Forex Signals Brief for Aug 3: Crypto Remains Soft

US Wrap

Markets started the week relatively muted while many cryptos appear to be struggling to make new highs.

The SPX finished the session in the red, while there was also a big dump in the yield on the US 10-year bond as it is back pushing towards the 1.15% level. Despite a little bit of a move towards the safe-havens, GOLD was relatively flat on the day.

As has been the case recently, much of the attention continues to be focused on Bitcoin as it battles the $40,000 level. Bitcoin looks weak this morning and has been holding under $39,000 for periods.

The Data Agenda

We have a quiet session ahead on the data front, with no real top-tier data out today. The RBA will be releasing their interest rate decision and statement in the coming hours.

Forex Signal Update

The FX Leaders Team hit 2 winners from 2 trades, for a 100% strike rate on Monday.

We have five open signals at the moment, so look to the forex signals page for all the latest developments.

XRP – Active Signal

XRP had been battling the $0.75 level and has so far been quite strong compared to many other cryptos. We remain long.

EUR/USD – Active Signal

The EUR/USD hasn’t really been able to challenge the 1.1900 level just yet and we will be looking to see if that’s possible in the days ahead.

Cryptocurrency Update

BTC has fallen away from the $40,000 level once again and we are now looking to see if it can break through that recent swing low at $38,500 or thereabouts.

We’ve also recently been able to have a look at what regulation might look like in the US, with a proposed bill, which is worth taking note of.

ABOUT THE AUTHOR See More

Rowan Crosby

Asia-Pacific Analyst

Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.

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