Looking Ahead To Tuesday’s Session
Shain Vernier • 2 min read
Monday’s U.S. trading session has brought rotation and range bound markets across many asset classes. Crude oil and the majors are in a holding pattern thus far, trading sideways. Check out a few of the trading ranges for today’s session:
USD/CAD 32 pips
EUR/USD 36 pips
WTI Crude Oil 59 ticks
E-mini S&P 500 29 ticks
Taking aggressive positions in such tight markets is not always the best idea. As a general rule, consolidating markets exhibit choppy price action. Simply put, it can be tough to identify solid stop losses and profit targets.
It has been a lazy Monday.
Things will not stay slow forever. There are several key events that are likely to open things up a bit during tomorrow’s overnight and U.S. session:
Japan’s Eco Watchers survey
Swiss Unemployment data
Import/Export data from Germany
U.K. Industrial Production
Canadian Housing Starts
USD Redbook Index
API Weekly Crude Oil Stocks
The scheduled data releases are primed to drive the GBP and EUR valuations directionally. Be sure to check in with my colleagues Rowan, Arslan and Skerdian for the latest updates on these markets as we move into Tuesday’s session.
Bitcoin is currently trading $4660, up 2.2% since yesterday.
Ethereum has sold off dramatically, down 5.38% to $295.
Litecoin is off 6%, currently trading around $50.
Bottom Line: Don’t be lulled to sleep by seemingly “dull” markets. Rest assured that ranges will open up, and when they do be ready!