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Trading Setups / Chart in Focus:
NZDUSD
The NZDUSD chart has been trading in a minor trading range since about the start of March. Today, price tried to break down through the near-term support at 0.8120 but ended up making a minor false-break of that level and rejecting the move lower. The 4 hour chart and 1 hour chart have formed a pin bar reversal off this near-term support today and we could see a move higher if price can maintain above 0.8120 in the near-term. Other global markets also rejected lower prices overnight. NOTE: Traders should also be aware that the daily chart (below) shows there has been recent bearish pressure and this current push lower could easily resume if prices break back down.
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Forex Commentary:
In the currency markets today, the euro lost ground to the U.S. dollar after concerns flared over the euro-zone debt crisis.
The Japanese yen was stronger against the other majors today as risk appetite was generally weak today.
The U.S. dollar was mostly higher against the other majors today except the Japanese yen, Canadian dollar, and British pound.
Other Markets:
In the U.S. markets today, stocks lost ground on the back of disappointing data out of the euro-zone which worked to inject more fear into investors’ minds about the region’s debt crisis.
The Dow dropped 102.09 points, or 0.78 percent, the S&P 500 lost 11.59 points, or 0.84 percent, and the Nasdaq lost 30.00 points, or 1.00 percent.
Upcoming important economic announcements (New York time): 4/24/2012
4:30am EST: Britain – Public Sector Net Borrowing
8:30am EST: Canada – Core Retail Sales m/m
10:00am EST: United States – CB Consumer Confidence
10:00am EST: United States – New Home Sales
3:30pm EST: Canada – BOC Gov Carney Speaks
Weekly Forex Chart Price Action Outlook for April 23rd – 27th 2012
EURUSD
The EURUSD seems to have found a base off 1.3000 support last week, as reflected by the strong rejection of that level and the subsequent move higher into 1.3200. However, overall this market is still range-bound and is lacking a clear trend and direction. Traders can watch the resistance levels marked on the chart below for price action strategies to potentially sell the market as a range-trade if price moves higher this week, but right now we don’t see much to do but sit on our hands and wait.
GBPUSD
The GBPUSD had a very strong showing last week as it busted above 1.6000 resistance on the back of 5 consecutive days of gains. This week, we can look to join the bullish momentum by watching for buying opportunities on pullbacks towards 1.6000 support or the 8 / 21 day EMA support layer. Key resistance is seen near 1.6165.
USDCAD
The USDCAD has been drifting sideways since about the beginning of February, and we can see key resistance is near 1.0048 and key support is near 0.9840. As the existing / previous trend was down, a breakout to the downside is a higher probability here. If the key support at 0.9840 breaks, and prices close below it, we are likely going to see a large move lower and an extension of the previous downtrend.
GBPJPY
The GBPJPY shot higher last week on the back of a fakey with pin bar setup that formed on Monday. The daily 8 / 21 EMAs have crossed higher reflecting the recent bullish momentum. If price retraces down towards 130.00 and the 8 / 21 day EMA support, we would watch closely for potential buying opportunities to join the fresh upward momentum in this market.
Check out my latest trading lesson: Part 4 – Become a Professional Trader: Putting It All Together
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Trading Setups / Chart in Focus:
GBPJPY
The GBPJPY exploded higher this week after forming a fakey pin bar strategy on Monday. We can see the daily 8 / 21 EMAs crossed higher today reflecting the recent thrust higher. Next week, traders can watch support near 130.00 for potential price action strategies to buy into this recent bullish momentum. Key resistance is seen up near 133.20 – 133.45.
Check out my latest trading lesson: Part 4 – Become a Professional Trader: Putting It All Together
April ‘Easter’ Promotion - This month I’m offering a Special Discount on Lifetime membership to my Forex Course, Live Trade Setups Forum, Daily Trade Setups Newsletter, Email support line, and more. For more info visit the Forex Course Page Here.
Forex Commentary:
In the currency markets today, the euro gained ground against the U.S. dollar on the back of strong German business sentiment data. The EURUSD was up about 0.6 percent today, to $1.3210, up from $1.3136 yesterday.
The Japanese yen was weaker against the other majors today after a Bank of Japan Governor said the bank would continue its policy of monetary easing.
The British pound was stronger against the greenback again today on the back of strong UK retail sales, marking 5 straight days of gains against the U.S. dollar
Other Markets:
In the U.S. markets today, stocks moved higher today on the back of strong corporate earnings reports. Concerns about the euro-zone also eased today, helping to bolster risk appetite.
