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Trading Setups / Chart in Focus:
AUDUSD
The AUDUSD sliced through 1.0750 key resistance today, closing the week out at 1.0775. Next week, we will look to get long on any rotations lower into support. If price rotates down into the 8 day EMA support level we will watch closely for intra-day or daily price action buy signals.
Gold
The spot gold market failed at $1750.00 today as price sold-off and closed the day well below this resistance at $1724.75. Next week, we will be looking for buying opportunities as we still see the daily momentum as being bullish. If price continues to rotate lower next week, we will watch support near the 21 day EMA for potential buying opportunities to re-join the bullish momentum.
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Forex Commentary:
In the currency markets today, currency traders reduced their bets in favor the U.S. dollar strengthening as U.S. dollar longs fell to their lowest level this week since last November.
The EURUSD closed the day basically unchanged as it pared earlier session losses after the U.S. employment numbers were released.
The greenback was mostly lower against the other majors today but it did gain on the Japanese yen as the safe-haven yen weakened across the board on risking risk appetite.
Other Markets:
In the U.S. markets today, the Nasdaq shot to an 11-month high after the world’s largest economy saw a flurry of new hiring.
The Dow added 156.82 points, or 1.23 percent, the S&P 500 gained 19.36 points, or 1.46 percent, and the Nasdaq added 45.98 points, or 1.61 percent.
Upcoming important economic announcements: 2/5/2012
7:30pm EST: Australia – Retail Sales m/m
2/6/2012
3:00am EST: Switzerland – Foreign Currency Reserves
6th-8th: Britain – Halifax HPI m/m
10:00am EST: Canada – Ivey PMI
4:45pm EST: New Zealand – Labor Cost Index q/q
10:30pm EST: Australia – Cash Rate
10:30pm EST: Australia – RBA Rate Statement
Click Here To View The Previous Days Forex Trading Commentary – AUDUSD at critical resistance – 2nd February 2012
Trading Setups / Chart in Focus:
AUDUSD
The Forex markets were pretty quiet today as traders await Friday’s U.S. Employment report. The AUDUSD is currently sitting just below 1.0750 key resistance and a break up above this level would likely signal a larger move higher and a potential re-test of the next key level near 1.1050 eventually. A move lower could be seen as a buying opportunity and we would watch the 8 day EMA dynamic support for price action buy signals as we can see this support has held strong on all re-tests over the last month.
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Forex Commentary:
In the currency markets today, the U.S. dollar was mixed against the other majors after a speech from Fed Chairman Ben Bernanke in which he commented that the economic recovery is “frustratingly slow”.
Friday will see the U.S. employment report numbers which will show whether or not hiring increased in January. The EURUSD dropped to $1.3143 today from $1.3159 on Wednesday.
The greenback was basically unchanged against the other majors today too as the currency market awaits tomorrows important U.S. employment numbers for January.
Other Markets:
In the U.S. markets today, stocks closed the day mostly unchanged before Friday’s important employment report. Investors largely stayed on the sidelines today awaiting tomorrow’s data.
The Dow lost 11.05 points, or 0.09 percent, the S&P 500 added 1.45 points, or 0.11 percent, and the Nasdaq gained 11.41 points, or 0.40 percent.
Upcoming important economic announcements: 2/3/2012
4:30am EST: Britain – Services PMI
7:00am EST: Canada – Employment Change
7:00am EST: Canada – Unemployment Rate
8:30am EST: United States – Non-Farm Employment Change
8:30am EST: United States – Unemployment Rate
10:00am EST: United States – ISM Non-Manufacturing PMI
Click Here To View The Previous Days Forex Trading Commentary – EURUSD consolidates below 1.3200 – 2nd February 2012
Trading Setups / Chart in Focus:
EURUSD
The EURUSD stayed within the boundaries of its recent sideways consolidation range between 1.3050 – 1.3200 today, pushing higher only to find resistance at 1.3200 again. Price needs to break out of this range to establish a larger directional move. An upside breakout would bring with it the potential for an acceleration of the recent bullish momentum and a re-test of the next key resistance near 1.3500. Whereas a breakout lower would find support near 1.2900-1.2850 and then near 1.26650.
However, given that the daily chart has shown signs of strength over the last few weeks, we feel an upside breakout has a higher probability of occurring and would look to buy a pullback to the breakout level at 1.3200 if price does break higher from this recent consolidation range.
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Forex Commentary:
In the currency markets today, the U.S. dollar lost ground against the euro and the other majors today on the back of strong manufacturing data out of China and the U.S.
In other currency trading, the Australian dollar rose to $1.0703 from $1.0618, the British pound moved to $1.5830 from $1.5755. The dollar was lower against the other majors too, including the Japanese yen which it post its 5th consecutive loss against.
