The US CPI is less than 9 hours away. That is the key economic event for the day and for the week. The Asian Pacific session started off the day as if it was just “buying time” until the “Big Event”. Looking at the major currency pairs vs the USD, the
- EURUSD had a 15-pip range
- GBPUSD had a 16-pip range
- USDCHF had a 17-pip range, and the
- USDCAD also had a 17-pip range.
The USDJPY, AUDUSD and NZDUSD all got to around 23-26 pips but some of that was due to wider spreads at the start of the new trading day.
Conclusion? The market is waiting for the potential shove ahead at 8:30 AM ET CPI data. Be patient and prepare instead.
I was able to produce some videos outlining the key levels that are in play through the key release for some of the major pairs. Knowing the roadmap of where you are going is part of being a successful trader. Do you go on a roadtrip to a destination without mapping the way? The same is true for trading.
Below are the links to the roadmap for your trading.
EURUSD
USDJPY
GBPUSD
AUDUSD
The EURJPY is a cross currency pair that is pushing against a topside ceiling area that goes all the way back to 2008
For good order, the NZD is starting the day as the strongest of the major currencies The JPY is the weakest. The USD lower vs the AUD and NZD, and stronger with the JPY. It is near unchanged vs the CHF, GBP, EUR and CAD.
A snapshot of other markets shows:
- Gold up $3.35 or 0.20% at $1918.42
- Silver is up $0.04 or 0.20% $22.68
- Bitcoin is trading at $29,549. Yesterday the high reached $30,119. On Tuesday it extended to $30,210. Back below the $30,000 level.
- S&P E-mini futures are up 0.40%
- Japan’s Nikkei 225 is up 0.69%
- China’s Shanghai Composite is down -0.26%
- Hong Kong’s Hang Seng index is down -0.95%
- Australia’s ASX 200 is up 0.11%
Tick. Tick. Tick….That’s the sound of the clock as the time counts down to the US CPI data. To keep busy, be aware and be prepared for the travel ahead. It should be time well spent.
Good fortune with your trading.