Forex Signals Brief for Apr 26: FOMC/Arizona in Focus - Forex News by FX Leaders
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Forex Signals Brief for Apr 26: FOMC/Arizona in Focus

Posted Monday, April 26, 2021 by
Rowan Crosby • 2 min read

US Wrap

US equity markets ended the week in the green after rebounding from fears of wide-ranging tax increases.

Friday saw the SPX close higher, while the Greenback continues to sell-off and has broken through 91.00 on the US Dollar Index.

The falling USD is also bullish for precious metals which have seen some buying interest this past week. We are headed into a key week ahead for GOLD and SILVER with futures delivery coming due which could trigger some buying to close out the month – if not the start of a genuine squeeze.

Meanwhile, the crypto market has managed to stabilise after the tax talk triggered a dump in the likes of BTC. For the most part, price is steady and there is buying interest at lower prices.

 

The Data Agenda

There’s a host of interesting US data coming out this week, however, much of the attention will again be on the FOMC.

This month’s meeting will likely not see any changes to US interest rates, however, Jerome Powell’s press conference will be one to watch. He has not really provided much insight of recent times so any more clarity might not be easy to come by.

The other key data this week will be GDP. For the most part, the economy is recovering and that will slowly start to filter through to GDP numbers. There are also a host of big earnings updates this week as well, which likely put the NASDAQ in focus.

However, the real x-factor will be the 2020 election audit that is getting underway in Arizona. This is likely the first domino to fall with many other states to follow. The show is starting to heat up.

 

Forex Signal Update

The FX Leaders Team hit 11 winners from 16 trades last week for a 69% strike rate for a solid performance from the guys.

We could see increased volatility this week, so be on the lookout at the forex signals page.

 

XRP – Active Signal

XRP has been under pressure after nearly testing $2.00. Price has fallen back in line with the entire sector but has found plenty of support at the $1.00 level. I would suggest any fall under that point would be an incredibly good buying opportunity. We remain long here, looking for a retest of the highs in the weeks ahead.

 

LTC – Active Signal

LTC has found support at $220 and is trading as high as the $240 level. We remain long here.

 

Cryptocurrency Update

BTC has certainly been the key talking point over the past week as price has fallen back to the $50,000 level and dragged everything down with it.

While there is plenty of green across the major coins this morning, we’ve seen that every time price drops under that $50,000 level, the sector sells down hard.

My main focus will be the growing talk of regulation. Interestingly, we’ve seen two crypto exchanges collapse in Turkey and their central bank has suggested we’ll see regulation coming within two weeks. Of course, this is all speculation at the moment, but the narrative is gaining momentum.

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