Forex Signals Brief for Feb 5: US Employment Ahead - Forex News by FX Leaders
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Forex Signals Brief for Feb 5: US Employment Ahead

Posted Friday, February 5, 2021 by
Rowan Crosby • 2 min read

US Wrap

US markets bounced back yesterday while the USD continues to remain strong as it appears things are coming to a head.

As I’ve been saying for weeks now, there’s a lot going on in the world that we need to be paying attention to. What it all means for world markets is another thing as well.

Day by day, we are seeing Biden in full flight destroying jobs and signing executive orders. To the point now that it is comical.

We’ve also seen this week Burma’s military take control of the country on the grounds of election fraud. Something I suspect we are going to be hearing about a lot more in the days and weeks ahead in the US as well. Of course, next week is the ‘impeachment’ of US President Donald Trump’, who is a private citizen now. So what is really going to come out of impeachment proceedings? It could be very interesting.

Meanwhile, the China virus saga continues and it’s becoming increasingly apparent that the hypocrisy of some of the US Governors, such as Cuomo and Newsom is now clear for all to see. I suspect many in the UK are thinking the same thing about Boris Johnson as well and his handling of the events of the past 12 months.

Are we coming to a head? I think so. What’s in store? I’m not sure, but I think we are going to see some fireworks in the coming weeks, starting with next weeks impeachment proceedings. Keep your eyes wide open and be ready for some volatility.

 

The Data Agenda

The focus today is clearly on the US jobs situation, with a rebound expected from the soft result last month.

The expectation is for 50K new jobs to have been created with the unemployment rate to sit at 6.7%.

 

Forex Signal Update

The FX Leaders Team have hit 7 straight winners in a row, led by the majors which are doing very well for us this week.

As mentioned, I’m expecting fireworks next week, so be on the lookout at the forex signals page.

 

AUD/USD – Active Signal

The AUD/USD continues to slide and price is now back under the 0.7600 level. We are short here looking for more downside.

 

EUR/CHF – Active Signal

The [[EUR/CHF] is still holding the 108.00 level as sit in a long position.

 

Cryptocurrency Update

While BTC has rebounded, I am getting more and more bearish on it by the day.

Certainly relative to ETH, which to me is looking very good at the moment. While I am also starting to get behind XRP as well.

With all that is going on, I really believe we are going to see some of the fallout in the crypto market as well and this will be one to watch closely.

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