is stuck in a low volatility environment with little changes taking place in the last 24 hours. The $9,000 level below and $9,250 are the keys at the moment.
Yesterday, we did hear that there has been significant flows of money from Bitcoin into ETH, so that will be something to watch in the days ahead.