Forex Signals Brief for Apr 14: Coinbase IPO in Focus
US Wrap
US equity markets were mixed for yet another day as the Coinbase IPO is the event that is really taking centre stage at the moment.
It was the NASDAQ that managed to push high, on a day where we saw a jump in US CPI. However, the USD continued its recent trend and broke lower.
The Data Agenda
We can forget the data today because all of the attention is moving over to the crypto space ahead of the Coinbase IPO.
Coinbase is, of course, one of the world’s leading crypto exchanges and the IPO marks the coming together of the traditional finance world with the new world of crypto.
I for one expect this to be a bit of a trigger that could send many of the big-name crypto’s roaring higher in the short term. We’ve already seen BTC print fresh all-time highs yesterday, while XRP continues to lead the way as well.
While the actual price we see COIN trade at could well be overvalued in the short-term, as many high profile IPOs are, so expect some volatility. What this really is doing is bringing more attention to the crypto space. For too long, most people assumed crypto was just Bitcoin and some sort of fad. However, when you see the scope of the problems many of the leading coins actually address and their real-world utility, it’s hard to argue that the potential of the sector is enormous. Some might even say this is the beginning of the dot-com boom 2.0.
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Forex Signal Update
The FX Leaders Team hit 2 winners from 3 trades, as the falling USD helped our cause.
We have two open signals in crypto at the moment, so look to the forex signals page for all the latest developments.
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Ethereum – Active Signal
We remain long ETH and this position continues to improve by the day. I suspect today’s IPO could see more upside ahead for the rest of the week.Â
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Gold – Active Signal
GOLD pushed higher yesterday, but still can’t really mount a charge. We are short until a few key technical levels get taken out.
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Cryptocurrency Update
BTC was on the charge yesterday as price pushed up to nearly $64,000 and things remain bullish in the short-term.
XRP made another leg higher and tagged the $1.90 mark. I think it is only a matter of time before we see $2.00. Let’s not forget price was sub-50 cents only days ago. Ironically, XRP is still not relisted on Coinbase.
Meanwhile DOGECOIN is pushing into the top-10 crypto’s by market cap after a huge 50% surge recently.
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