The Dow gained 65.16 points. Or 0.50 percent, the S&P 500 added 1.61 points, or 0.12 percent, and the Nasdaq lost 7.11 points, or 0.24 percent.
Upcoming important economic announcements (New York time): 4/22/2012
9:30pm EST: Australia – PPI q/q
10:30pm EST: China – HSBC Flash Manufacturing PMI
4/23/2012
9:30pm EST: Australia – CPI q/q
Trading Setups / Chart in Focus:
GBPUSD
The GBPUSD continues to push higher after breaking free from 1.6000 resistance yesterday. If we get a retrace in the near-term we will watch 8 / 21 day EMA dynamic support for potential buying opportunities. Traders can watch for price action buy signals forming within this support if price retraces lower.
Check out my latest trading lesson: Part 3 – How to Become a Pro Trader: Taking Off the ‘Training Wheels’
April ‘Easter’ Promotion - This month I’m offering a Special Discount on Lifetime membership to my Forex Course, Live Trade Setups Forum, Daily Trade Setups Newsletter, Email support line, and more. For more info visit the Forex Course Page Here.
Forex Commentary:
In the currency markets today, the euro was slightly higher against the dollar in what was a volatile trading session.
The EURUSD closed up modestly higher at $1.3136, up from $1.3121 at Wednesday’s close.
The greenback was mixed against the other majors today as the markets traded in relatively tight ranges for most of the day.
Other Markets:
In the U.S. markets today, stocks lost ground after a debt auction in Spain failed to relieve fears that the country could be the next euro-zone nation to need a bailout. U.S. economic data was poor as well.
The Dow lost 68.65 points, or 0.53 percent, the S&P 500 lost 8.22 points, or 0.59 percent, and the Nasdaq dropped 23.89 points, or 0.79 percent.
Upcoming important economic announcements (New York time): 4/20/2012
4:00am: Euro-zone – German Ifo Business Climate
4:30am EST: Britain – Retail Sales m/m
8:30am EST: Canada – Core CPI m/m
Trading Setups / Chart in Focus:
EURJPY
The EURJPY formed a bullish false-break pin bar strategy on Monday of this week that has since seen price move higher. We can see this pin bar showed clear rejection and a false-break / bear-trap of the key support near 105.50. If price sustains its recent buoyancy, we could see a move into the key resistance near 108.50. Whilst the pin bar has already broken higher, traders could look for an obvious 4 hour PA setup to join this near-term bullish momentum.
Check out my latest trading lesson: Part 3 – How to Become a Pro Trader: Taking Off the ‘Training Wheels’
April ‘Easter’ Promotion - This month I’m offering a Special Discount on Lifetime membership to my Forex Course, Live Trade Setups Forum, Daily Trade Setups Newsletter, Email support line, and more. For more info visit the Forex Course Page Here.
Forex Commentary:
In the currency markets today, the euro moved slightly lower against the U.S. dollar for the second day in a row.
The British pound rallied aggressively against the U.S. dollar today after minutes from the last Bank of England meeting showed concerns over high inflation.
The U.S. dollar was up about 0.5 percent against the Japanese yen, rising to 81.24 from Tuesday’s close of 80.82.
Other Markets:
In the U.S. markets today, stocks lost ground on the back of dismal earnings reports from IBM and Intel.
The Dow lost 82.79 points, or 0.63 percent, the S&P 500 lost 5.64 points, or 0.41 percent, and the Nasdaq dropped 11.37 points, or 0.37 percent.
Upcoming important economic announcements (New York time): 4/19/2012
8:30am EST: United States – Unemployment Claims
10:00am EST: United States – Existing Home Sales
10:00am EST: United States – Philly Fed Manufacturing Index
Trading Setups / Chart in Focus:
AUDUSD
The AUDUSD moved higher today and has remained buoyant since finding support off 1.0240 last week. If price breaks above near-term resistance at 1.0450, we could see a push into the next resistance at 1.0550 which also coincides with the 50% retrace of the down move from February 29th to last week. This will obviously be an important resistance level to watch for potential sell signals, but if price continues pushing higher we will also have to consider that a change of daily chart momentum might be underway.
Check out my latest trading lesson: Part 3 – How to Become a Pro Trader: Taking Off the ‘Training Wheels’
April ‘Easter’ Promotion - This month I’m offering a Special Discount on Lifetime membership to my Forex Course, Live Trade Setups Forum, Daily Trade Setups Newsletter, Email support line, and more. For more info visit the Forex Course Page Here.
