Trading Setups / Chart in Focus:
Note: We Use ‘New York Close Charts’ – Get Our Preferred Charts & Trading Platform Here.
GBPUSD – Sterling/dollar bearish bias remains
The GBPUSD continues to look weak and we’ve been consistent in our bearish bias and will maintain it whilst this market is contained below key resistance up near 1.6525 / the high of the long-tailed bearish bar from two weeks ago. This week, we will look to be sellers on strength whilst price is below that 1.6525 level, and traders not already short from the inside bar signal we discussed in our September 24th commentary can look for an intra-day or daily chart price action sell signal up near 1.6400 this week if price retraces higher.
S&P 500 – Potential for more losses
The S&P 500 remains under pressure following the fakey / false break pattern up near 2,000 that we discussed in recent commentaries. The market looks like it wants to move down to the low side of its current range, down near 1890.00 / the low from August 8th. We are looking to sell rallies whilst below key resistance up near 2,000 and traders can watch for a price action sell signal up near 1992.00 which was the swing high from last week. Our mid-term view is that the market could roll-over and re-test the support down near 1890.00 before another significant bounce higher occurs.
In this today’s members daily trade setups newsletter, we will discuss in more detail our plan for the EURUSD this week, where the GBPUSD might be headed to next, the AUDUSD bearish trend and upcoming support levels, another potential selling opportunity in Gold, an S&P potential selling opportunity and more. To learn about becoming a member, click here.
Latest Trading Lessons
- Pyramid Trading Strategy – How To Turn Small Trades into Huge Trades
- How To Catch Big Moves In The Forex Market
In the currency markets today, the U.S. dollar rally took a breather on jitters over Beijing’s response to democracy protests in Hong Kong and worries it might hurt the region’s economy.
The U.S. dollar hit a 6-year high against the Japanese yen in Asian trading and the U.S. Dollar index move up to a 4-year high prior to falling back on worries about Hong Kong and declines on Wall Street
In the U.S. markets today, stocks opened sharply lower but rebounded later in the day to pare losses.
The Dow lost 41.93 points or 0.25%, the S&P 500 lost 5.05 points or 0.25%, and the Nasdaq lost 6.34 points or 0.14%.
Upcoming important economic announcements (New York time): 9/29/2014
All Day – Euro-zone – German Prelim CPI m/m
8:00pm EST: New Zealand – ANZ Business Confidence
9:45pm EST: China – HSBC Final Manufacturing PMI
4:30am EST: Britain – Current Account
5:00am EST: Euro-zone – CPI Flash Estimate y/y
8:30am EST: Canada – GDP m/m
10:00am EST: United States – CB Consumer Confidence
9:00pm EST: China – Manufacturing PMI
9:30pm EST: Australia – Retail Sales m/m