Forex Signals Brief for June 2: Crypto Sitting in the Red
Markets opened the new month in relatively quiet fashion with equities closing the session little changed.
US Wrap
Markets opened the new month in relatively quiet fashion with equities closing the session little changed.
The USD continues to look very weak and that will help lift both the majors and commodities in the short term. We continue to see that metals across the board look very strong while WTI is back at recent highs. We should expect the current price action to continue, given we have non-farm payroll data due on Friday.
Crypto continues to be a huge focus for traders and investors alike and we did see some weakness across the entire sector yesterday.
The Data Agenda
Data is incredibly thin today, with nothing really worth noting. We do have some central bank speakers, but as we’ve seen, they are not giving any hints about monetary policy changes.
Forex Signal Update
The FX Leaders Team grabbed one win in our AUD/JPY trade in what was a quiet session.
We have six open signals at the moment, so look to the forex signals page for all the latest developments.
XRP – Active Signal
XRP continues to sit around the $1.00 level. I’m getting the feeling we are waiting for something big to happen.
ETH – Active Signal
The ETH price appears to be forming a triangle pattern which suggests we are about to see a big move in either direction.
Cryptocurrency Update
Bitcoin has run into some selling around the $38,000 for another day.
As we can see on the chart, price is making lower highs and a descending triangle pattern. This is bearish price action and unless it can break the downtrend, I would expect to see a test of that lower level in the coming days.
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