Forex Commentary:
In the currency markets today, the U.S. dollar and Japanese yen mostly lost ground as risk appetite improved.
Commodity currencies gained ground today as investors looked for higher returns against an improving global economic backdrop.
The euro closed the day down slightly against the U.S. dollar after it gave back early session gains.
Other Markets:
In the U.S. markets today, stocks moved higher on the back strong corporate earnings and diminishing concerns about the euro-zone debt crisis.
The Dow gained 194.13 points, or 1.50 percent, the S&P 500 added 21.21 points, or 1.55 percent, and the Nasdaq added 54.42 points, or 1.82 percent.
Upcoming important economic announcements (New York time): 4/18/2012
4:30am EST: Britain – Claimant Count Change
4:30am EST: Britain – MPC Meeting Minutes
10:30am EST: Canada – BOC Monetary Policy Report
11:15am EST: Canada – BOC Press Conference
6:45pm EST: New Zealand – CPI q/q
Trading Setups / Chart in Focus:
NZDJPY
In our weekly Forex chart outlook this week, we discussed the potential for the Kiwi/Yen to move lower off the bearish pin bar signal that formed in the market last Friday. We can see the pin bar trading strategy showed a clear rejection of the daily 8 / 21 EMA dynamic resistance layer and was in-line with the recent negative momentum. Price subsequently fell into the key near-term support near 65.55. Depending on stop placement, a risk reward of 1:2 was already available on this trade, with the potential for larger gains if price can decisively break through 65.60 – 65.28 support.
Check out my latest trading lesson: Part 3 – How to Become a Pro Trader: Taking Off the ‘Training Wheels’
April ‘Easter’ Promotion - This month I’m offering a Special Discount on Lifetime membership to my Forex Course, Live Trade Setups Forum, Daily Trade Setups Newsletter, Email support line, and more. For more info visit the Forex Course Page Here.
Forex Commentary:
In the currency markets today, the euro gained substantial ground on the U.S. dollar after it found support off the key level near 1.3000 – 1.2974.
The greenback was also lower against the Japanese yen, dropping to 80.39 yen, down from 81.01 on Friday.
Commodity currencies were also lower today, with the Australian dollar, New Zealand dollar, and Canadian dollar all losing ground to the U.S. dollar.
Other Markets:
In the U.S. markets today, stocks were mixed on the back of new concerns about the euro-zone debt crisis.
The Dow added 71.82 points, or 0.56 percent, the S&P 500 lost 0.69 points, or 0.05 percent, and the Nasdaq lost 22.93 points, or 0.76 percent.
Upcoming important economic announcements (New York time): 4/17/2012
4:30am EST: Britain – CPI y/y
5:00am EST: Euro-zone – German ZEW Economic Sentiment
8:30am EST: United States – Building Permits
9:00am EST: Canada – BOC Rate Statement
9:00am EST: Canada – Overnight Rate
Weekly Forex Chart Price Action Outlook for April 16th – 20th 2012
EURUSD
The EURUSD has been in a sideways / consolidating condition since around the beginning of February. Last week, we saw more consolidation with the market oscillating between 1.3000 support and 1.3200 near-term resistance. Overall, this market does seem to be grinding slowly lower, with the last two weeks posting losses. If price can decisively break and close below 1.3000 key support this week, we would expect a larger move to the downside. Until or unless we get a breakout lower, we are likely to see more backing and filling / consolidation this week. Price has a series of resistance levels that are likely to keep it contained in the near-term, with the closest one being at 1.3200, the next is near 1.3300 and then longer-term resistance sits near 1.3485.
AUDUSD
The AUDUSD popped above the 21 day EMA dynamic resistance level last Thursday but could not sustain itself above that resistance as it rejected the horizontal resistance level near 1.0450 on Friday, closing down under the 21 day EMA. If price stays contained under 1.0450 this week, we could see a continuation of the downtrend and a re-test of near-term support at 1.0240. Price will need to break below 1.0240 for a larger move lower to occur.
NZDUSD
The NZDUSD has been trading in a range between 0.8285 and about 0.8060 since about the start of March. On Friday, price made a false-break of the key resistance at 0.8285 as it tried to move above that level but was met with heavy selling pressure. This week, we would look for a move lower as long as price stays contained below Friday’s high.
NZDJPY
The NZDJPY formed a bearish pin bar forex strategy on Friday. We can see this pin bar is showing rejection of the daily 8 / 21 EMA dynamic resistance layer. If price stays contained under the pin bar high this week, we will likely see a continuation of the recent down move and a re-test of near-term support near 65.50.
