I sometimes ask heed reluctance from traders to wade into currency markets because they don't offering the same sort of book data that nosotros detect inward stocks. While that may last truthful for the spot market, currency futures merchandise inward such a correlated agency amongst their cash counterparts--and receive got picked upward sufficient trader interest--that they tin sack last viewed exactly similar whatsoever futures market.
Above I've taken my Market Delta ES nautical chart Definition together with but inserted EUR/USD e-mini futures (6E). This is showing us early on morn merchandise amongst 30-minute bars. Note how nosotros are edifice book (accepting value) at higher prices during the morn (side histogram), amongst fairly evenly distributed book at the bid vs. offering (bottom histogram). So far, we've been oscillating unopen to VWAP (red line) inward a trading range.
Note the transition blueprint early on inward the morning, equally nosotros had a drib to momentum lows on potent selling that hence dried upward over the adjacent hour, giving us a cost low, together with hence a reversal. Influenza A virus subtype H5N1 non unlike reversal occurred afterward inward the morning, leading me to conclude that the marketplace is shutting off merchandise to the downside together with facilitating merchandise higher. That, of course, has implications for stocks, equally it was the weak dollar that kicked off yesterday's reversal of weakness. Continued weakness inward the dollar (e.g., euro strength) is currently supporting stocks inward premarket trade.
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