Financial markets are preferring the safe haven play on Tuesday, as caution & concern widens over discouraging lockdown headlines from Germany, coordinated sanctions against China, and also the Fed Chair Powell’s & Treasury Secretary Yellen’s 2-day testimony before Congress.
During today’s market activity, risk-oriented assets, like global stock indices and emerging market currencies, are trading negative for the day, along with bond yields as risk aversion takes over. In the spot currency market, we’re witnessing the US Dollar and Japanese Yen become the primary beneficiaries of trader demand as “flight-to-quality” lingers throughout the session. Although this Tuesday’s economic docket was light on the data print front, today’s price behavior is still being fueled by news headlines which are helping to sustain volatility on a traditionally sluggish day.
During today’s webinar, we briefly discussed the fundamental backdrop and geo-political news influencing market behavior for this new week of trading, and scanned the market for a few day trading opportunities. 🔔 On today’s webinar, we entered a sell on GBP/USD at 1.3798. ⛔️ SL – 1.3826 🎯 TP1 – 1.3769 TP2 – 1.3740. The GBP/USD trade reached the first target at TP1 at 1.3769 ✅ for a risk-free position. The GBP/USD sell trade is still active, with TP 2 waiting to be reached.
For most of the webinar, we analyzed price action in GBP/USD, EUR/USD, AUD/USD, NZD/JPY, CAD/CHF, and AUD/CAD to identify swing trade setups that could be forming over the next few sessions. If you want to watch Tuesday’s Webinar, then click on the video above.
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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.