Learn To Trade Price Action with Nial Fuller...
PRICE ACTION FOREX TRADING COURSE
Forex Commentary:
The U.S. dollar lost ground against the other majors today, except for the British pound which it gained about 20 pips against. This came on the back of another day of positive sentiment in equity and commodity markets which worked to weaken the greenback and Japanese yen.
The Canadian dollar rallied substantially against the U.S. dollar today on the back of crude oil settling at 2-year highs.
Trading Setups / Chart in Focus:
AUDUSD
The AUDUSD advanced again today and closed above resistance near 0.9700, the pair has a previously established trading range between about 0.9950 – 0.9700, price may consolidate in this range for a while before moving substantially in one direction.
We would consider taking a short around 0.9900 – 1.0000 if price develops a well defined bearish price action setup near this resistance area.
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading course.
Other Markets:
On Wall Street today stocks rallied for the second day in a row as worries about Europe’s sovereign debt crisis waned, this gave investors the opportunity to add to winning positions in bank and retail stocks.
Retail stocks advanced today on stronger-than-expected November sales data, which reflects a solid start to the holiday shopping season.
The Dow added 106.63 points, or 0.95 percent, the S&P 500 added 15.46 points, or 1.28 percent, and the Nasdaq added 29.92 points, or 1.17 percent.
Upcoming important economic announcements: 12/3
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
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