Forex Signals Brief for May 24: Market Volatility on the Rise
It’s very clear that markets are starting to get a little bit nervous and volatility appears to be on the rise.
US Wrap
It’s very clear that markets are starting to get a little bit nervous and volatility appears to be on the rise.
The big mover last week was clearly the crypto space, with BTC selling off sharply against a backdrop of bearish news. The weakness in the worlds largest cryptocurrency tanked the entire market and has added to concerns in other assets as well.
Notably, we are starting to see some upside in the USD after a period of weakness and this might suggest investors are looking to seek out the perceived safety of the USD. We’ve seen some sharp moves in the majors as a result.
The precious metals will also be one to keep a watch on this week, as we’ve already started to see GOLD start to look very strong. A higher USD might keep its upside somewhat capped in the short term, but there is still plenty of buying interest.
The Data Agenda
Data is very thin this week, so most attention will be on the big technicals as much as anything.
We will get a look at some notable releases, including German and US GDP, US jobless claims and then the RBNZ interest rate decision.
Forex Signal Update
The FX Leaders Team hit 13 winners from 21 trades last week for a 62% strike rate, with plenty of action in the majors.
We have five open signals at the moment, so look to the forex signals page for all the latest developments.
XRP – Active Signal
XRP has fallen under $1.00 and it will have a very hard time fighting the market drag caused by the Bitcoin sell-off. The long term prospects remain very strong, however, in the short term Bitcoin will continue to weigh on the sector
Gold – Active Signal
The GOLD chart is starting to look very bullish to me and I suspect we will be testing that $1900 level sooner rather than later. We are long.
Cryptocurrency Update
Bitcoin continues to be the story at the moment and as I mentioned earlier today, I expect to see more weakness ahead in the short term.
I will be watching the $30,000 level with interest this week as if that point drops, we could be in for a very sharp sell down.
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