During the day on Tuesday, we don’t really have much out there that can move the market with perhaps the lone exception being the Federal Reserve Chairwoman Janet Yellen speaking in front of Congress. We also have the possibility of headlines coming across the wires as far as the latest poll is concerned with the referendum on the EU that the British are getting ready to have, but beyond that it should be relatively quiet. With that, we take a look at the following 3 assets:
DAX shows strength
During the day on Monday, the DAX took off to the upside and slammed into the €10,000 level. That being the case, looks as if the market could very well try to break above there, and if it does it should attract more call buyers. On the other hand, if we pullback and find a short-term supportive candle, call buyers will probably be interested in this market at that point as well.
USD/JPY
The USD/JPY pair did A little bit higher at the open on Monday, but quite frankly there’s a lot of bearish pressure in this market. More than likely, put buyers will be very well aware of the 106 level, and at that point in time we could have put buyers jumping into the market. On the other hand, we could just simply fall from here. In the way, it looks like the buyers are more than likely going to continue to run the show.
Gold pulls back
The gold market pullback fairly significantly during the course of the day on Monday, and as a result we continue to consolidate and perhaps we are trying to build up enough momentum to finally break out to the upside. Call buyers should be interested in going into the market every time we form supportive candles, or bounce at this point in time.
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