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PRICE ACTION FOREX TRADING COURSE
Trading Setups / Chart in Focus:
AUDUSD
The AUDUSD formed an inside bar just below resistance today. However, the market is obviously extended to the upside here and the 8 / 21 daily EMAs are still crossed lower, so we are getting mixed signals here and this means it’s better to stand aside and see what price action develops after tomorrow’s NFP report. Note that near-term resistance sit near 1.0350 and near-term support comes in around 1.0050.
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Forex Commentary:
In the currency markets today, the EURUSD was modestly stronger on the back of yesterday’s large gain, but some of other majors lost ground to the U.S. dollar ahead of Friday’s Non-Farm payrolls report.
The U.S. dollar gained modestly on the Australian dollar, British pound, and Japanese yen today, while losing modest ground to the Canadian dollar.
Other Markets:
In the U.S. markets today, stocks consolidated following yesterday’s huge gains. Tomorrow’s monthly Non-Farm Payrolls report should prove significant and could give investors reason to continue yesterday’s rally or it might ignite a sell-off if the number is worse than expected.
The Dow lost 25.05 points or 0.21 percent, the S&P 500 lost 2.37 points, or 0.19 percent, and the Nasdaq gained 5.86 points, or 0.22 percent.
Upcoming important economic announcements: 12/2/2011
3:15am EST: Switzerland – Retails Sales y/y
4:30am EST: Britain – Construction 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
jatinder said,
December 2, 2011 @ 9:47 amThe same trend we can see in AUS/JPY…