While global equity markets opened the week with solid gains across most trading bourses, we witnessed a handover of that same risk appetite in Pre-Wall Street Hours, as US Future indices pointed to a higher open.
The decline in US 10-year yields to 1.58% during the European Trading Hours, weighed on the greenback (USD), and accumulated more bullish enthusiasm for higher yielding assets. However, the exact opposite behavior was observed in crypto-markets, as bitcoin ($XBTUSD) tumbled lower for most of the session, on fears of regulation, which caused other altcoins to also slide lower on a weaker outlook.
But, prior to the US Opening Bell, equity future indices, along with other risk assets, retraced back to their opening ranges. During today’s trading webinar, we discussed the fundamental backdrop that is fueling price action at the moment and provided a few day trading setups that could form within the early US Session. We analyzed price action in USD/CHF, USD/PLZ, EUR/JPY, NZD/JPY, CHF/JPY, AUD/CAD, USD/JPY, $AMZN (Amazon), and $AAL (American Airlines) for trade opportunities that could be forming in the next few sessions.
You can watch this morning’s trading webinar session by clicking on the video link above and entering your username & password.
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Marvin Perry has been an active trader within the Forex market since 2010. He attended the University of Illinois in Urbana/Champaign, and graduated in 2002 with a double major in Cell and Structural Biology and Chemistry. He currently serves as an FX instructor & Quantitative Analyst for the Forex Anatomy Private Trading Community called "The Lab", where he conducts live weekly trading webinars & instruction on Fundamental Analysis & Inter-Market Interpretations of dynamic asset classes and their influence on currencies.