Forex Signals Brief for Jul 8: Bitcoin Under Pressure
US Wrap
Markets continued their non-stop rally yesterday, while Bitcoin has started to break to the downside once again.
The Fed minutes produced no huge surprises – they showed officials continued to see elevated uncertainty and debated the tapering of debt purchases.
We’ve also been seeing plenty of action in WTI this week thanks to the battle between Saudi Arabia and the United Arab Emirates around a production increase. Price did sell-of heavily in yesterday session and it appears that the bears have control now as supply fears ease.
BTC continues to be much of the focus at the moment and once again we are seeing some weakness in prices so far on Thursday. That said, we are yet to see any real move out of this range just yet.
The Data Agenda
The focus today will be on both the ECB and US jobless claims.
The latest ECB minutes are out and we are still looking to see if there is any form of hawkish tone about what was said at the last meeting.
In the US, jobless claims have been dropping over the past few weeks and this week we are expecting that number to fall to 350K.
Forex Signal Update
The FX Leaders Team hit 5 winners from 6 trades in what was a strong session for the guys.
We have eight open signals at the moment, so look to the forex signals page for all the latest developments.
XRP – Active Signal
XRP has finally broken out of this triangle formation, but the bad news it’s to the downside, along with the rest of the sector.
EUR/USD – Active Signal
The EUR/USD continues to sell down nicely, thanks to the break in key support.
Cryptocurrency Update
BTC failed to really mount a challenge at the $35,000 level and is now trying to break out of the triangle pattern.
Longer-term, we can also see a head and shoulders pattern, that would suggest a break of the June lows could be very bearish.
If we see a fundamental trigger in the next week or two, I suspect we sell off heavily.
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