Forex Signals Brief for Aug 20: Bitcoin Bounces Hard
US Wrap
It’s been a busy week for markets and we are continuing to see strength in Bitcoin as well as a surging USD.
BTC was a big focus yesterday as the world’s largest crypto dragged the broader sector higher.
Once again equities managed to rally and bounce back after a number of days in the red. While the uptick we’ve seen in the USD recently has continued to heap the pressure on the majors and the commodities sector.
The Greenback is trading at levels not seen for some time and there appears to be genuine buying interest at the moment. Perhaps that suggests there are worries on the horizon, or that the smart money is thinking that the FOMC might act sooner rather than later.
The Data Agenda
Data-wise, the main focus is out of the UK as we get the latest UK retail sales numbers. With the economy opening up to some degree, we would expect to see these numbers lift in the months ahead.
Otherwise, the US is quiet and we will look to the price action.
Forex Signal Update
The FX Leaders Team hit 2 winners from 4 trades, with the USD moving higher, providing a number of opportunities in the majors.
XRP – Active Signal
XRP found support at $1.10 as we mentioned and so far the chart is looking very bullish once again. We are long hoping for a break of recent highs in the days ahead.
Silver – Active Signal
The rising USD is putting a lot of pressure on SILVER and as such we are short for now.
Cryptocurrency Update
BTC managed to find good strong buying at $44,000, and since that point, we have had a nice uptick.
What we do know though is that there is plenty of resistance at that key $48,000 as we found out on the last attempt at that price.
If that can break then all eyes turn to $50,000.
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