AUDUSD Inside Bar Setup Forms Following Fakey, 27th June 2013

————————————————————————————————————————————————————————–
JULY MEMBERSHIP SPECIAL: This month, I am offering a very special discount on lifetime access to my price action trading courses, members daily newsletter, trade setups forum, email support line & more. For more information Click Here.
————————————————————————————————————————————————————————–

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.

audusd

Want more commentary and trade ideas?– If you would like to receive more market commentary and trade setups, I publish a daily newsletter for members which includes more charts and analysis covering Forex, Indices and Commodities: Click Here

Check out my latest trading lessons:

Increase Your Odds of Winning Trades

Trading Is A Game of Anticipation, Not Reaction

Forex Commentary:

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.

Other Markets:

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

Join the Discussion. Click Here to Leave a Comment – No Comments.

Be the first to leave a comment.

Please Leave a Comment