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The Australian dollar closed above parity today for the first time ever against the U.S. dollar. The AUDUSD closed out today’s trading session at 1.0060. Now that 1.0000 has been breached and closed above it might turn into a support level, either way it will be an important level in the near future.
This close above parity for the AUSUSD reflects the changing dynamics of the global economy and strengthening in the Asia – Pacific region.
Notice how there were multiple fakey and pin bar setups in the course of this recent AUDUSD uptrend that could have allowed you to enter this trend with a tight stop and a huge reward potential.
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 fell today after the Federal Reserve said it would buy $600 billion more in government bonds by mid-2011 in an attempt to bolster the struggling U.S. economy.
The dollar fell against a basket of currencies, with the U.S. dollar Index down 0.51 percent at 76.333.
The euro rose 0.69 percent to $1.4134 after hitting a session peak of $1.42 immediately after the Fed’s announcement. However, the greenback did gain on the Japanese yen, adding about 0.62 percent, up to 81.12.
The Dow ended up 26.41 points, or 0.24 percent, the S&P 500 added 4.39 points, or 0.37 percent, and the Nasdaq added 6.75 points, or 0.27 percent.
Joshua said,
November 5, 2010 @ 1:57 amGot in on the most recent one. Bought intraday when it crossed above the open. I owe it to you Nial, you’re the man. Cheers!