Forex Signals Brief for May 28: Bitcoin Battles $40,000
Markets were mostly mixed yesterday and overall it has been a somewhat quiet week by recent standards.
US Wrap
Markets were mostly mixed yesterday and overall it has been a somewhat quiet week by recent standards.
On the data front, we did see US jobless claims continue to fall, but otherwise, the data was also quite mixed. Elsewhere, we did hear an updated budget proposal from Bidan, which would take US spending to the highest levels since WW2 and stoking even more inflation fears.
The USD is holding up for the time being and it appears it really could go either way at this stage.
Bitcoin has been a big focus recently and at the moment we can see that it is trying its best to mount a challenge at the $40,000 level.
The Data Agenda
There is really only some second-tier data due for release today, so we will be mostly focused on the technicals and overall market sentiment.
Forex Signal Update
The FX Leaders Team had a strong session, closing three winners from three trades.
We have six open signals at the moment, so look to the forex signals page for all the latest developments.
XRP – Active Signal
XRP still hasn’t really been able to hold that $1.00 level, and Bitcoin will continue to weigh on the overall market if it can’t rally.
ETH – Active Signal
The ETH price has really bounced but we are seeing some resistance around $2900.
Cryptocurrency Update
I am still very much focused on the $40,000 level as mentioned as we have plenty of sellers above.
For the time being, the direction of BTC is clearly still moving the entire market.
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