Forex Signals Brief for Jan 29: German Jobs Ahead

US Wrap

US markets bounced yesterday with a fair bit of focus remaining on tech names.

While Gamestop might be the major headlines at the moment, the key FAANG names continue to be somewhat mixed. Nevertheless, the NASDAQ finished the session slightly higher, but not enough to reclaim the losses of the prior session.

Meanwhile, the USD fell away but the moves were not that significant. Price remains in a relatively tight range waiting on more information to come.

On the data front, we saw a slight tick lower in US jobless claims, however, the number is still holding steadily above the 800K mark.

The Data Agenda

Today’s focus early on will be in Germany as they release their latest jobs numbers. Germany has been hit hard by lockdowns so we shouldn’t be expecting much here. At the same time, we can also look to the latest GDP, which is not expected to be all that pretty.

Over in the US session, we will get the latest pending home sales figures, while out of Canada, they will also be releasing their GDP data.

Forex Signal Update

The FX Leaders Team finished with 2 wins from 3 trades as markets turned around a little bit.

Make sure you follow our live signals as volatility could rise to close out the week.

EUR/GBP – Active Signal

The EUR/GBP is still trending lower and our short position continues to look good.

USD/JPY – Active Signal

The [[USD/JPY] broke out to the upside as we had been expecting. Now we’re reaching a resistance level and have turned bearish in the short-term.

Cryptocurrency Update

BTC rebounded a little bit yesterday, but for the time being, this descending triangle pattern remains in play..

I’m still expecting a test of the $30,000 support level, however, we must follow the price action. A break above $35,000 is quite bullish in my eyes.