Forex Signals Brief for Apr 16: Markets Grind Higher
Rowan Crosby • 2 min read
US equity markets pushed higher for another session, boosted by a stronger than expected US retail sales.
On the surface that would suggest the economy continues to improve and clearly sentiment is getting better by the day. While the USD continues its decline.
The real action continues to be in the crypto market as Coinbase was a focus for another day, however, price is still weak. Meanwhile, Dogecoin is going parabolic, in a move that has seen it surge into the top 10 cryptos by market cap. Interestingly, you can trade DOGE on Robinhood, but we are hearing Robinhood is pausing trading in Dogecoin – where have we heard this story before?
The Data Agenda
There’s not all that much data around on Friday and it will be Eurozone CPI that will be of most interest early in the day.
Out of the US, we get building permits which should be strong given the huge real estate bubble that is forming thanks to the Fed printing money and inflating virtually all asset classes.
Forex Signal Update
The FX Leaders Team hit 3 winners from 5 trades, with some nice wins in GOLD as the yellow metal finally broke out above key resistance.
We have two open signals in crypto at the moment, so look to the forex signals page for all the latest developments.
Ethereum – Active Signal
ETH is still trying to work its way through the $2500 level and as yet, price just hasn’t been able to hold.
LTC – Active Signal
LTC is also very bullish at the moment and we are closing in on the $300 level, which should see significant resistance.
BTC has been quite flat over the past few sessions and the $64,000 level remains a stopping point.
Clearly, the altcoins are the ones that are flying at the moment and we can see that when we look at the chart of Bitcoin’s dominance. This has been sliding for many months now as the altcoins finally get their run.