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Trading Setups / Chart in Focus:
AUDUSD
The AUDUSD consolidated today and formed an inside bar. If the mother bar low breaks we could see a larger decline as this market is very weak right now and there is not much support until about 0.9400. Otherwise, we will watch for potential sell setups on a rotation higher into the dynamic resistance between the 8 / 21 day EMAs, if it occurs.
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Forex Commentary:
In the currency markets today, the EURUSD moved modestly higher after the International Monetary Fund said it would essentially throw the euro-zone a six month lifeline to help it from slipping further into debt. However, most analysts agree this is simply a “band-aid” over the larger issues that cuased the debt problems, which must be addressed eventually.
The EURUSD was up modestly just before the New York close today, only about 20 pips higher than Monday’s close.
The other majors were mostly unchanged against the U.S. dollar today as consolidation was the dominant theme today in the currency markets.
Other Markets:
In the U.S. markets today, stocks moved lower after a revision of U.S. economic growth caused worry about the strength of the global economy.
The Dow was off 32.47 points, or 0.28 percent, the S&P 500 was down 2.16 points, or 0.18 percent, and the Nasdaq was off 2 points, or 0.1 percent.
Upcoming important economic announcements: 11/23/2011
4:30am EST: Britain – MPC Meeting Minutes
8:30am EST: United States – Core Durable Goods Orders m/m
8:30am EST: United States – Unemployment Claims
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