Other Markets:
In the U.S. markets today, stocks moved higher on the back of strong economic data out of China and Europe and an increase in U.S. manufacturing as well.
The Dow gained 83.55 points, or 0.07%, the S&P 500 gained 11.68 points, or 0.9%, and the Nasdaq added 34.43 points, or 1.2%.
Upcoming important economic announcements: 2/2/2012
4:30am EST: Britain – Construction PMI
8:30am EST: United States – Unemployment Claims
10:00am EST: United States – Fed Chairman Bernanke Testifies
Click Here To View The Previous Days Forex Trading Commentary – GBPUSD tests 1.5775 – 31st January 2012
Trading Setups / Chart in Focus:
GBPUSD
The GBPUSD failed to close above the key resistance at 1.5775 today, creating a false-break of this resistance and the upper boundary of the trading range seen in the chart below. If price is to continue its recent rally we will need to see a close above 1.5775, otherwise we could see a rotation lower into the body of the trading range with the potential of a re-test of support near 1.5400 being a possibility if price fails to continue its recent run higher from current levels.
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Forex Commentary:
In the currency markets today, the U.S. dollar gained on the euro after weak economic data caused traders to shy away from riskier markets.
The U.S. dollar lost ground to most of the other majors though, including the Australian dollar, New Zealand dollar, British pound, and Japanese yen; it did post a slight gain against the Canadian dollar on the back of weaker than expected Canadian GDP data however.
Other Markets:
In the U.S. markets today, stocks ended their best month since October on a quiet note as worse-than-expected economic reports cautioned investors against extending the recent rally.
The U.S. stock market has been strong since late last year on the back of hopes that the U.S. economy will not be badly affected by a recession in Europe after a stream of positive U.S. data in recent months.
The Dow lost 20.81 points, or 0.16 percent, the S&P 500 lost 0.61 points, or 0.05 percent, and the Nasdaq added 1.90 points, or 0.07 percent.
Upcoming important economic announcements: 2/1/2012
3:15am EST: Switzerland – Retail Sales y/y
4:30pm EST: Britain – Manufacturing PMI
8:15am EST: United States – ADP Non-Farm Employment Change
10:00am EST: United States – ISM Manufacturing PMI
7:30pm EST: Australia – Building Approvals m/m
7:30pm EST: Australia – Trade Balance
Trading Setups / Chart in Focus:
EURUSD
The EURUSD lost ground today but showed some resilience into the New York close as price closed up off the lows after finding support near the 8 day EMA. Price is now getting squeezed between 8 day EMA support and 1.3200 resistance. We will wait and see what happens this week as right now there are no obvious signals and nothing to do but wait and see how price reacts at this current resistance / support squeeze area.
NZDUSD
The NZDUSD tried to move lower today but got pushed higher into the NY close and ended the day up off the lows but still closed lower over Monday. Price is now getting squeezed between the 8 day EMA support and key resistance at 0.8240. A decisive break and close above 0.8240 would obviously be a very bullish event and likely accelerate the recent uptrend. The next longer-term resistance comes in near 0.8570. We would consider a long entry if price rotates lower and formed an obvious 4hr or daily price action signal near the 21 day EMA support level.
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Forex Commentary:
In the currency markets today, the euro lost ground to the U.S. dollar as Greek debt talks failed to make any new ground. The EURUSD closed at $1.3142, down from $1.3217 last Friday.
The other majors were mostly all lower against the greenback today as well, although they did close the day well off their lows. The U.S. dollar has lost significant ground to the Japanese yen over the last 3 trading days, breaking and closing down below 76.55 support today.
Other Markets:
In the U.S. markets today, stocks lost modest ground as Greek debt talks stalled, however, the market rallied into the close and worked to cut losses as optimism kicked in over the strength in the U.S. economy.
The Dow lost 6.74 points, or 0.05 percent, the S&P 500 lost 3.31 points, or 0.25 percent, and the Nasdaq lost 4.61 points, or 0.16 percent.
Upcoming important economic announcements: 1/31/2012
8:30am EST: Canada – GDP m/m
10:00am EST: United States – CB Consumer Confidence
8:00pm EST: China – Manufacturing PMI
Weekly Forex Chart Outlook for January 30th – February 3rd 2012
EURUSD
Last week, the euro gained significant ground on the dollar and closed the week above 1.3200 resistance and at the week’s highs. We can see the daily 8 / 21 EMAs have crossed higher and are diverging, reflecting the recent bullish momentum. This week, we can look to buy into this rising market on any rotations lower into the 8 / 21 EMA dynamic support layer, pending bullish price action confirmation. We are seeing 1.3500 as the next key resistance level to watch.