Spot Silver
The spot silver market rotated lower on Friday after moving up into the 21 day EMA resistance level on Thursday. We can see the last four tests of the 8 / 21 daily EMA dynamic resistance layer have been met with strong selling interest. If price can close below key $31.00 support this week, we will probably see an extension of the recent downtrend, if it cannot, then we will likely see sideways / consolidation in the near-term.
Check out my latest trading lesson: Part 3 – How to Become a Pro Trader: Taking Off the ‘Training Wheels’
April ‘Easter’ Promotion - This month I’m offering a Special Discount on Lifetime membership to my Forex Course, Live Trade Setups Forum, Daily Trade Setups Newsletter, Email support line, and more. For more info visit the Forex Course Page Here.
Trading Setups / Chart in Focus:
GBPUSD
The GBPUSD fell significantly lower today after forming a small bearish 4 hour pin bar just below 1.6000 key resistance. Some of our members caught this pin bar strategy and it was discussed in our members’ forum. Price is nearing near-term support at 1.5800 and will have to break through that level next week to have a chance at re-testing the key longer-term support at 1.5650.
Check out my latest trading lesson: Part 3 – How to Become a Pro Trader: Taking Off the ‘Training Wheels’
April ‘Easter’ Promotion - This month I’m offering a Special Discount on Lifetime membership to my Forex Course, Live Trade Setups Forum, Daily Trade Setups Newsletter, Email support line, and more. For more info visit the Forex Course Page Here.
Forex Commentary:
In the currency markets today, the euro moved significantly lower against the U.S. dollar and Japanese yen as investors dumped the single currency on the back of rising Spanish borrowing costs.
The Australian dollar was lower today against the U.S. dollar as well. The AUDUSD dropped to $1.0365 on the back of weak growth numbers out of China. Australia’s economy relies heavily on Chinese demand for commodities.
The greenback gained ground against the other majors today as well, including the Japanese yen.
Other Markets:
In the U.S. markets today, stocks ended their worst two-week fall since last November. Today’s sell-off came on the back of worse-than-expected growth data out of China.
The Dow lost 136.99 points, or 1.05 percent, the S&P 500 dropped 17.31 points, or 1.25 percent, and the Nasdaq lost 44.22 points, or 1.45 percent.
Upcoming important economic announcements (New York time): 4/16/2012
8:30am EST: United States – Core Retail Sales m/m
8:30am EST: United States – m/m
9:00am EST: United States – TIC Long-Term Purchases
9:30pm EST: Australia – Monetary Policy Meeting Minutes
Trading Setups / Chart in Focus:
EURUSD
The EURUSD shot higher today as the fakey with pin bar setup that we discussed in Monday’s commentary has now come off nicely to the upside. We can see key resistance coming in near 1.3300, and this resistance area would be a logical level to consider taking profit from for those long off the fakey strategy. Note the 50% entry that was available off the pin bar that occurred within the fakey setup.
Check out my latest trading lesson: Part 2 – How to Become a Pro Trader: Testing Your Trading Skills
April ‘Easter’ Promotion - This month I’m offering a Special Discount on Lifetime membership to my Forex Course, Live Trade Setups Forum, Daily Trade Setups Newsletter, Email support line, and more. For more info visit the Forex Course Page Here.
Forex Commentary:
In the currency markets today, the euro gained ground on the U.S. dollar after a good bond auction in Italy and falling borrowing rates for Spain.
The EURUSD rose to $1.3186, from $1.3107 yesterday.
The U.S. dollar mostly lost ground to other major currencies today, except the Japanese yen, which it gained marginally against.
Other Markets:
In the U.S. markets today, stocks gained ground again, moving higher on the back of gains in materials and energy stocks as investors expected strong growth numbers from China.
The Dow gained 181.19 points, or 1.41 percent, the S&P 500 added 18.86 points, or 1.38 percent, and the Nasdaq gained 39.09 points, or 1.30 percent.
Upcoming important economic announcements (New York time): 4/13/2012
4:30am EST: Britain – PPI Input m/m
8:30am EST: United States – Core CPI m/m
9:55am EST: United States – Prelim UoM Consumer Sentiment
1:00pm EST: United States – Fed Chairman Bernanke Speaks
Trading Setups / Chart in Focus:
USDJPY
The USDJPY found support off the key level near 80.55 today, moving modestly higher as it regained some of yesterday’s losses. We can see a key near-term resistance level sitting near 81.85. If price continues to rotate higher we would watch this resistance for potential price action trading strategies to re-join the fresh bearish momentum in this market.
