Forex Signals Brief for May 26: Crypto’s Holding Their Gains
US Wrap
Markets opened somewhat soft, but importantly, cryptocurrencies were able to hold onto their gains.
While equities were quite flat, the likes of BTC did manage to hold up on Tuesday, after a wild weekend of trade. Many are now asking whether this most recent sell-off was simply a dip or the start of a new trend.
Elsewhere, the USD fell away again and that helped the majors hold up, although the price action was also quite mixed.
The biggest winners appeared to be the precious metals space as both GOLD and SILVER pushed higher on what are very bullish looking charts.
The Data Agenda
There’s not much around at all by way of top-tier economic data today with only WTI crude oil inventories of note.
Forex Signal Update
The FX Leaders Team had a strong session, closing two winners from three trades as we focused on the move in Gold.
XRP – Active Signal
XRP is still just under that key $1.00 level, however, price did fail on the test above that mark yesterday.
ETH – Active Signal
The ETH chart is looking quite a bit healthier than what it was only days ago, as price has reclaimed both $2000 and $2500.
Cryptocurrency Update
Bitcoin remains under the $40,000 level for the time being and we are watching this next bounce very closely.
There’s quite a bit of resistance above our current price and we will need to see a very big buying spree for it to break much higher. We’re already hearing about the clampdown on mining in China and I feel this will weigh heavily on price in the days ahead.