Forex Signals Brief for June 24: Crypto Bounces Back
Markets were quiet overnight, but we did see a sharp rebound in the crypto space after a few sessions of extreme weakness.
US Wrap
Markets were quiet overnight, but we did see a sharp rebound in the crypto space after a few sessions of extreme weakness.
Bitcoin was once again the leader of the pack, and it bounced hard off that $30,000 level and pushed as high as $35,000. Other alt-coins rallied even harder and some saw gains of more than 20%.
At the same time, we are seeing some weakness in the USD after what has been a big run to the upside. Nevertheless, the precious metals can’t rebound just yet, however, base metals are getting a bit of a bid.
The Data Agenda
The focus today once again goes back onto central banks with the BOE set to release its interest rate decision. Inflation is starting to (not surprisingly) cause some issues for the BOE.
Once again, we don’t expect to see any change today, but what the forecast says will tell us the real story. As we know, we saw the FOMC come out and forecast two rate raises in 2023 and this really caused havoc in bond markets and sent the USD soaring.
With that in mind, we will be watching the GBP/USD very closely today.
Forex Signal Update
The FX Leaders Team had a strong session with three wins from three trades while we still have four signals currently open.
XRP – Active Signal
XRP ripped higher yesterday, and was one coin that saw 20%+ gains. We remain long here with a fair bit of support below.
USD – Watching
The Greenback us making a nice little pennant type formation and is also pulling back to key support. Could this be the trigger for another breakout to the upside?
Cryptocurrency Update
As mentioned, BTC bounced hard from the $30,000 level and ran up to $35,000 before resistance finally kicked in.
Since then price has settled back down to be sitting just above $33,000 as we continue to watch things very closely.
Interestingly, we see that millions of new Tethers were minted as Bitcoin was tumbling and this coincided with a nice bounce in Bitcoin. But probably just a coincidence…
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