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The U.S. dollar was lower across the board today, however it managed to hold its ground against the Japanese yen.
The greenback and yen are seeing continued weakness as equities continue to look strong and European governments scramble to patch up the debt issues in Greece and other countries.
Stocks:
On Wall Street today stocks rallied on the back of a move by Greece to enact measures to secure an aid package, this worked to ease fears that the debt crisis in Greece will spread across Europe, leading to the biggest jump in equities since early March.
The Dow gained 122.05 points, or 1.10 percent, the S&P 500 gained 15.42 points, or 1.29 percent, the Nasdaq gained 40.19 points, or 1.63 percent.
Currency pair in focus: AUD/USD
The AUDUSD has pulled back up into its recent wedge formation and is currently consolidating. We would call the recent false break out of the wedge to the downside an indication of a possible resumption of the dominant uptrend.
There currently are no impending price action setups to analyze for the AUDUSD, after (or if) the pair breaks out to the upside we may see some good price action setups develop.
For a more in-depth analysis of the major FX pairs as well as price action training, please check out my forex trading training course.
Daily Forex Market Commentary
The U.S. dollar was mainly lower today against the other major currencies, however it did manage to gain on the British pound and the Japanese yen.
The strong statement from the U.S. Federal Reserve today about keeping interest rates at historically low levels for an extended period of time worked to weaken the greenback today as lower interest rates typically make a country’s financial assets less attractive to foreign investment.
Stocks:
On Wall Street today stocks rose after the U.S. Federal Reserve bank stated that interest rates would stay low for a prolonged period of time and discussed signs the economy is strengthening.
Stocks recovered today from the broad sell off yesterday that resulted from renewed concerns about the growing debt issue in certain euro-zone countries. However, investors scooped up beaten-down shares of financial and energy companies today.
The Dow added 53.28 points, or 0.48 percent, the S&P added 7.65 points, or 0.65 percent, and the Nasdaq added just 0.26 point, or 0.01 percent.
Currency pair in focus: GBP/JPY
Today we are illustrating how to properly draw support and resistance lines on your charts. Notice in the GBPJPY daily chart below we have 3 support and resistance levels drawn. You should note that each level has at least 2 significant points where a bar high or a bar low hit and then rejected lower or higher.
Notice how price bounced off the support level near 141.50 yesterday and today formed an inside bar setup just above this support level. Notice the bar highs and lows as well at the two other levels of 145.00 and 139.35
For a great instructional video on how to properly draw support and resistance levels on your chart click here: support and resistance tutorial
For a more in-depth analysis of the major FX pairs as well as price action training, please check out my forex trading course.
Simple Forex Trading Method There are many different trading techniques available on the internet that you can use to trade the forex market with. Whether or not they are actually effective at making you money on a long-term basis is another story all together. The problem with most forex trading techniques is that they are [...]
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The U.S. dollar gained considerable strength today along with the Japanese yen as a flight to safety occurred on the back of escalating concern about the economic stability in the euro-zone as well as continued pressure for financial regulatory reform in the U.S.
The greenback closed substantially higher against all the major currencies except the Japanese yen which was the big winner in today’s FX trading session.
Stocks:
On Wall Street today stocks got hammered as downgrades of Greek and Portuguese debt worked to fuel concerns about economic stability in the euro-zone. On Capitol Hill a grilling of Goldman Sachs executives gave strength to the case for financial reform, furthering the selling of stocks.
The Dow lost 213.04 points, or 1.90 percent, the S&P 500 lost 28.34 points, or 2.34 percent, and the Nasdaq lost 51.48 points, or 2.04 percent.
Currency pair in focus: EUR/USD and AUD/USD
The EURUSD setup discussed in yesterday’s commentary obviously did not come off to the upside as we would normally expect from this type of setup. This just goes to show you can’t win every trade, we are not pulling any punches here, showing winning setups and losing setups.
In retrospect the setup was counter to the dominant downtrend, even though we were seeing consolidation for the last few weeks. It goes to emphasize the fact that counter-trend setups are always inherently riskier than setups with the dominant trend direction.
AUD/USD
The AUDUSD is showing rejection of the long-term resistance level near 0.9380-0.9400. We can see in the chart below that a small pin bar formed off the top of the wedge pattern yesterday. Today we got a clear break below the bottom of the wedge pattern as well as a decisive bearish close.
There are no price action setups to discuss as of yet in this pair, but this recent price movement suggests we may start focusing on bearish price action setups in the near future.
For a more in-depth analysis of the major FX pairs as well as price action training, please check out my forex training course.
Daily Forex Market Commentary
The U.S. dollar was mainly weaker today against the other major currencies, with the exception being the Canadian dollar, the greenback managed to eke out a small gain against the loonie on the back of weaker crude oil prices.