EURJPY
The EURJPY has fired off a bullish rejection pin bar as of Friday’s close. We can see the 8 / 21 day EMA’s have recently crossed higher and Friday’s pin bar is rejecting the 8 day EMA dynamic support. We see a near-term resistance near 102.20, if price can break up past this level it will open the door for a potential move into the key longer-term level near 105.00.
AUDUSD
The AUDUSD finished last week near the highs. We have key resistance at 1.0750 approaching fast overhead. This level will obviously be significant this upcoming trading week. If price can close above this level it will pave the way for a retest of 1.1000 resistance, if price fails to close above 1.0750 we could see a larger rotation lower. Traders can watch rotations into the 8 or 21 day EMA support levels for potential buy signals to re-join the uptrend.
Gold
If you take a look at our weekly chart outlook from last week for the spot Gold market, you will see we discussed the potential for a large move higher if resistance at $1670.00-$1680.00 breaks, that’s exactly what happened as we can see from the chart below. Now, we are watching $1750.00 this upcoming week; if price forms a large price action reversal signal on the daily chart here, we would consider a short, we can also watch for buying opportunities on any rotations lower into the 8 / 21 dynamic EMA support layer.
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New Year Special Promotion - To Celebrate The New Year I’m Offering A Special 30% Discount On My Forex Trading Course, Live Trade Setups Forum and Daily Trade Setups Newsletter – For More Information Visit The Forex Trading Course Page Here.
Trading Setups / Chart in Focus:
EURUSD
The EURUSD closed today above 1.3200 resistance and finished the week at the highs. Note the 8 and 21 day EMAs are crossed higher and diverging upwards. We could see a continuation of this bullish momentum next week, although a pullback is certainly possible given that the market is a bit extended higher after its recent 2-week rally. If price rotates lower next week we will watch the 8 and 21 daily EMA dynamic support layer for potential price action buy signals. Next key resistance is seen near 1.3500.
USDJPY
The USDJPY moved significantly lower today as the move off the high of the trading range form the bearish pin bar on Wednesday continued. Next week, support at 76.55 will be very important. If price forms an obvious price action buy signal at 76.55 we could see a continuation of range bound conditions as this market is obviously respecting the boundaries of the trading range very well recently.
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New Year Special Promotion - To Celebrate The New Year I’m Offering A Special 30% Discount On My Forex Trading Course, Live Trade Setups Forum and Daily Trade Setups Newsletter – For More Information Visit The Forex Trading Course Page Here
Forex Commentary:
In the currency markets today, the euro moved to a 6-week high against the U.S. dollar after news came that a Euro-zone official said that Greece is close to striking a deal with creditors to reduce its debt.
Lower than expected U.S. GDP also gave traders reason to sell the greenback.
The EURUSD closed at $1.3217 today, up from $1.3108 at Thursday’s close.
The GBPUSD moved up to $1.5728 from $1.5688 on Thursday. The USDJPY dropped from 77.44 down to 76.66 yen.
Other Markets:
In the U.S. markets today, stocks pared losses to close the day essentially unchanged. The announcement this week that the Federal Reserve plans to keep interests rates at rock-bottom prices through late 2014 worked to inject a jolt of buying interest it into the market that extended this month’s rally.
The Dow dropped 74.17 points, or 0.58 percent, the S&P 500 lost 2.11 points, or 0.16 percent, and the Nasdaq gained 11.27 points, or 0.40 percent.
Upcoming important economic announcements: 1/30/2012
4:45pm EST: New Zealand – Building Consents m/m
Trading Setups / Chart in Focus:
EURUSD
The EURUSD moved higher today and hit a high of 1.3183 before selling off into the New York close and forming a pin bar. We would prefer to see a more convincing pin bar form that actually rejected the 1.3200 level before considering selling into this recent strength. That said, we could see lower prices from today’s pin, if that happens we would watch closely the support at the 8 / 21 day EMAs that have just crossed higher for potential buy signals.
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New Year Special Promotion - To Celebrate The New Year I’m Offering A Special 30% Discount On My Forex Trading Course, Live Trade Setups Forum and Daily Trade Setups Newsletter – For More Information Visit The Forex Trading Course Page Here
Forex Commentary:
In the currency markets today, the EURUSD moved to a 5-week high before paring gains and closing basically unchanged. The EURUSD hit a high of 1.3183 today, coming just shy of the key resistance at 1.3200.
The greenback fell to 77.44 Japanese yen from 77.76 and also lost ground to the Australian dollar, British pound, and Canadian dollar.
Other Markets:
In the U.S. markets today, the recent rally took a breather as weaker-than-expected home sales data gave investors a reason to refrain from pumping more money into stocks.
