Forex Signals Brief for Apr 13: USD Remains Weak
US Wrap
It was a relatively uneventful day on US equity markets while the Greenback also didn’t see much movement.
The downtrend in the USD is noteworthy though and it’s clear that there is a move away from the Greenback for the time being, even though bond yields are creeping higher.
Meanwhile, the precious metals gave up some ground yesterday and BTC failed to mount any real charge at the $60,000 level. This week’s Coinbase listing will be an event to watch as it could push Bitcoin and the entire sector higher.
The Data Agenda
Data wise there will be a few releases worth monitoring over the course of the European and US sessions.
Out of the UK, we get a look at their latest GDP update which is understandably terrible. In Europe, the latest German ZEW Economic Sentiment is also worth watching.
In the US, we get CPI and as I discussed yesterday, the 2.5% expected is not likely anywhere near the real level of inflation.
Forex Signal Update
The FX Leaders Team hit 1 winner from 3 trades, as it was a quiet start to the new trading week.
AUD/USD – Watching
The AUD/USD remains relatively soft recently, despite the weakness in the USD. That suggests that there is selling pressure there. We are short here.
Gold – Active Signal
After looking bullish GOLD fell away yesterday. We are short here for the time being.
Cryptocurrency Update
BTC didn’t really look like holding above the $60,000 level and again it is some of the other cryptos that are leading the way at the moment.
XRP has broken out of its flag pattern and is on the verge of another test of the $1.50 level.
While BNB continues to go on its parabolic upmove, getting as high as $640.
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