Jul 04, 2019
You Can Trade on Independence Day
Today, the US stock market is closed as a result of Independence Day. US stock traders are therefore not likely to trade today and this will trigger a lower global trading volume.
The benefit is that low volume in the markets can trigger swings in asset prices. In order to prepare for these movements, it is recommended for traders worldwide to check the support and resistance levels for cryptocurrencies, commodities and major forex pairs.
With no major breakouts expected today, the prices of assets usually move between specific pivot areas. This morning, most currency pairs are trading flat and so, the spread between support and resistance levels, or between take profit orders and stop loss orders, should all be small.
Here are some examples of currency pairs and how they are trading today. The EUR/USD currency pair is trading at around 1.1284. The support level can be found at 1.1240, while strong resistance is expected at around 1.1295-1.13. Also, the USD/JPY pair is now trading around 107.8. There could be support at 107.5 and strong resistance at 108. Evidently, in both examples, the resistance and support levels are short term and they could be triggered in response to the low volatility environment in the markets today.