Should global equities and economic data continue to remain positive we will likely see continued U.S. dollar weakness as well as Japanese yen weakness. However, should corporate earnings disappoint and the Greek debt situation worsen, we would anticipate a move away from riskier assets and back towards safety.
Stocks:
On Wall Street today stocks were mostly lower as investors became fearful that the financial reform bill making its way through Congress will work to curb bank profits.
The Dow managed to squeak out a tiny gain on the back of Caterpillar Inc. (CAT) raising its full-year profit forecast citing improvement in economic conditions as the catalyst. CAT shares gained 4.2 percent.
The Dow added 0.75 points today, the S&P 500 was down 5.23 points, and the Nasdaq lost 7.20 points.
Currency pair in focus: EUR/USD
The EURUSD has formed a bullish inside / pin bar combo as of today. This is a 2 – bar setup wherein an inside bar forms within the structure of the previous pin bar.
The current inside / pin bar setup has formed at an area of strong support which gives further validity to the setup. Resistance comes in near 1.3690-1.3700.
For a more in-depth analysis of the major FX pairs as well as price action training, please check out my forex trading course.
Daily Forex Market Commentary
The U.S. dollar was weak today against the other major currency pairs on the back of a continuation of the rally in equities and commodities.
There are some good pin bar setups that formed today which we will analyze deeper in the member’s commentary.
Stocks:
On Wall Street today stocks rose to 19 months highs as health care and energy shares helped to lift the broad market. Crude oil rose 1.7 percent above $85 a barrel on positive economic data, helping to further fuel the rally in stocks.
The Dow gained 69.99 points, or 0.63 percent, the S&P 500 added 8.61 points, or 0.71 percent, and the Nasdaq rose 11.08 points, or 0.44 percent.
Currency pair in focus: USD/CHF
Today we are looking at the daily chart of the dollar / franc currency pair. The pair has formed a well defined bearish pin bar at resistance near 1.0800-1.0850.
This is a good example of how price action setups can be used to trade support and resistance levels in range-bound markets effectively. There is simply no need for indicators when we have such a rich source of quality trading signals in price action setups.
Please check out this video on the pin bar setup: Forex Training Video
For a more in-depth analysis of the major FX pairs as well as price action training, please check out my forex trading training course.
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Daily Forex Market Commentary
The U.S. dollar was mixed today, gaining ground on the euro, Swiss franc, British pound, Japanese yen, and Canadian dollar, while losing slightly to the Australian dollar and New Zealand dollar.
The greenback may continue to gain against the euro depending on the severity of the Greek debt crisis, however should Wall Street earnings continue to beat estimates and economic data continue to show signs of strength, the U.S. dollar is likely to remain under pressure.
Stocks:
On Wall Street today stocks launched a late-day comeback as another round of strong quarterly profits from bellwethers like Starbucks Corp overcame concerns about the Greek debt crisis.
So far 85% of the 98 companies from the S&P 500 that have reported earnings have beaten estimates, this is well above the 61 percent in a typical quarter.
The Dow rose 9.37 points, or 0.08 percent, after being down over 100 points in early trading, the S&P 500 added 2.73 points, or 0.23 percent, and the Nasdaq gained 14.46 points, or 0.58 percent.
Currency pair in focus: AUD/JPY
We are looking at the AUDJPY today. A bullish pin bar has formed that is indicating rejection of the support level near 85.60. As we can see in the chart below today’s pin bar is the third one in the last few weeks that have shown strong rejection of this support area.
The market is in an uptrend but has been consolidating sideways over the last few weeks. All indications are that the upwards momentum may pick back up, however, there is also the chance of a downside pullback as well. A breakout above resistance near 87.50 is necessary to confirm continued upward movement.
Check out this great article on pin bars: forex trading training article
For a more in-depth analysis of the major FX pairs as well as price action training, please check out my forex trading training course.
Nial Fuller on Digg Nial Fuller on Facebook , Nial Fuller on Twitter
Daily Forex Market Commentary
The U.S. dollar was mixed today, closing higher against the euro, Swiss franc, Canadian dollar, Australian dollar, and New Zealand dollar, while losing modestly to the British pound and Japanese yen.
The euro fell again today as borrowing costs in Greece hit 12-year highs as patience over Greece’s festering debt crisis is wearing thin. The 16-nation euro currency fell for the 5th day in a row to the greenback as the premium investors demand to hold Greek government bonds rather than German Bunds surged past 500 basis points.
Looking ahead, if today’s stall-out in the stock market rally turns into a bigger bearish correction we say the U.S. dollar pick up some steam over the near term. However, currently the dollar is trading mixed as we are seeing conflicting fundamental signals around the world.
