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PRICE ACTION FOREX TRADING COURSE
The weekly AUDJPY chart is showing a solid support level coming into play near 79.50. Note in this weekly chart we can see the 8 and 21 moving averages have crossed higher indicating that momentum is building to the upside. Should price rotate lower back into 79.50 support we would watch the daily and 4hr charts for bullish price action to get long from.
Also note the 2 very well formed bullish pin bar setups that formed back near the end of August, and the inside bar that formed just under the current support of 79.50.
Today’s chart demonstrates the clear and simple power of price action setups and the advantages of trading higher time frames in forex.
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading training course.
Commentary:
The U.S. dollar regained some lost ground today against the euro over lingering concerns about euro-zone debt. Speculation of more monetary easing by the U.S. Federal Reserve worked to boost Treasury prices.
The Irish central bank said Ireland’s economy will crawl to a virtual halt this year; this added pressure to the euro and once again put worries about euro zone economies on the main stage.
The euro fell 0.80 percent against the U.S. dollar, down to $1.3678. The U.S. dollar rose 0.25 percent against the Japanese yen, to 83.40.
Despite today’s moderate rally in the USD, the trend of a weakening dollar remains intact both technically and fundamentally.
The Dow lost 78.41 points, or 0.72 percent, the S&P 500 dropped 9.21 points, or 0.80 percent, and the Nasdaq dropped 26.23 points, or 1.11 percent.
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