Forex Signals Brief for Aug 25: Bitcoin Can’t Break $50,000
Rowan Crosby • 2 min read
Markets finished the US session in the green, but once again it was Bitcoin that saw the most volatility.
The world’s leading crypto helped drag the entire sector lower, as it appears the all-important $50,000 level might just be a bit hard to break at the moment. That said, we’ve seen how hard and fast price can move so we can’t write anything off just yet.
Elsewhere, we’ve been watching GOLD very closely recently and for the time being the yellow metal is holding above key resistance turned support at $1800. With the upcoming meeting at Jackson Hole starting Friday, all eyes will be on the USD, Bond markets and to a lesser extent Gold, as we find out whether there is any hope of the Fed tapering.
The Data Agenda
Data remains quiet at the moment and while there are some top-tier events today, I suspect they won’t be big market movers.
German Ifo Business Climate is first up in the European session, while we then move across to look at the latest Core Durable orders in the US.
WTI Crude Oil inventories will also be interesting today, given the surge in prices that we’ve seen in recent months.
Forex Signal Update
The FX Leaders Team hit 1 winner from 3 trades. We have three open signals at the moment, so look to the forex signals page for all the latest developments.
XRP – Active Signal
XRP has continued to fall back along with the sector, however, support is strong around these levels.
Gold – Watching
GOLD is now under $1800 in Asian trade but if price can hold that would be very bullish given the selling pressure we’ve seen recently.
BTC failed at $50,000, and it will be interesting to see how far price pulls back.
$48,000 is still support, however, underneath that level, I suspect price could fall to the next major level at $44,000.