There hasn’t been a lot of action across FX but the US$ is a bit stronger and there have been a couple of decent TC signals.
Monday is President’s Day in the USA so trading volumes might be lower throughout all sessions today. This is just a short post to recommend two podcasts I listened to recently that might help you to while away any quiet on this trading day.
I wrote an article about Bitcoin last weekend where I noted the weekly close above $8,000 Support as a significant achievement. I went on to add that any hold above this level would add credibility to the currency pair, and indeed the entire crypto space, as it would suggest that Bitcoin has conformed to Technical Analysis theory. The currency held $8,000 support last week and has actually rallied near 25% but, remember, ‘one swallow does not a summer make‘. Meaning, it’s too soon to get overly excited yet but in this post I look at future bullish targets in case the Summer does set in!
The US$ is back down near its recent low and this is the level to watch for any new make or break. The weakness this week enable numerous trend line breakouts, however, the nasty spike following US CPI plagued these moves.