The Dow lost 22.33 points, or 0.18 percent, the S&P 500 lost 7.60 points, or 0.57 percent, and the Nasdaq dropped 13.03 points, or 0.46 percent.
Upcoming important economic announcements: 1/27/2012
5:30am EST: Switzerland – KOF Economic Barometer
8:30am EST: United States – Advance GDP q/q
Trading Setups / Chart in Focus:
EURUSD
The EURUSD pushed substantially higher today after rejecting an intra-day move lower. We can see the daily 8 / 21 EMAs have crossed higher reflecting the recent bullish momentum. However, price is not ‘out of the woods’ yet as we can see an important key resistance coming in near 1.3200. We will watch this level closely and would consider a short if an obvious daily price action sell signal formed near it. In the meantime, we are just on the sidelines watching and waiting.
AUDUSD
The AUDUSD moved substantially higher today after price rejected a move lower yesterday forming a pin bar off the 8 day EMA. Note the 50% pin bar retrace entry that presented itself today. If you aren’t already long this market there is no reason to enter now and chase it, instead sit tight and wait for something to develop again. Key resistance is near 1.0750.
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Forex Commentary:
In the currency markets today, the U.S. dollar turned lower against the other majors after the Federal Reserve said it would keep interest rates at extremely low levels for at least two more years.
The EURUSD turned higher in afternoon trading during the New York session and then exploded higher and broke above 1.3050 resistance to close at 1.3105.
The dollar also pared its gains against the Japanese yen today with the USDJPY hitting a high of 78.27 then closing down off the highs to end at 77.76.
The dollar lost ground to the other majors today after gaining modestly on them early in today’s session.
Other Markets:
In the U.S. markets today, stocks surged after Apple reported bigger than expected profits and the Federal Reserve pledged to keep rates at rock-bottom levels for a minimum of two more years.
The Dow added 83.10 points, or 0.66 percent, the S&P 500 gained 11.41 points, or 0.87 percent, and the Nasdaq added 31.67 points, or 1.14 percent.
Upcoming important economic announcements: 1/26/2012
8:30am EST: United States – Core Durable Goods Order m/m
8:30am EST: United States – Unemployment Claims
10:00am EST: United States – New Home Sales
Trading Setups / Chart in Focus:
USDJPY
The USDJPY shot significantly higher today after recently finding support off the event area at 76.55. We would note the bullish pin bar strategy that formed off this support on January 17th that kicked off this recent upward thrust. We first discussed this pin bar setup on the day it formed in our members’ commentary and some of our members have been discussing how they used ‘set and forget’ trading to let this trade play out and have since made a very nice return on their risk.
Silver
The spot silver market recently exploded up through the previous resistance near $30.50 and has since moved into the next level near $33.00 showing signs of stalling there. If price rotates lower we will watch the previous breakout level near $30.50 for potential price action buy signals to re-join the recent bullish momentum.
Check out my latest trading lesson: The One Trade per Week Forex Trading Strategy
New Year Special Promotion - To Celebrate The New Year I’m Offering A Special 30% Discount On My Forex Trading Course, Live Trade Setups Forum and Daily Trade Setups Newsletter – For More Information Visit The Forex Trading Course Page Here
Forex Commentary:
In the currency markets today, the euro closed modestly higher against the dollar after trading lower most of the day. The EURUSD closed at $1.3034, up from $1.3011 on Monday.
The U.S. dollar gained on most other currencies today, including a stellar performance against the Japanese yen, surging to 77.65 from 77.01 yesterday.
Other Markets:
In the U.S. markets today, stocks moved modestly lower and ended a 5-day rally for the S&P 500 as investors became spooked by disappointing earnings from a number of blue chip companies and talks on resolving Greece’s debt crisis stalled.
One note-worthy event today was that Apple shares jumped 9 percent to $457.12 in after-hours trading as the electronics company reported earnings results that were far above Wall Street’s estimates.
The Dow lost 33.07 points, or 0.26 percent, the S&P 500 lose 1.37 points, or 0.10 percent, and the Nasdaq gained 2.47 points, or 0.09 percent.
Upcoming important economic announcements: 1/25/2012
4:00am EST: Euro-zone – German Ifo Business Climate
4:30am EST: Britain – MPC Meeting Minutes
4:30am EST: Britain – Prelim GDP q/q
10:00am EST: United States – Pending Home Sales m/m
12:30pm EST: FOMC Statement
2:15pm EST: United States – FOMC Press Conference
3:00pm EST: New Zealand – Official Cash Rate
3:00pm EST: New Zealand – RBNZ Rate Statement
Trading Setups / Chart in Focus:
EURUSD
The EURUSD continued its recent thrust higher today and ended the day just below resistance near 1.3080. If price maintains its recent buoyancy we could see a run towards the key resistance level near 1.3200. We would watch closely for price action sell signals if price moves up near 1.3200, but in the meantime there is not much to do but wait and see what happens.