Check out my latest trading lesson: Part 2 – How to Become a Pro Trader: Testing Your Trading Skills
April ‘Easter’ Promotion - This month I’m offering a Special Discount on Lifetime membership to my Forex Course, Live Trade Setups Forum, Daily Trade Setups Newsletter, Email support line, and more. For more info visit the Forex Course Page Here.
Forex Commentary:
In the currency markets today, the euro gained modest ground on the U.S. dollar and Japanese yen, but it did not move very far as concerns loom about the euro-zone debt crisis.
The U.S. dollar was slightly higher against the yen today but it lost ground to the other majors after its recent rally stalled on the back of improved risk appetite.
Other Markets:
In the U.S. markets today, a strong start to the corporate earnings season helped stocks gain back some of their recently lost ground.
The Dow gained 89.46 points, or 0.70 percent, the S&P 500 added 10.12 points, or 0.74 percent, and the Nasdaq added 25.24 points, or 0.84 percent.
Upcoming important economic announcements (New York time): 4/12/2012
8:30am EST: Canada – Trade Balance
8:30am EST: United States – PPI m/m
8:30am EST: United States – Trade Balance
8:30am EST: United States – Unemployment Claims
10:00pm EST: China – GDP q/y
Trading Setups / Chart in Focus:
AUDUSD
The AUDUSD created a false break of the last 3 day’s worth of inside bars today. If price can break the near-term support and mother bar low at 1.0240, a fakey strategy entry would trigger which could lead to an extension of the recent downtrend. Key support is scarce until about 0.9900. Resistance is seen in the 8 / 21 day EMA layer.
In the 4 hour chart below, we can see a nice pin bar trading strategy formed showing rejection of resistance. Note the consistency and ‘stepping’ pattern of this recent downtrend; price action signals forming with a trend like this are very high-probability setups.
Check out my latest trading lesson: Part 2 – How to Become a Pro Trader: Testing Your Trading Skills
April ‘Easter’ Promotion - This month I’m offering a Special Discount on Lifetime membership to my Forex Course, Live Trade Setups Forum, Daily Trade Setups Newsletter, Email support line, and more. For more info visit the Forex Course Page Here.
Forex Commentary:
In the currency markets today, the Japanese yen rose to multi-week highs against the euro and U.S. dollar after the Bank of Japan took the possibility of more monetary stimulus off the table and worries persisted about the euro-zone crisis.
The U.S. dollar was stronger against the other majors today, with the Japanese yen being the only major currency it lost to. The yen however swept the board and gained significant ground against all the other majors today.
Other Markets:
In the U.S. markets today, the recent sell-off in stocks gained steam today as concerns about slowing economic growth in the U.S., China, and Europe worked to inject more fear into the market.
The Dow lost 213.66 points, or 1.65 percent, the S&P 500 shed 23.61 points, or 1.71 percent, and the Nasdaq lost 55.86 points, or 1.83 percent.
Upcoming important economic announcements (New York time): 4/11/2012
9:30pm EST: Australia – Employment Change
9:30pm EST: Australia – Unemployment Rate
Trading Setups / Chart in Focus:
EURUSD
The EURUSD found support just above the key level at 1.3300 today. In the daily chart below, we can see price moved lower early in today’s session, violating the mother bar low from last Thursday by about 2 pips before it found buying interest and pushed higher to violate the inside bar high forming a fakey setup. If price can hold above 1.3030 – 1.3000 on a closing basis, there’s potential or a rotation higher this week towards 1.3300 – 1.3380 resistance. If price closes below 1.3000 we could see a breakout lower of the recent trading range and a larger move lower.
Check out my latest trading lesson: Part 2 – How to Become a Pro Trader: Testing Your Trading Skills
April ‘Easter’ Promotion - This month I’m offering a Special Discount on Lifetime membership to my Forex Course, Live Trade Setups Forum, Daily Trade Setups Newsletter, Email support line, and more. For more info visit the Forex Course Page Here.
Forex Commentary:
In the currency markets today, the euro gained slight ground on the U.S. dollar in light trading after a disappointing U.S. jobs report last week reopened the possibility of more stimulus from the Federal Reserve Bank.
The greenback lost slight ground to the other major currencies as well, with most of the major Fx pairs only changing marginally from last week’s close.
