Forex Signals Brief for Jul 22: The USD Takes a Tumble
Rowan Crosby • 2 min read
US Market Wrap
The US markets were a little mixed yesterday, with the fall in the USD being the most interest to forex traders.
On the US Dollar Index, the Greenback took a sharp tumble and that led to the likes of the AUD/USD seeing a big breakout to the upside.
Sentiment is still relatively strong as the hope around a vaccine grows by the day, while the various Government’s of the world, step up their fiscal stimulus measures.
The Data Agenda
Data will be very light during the European session, so traders will have to wait until later for any real catalysts from a fundamental perspective.
In the US session, the attention will be on Canada early on, as we get the latest release of CPI which is expected to remain relatively steady.
Then over the US and we get the latest data on existing home sales which is still showing an increase on the prior month and a big 24.5% jump.
Then later in the session, we can look towards WTI crude oil investors for the normal update on the state of supply.
Forex Signal Update
The FX Leaders Team hit 2 winners from 4 trades yesterday, closing out a couple of our trades that we’d been holding for a few sessions.
EUR/GBP – Active Signal
The EUR/GBP has been holding that 0.9000 level recently and we are long here looking for more upside.
EUR/CHF – Active Signal
The EUR/CHF has been bullish recently but has pulled back a touch. We are long here and we can see price making higher lows.
BTC has seen a strong 24 hours with price pushing back up to the $9,500 level. For now, the range still holds strong.
As we’ve been saying for a while now, is that Bitcoin is very much linked to the stock market and the CEO of Binance said as much yesterday.