Stocks:
On Wall Street today the Dow and Nadaq squeaked out modest gains with the S&P 500 fell slightly lower on disappointing outlooks from health-care companies which worked to mute the positive vibe off another round of better-than-expected results from blue chips like Apple Inc.
The Dow added 7.68 points, or 0.07 percent, the S&P 500 lost 1.23 points, or 0.10 percent, and the Nasdaq gained 4.30 points, or 0.17 percent.
Currency pair in focus: USDCAD
The USDCAD formed another pin bar today, this time a bullish pin bar. Although the overall trend is down, this pin bar that formed today would have worked nicely as a signal to exit short positions initiated from the previous pin bar that formed 4/19.
Price action setups can be used as entry or exit signals, there is no need for confusing lagging indicators or complicated trading software when you have all the technical analysis tools you need on a naked price chart.
For a more in-depth analysis of the major FX pairs as well as price action training, please check out my forex trading course.
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Continue Reading Forex Trading TrainingThe art and skill of price action analysis is the best way to trade the forex market. While this may seem like a bold and possibly even arrogant claim, the fact remains that trading off simple naked price charts is equally, if not more effective than any other technical method, and profoundly less stressful and [...]
Continue Reading Forex Price Action TrainingDaily Forex Market Commentary
The U.S. dollar traded mixed today against the other major currencies. The greenback gained ground on the euro, Swiss franc, and Japanese yen, while losing modestly to the British pound, with more significant losses to the Canadian dollar and Australian dollar.
The greenback still seems to be weak against most of the majors, although with world stock markets up excessive percentages over last year, it would not be unlikely to see the greenback begin to gain strength in the near future.
Stocks:
On Wall Street today stocks rose again as oil prices gave a lift to energy shares and investors remained optimistic about the overall recovery in corporate profits, even in the face of some bigger-name companies falling short of lofty profit expectations.
The Dow added 25.62 points, or 0.23 percent, the S&P 500 gained 9.68 points, or 0.81 percent, and the Nasdaq added 20.20 points, or 0.81 percent.
Currency pair in focus: USDCAD
The USDCAD bearish pin bar setup we analyzed in yesterday’s forex commentary has come off very nicely to the downside today as we discussed as a possibility yesterday. The pair has sold off into support near the psychological 1.0000 level.
This pin bar setup had 3 positives going for it:
1. It was with the dominant daily trend.
2. It had a 2nd point of confluence by showing clear rejection of the strong horizontal resistance near 1.0220
3. The actual pin bar itself was well defined and the close was slightly below the open, a further point of confluence indicating a downward push was probable.
For more examples and instruction on how to profitably trade great price action setups like the pin bar and others please click here: Forex Trading Training Videos
For a more in-depth analysis of the major FX pairs as well as price action training, please check out my forex trading course.
Daily Forex Market Commentary
The U.S. dollar gained modestly on most of the major currencies today, however, after gapping open in favor of the greenback yesterday, most of these U.S dollar gains have been erased as of the New York trading session close.
The greenback did gain considerable ground against most of the major currencies last Friday; however this movement was against the recent bearish momentum of the greenback.
The U.S. dollar closed higher over Friday’s close against all the major currencies today except the New Zealand dollar which it lost marginally to.
Stocks:
On Wall Street today stocks gained ground after investors reassessed the possible damage of the fraud case against Goldman Sachs, earnings optimism also contributed to the rally.
The Dow added 73.39 points, or 0.67 percent, the S&P 500 added 5.38 points, or 0.45 percent, and the Nasdaq gained 1.15 points, or 0.05 percent.
Currency pair in focus: USDCAD
The USDCAD has formed a bearish pin bar off resistance today. The pin bar is going with the direction of the dominant downtrend, as such, it takes on added significance.
When we get confluent signals like this, such as price action, horizontal levels, and trends, all in agreement, we typically give more weight to them.
Check out this great video on trading with confluence: Forex Trading Video
For a more in-depth analysis of the major FX pairs as well as price action training, please check out my forex trading course.
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The U.S. dollar gained significant ground on all the major currencies today except the Japanese yen.
The broad sell-off in equities and commodities meant a resurgence of U.S. dollar strength today. The AUDUSD lost significantly, closing nearly 100 pips lower over yesterday’s close. The Canadian dollar also lost big to the greenback as crude oil prices took a $2.72/a barrel tumble lower, the USDCAD closed up over 100 pips.
Looking ahead, the resurgence of U.S. dollar and Japanese yen strength today may continue into next week should earnings reports and economic data continue to disappoint Wall Street.
Stocks:
On Wall Street today stocks got hammered lower in the heaviest trading this year which produced a dramatic end to the recent six-day winning streak in equities. Fraud charges against Goldman Sachs and sub-par earnings sent investors running for the hills.