Other Markets:
In the U.S. markets today, stocks moved lower as investors reacted to the worse-than-expected U.S. jobs growth number reported last Friday. This worked to raise concerns about the strength of the U.S. economy.
The Dow lost 130.55 points, or 1.00 percent, the S&P 500 lost 15.88 points, or 1.14 percent, and the Nasdaq tumbled 33.42 points, or 1.08 percent.
Upcoming important economic announcements (New York time): 4/10/2012
Tentative: China – Trade Balance
Tentative: Japan – BOJ Press Conference
6:00pm EST: New Zealand – NZIER Business Confidence
Weekly Forex Chart Price Action Outlook for April 9th – 13th 2012
EURUSD
The EURUSD formed an inside bar on Friday just above the key support at 1.3000. If price breaks lower down past the mother bar low of the inside bar setup, we could see a larger move lower. However, price will need to close below 1.2973 to officially break lower out of its recent trading range. If price bounces higher from Friday’s inside bar setup, we could see a move back up towards 1.3300 resistance, and at that point we can watch closely for potential price action sell signals.
USDJPY
The USDJPY broke and closed below the key support at 81.80 on Friday. We can see the daily 8 / 21 EMAs have crossed lower reflecting the recent bearish momentum. We see the next support near 80.50, and if price rotates higher in the near-term we can watch 81.80 resistance for potential intra-day or daily price action forex sell signals to try and ride into 80.50 support.
AUDUSD
The AUDUSD downtrend remains intact. Last week, price consolidated on Thursday and Friday within the range of Wednesday’s mother bar. If this mother bar low breaks it would mean a minor fakey setup is triggered and we could see an extension of the downtrend. Resistance is seen in the 8 / 21 daily EMA layer, and traders can watch for price action sell signals at this resistance this week if price rotates higher.
Spot Gold
Gold rotated higher on Thursday and Friday of last week, closing the week just under the 8 day EMA dynamic resistance level. This market is in a downtrend right now on the daily charts, and we could see a resumption of the trend this week if price stays contained below the 8 / 21 day EMA, traders can watch for price action sell signals in the 8 / 21 day EMA resistance layer to re-join the downtrend.
Check out my latest trading lesson: Part 2 – How to Become a Pro Trader: Testing Your Trading Skills
April ‘Easter’ Promotion - This month I’m offering a Special Discount on Lifetime membership to my Forex Course, Live Trade Setups Forum, Daily Trade Setups Newsletter, Email support line, and more. For more info visit the Forex Course Page Here.
Trading Setups / Chart in Focus:
USDJPY
The USDJPY fell substantially lower today as the pin bar off 81.85 support failed. Pin bars do fail sometimes, and we discussed in yesterday’s members’ commentary that we were weary of this pin bar since there were several recent bullish pin bars off this 81.85 support area that did not make any substantial move higher. The failure of the market to make a substantial move higher off the other recent 4hr and daily pins clued us off that Thursday’s pin bar might not be the best setup. Also, the pin bar reversal pattern was in a consolidation and not sticking out or “protruding” from the surrounding price action.
We would note that now the market has clearly broken below key support, we could see a larger move lower into the next key level near 80.50.
Check out my latest trading lesson: Part 2 – How to Become a Pro Trader: Testing Your Trading Skills
April ‘Easter’ Promotion - This month I’m offering a Special Discount on Lifetime membership to my Forex Course, Live Trade Setups Forum, Daily Trade Setups Newsletter, Email support line, and more. For more info visit the Forex Course Page Here.
Forex Commentary:
In the currency markets today, the U.S. dollar lost ground against the other major currencies after a disappointing U.S. jobs number from March.
The greenback was down substantially against the Japanese yen, losing about 0.8% on the day.
Other Markets:
In the U.S. markets today, the stock market was closed, but U.S. stock futures were down significantly after the March jobs report showed that less jobs than expected were added last month.
Dow futures dropped 132 points, S&P 500 futures lost 15.30 points, and Nasdaq futures were down 30 points.
Upcoming important economic announcements: 4/8/2012
7:50pm EST: Japan – Current Account
9:30pm EST: China – CPI y/y
4/9/2012
10:30am EST: Canada – BOC Business Outlook Survey
7:15pm EST: United States – Fed Chairman Bernanke Speaks
Tentative: Japan – Monetary Policy Statement
Tentative: Japan – Overnight Call Rate
Trading Setups / Chart in Focus:
EURUSD
The EURUSD fell significantly lower again today, marking four consecutive days of losses as it moves towards the bottom of the recent trading range support at 1.3000. Key support at 1.3000 – 1.2975 is coming in soon and the price action at this support will determine whether the market bounces back up into the range or continues its recent slide and breaks lower; so keep a close eye on the PA near 1.3000, however as of now there are no obvious price action strategies to warrant taking a position in the market.
