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PRICE ACTION FOREX TRADING COURSE
As we discussed in yesterday’s commentary the AUDUSD intra-day charts were looking bullish. The pair has since pushed higher off support near 0.9650, tacking on about 70 pips to yesterday’s close.
The AUDUSD is currently in trading range between about 1.000 and 0.9650. The daily chart formed an inside bar today indicating this pair is currently very undecided as to which direction it will head in mid-term. We may see further consolidation in this range before we get any strong directional moves occurring.
The 4hr chart below shows the recent price action near the top of the range (1.0000) and near the bottom (0.9650) that traders could have used to take short-term trades off of.
U.S. Dollar Index:
We can see in the chart below of the U.S. dollar index that its currently consolidating sideways, this is in-line with the current consolidation of the major forex currency pairs. We are unlikely to see any strong moves until we can bust out of these range-bound conditions.
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading course.
Commentary:
The U.S. dollar weakened today as traders took profits from the recent dollar rally before next week’s expected volatility.
The greenback lost ground to all the other major currencies today, we are seeing range-bound conditions right now in most of the major forex currency pairs.
The Dow lost 16.57 points, or 0.15 percent, the S&P 500 rose 1.22 points, or 0.10 percent, and the Nasdaq rose 4.11 points, or 0.16 percent.
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