Forex Signals Brief for May 25: Green Across the Board
Headed into Monday, there were plenty of nervous investors as numerous markets were looking very shaky.
US Wrap
Headed into Monday, there were plenty of nervous investors as numerous markets were looking very shaky.
24 hours later, we’re seeing green across the board, led by a jump in stocks and a recovery from BTC.
Bitcoin has been the one of most interest lately and after what was a very shaky weekend to say the least, price managed to bounce back up by around 10%. Some of the others such as ETH, BNB/USD and others that saw big sell downs, bounced back even further. Ironically, talk from Elon Musk helped lift sentiment.
Meanwhile, the USD tumbled back under 90 on the US Dollar Index and in an instant, it looks incredibly weak once again.
The Data Agenda
Data is light today, but we can look towards German GDP and business climate early in European trade.
In the US we’ll also have consumer confidence, but the real focus lies elsewhere this week.
Forex Signal Update
The FX Leaders Team have six signals open, and we closed the one winner yesterday from two trades.
XRP – Active Signal
XRP has bounced back to around the $1.00 level, however, the overall market sentiment is dictating direction at the moment.
Gold – Active Signal
The GOLD chart is still looking good to me and a weaker USD will help. I remain very bullish on the yellow metal.
Cryptocurrency Update
Bitcoin has staged a really nice recovery but has found sellers at $40,000.
For me, we continue to watch for headlines at the moment surrounding Bitcoin including anything related to Chinese mining, regulation, environmental factors and of course Tether.
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