USDJPY Higher from Pin Bar Signals, NZDUSD and AUDUSD Weaken, 23rd October 2014

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Trading Setups / Chart in Focus:

USDJPY – Dollar/yen surges higher

The USDJPY surged higher today and we can see that price has now moved significantly higher following the 1 hour pin bar buy signal that we discussed back in our October 15th commentary.

Anyone who held that trade would be up a very nice profit now. Also, as we discussed in our members market commentary on Tuesday of this week, another bullish pin bar buy signal formed that day, which provided another entry into this recent up move for anyone who missed the signal from the 15th. The trend is obviously still up in this market and we will continue watching for price action buy signals on any retraces back to support in the coming days.

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NZDUSD – Kiwi/dollar moves lower following pin bar sell signal

The NZDUSD fell lower again today from the pin bar sell signal we discussed in our October 21st members commentary and in our members’ discussion forum that day. Price could test the recent lows near 0.7710 area in the coming days if this bearish momentum continues.

nzdusd

AUDUSD – Aussie/dollar threatens to fall lower

The AUDUSD formed an inside bar today and lost slight ground in the process as price consolidated within yesterday’s range. Note the fakey / pin bar combo sell signal we discussed in our October 21st commentary is still valid and we still see the potential for another leg to the downside in the coming days.

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In today’s members trade setups newsletter, we will discuss in more detail our thoughts on the EURUSD, GBPUSD, AUDUSD, NZDUSD, USDJPY and more. To learn about becoming a member, click here.

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Fundamental Commentary & Upcoming Economic News

Forex Commentary:

In the currency markets today, the U.S. dollar gained ground following strong U.S. manufacturing data.
The greenback gained nearly 1 percent on the Japanese yen, to 108.17 yen.

The New Zealand dollar lost 1.24 percent to $0.7828 following weaker-than-expected inflation data that could give the RBNZ a reason to further delay its next interest rate hike.

Other Markets:

In the U.S. markets today, stocks gained more than 1% as U.S. corporate earnings continued to come in better than expected, while stronger American economic reports also helped support the market.

The Dow added 216.58 points or 1.32%, the S&P 500 gained 23.71 points or 1.23%, and the Nasdaq added 69.95 points or 1.60%.

Upcoming important economic announcements (New York time): 10/24/2014

4:30am EST: Britain – Prelim GDP q/q
10:00am EST: United States – New Home Sales

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About Nial Fuller

is a Professional Trader & Author who is considered ‘The Authority’ on Price Action Trading. He has a monthly readership of 250,000+ traders and has taught 15,000+ students since 2008. Checkout Nial’s Forex Course here.

Previous Posts

AUDUSD and EURUSD Sell Signals Suggest More Downside, 21st October 2014

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Trading Setups / Chart in Focus: Note: We Use ‘New York Close Charts’ – Get Our Preferred Charts & Trading Platform Here. AUDUSD – Aussie/dollar fakey sell signal The AUDUSD reversed early-session gains today to form a fakey pin bar combo sell signal just under resistance near... Continue Reading

AUDUSD Stuck in Range, USDJPY Pushes Higher, 20th October 2014

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Trading Setups / Chart in Focus: Note: We Use ‘New York Close Charts’ – Get Our Preferred Charts & Trading Platform Here. AUDUSD – Aussie/dollar continues to consolidate, watching for sell signal from resistance The AUDUSD is still contained within a trading range between... Continue Reading

Weekly Forex Market Price Action Outlook – October 20th – 24th 2014

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EURJPY Pin Bar / Fakey Buy Signal, USDJPY Moves Higher, 16th October 2014

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Trading Setups / Chart in Focus: EURJPY - Euro/yen fakey pin bar buy signal from key support The EURJPY formed a long-tailed bullish pin bar buy signal / fakey combo signal today, showing rejection and a false-break of key support near 135.70 area. We could see price push higher from this buy... Continue Reading

USDJPY 1 Hour Pin Bar Buy Signal, 15th October 2014

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Trading Setups / Chart in Focus: USDJPY – Dollar/yen bounces from event area In our members trade setups newsletter yesterday, we amended our recent USDJPY view to say that we were waiting for a price action buy signal from down near 105.50 key support. Today, we can see that the USDJPY did... Continue Reading

GBPUSD Falls From Inside Bar, NZDUSD Potential Sell, 14th October 2014

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EURUSD Approaching Potential Sell Level, 13th October 2014

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Trading Setups / Chart in Focus: EURUSD – Euro/dollar retraces, approaching resistance The EURUSD rallied higher today but overall the trend is still down. The market is approaching a key resistance level near 1.2790 that will be important in the coming days. If you zoom out to the weekly... Continue Reading

Weekly Forex Market Price Action Outlook – October 13th – 17th 2014

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AUDUSD Downtrend Continues as Weakness Persists, 10th October 2014

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Trading Setups / Chart in Focus: AUDUSD – Aussie/dollar falls lower The AUDUSD continued falling lower today following the bearish tailed bar we discussed in our October 9th commentary. Price is sitting just above the key support at 0.8660 and if price breaks down below this level next week... Continue Reading

Looking to Sell AUDUSD and GBPUSD, 9th October 2014

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Trading Setups / Chart in Focus: AUDUSD – Aussie/dollar reverses early-session gains The AUDUSD reversed early-session gains today and ended the day lower, forming a bearish tailed bar in the process. If price does not continue lower from today’s bearish tailed bar, we prefer to sell from... Continue Reading

USDJPY Stalls, Waiting for Buy Signal, 8th October 2014

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Trading Setups / Chart in Focus: USDJPY - Dollar/yen stalls, waiting for buy signal from support The USDJPY consolidated today and backed off intra-day highs to end the day basically unchanged. At this point, we’d like to see the market test the low end of the support zone below, that would... Continue Reading

Waiting for GBPUSD Price Action Sell Signal, 7th October 2014

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Trading Setups / Chart in Focus: GBPUSD – Sterling / dollar rotates up to 8 day EMA, downtrend intact The GBPUSD moved slightly higher today as price rotated back up to the 8 day EMA dynamic resistance level. The trend is still down obviously, and so we will look to sell if a price action... Continue Reading

USDJPY Bullish Trend Intact, Waiting for Buy Signal, 6th October 2014

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Trading Setups / Chart in Focus: USDJPY – Dollar/yen uptrend intact, looking for buy signal The USDJPY rotated modestly lower today but the uptrend is still clearly intact and we are looking for a price action buy signal from support. We are watching the support zone down between 108.00 –... Continue Reading

Weekly Forex Market Price Action Outlook – October 6th – 10th 2014

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GBPUSD Sells-Off, Gold Downtrend Rolls On, 3rd October 2014

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Trading Setups / Chart in Focus: GBPUSD – Sterling / dollar gets pounded lower The GBPUSD fell significantly lower today, breaking and closing below 1.6050 near-term support with ease. Note that price has now fallen significantly lower from the inside bar sell signal we discussed in our... Continue Reading

AUDUSD Pops Higher From Pin Bar, GBPJPY Falls, 2nd October 2014

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AUDUSD Pin Bar at Key Support, S&P 500 Update, 1st October 2014

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Trading Setups / Chart in Focus: *Apologies for the late commentary today* AUDUSD – Aussie/dollar hits key support, forms bullish pin bar The AUDUSD fell lower today and it hit key long-term support at 0.8660 before bouncing higher and paring most losses into the close, forming a pin bar... Continue Reading

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Potential for More Losses in GBPUSD and S&P 500, 29th September 2014

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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... Continue Reading

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