Forex Signals Brief for Aug 2: Bitcoin Drops Under $40,000 With NFP Ahead
Markets ended the week lower, while Bitcoin continues to show high levels of volatility.
US Wrap
Markets ended the week lower, while Bitcoin continues to show high levels of volatility.
So far on Monday, we’ve seen BTC drop back under the $40,000 level, after trading as high as $42.500 over the weekend. The crypto sector has been watching very closely and the upside that we saw last week has many cryptos looking very bullish.
As for the Greenback, price has continued to soften and that has helped prop up key commodities including GOLD. Equities have started to drift lower over the Friday session as well, however, they continue to bounce back, so we will likely need to see something change fundamentally to slow down the momentum for now.
The Data Agenda
The new month is here and once again the major focus turns back to the US jobs situation.
Economists are expecting the US economy to have added 900,000 jobs in July. If you recall, we actually saw a very weak few months prior to that reading. It seems that we’ve had quite a bit of volatility in this number, so we will take the estimate with a grain of salt. However, with markets are all-time highs and inflation ramping up a strong number could be a big indicator of interest rate hikes to come sooner rather than later.
Elsewhere, we will also be watching interest rates in the UK as the BOE gets together for their latest meeting. It’s a similar story around the world at the moment with inflation fears ramping up by the day. The question is when will someone pull the trigger?
Forex Signal Update
The FX Leaders Team hit 13 winners from 21 trades, for a 62% strike rate and a solid week from the guys.
XRP – Active Signal
XRP had been trading as high as the $0.78 level yesterday, before dropping away to start the new week. The moves come on the back of BTC failing to make fresh highs as well. Still plenty of speculation around the state of the SEC case at the moment as well, but as yet, nothing of genuine note.
EUR/USD – Active Signal
The EUR/USD has been drifting higher recently, before dropping late last week. We’ve bought the dip, looking for a quick bounce.
Cryptocurrency Update
BTC is battling the $40,000 level once again this morning and so far the bears are holding it under that point.
The most recent swing low is $38,500 or thereabouts, so we need to see a fall under this level to confirm the end of this uptrend. Price is very volatile at the moment and we’ve seen numerous fake outs in both directions recently.
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