Let’s get started…
- Scan of the Forex market
- Analysis of the Forex trends (VIDEO)
- Economic indicators
- Education -The Global Prime Academy
Scan of the Forex market
The Australian Dollar and the British Pound were both propelled into higher ground in the last London morning session. But as the New York session started, the currencies’ strength gradually deflated to end up the day still well above the rest of its peers (not the case of the Pound anymore…) yet quite far off the highs made earlier on the day.
I must admit market moves remains quite modest overall, a thematic that I’ve been stressing for most of December. The fact that we are dragging on unresolved impasses such as Brexit negotiations or COVID stimulus in the US, alongside little in the way of other news or data, has really caused idleness (read low volatility) to settle in.
And it’s not like the prospects to get an immediate resolution are just around the corner. The UK and EU negotiators remain a long way from reaching a deal, while in Capital Hill, the Dems and GOP continue their brinkmanship as the COVID-19 related cases and deaths in the US worsens by the day. Even an event that had been pencilled in as a propeller of higher vol turned out to be a dud. I am referring to the Bank of Canada, after it kept rates unchanged at 0.25% and rates would likely stay unchanged through 2023.
In the next 24h, the currency to watch most closely is the Euro as the ECB meets. With regards to today’s meeting, the question is how aggressive will the ECB be on additional stimulus measures. Consensus is for TLTROs and an extra EUR600bn (+/-) being added to the PEPP bond buying programme (QE) and to extend from June 21 to at least the end of next year.
In terms of market analysis, I am particularly interested in finding long-sided trap pattern opportunities in the Australian Dollar heading into this Thursday (the video below provides insights). Similarly, I will be stripping down the currency flows via the performances of indices to spot any opportunities to spot disparities in strength vs weakness.
Analysis of the Forex trends
In my video analysis below I use concepts such as momentum, market structures or order flow to come up with the daily outlook in the currency market.
Economic indicators & events
If interested in the best ‘free of charge’ News Indicator that displays data on past and future news in the Forex market via MT4, check this YouTube video. The indicator allows you to save time and avoid mistakes.
Announcing The Global Prime Academy. Check out our brand new Academy website launched earlier this week. Let me give you a brief background on why we’ve created the Global Prime Academy. The universal praise I received about my trading and content I produce has been incredible.
However, clients at Global Prime were frustrated to find a structured way to absorb all this knowledge. Part of these golden nuggets are now going to be encapsulated in easy to follow and digestible lessons. By the end of the course, you will be given a set of strategies to take your game to the very next level. The first delivery focuses on the ‘TRAPPED TRADERS PATTERN’.