Forex Signals Brief for Aug 4: First Look at US Jobs
Forex Signals: Markets rebounded on Tuesday and are once again pressing back towards record-high levels ahead of the first look at the latest US jobs data.
The Greenback was relatively mixed and has been consolidating recently, while many of the majors are running into heavy resistance.
Similarly, this is giving the metals and other commodities a chance to remain somewhat bullish.
Bitcoin is still pushing lower as well, while it was the altcoins that were weaker on the session.
Forex Signals: The Data Agenda
The main focus today will be the latest ADP jobs report, in what is expected to be another strong number. We’ve seen plenty of volatility here though so we need to be ready for anything. The other major US announcements today will be ISM non-manufacturing PMI and also WTI crude oil inventories.
Earlier in the UK, there are a number of PMI releases, so keep an eye on the GBPUSD.
Forex Signal Update
The FX Leaders Team hit 1 winner from 3 trades, as we put together a solid start to the week.
XRP – Active Signal
XRP has been weak over the past 24 hours along with many other altcoins. The $0.75-78 level has been tough to crack for now. We remain long.
Forex Signals: EURUSD – Active Signal
The EURUSD remains quiet this week and we are long waiting on a test of the 1.1900 level.
BTC has fallen under the $38,000 mark a few times now, but continues to bounce back above.
For now, we keep watching these key technicals to see if they can continue to hold up as the entire sector follows Bitcoin’s lead.