Forex Signals Brief for Jul 13: COVID Still Weighing on Markets
Despite markets continuing to push higher, sentiment from the impacts of COVID are still weighing heavily.
US Market Wrap
Despite markets continuing to push higher, sentiment from the impacts of COVID are still weighing heavily.
Nevertheless, the likes of the SPX and NASDAQ continue to push higher, and that is making things interesting.
Last week, markets responded to news that Gilead drug remdesivir helped reduce the risk of death in severely ill COVID-19 patients. This was enough to counteract the impact of the rising number of COVID cases.
At the same time, the Greenback is still towards the lows and as yet, so the entire situation is eerily similar to before the big sell-off in equities officially began.
The Data Agenda
There’s a bit of data around this week that will be worth watching out for, led by some key central banks.
The one’s of most interest will be the ECB and BOC, so that will put a sharp focus on the USD/CAD and EUR/USD. At this stage, we are looking for hints as to what else the banks have in store regarding stimulus measures as there are many who think they are almost out of bullets.
Meanwhile, there is jobs data from the UK and Australia so those pairs will be busy. While we all will await the weekly instalment of US jobless claims.
However, at the moment it is still a matter of markets being impacted by sentiment surrounding COVID-19 and for many, the path ahead is just not clear.
Forex Signal Update
To say the FX Leaders Team had a big week was an understatement. The guys hit 21 winners from 25 trades, for a massive 84% win rate on the week. Keep watching the forex signals page as things are looking very promising at the moment.
AUD/USD – Active Signal
The AUD/USD has been struggling to break through resistance at 0.7000 and we are short looking for some weakness.
EUR/CHF – Active Signal
The EUR/CHF has kept moving down this trend line and we are short here. Price did tag our TP target depending on what exchange data you look at.
Cryptocurrency Update
From both a technical and fundamental point of view, there has been little to speak about in the last week when it comes to BTC.
We did see price push as high as $9,500 before falling away, while the $9,000 level below has been a massive support level. For now, we sit and wait and see what the broader market will do.
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