December 9, 2022

Forex Solution

Learn To Trade Forex

Long candle wicks tee-up some questions into tomorrow’s trade

1 min read

The dollar bid is in flux

The abrupt reversal in the US dollar today likely has market participants feeling off balance. In addition, US 10-year yields looked to be breaking higher yesterday only to give it all back and more today.

US 10s

The setup going into tomorrow is uncertain. On the charts, there are a series of long candle-wicks that can signal trend shifts. At the same time, I can’t find a great reason to own the dollar ahead of the FOMC.

Here’s cable demonstrating the volatility:

cable
For tomorrow, we’re going to get some important events to watch but aside from the ECB, I don’t see anything that could be a strong driver. For the US there’s initial jobless claims, a 30-year sale and speeches from Evans, Daly and Kaplan as we close in on Saturday’s blackout. For me though, Williams’ speech today was a dead giveaway for what we’ll get from Powell on Sept 22.

Invest in yourself. See our forex education hub.




Source link

Copyright © All rights reserved. | Newsphere by AF themes.