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Trading Setups / Chart in Focus:
AUDUSD – Aussie/dollar inside pin bar setup after fakey
Yesterday, in our members commentary, we discussed a bearish fakey setup that had just formed in the AUDUSD. Today, we can see that this market has now formed an inside pin bar sell signal within the structure of yesterday’s pin bar from the fakey setup. If price breaks down past the low of yesterday’s pin bar, which is also the mother bar low of today’s inside pin bar setup, we could see the downtrend resume with another leg lower. Alternatively, if the market were to drift higher and break back above the high of yesterday’s pin bar at 0.9344, it would open the door for a deeper retrace back into resistance.
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In the currency markets today, the U.S. dollar lost modest ground to the euro following two days of significant gains against it.
The greenback also lost modest ground to the Swiss franc today but was mostly higher or unchanged against the rest of the major currencies today.
In the U.S. markets today, stocks gained ground for the third day in a row on the back of easing concerns that the Federal Reserve will scale-back its stimulus efforts soon.
The Dow added 114.35 points, or 0.77 percent, the S&P 500 gained 9.94 points, or 0.62 percent, and the Nasdaq added 25.64 points, or 0.76 percent.
Upcoming important economic announcements (New York time): 6/28/2013
8:30am EST: Canada – GDP m/m