Check out my latest trading lesson: The One Trade per Week Forex Trading Strategy
New Year Special Promotion - To Celebrate The New Year I’m Offering A Special 30% Discount On My Forex Trading Course, Live Trade Setups Forum and Daily Trade Setups Newsletter – For More Information Visit The Forex Trading Course Page Here
Forex Commentary:
In the currency markets today, the euro rose over 1 percent and hit a high of $1.3051 on the back of hopes of a deal to reduce Greece’s debt burden. The EURUSD closed today at $1.3011, up from $1.2932 at yesterday’s close.
The recent rally in commodity currencies took a breather today with the Australian dollar closing at $1.0521, down off its high of $1.0571.
The dollar closed the day unchanged against the British pound and up about 4 pips against the Japanese yen.
Other Markets:
In the U.S. markets today, stocks ended the day mostly unchanged as traders and investors took a break while awaiting important earnings reports from bellwethers like Apple later this week.
The Dow lost 11.66 points, or 0.09 percent, the S&P 500 gained 0.62 point, or 0.05 percent, and the Nasdaq lost 2.53 points, or 0.09 percent.
Upcoming important economic announcements: 1/24/2012
Tentative: Japan – BOJ Press Conference
4:30am EST: Britain – Public Sector Net Borrowing
8:30am EST: Canada – Core Retail Sales m/m
3:00pm EST: Britain – BOE Gov King Speaks
7:30pm EST: Australia – CPI q/q
Weekly Forex Chart Outlook For January 23 – 27, 2012
EURUSD
The EURUSD pushed higher last week and closed the week above the 21 day EMA. If we see a continuation of this recent upward thrust this week we would watch resistance near 1.3080 and 1.3200 for potential price action sell signals to re-join the downtrend.
AUDUSD
The AUDUSD pushed higher last week and closed above resistance at 1.0380. We see potential for this market to move into the longer-term resistance near 1.0750 if price can continue its recent buoyancy. Traders can watch for price action buy signals on any rotations into the dynamic support layer between the 8 / 21 day EMAs. Check out my recent AUDUSD pin bar video here.
GBPUSD
The GBPUSD pushed significantly higher last week after bouncing off support near 1.5275. Price has now pushed back into the trading range between 1.5775 – 1.5400. We would note an important resistance zone coming in between 1.5700 – 1.5775 at the upper boundary of the trading range that we would watch for price action sell signals if price continues moving higher.
Gold
Gold moved higher last week and has recently shown bullish momentum as we can see the daily 8 / 21 EMAs are diverging higher. We can see resistance is sitting near $1670.00 and if this level breaks this week we could see a larger push higher. The next resistance is seen near $1750.00
Check out my latest trading lesson: The One Trade per Week Forex Trading Strategy
New Year Special Promotion - To Celebrate The New Year I’m Offering A Special 30% Discount On My Forex Trading Course, Live Trade Setups Forum and Daily Trade Setups Newsletter – For More Information Visit The Forex Trading Course Page Here.
Trading Setups / Chart in Focus:
AUDUSD
The AUDUSD broke up from the inside bar setup we discussed in yesterday’s commentary and price closed above the mother bar high today. This market provided us with two solid trades this week, the first one I discussed in my newest video from Monday of this week, see the video here. Today’s break out from the inside bar setup and continued bullish movement suggest we could see more gains next week if the market can hold above support at 1.0380. We don’t see much resistance until 1.0750 and traders can look to buy pullbacks into the dynamic 8 / 21 daily EMA support pending price action confirmation.
Check out my latest trading lesson: The One Trade per Week Forex Trading Strategy
New Year Special Promotion - To Celebrate The New Year I’m Offering A Special 30% Discount On My Forex Trading Course, Live Trade Setups Forum and Daily Trade Setups Newsletter – For More Information Visit The Forex Trading Course Page Here
Forex Commentary:
In the currency markets today, the EURUSD lost modest ground as did the EURJPY as traders booked profits ahead of the weekend.
The GBPUSD moved up to $1.5564 from $1.5485 at Thursday’s close.
The dollar was lower against the Japanese yen after yesterday’s large gain. The greenback gained modestly on the Swiss franc and Canadian dollar, while losing to the New Zealand dollar and Australian dollar.
Other Markets:
In the U.S. markets today, stocks were mixed as the recent rally lost steam as investors mulled over disappointing earnings from Google and GE and waited for a Greek debt restructuring deal.
The Dow gained 96.50 points, or 0.76 percent, the S&P 500 added 0.88 point, or 0.07 percent and the Nasdaq lost 1.63 points, or 0.06 percent.
