Forex Briefing for July 9: majors in the artillery

Markets are bracing for another busy week as a number of developments around the world will play an important role in the trade of major pairs.

The first point that traders worry about is the US-China trade war. will have an impact on the USD. On Friday, it appeared that it had a negative impact. Even though we have seen a recovery in US stocks thanks to a strong report on employment in the United States. The USD has fallen with the entry into force of the US-China tariffs

The USD has a few major outlets this week, namely IPC and IPP, which could well help support the Price action if the data is positive. The USD / CAD will also be in the gun. As the BOC meets on interest rates. The expectations are mixed here, but the loonie has been one of the big movers in recent weeks

The Brexit headlines will keep the GBP / USD busy. As has been the case in recent months. While the euro traders will see behind the curtain, the minutes of the ECB will be published.

Forex Signal Update

The FX Leaders team has experienced a relatively neutral week over the past seven days. We had seven winning signals and seven losers. It was a bit of an unusual business week, with the holidays of July 4th and the hours shortened. Vacations never create ideal conditions because volume and momentum are often significantly affected. Certainly in the majors.

Gold – Gold continued to trade in a relatively narrow range. Despite the collapse of the USD and the trade wars between the United States and China, this has undermined confidence. Generally, gold is trading inversely to the US dollar price action. So, looking at the long side here is a good idea. This correlation does not seem as strong as it has been before, but we do not want to melt the fundamentals.

Bitcoin – BTC is back at its highest peaks and is trying to withdraw $ 6,800. This has been a very good level of resistance and it is one that proves a tough guy. The fact that we have not sold this weekend is positive for me. And if we can maintain ourselves above this level, it could attract buyers in the short term.

USD / JPY – Active Signal

The Yen has been an interesting profession in recent sessions. Despite some dollar weakness, the USD / JPY is rather well held. There could have been arguments in favor of greater liquidation, but it seems that this did not happen.

Our judgment is put to the test down here, but since we have weathered quite well, there is a chance of a strong rebound here. If the USD rebounds, I would expect this pair to outperform on the upside. Especially compared to other majors.