Forex Signals Brief for June 1: Crypto’s Get Bullish
Markets were mostly quiet on Monday as we had the Memorial Day Holiday weekend in the US, however, that didn’t stop cryptocurrencies.
US Wrap
Markets were mostly quiet on Monday as we had the Memorial Day Holiday weekend in the US, however, that didn’t stop cryptocurrencies.
For the most part, the major cryptos were all heavily in the green as support held up strongly in a number of key names.
Again, BTC managed to find buying interest and that helped the alt-coins jump as well. While volumes might have been light, for now, we are still seeing buying action.
The Data Agenda
It’s quite a busy day on the data front, which starts early in Germany. We’ll get to see the latest German jobs data along with manufacturing PMI, both of which are big market movers for the EUR/USD.
While we will also be watching the latest inflation data for the Eurozone which is creeping up and also manufacturing PMI from the UK.
In the US session, we get the latest GDP update from Canada and then ISM manufacturing PMI from the States.
Forex Signal Update
The FX Leaders Team have eight signals open, and we closed the one winner yesterday in GOLD.
Things will build quickly this week, so be on the lookout at the forex signals page.
XRP – Active Signal
XRP has really looked bullish over the past 24 hours and has shot back above $1.00. The only question is what will Bitcoin do as it has been a key reason that it’s been weighed down recently.
ETH – Active Signal
The ETH price is drifting higher as well, although we do have some solid resistance ahead.
Cryptocurrency Update
Bitcoin had a good 24 hours and pushed back as high as $38,000, before retracing.
While we’ve certainly had a great 24 hours in crypto, we must note that there is solid resistance that has been building at $40,000, so until price can reclaim that level, the trend is still bearish.
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