Check out my latest trading lesson: How To Become a Professional Forex Trader – Part 1: Building the Foundation
April ‘Easter’ Promotion - This month I’m offering a Special Discount on Lifetime membership to my Forex Course, Live Trade Setups Forum, Daily Trade Setups Newsletter, Email support line, and more. For more info visit the Forex Course Page Here.
Forex Commentary:
In the currency markets today, concerns about debt problems in Spain worked to drive the euro lower against the U.S. dollar again.
The EURUSD lost about 0.6 percent today, closing at $1.3065 after hitting a 3-week low of $1.3034. The euro was lower against the other major currencies today as well.
Trading is likely to be light over the next 24 hours ahead of Good Friday and the Easter holiday weekend.
Other Markets:
In the U.S. markets today, stocks were mostly lower today on the back of revived concerns about the euro-zone debt crisis.
The Dow lost 14.61 points, or 0.11 percent, the S&P 500 lost 0.88 of a point, or 0.06 percent, and the Nasdaq added 12.41 points, or 0.40 percent.
Upcoming important economic announcements: 4/6/2012
8:30am EST: United States – Non-Farm Employment Change
8:30am EST: United States – Unemployment Rate
Trading Setups / Chart in Focus:
AUDUSD
The AUDUSD downtrend continued to fall lower today as price closed below the key support near 1.0350, ending the day at 1.0267. We can see a very consistent downtrend is in place here, so traders can look to sell the market on retraces back into the 8 / 21 daily EMA resistance layer, pending forex price action confirmation. Long-term key support is not seen until about 0.9900.
Check out my latest trading lesson: How to Become a Professional Forex Trader – Part 1: Building the Foundation
April ‘Easter’ Promotion - This month I’m offering a Special Discount on Lifetime membership to my Forex Course, Live Trade Setups Forum, Daily Trade Setups Newsletter, Email support line, and more. For more info visit the Forex Course Page Here.
Forex Commentary:
In the currency markets today, the euro moved to a three-week low against the U.S. dollar on the back of pessimistic comments from the Euro-zone Central Bank president, this was in contrast to the minutes from the U.S. Federal Reserve’s March policy meeting that reflected less willingness by U.S. policymakers to inject new stimulus into the economy due to signs of improving economic conditions in the U.S.
The Japanese yen was stronger against the other majors today including the U.S. dollar as most of the yen pairs remain choppy and in tight ranges.
The U.S. dollar was stronger against all majors except the yen today, with the technical picture looking ripe for further dollar gains in the near-term.
Other Markets:
In the U.S. markets today, stocks lost ground for the second consecutive day on the back of a worst than expected bond auction in Spain and comments yesterday from the U.S. Federal Reserve bank that decreased investors’ hopes for more economic stimulus.
The Dow lost 124.80 points, or 0.95 percent, the S&P 500 lost 14.42 points, or 1.02 percent, and the Nasdaq lost 45.48 points, or 1.46 percent.
Upcoming important economic announcements: 4/5/2012
3:00am EST: Britain – Halifax HPI m/m
4:30am EST: Britain – Services PMI
7:45am EST: Euro-zone – Minimum Bid Rate
8:15am EST: United States – ADP Non-Farm Employment Change
8:30am EST: Euro-zone – ECB Press Conference
10:00am EST: United States – ISM Non-Manufacturing PMI
Trading Setups / Chart in Focus:
EURUSD
The EURUSD moved significantly lower today, closing below 1.3300 support as well as the 21 day EMA dynamic support level. Price has now entered back into its recent trading range between 1.3300 – 1.3000, we could see a move to the bottom of the range if price cannot find enough buying interest to close above 1.3300 again in the near-term.
Check out my latest trading lesson: How To Become a Professional Forex Trader – Part 1: Building the Foundation
April ‘Easter’ Promotion - This month I’m offering a Special Discount on Lifetime membership to my Forex Course, Live Trade Setups Forum, Daily Trade Setups Newsletter, Email support line, and more. For more info visit the Forex Course Page Here.
Forex Commentary:
In the currency markets today, the U.S .dollar gained 1 percent against the Japanese yen. Gold prices lost around 2 percent.
