Forex Signals Brief for Jul 23: Can the Bullish Bounce Continue?
Rowan Crosby • 1 min read
After a period of weakness, the bullish bounce is back in full swing with everything from equities to cryptocurrency firmly in the green.
The SPX and the other major indexes all pushed back to record high levels, while futures markets are already in the green today.
Yesterday, we saw a weaker than expected jobless claims number from the US, but that wasn’t enough to dent sentiment. The ECB didn’t make any major changes but did revamp their guidance in a push to hit higher inflation goal.
Bitcoin continues to be the story of the week, after dropping under $30,000, the bounce back higher is gaining steam.
The Data Agenda
There’s quite a lot of data coming out of Europe today, with the main two releases being German and UK Manufacturing PMI.
There will also be retail sales data to watch from the UK and Canada, so the majors will again be busy to close out the week.
Forex Signal Update
The FX Leaders Team hit 1 winner from 4 trades, however, we have numerous signals open at the moment.
XRP – Active Signal
XRP had rallied all the way back to the $0.60 level which will be a tough resistance level to break. We remain long here.
AUD/USD – Active Signal
The AUD/USD has bounced back, but we are short with strong resistance at the 0.7400 level likely to cause some issues for the buyers.
BTC has been bouncing hard over the past two sessions and we have seen price trying to climb back towards the $33,000 level.
For the most part, the trend is to the downside and we should expect the sellers to hit back at some point. As such, we are short looking for another test of the $30,000 level.