Forex Signals Brief for Feb 16: Can the Bull Run Continue?
US Wrap
US markets are still ticking higher, at least in terms of the futures while the USD remains soft.
With President’s Day, we had some mixed trade action but did see some interesting moves. BTC and the crypto space, got smashed in late Asian trade yesterday, before rebounding quickly. Bitcoin is hovering around that $50,000 level and there is plenty of attention on it currently.
GOLD and SILVER remain weak, despite the fact that there are massive physical shortages and the Greenback is falling.
Meanwhile, WTI continues to push higher with price remaining above $60 after the big jump to close out the week.
So far, the ES futures are still pointing to a higher open, but I am still very cautious and would not be a buyer at these levels.
The Data Agenda
Data is light today, with German ZEW the main one of note in the early European session. We will also get some second-tier Eurozone data, but that’s about it.
Forex Signal Update
The FX Leaders Team have hit 2 straight winners in a row, to start the week, however, we have a number of open positions at the moment.
We have three open signals so look to the forex signals page for all the latest developments.
EUR/USD – Active Signal
The EUR/USD is holding under key resistance and we are short. Should that level break, out bias, might change.
Gold – Watching
GOLD remains very soft at the moment and just cannot bounce, despite the fact, there are physical shortages. We’re short for the time being.
Cryptocurrency Update
BTC is very much the central focus at the moment as it looks to test the $50,000 level.
Just like with equities at the moment, I wouldn’t be all that keen to be a buyer at these levels that’s for sure. In fact, I’d be tempted to be shorting here.
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