Forex Signals Brief for Aug 16: The Crypto Surge Continues
Rowan Crosby • 2 min read
Markets closed the week in the green, but once again all the action has been in the crypto space.
The weekend, in particular, saw heavy buying with the likes of XRP and now even DOGE/USD putting in a very strong performance. Bitcoin continues to be bought up and we are now looking at the possibility of another push towards the $50,000 level.
Elsewhere, the Greenback will be a focus in the week ahead as well with the FOMC minutes set to be released. The USD sold off hard on Friday and that will help the commodity space and also the majors.
The Data Agenda
Data will be focused on the US, for the most part, this week, with the FOMC minutes and retail sales the two key data points.
However, it is the far less popular NZD/USD that could be one to watch as we have the RBNZ meeting and there is now the real potential for an interest rate hike. While most central banks have been sitting on their hands, the RBNZ is positioning itself in a hawkish manner.
What this implies is that other central banks could be looking to follow their lead, so while the New Zealand economy is small, what this indicates could be huge.
Forex Signal Update
The FX Leaders Team had a very strong Friday to end the week with 5 winners from 6 trades, in what was a great session.
XRP – Active Signal
All eyes have been on XRP over the weekend as we saw the price surge back to $1.30. The price action looks very bullish and I wouldn’t be surprised to see more upside ahead. And with Bitcoin also looking bullish our signal is well and truly in the money.
Gold – Watching
GOLD has continued to be one to watch as price is really rebounding. If you recall, we saw a huge dump this time last week, however, price is now fighting back towards $1800.
BTC has been battling the $45,000 level, for some time now, but to start the new week, the bulls are very much in control.
We are now realistically looking at another test of the $50,000 level and the chart looks extremely strong in the short term. This will help the sector rally for the time being.