FX Closing Bell is a daily webinar hosted by Tyler Yell, CMT with the intent to look at key market themes within Foreign Exchange, Commodities, and Fixed Income. We look at the current price action in these key markets alongside any news that may be making waves in the markets or could lead to a pending opportunity that I feel deserves your attention.
To get a sense of where capital is flowing, we pull on insights from futures, spreads on the yield curve, and options. Looking at how multiple markets are pricing in future activity can help us understand where the pressure is building. We also touch upon the technical analysis and sentiment analysis to give you a well-rounded view of what is happening in markets that could lead to your next trade as we hope to make it a good one.
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Tuesday's discussions included–
- GBP/USD, GBP/JPY extended higher after inflation data could force the hawkish hand of BoE
- OPEC rumor supports Oil, remains under $50 resistance
- Fixed Income themes look set to support USD against weaker currencies
- Bitcoin finds an enemy in JPM CEO Jamie Dimon who says he would fire traders of the BTC
- Top Chart: GBP/USD could move to September 2016 high at 1.3430 on Hawkish BoE
Sentiment focus: NZD/USD sees sharp increase in net-long positions, downward move favored
Special note: A technical short-cut that I utilize to find the best trading opportunities and the strongest trends is to match the strongest currency against the weakest. I then look for opportunities to buy the strongest against the weakest when a technical signal is triggered. By matching up strong and weak currencies, we do not guarantee a successful trade, but we do improve our confidence in trading in the direction of the strongest trend at the moment. Traders should keep an eye to see if a strong currency begins to weaken or a weak currency begins to strengthen. I cover these developments on FX Closing Bell.
If you missed this webinar and would like to know about future events, including the next scheduled FX Closing Bell webinar, you’ll find that all here.
--- Written by Tyler Yell, CMT, Currency Analyst
To contact Tyler, email him at tyell@dailyfx.com
Contact and discuss markets with Tyler on Twitter: @ForexYell