Upcoming important economic announcements: 1/22/2012
7:30pm EST: Australia – PPI q/q
1/23/2012
Tentative: Japan – Monetary Policy Statement
Tentative: Japan – Overnight Call Rate
Trading Setups / Chart in Focus:
AUDUSD
The AUDUSD consolidated today forming an inside bar within the range of yesterday’s inside bar, we call this ‘coiling inside bars’. We can see price is still looking buoyant here and is holding above support at 1.0380. If you’ve just tuned in, I discussed my bullish views on the AUDUSD in a video earlier this week and called a long in this pair that resulted in an easy 1:2 risk reward, see that video here.
As per my views in the video, we are still seeing the potential for this market to move towards 1.0750 and we see today’s coiling inside bar setup as a potential second entry into the recent upward thrust, while noting that this setup is a bit more aggressive since they market is a little extended here.
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New Year Special Promotion - To Celebrate The New Year I’m Offering A Special 30% Discount On My Forex Trading Course, Live Trade Setups Forum and Daily Trade Setups Newsletter – For More Information Visit The Forex Trading Course Page Here
Forex Commentary:
In the currency markets today, the euro moved higher against the greenback following strong debt auctions by France and Spain. Also, appetite for riskier currencies improved after U.S. jobs data showed applications for unemployment benefits fell to their lowest level since April of 2008.
The U.S. dollar was weaker against all the other major currencies today except the Japanese yen, which it gained considerably ground on as traders dumped the save haven Japanese currency.
Other Markets:
In the U.S. markets today, stocks moved higher as strong bond auctions in Europe reduced concerns about the European debt crisis. The market also cheered strong earnings reports from Bank of America and Morgan Stanley.
The Dow added 45.03 points, or 0.36 percent, the S&P 500 gained 6.46 points, or 0.49 percent, and the Nasdaq move up 18.62 points, or 0.67 percent.
Upcoming important economic announcements: 1/20/2012
4:30am EST: Britain – Retail Sales m/m
7:00am EST: Canada – Core CPI m/m
10:00am EST: United States – Existing Home Sales
Trading Setups / Chart in Focus:
EURUSD
The EURUSD has been trading between 1.2900 and 1.2665 for about the last 10 days now. Price moved significantly higher today as it continued rising off the support near 1.2665 and is approaching the key resistance at 1.2900 and the 21 day EMA. A close above the 21 day EMA would be a bullish event and potentially lead to a larger push higher. However, we would consider a short entry on an obvious 4hr or daily rejection of the 21 day EMA or slightly above it.
The weekly chart shows us that the next key resistance above 1.2900 is coming in near 1.3150 – 1.3200, so if price does continue moving higher we would watch this resistance for potential price action sell signals on the daily chart as the daily and weekly longer-term trends are still down.
Check out my newest Forex trading video: AUDUSD Pin Bar Trading Strategy
New Year Special Promotion - To Celebrate The New Year I’m Offering A Special 30% Discount On My Forex Trading Course, Live Trade Setups Forum and Daily Trade Setups Newsletter – For More Information Visit The Forex Trading Course Page Here
Forex Commentary:
In the currency markets today, the euro gained significant ground on the U.S. dollar on the back of reports that the International Monetary Fund was seeking more money to help protect the global economy against the euro-zone debt crisis.
The EURUSD moved to a high of $1.2863 in late-afternoon New York trading, up from Tuesday’s close of $1.2736.
The GBPUSD was also up significantly today in late-afternoon trading, moving to a high of $1.5436, up from $1.5332 at Tuesday’s close.
The greenback was lower against the other majors today too as investors’ appetite for riskier currencies improved.
Other Markets:
In the U.S. markets today, stocks moved higher as investors digested stronger than expected Goldman Sachs Group Inc. results and strength in tech stocks.
In late afternoon New York trading, the Dow was up 74.48 points, or 0.61%, the S&P 500 gained 11.12 points, or 0.91%, and the Nasdaq added 34.14 points, or 1.32%
Upcoming important economic announcements: 1/19/2012
8:30am EST: United States – Building Permits
8:30am EST: United States – Core CPI m/m
8:30am EST: United States – Unemployment Claims
10:00am EST: United States – Philly Fed Manufacturing Index
9:30pm EST: China – HSBC Flash Manufacturing PMI
Trading Setups / Chart in Focus:
AUDUSD
The AUDUSD popped higher today hitting a high of 1.0447 before closing the day just below key resistance at 1.0380. The pin bar strategy from last Friday has already offered a solid risk reward of 1:3 for many of our members who got in on the 50% pin bar entry method. I am personally out of the trade but for those still in we could see this market continue higher. Essentially, we see two scenarios as possibilities in the near-term:
1) Price continues to struggle to close above 1.0380 resistance and consolidates or repels lower in the near-term.