The greenback also gained significantly against the other major currencies after minutes from the Federal Reserve’s policy meeting in March showed that policymakers are less inclined to inject more stimulus into the U.S. economy.
Other Markets:
In the U.S. markets today, stocks fell after minutes from the last U.S central bank meeting showed decreasing willingness for more economic stimulus from policymakers.
The Dow lost 64.94 points, or 0.49 percent, the S&P 500 dropped 5.66 points, or 0.40 percent, and the Nasdaq lost 6.13 points, or 0.20 percent.
Upcoming important economic announcements: 4/4/2012
3:00am EST: Britain – Halifax HPI m/m
4:30am EST: Britain – Services PMI
7:45am EST: Euro-zone – Minimum Bid Rate
8:15am EST: United States – ADP Non-Farm Employment Change
8:30am EST: Euro-zone – ECB Press Conference
10:00am EST: United States – ISM Non-Manufacturing PMI
Trading Setups / Chart in Focus:
GBPUSD
The GBPUSD has now decisively closed outside of its recent trading range between 1.6000 – 1.5650, so it’s clear the bullish momentum we discussed in last week’s members’ commentary is persisting. Traders can watch for price action buying opportunities on rotations lower into the 8 / 21 daily EMA support layer. The next key resistance to watch is near 1.6100 – 1.6165.
Check out my latest trading lesson: How To Become a Professional Forex Trader – Part 1: Building the Foundation
April ‘Easter’ Promotion - This month I’m offering a Special Discount on Lifetime membership to my Forex Course, Live Trade Setups Forum, Daily Trade Setups Newsletter, Email support line, and more. For more info visit the Forex Course Page Here.
Forex Commentary:
In the currency markets today, the euro was lower against the dollar as manufacturing data out of the euro-zone was weaker than expected while the U.S. posted better than expected manufacturing data.
The Japanese yen strengthened across the board today versus the other majors on the back hedge fund and other big accounts covering their yen short positions on the first day of the new quarter.
However, the U.S. dollar is up 6.6 percent against the yen this year, and the euro is up 9.8 percent.
Other Markets:
In the U.S. markets today, stocks rose to 4-year highs on the back of better than expected U.S. manufacturing data.
The Dow gained 52.45 points, or 0.40 percent, the S&P 500 added 10.57 points, or 0.75 percent, and the Nasdaq rose 28.13 points, or 0.91 percent.
Upcoming important economic announcements: 4/3/2012
12:30am EST: Australia – Cash Rate
12:30am EST: Australia – RBA Rate Statement
4:30am EST: Britain – Construction PMI
2:00pm EST: United States – FOMC Meeting Minutes
9:30pm EST: Australia – Trade Balance
Weekly Forex Chart Price Action Outlook for April 2nd – 6th 2012
GBPJPY
In our commentary from Thursday, we discussed the obvious pin bar setup that had formed showing rejection of the key 130.00 level on the daily GBPJPY chart. We also discussed the possibility of price retracing some of the pin bar’s tail and providing for a 50% entry and thus a good risk reward ratio. We can see this setup has worked perfectly, and many of our members’ in the forum got long at the 50% level and are now up a nice profit. We see potential for price to move into the near-term resistance at 133.45 next week, however it will need to close above this level to open the door for an extended upside run.
AUDUSD
The AUDUSD closed last week right on key support near 1.0350. If price continues its recent weakness by breaking below this support early next week, we could see an extension of the downtrend. Otherwise, we could see a rotation higher up into the 8 / 21 daily EMA resistance layer where we would watch for forex price action sell signals to rejoin the downtrend.
EURUSD
The EURUSD has been rather choppy over the last 2 weeks, and we can see this market is basically range-bound and moving sideways overall. We would note that price held above 1.3300 support last week, and the 8 / 21 day EMAs are reflecting bullish momentum. A re-test of 1.3485 could be a possibility before price moves significantly lower again, but there’s not much to do right now but wait and see if any price action forms near the key support and resistance levels marked in the chart below.
Spot Gold
Gold formed a bullish rejection pin bar strategy off key support near $1640.00 last week. We can see on Friday price popped marginally higher off this pin. Next week, we still see potential for price to push higher into the near-term resistance near $1700.00, however gains will likely be limited if price cannot close above that level.
Check out my latest trading lesson: How To Become a Professional Forex Trader – Part 1: Building the Foundation
April Special Promotion - This month I’m offering a Special Discount on Lifetime membership to my Forex Course, Live Trade Setups Forum, Daily Trade Setups Newsletter, and Email support line: Visit the Forex Course Page for more information.
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