Summary
We've brought in trader Navin Prithyani again to help explain his way of viewing Support and Resistance. This very basic yet very important aspect should not be overlooked as basic and put aside. "Many folks always dive into the difficult stuff thinking oh the basics are just not worth my time and I want to speed up the learning curve. But I can assure you, you'll only add additional years by skipping the core basics. Whats worse is the internet is full of nonsense in teaching the methods in a very linear and traditional method." This is a webinar not to miss. Navin Prithyani has been featured on publications online and offline and is known to simply forex for his students. He has also been ranked as one of the Most Viewed Webinars and Most Viewed Analysis on FXStreet for the last several years. Watch here Part I!Latest Live Videos
Editors’ Picks
EUR/USD stays weak near 1.1850 after dismal German ZEW data
EUR/USD remains in the red near 1.1850 in the European session on Tuesday. A broad US Dollar bullish consolidation combined with a softer risk tone keep the pair undermined alongside downbeat German ZEW sentiment readings for February.
GBP/USD holds losees near 1.3600 after weak UK jobs report
GBP/USD is holding moderate losses near the 1.3600 level in Tuesday's European trading. The United Kingdom employment data suggested worsening labor market conditions, bolstering bets for a BoE interest rate cut next month. This narrative keeps the Pound Sterling under bearish pressure.
Gold pares intraday losses; keeps the red above $4,900 amid receding safe-haven demand
Gold (XAU/USD) attracts some follow-through selling for the second straight day and dives to over a one-week low, around the $4,858 area, heading into the European session on Tuesday.
Canada CPI expected to show sticky inflation in January, still above BoC’s target
Economists see the headline CPI rising by 2.4% in a year to January, still above the BoC’s target and matching December’s increase. On a monthly basis, prices are expected to rise by 0.1%.
UK jobs market weakens, bolstering rate cut hopes
In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.
Here is what you need to know on Tuesday, February 17:
Safe-haven flows dominate the action in financial markets early Tuesday as trading conditions normalize following the US holiday. The economic calendar will feature ZEW sentiment figures from Germany, the weekly ADP Employment Change 4-week Average data from the US and January inflation report from Canada.