Forex Trade Setups Commentary: AUDJPY price action 8-19-10

Forex Trade Setups Commentary: AUDJPY price action

The daily chart of the AUDJPY has provided a couple very nice price action setups lately. We can see in the chart below a pin bar and inside bar setup that formed within the last 5 trading days. The inside bar setup was posted in our member’s commentary yesterday before it came off to the downside.

These price action setups developed just below the solid resistance level near 77.60 and occurred within the context of a weakening market, both of these factors added confluence to the setups. We see support coming in near 74.60.

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Commentary:

Investors flocked to safe havens like the U.S. dollar, Japanese yen and Swiss franc today in the currency markets on signs the global economy is stalling. Gold rose for the sixth consecutive day.

The Dow lost 144.33 points, or 1.39 percent, the S&P 500 dropped 18.53 points, or 1.69 percent, and the Nasdaq lost 36.75 points, or 1.66 percent.

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