Or
2) Price pushes higher and closes above 1.0380 in the near-term which will increase the odds of a larger move higher and a potential re-test of the next key resistance near 1.0750.
Check out my newest Forex trading video: AUDUSD Pin Bar Trading Strategy
New Year Special Promotion - To Celebrate The New Year I’m Offering A Special 30% Discount On My Forex Trading Course, Live Trade Setups Forum and Daily Trade Setups Newsletter – For More Information Visit The Forex Trading Course Page Here
Forex Commentary:
In the currency markets today, the U.S. dollar lost ground on the back of better than expected economic data from China and Germany which made riskier assets more appetizing.
The EURUSD closed at $1.2736 today, up from $1.2666 at Monday’s close.
The greenback was mostly lower against the other majors today but it did gain modestly on the Japanese yen as the USDJPY found support at 76.55.
Other Markets:
In the U.S. markets today, stocks pushed higher but gave back much of their gains into the close as bank shares took a dive on the back of a large drop in profit for Citigroup.
The Dow added 60.01 points, or 0.48 percent, the S&P 500 gained 4.58 points, or 0.36 percent, and the Nasdaq added 17.41 points, or 0.64 percent.
Upcoming important economic announcements: 1/18/2012
4:30am EST: Britain – Claimant Count Change
8:30am EST: United States – PPI m/m
9:00am EST: United States – TIC Long-Term Purchases
10:30am EST: Canada – BOC Monetary Policy Report
11:15am EST: Canada – BOC Press Conference
4:45pm EST: New Zealand – CPI q/q
7:30pm EST: Australia – Employment Change
7:30pm EST: Australia – Unemployment Rate
Trading Setups / Chart in Focus:
AUDUSD
The AUDUSD ended today up marginally over Friday’s close. Price stalled today forming an inside bar just below resistance at 1.0380. The market appears to be struggling a bit here but we are still seeing the bulls as being slightly more in control here with most of the intra-day moves lower getting bid higher into the close. Price still needs to break through 1.0380 to kick off a larger upward move. As I stated in today’s free video I am in the trade personally but I have a tight stop and am ready to accept a loss if the trade goes south, gonna hang in there and set and forget to let the market do the ‘thinking’.
Check out my newest Forex trading video: AUDUSD Pin Bar Trading Strategy
New Year Special Promotion - To Celebrate The New Year I’m Offering A Special 30% Discount On My Forex Trading Course, Live Trade Setups Forum and Daily Trade Setups Newsletter – For More Information Visit The Forex Trading Course Page Here
Forex Commentary:
In the currency markets today, the EURUSD closed just above a 17-month low after S&P downgraded the credit rating of the euro-zone bailout fund.
The euro ended the day right at last week’s support level near $1.2665, just up from Friday’s low of $1.2623.
The U.S. dollar was little changed against most of the majors today as the markets were quiet due to the bank holiday in the U.S. for Martin Luther King Jr. day.
Other Markets:
In the U.S. markets today, markets were closed for Martin Luther King Jr. Day.
Upcoming important economic announcements: 1/17/2012
4:30am EST: Britain – CPI y/y
4:45am EST: Britain – BOE Gov King Speaks
5:00am EST: Euro-zone – German ZEW Economic Sentiment
9:00am EST: Canada – BOC Rate Statement
9:00am EST: Canada – Overnight Rate
Trading Setups / Chart in Focus:
AUDUSD
The AUDUSD formed a daily and 4hr pin bar today after it moved down into the daily 8 and 21 EMA dynamic support layer and pared losses into the New York close. We see the potential for a breakout to the upside next week if price can clear 1.0380. The conservative route is to wait for a break, if it occurs, and then see if price can close above this level and then retrace back to it and form a price action buy signal at what would then be old resistance / new support at 1.0380. A more aggresive play is to look to trade longs here in expectation of a break out higher next week.
I Just recorded a video on this trade setup click here to view
New Video Posted: I Just recorded a video on this trade setup click here to view
New Year Special Promotion - To Celebrate The New Year I’m Offering A Special 30% Discount On My Forex Trading Course, Live Trade Setups Forum and Daily Trade Setups Newsletter – For More Information Visit The Forex Trading Course Page Here
Forex Commentary:
In the currency markets today, the euro gained ground on the U.S. dollar after data showed investor confidence in debt-ridden Italy and Spain had improved.
The EURUSD moved to $1.2827 in late afternoon trading on Thursday, up from $1.2705 yesterday.
The greenback was lower against most of the other major currencies today too. The GBPUSD moved to $1.5340 from $1.5327, the USDJPY fell to 76.76 from 76.84, and the U.S. dollar was also lower against the Australian and Canadian dollar.
