US index 14 05 2021

Muted price action was seen last night in the US trading session with US initial jobless claims beating forecasts coming in at 473k compared with 490k expected, the take on the situation can be viewed that factors putting upward pressure on inflation are temporary, and an accommodative monetary policy continues to have an important role to play in supporting the recovery. The 10 year yield curve moved lower and equity markets got a lift as panic stations on inflation concerns are slightly eased.  Currently price action is showing signs of exhaustion and I’m looking for a sell trade if a bearish candle prints at around 90.80 with a stop loss at 91.00 and a take profit of 90.50.

 

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By Scott Andrews

Scott Andrews is an Australian based trend and swing trader using the daily, 4 hour and 1 hour time frames. He has previously worked in China as a performance coach for their Winter Olympic Team at the time refining his trading skillset. and runs a YouTube channel discussing his thoughts on markets as well as being the Account Manager (Australia) for ForexBriefcase. Recently Scott took on the role as Trading Coach for LCMS Traders.

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