Today’s sell off was the market’s biggest decline in nearly two months, taking the polish off a very strong rally just as investors are awaiting a plethora of earnings reports next week.
The Dow was down 125.91 points, or 1.13 percent, the S&P 500 was down 19.54 points or 1.61 percent, and the Nasdaq was down 34.43 points, or 1.37 percent.
Currency pair in focus: GOLD
Today we are looking at the daily spot gold chart. While gold is obviously not a currency pair, it is accepted all over the world as currency and its movement has a direct and substantial influence on all the major currency pairs, especially the U.S. dollar.
Notice in the chart the small bearish pin bar that formed near resistance around 1160.00/1170.00 on Monday of this week, the pair subsequently consolidated sideways just beneath this resistance area but could not break higher. Today the pair sold lower quite dramatically, there is not much support until around 1075.00.
For a more in-depth analysis of the major FX pairs as well as price action training, please check out my forex trading course.
This is a great Forex Video on a Live Trade I took on 4 hour GBPJPY chart. A lovely Price Action setup formed which was my signal to take a position
View Price Action Forex Tradng on 4 Hour Charts Timeframes VideoDaily Forex Market Commentary:
The U.S. dollar gained on some of the major currencies today, gaining back some of its recent lost ground.
The greenback traded higher against the euro, Swiss franc, Canadian dollar, Australian dollar, and New Zealand dollar while losing modest ground to the British pound and Japanese yen
Today’s correction can be viewed as a counter-trend pullback, most of the major currencies are currently trending and these trends are likely to continue until technical and fundamental signals say otherwise.
Stocks:
On Wall Street today shares rose for the sixth day in a row as positive profit forecasts from UPS gave a boost to transportation stocks, however, concerns about a rise in weekly jobless claims slowed the market’s advance.
The Dow gained 21.46 points, or 0.19 percent, the S&P 500 rose 1.02 points, or 0.08 percent, and the Nasdaq rose 10.83 points, or 0.43 percent.
Currency pair in focus: GBP/JPY
This is an update from the GBPJPY pin bar setup we discussed in the commentary from 4/8. Notice in the chart below that price moved up into the next resistance area near 145.00 after the pin bar previously discussed.
There was also a second bullish pin bar that developed on Tuesday of this week, adding further confirmation to the bullish momentum.
For more example of great price action setups click here: Forex Videos
For a more in-depth analysis of the major FX pairs as well as price action training, please check out my forex trading course.
Daily Forex Market Commentary:
The U.S. dollar was down across the board to the other major currencies, except the Japanese yen, which it managed to gain slight ground against due to the substantial rise in stocks.
The greenback is looking quite weak and current trends seem likely to continue into the end of this trading week. Look to buy intra-day pullbacks within these trends pending price action confirmation.
Stocks:
On Wall Street today stocks closed higher again as stronger than expected corporate earnings along with March retail sales pushed the S&P above 1,200 for the first time in 18 months.
Intel Corp (INTC), and JPMorgan Chase & Co (JPM) set the bar as each posted better than expected results.
The Dow closed up 103.69 points, or 0.94 percent, the S&P 500 closed up 13.35 points, or 1.12 percent, and the Nasdaq was up 38.87 points, or 1.58 percent.
Currency pair in focus: AUD/USD
Today we are looking at the AUDUSD pin bar setup that we analyzed in yesterday’s commentary. Notice the pin bar has produced further upside movement, as we anticipated.
There is some stiff resistance coming in close overhead around 0.9400, should this level break decisively we are likely to see another strong move to the upside.
For a more in-depth analysis of the major FX pairs as well as price action training, please check out my forex trading course.
Daily Forex Market Commentary
The U.S. dollar lost modest ground to all of the major currencies today.
Crude oil and Gold both traded modestly lower today. Most of the major pairs closed relatively unchanged from yesterday’s prices, although recent trends look strong still.
Stocks:
On Wall Street today stocks were little changed as Alcoa Inc disappointed with its revenue report, however, this news was offset by expectations for strong results later this week from other top companies, Intel Corp being amongst them.
The Dow moved up 13.45 points, the S&P 500 added 0.82 point, and the Nasdaq gained 8.12 points.
Currency pair in focus: AUD/USD
Today we are looking at the bullish pin bar setup that has formed in the context of an uptrend on AUDUSD.
Notice how the tail of the pin bar bounced off the previous breakout level of 0.9220, this level became support after the breakout and was a logical level to watch for bullish price action like we are seeing today.
Check out this great AUDUSD pin bar instructional video: Forex Trading Video
For a more in-depth analysis of the major FX pairs as well as price action training, please check out my forex training course.
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