Other Markets:
In the U.S. markets today, stocks moved modestly higher even as U.S. economic data came in worse than expected. However, strong bond auctions in Spain and Italy this morning set a positive tone for the market.
The Dow added 21.9 points, or 0.2%, the S&P 500 added 3.0 points, or 0.2%, and the Nasdaq gained 13.9 points, or 0.5%.
Upcoming important economic announcements: 1/13/2012
4:30am EST: Britain – PPI Input m/m
8:30am EST: Canada – Trade Balance
8:30am EST: United States – Trade Balance
9:55am EST: United States – Prelim UoM Consumer Sentiment
Trading Setups / Chart in Focus:
EURUSD
The EURUSD moved substantially higher today after finding some support off 1.2665 yesterday. The market is still in a downtrend but this counter-trend move could go higher still. We see the first key resistance level coming in near 1.2900 – 1.2950 and then further above that we see a key resistance at 1.3200. We will watch any further rotation higher for potential price action sell signals forming at resistance in order to re-join the broader down trend.
Check out my latest trading lesson: How to Build Your Own Forex Trading Plan
New Year Special Promotion - To Celebrate The New Year I’m Offering A Special 30% Discount On My Forex Trading Course, Live Trade Setups Forum and Daily Trade Setups Newsletter – For More Information Visit The Forex Trading Course Page Here
Forex Commentary:
In the currency markets today, the euro gained ground on the U.S. dollar after data showed investor confidence in debt-ridden Italy and Spain had improved.
The EURUSD moved to $1.2827 in late afternoon trading on Thursday, up from $1.2705 yesterday.
The greenback was lower against most of the other major currencies today too. The GBPUSD moved to $1.5340 from $1.5327, the USDJPY fell to 76.76 from 76.84, and the U.S. dollar was also lower against the Australian and Canadian dollar.
Other Markets:
In the U.S. markets today, stocks moved modestly higher even as U.S. economic data came in worse than expected. However, strong bond auctions in Spain and Italy this morning set a positive tone for the market.
The Dow added 21.9 points, or 0.2%, the S&P 500 added 3.0 points, or 0.2%, and the Nasdaq gained 13.9 points, or 0.5%.
Upcoming important economic announcements: 1/13/2012
4:30am EST: Britain – PPI Input m/m
8:30am EST: Canada – Trade Balance
8:30am EST: United States – Trade Balance
9:55am EST: United States – Prelim UoM Consumer Sentiment
Trading Setups / Chart in Focus:
Gold
Gold clearly found solid support down near $1530.00 when it formed a bullish rejection pin bar of this key support on December 29th. Since then, price has moved significantly higher and we can see today the daily 8 / 21 EMA’s have crossed higher, reflecting the recent bullish momentum. If the resistance just above at $1640.00 breaks we could see a larger move higher towards the next key resistance that comes in around $1695.00.
Silver
Silver has been moving higher since finding support off $26.00 and forming a pin bar at that level on December 29th. We can see price has formed an inside bar strategy just below resistance at $30.50 today, if price breaks up past $30.50 and from the mother bar high of today’s inside bar setup, we could see a larger push higher towards the next resistance near $33.00.
Check out my latest trading lesson: How to Build Your Own Forex Trading Plan
New Year Special Promotion - To Celebrate The New Year I’m Offering A Special 30% Discount On My Forex Trading Course, Live Trade Setups Forum and Daily Trade Setups Newsletter – For More Information Visit The Forex Trading Course Page Here
Forex Commentary:
In the currency markets today, the euro dropped to another new 16-month low against the U.S. dollar before closing up modestly off the day’s low. The EURUSD closed at $1.2705, down from $1.2777 on Tuesday.
The greenback gained significant ground against the British pound today and gained marginally on the Australian dollar. The New Zealand dollar gained on the greenback again today and it has been exceptionally strong recently.
Other Markets:
In the U.S. markets today, stocks remained firm but did not move significantly higher as investors waited for key information coming out about Europe in the next couple of days.
The Dow lost 13.02 points, or 0.10 percent, the S&P 500 added 0.40 point, or 0.03 percent, and the Nasdaq gained 8.26 points, or 0.31 percent.
Upcoming important economic announcements: 1/12/2012
4:30am EST: Britain – Manufacturing Production m/m
7:00am EST: Britain – Asset Purchase Facility
7:00am EST: Britain – Official Bank Rate
Tentative: Britain – MPC Rate Statement
7:45am EST: Euro-zone – Minimum Bid Rate
8:30am EST: Euro-zone – ECB Press Conference
8:30am EST: United States – Core Retail Sales m/m
8:30am EST: United States – Retail Sales m/m
8:30am EST: United States – Unemployment Claims
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