Looking Ahead To Tuesday's Session - Forex News by Strategia Forex

Looking Ahead To Tuesday’s Session

Posted Monday, October 9, 2017 by
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:

Asset                           Range

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.

Lazy Day BluesIt 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.

 

Cryptocurrencies

The big three cryptocurrencies have shown their normal volatility over the past 24 hours, setting up several trading signals.

  • 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!

 
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About the author

Shain Vernier // US Analyst
Shain Vernier has spent over 7 years in the market as a professional futures, options and forex trader. He holds a B.Sc. in Business Finance from the University of Montana. Shain's career includes stretches with several proprietary trading firms in addition to actively managing his own accounts. Before joining FX Leaders, he worked as a market analyst and financial writer.
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