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Monday, May 27, 2019

Forex Signals Brief for May 27

The US might be away on Monday, but over the course of the week the trade wars between the US and China will likely flare once again.
On Friday the Chinese are due to increase tariffs on $60 billion of US imports in retaliation for the US hike. This is sure to add to the tension, despite the fact that these measures are far smaller, simply given the trade deficit with the US.

The main takeaway is simply that the trade wars are set to continue and could once again weigh heavily on markets.
With the US and UK both away today, data will be thin and action could well be limited. The main events of the week will be US GDP, Chinese Manufacturing PMI and the BOC Interest Rate Decision which will put the USD/CAD in the crosshairs once again.

Cryptocurrency Update

BTC has done its usual trick and started breaking out over the weekend. The $9,000 resistance level is now clearly in sight after what was a really powerful move earlier today. Price has traded just beneath that level so far and has been steady above $8,800 so far in Asian trade.
$8,400 had been the most recent highs and price had tested and failed a few times. So when the technical break came, the move stated to get a bit more steam.
As I keep saying, this is a tough one to fade at the moment and for now the easiest play is to simply be a buyer above key resistance levels when they hold.

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GreenForexClub

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