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Forex Trade Setups Commentary: AUDUSD Pin Bar Setup Update, 17th September 2012

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Trading Setups / Chart in Focus:

AUDUSD

The AUDUSD pin bar reversal setup that we discussed in this week’s weekly price action outlook has come off lower today. We can see this setup showed a strong rejection of the key near-term resistance through 1.0600 and price is subsequently moving lower. We see key support coming in close below just above 1.0400 level. We see today’s move as just a downward retrace in the broader uptrend in this market, if you zoom out on your daily and weekly charts you can see this market has had a strong underlying bullish bias for some time now.

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Forex Commentary:

In the currency markets today, the Japanese yen weakened across the board as traders speculate that the Bank of Japan will easy monetary policy again soon, which will weaken the yen.

The euro lost slight ground to the U.S. dollar today, falling to $1.3114 from $1.3129 last Friday. The U.S. dollar was mostly higher against the other majors with the exception being the British pound which it lost ground to.

Other Markets:

In the U.S. markets today, stocks lost ground in what were light trading conditions as the recent rally took a breather.

The Dow lost 40.27 points, or 0.30 percent, the S&P 500 dropped 4.58 points, or 0.31 percent, and the Nasdaq lost 5.28 points, or 0.17 percent.

Upcoming important economic announcements (New York time): 09/18/2012

4:30am EST: Britain – CPI y/y
5:00am EST: Euro-zone – German ZEW Economic Sentiment
Tentative: Britain – BOE Inflation Letter
6:45pm EST: New Zealand – Current Account
Tentative: Japan – Monetary Policy Statement
Tentative: Japan – Overnight Call Rate

One Comment - Click Here to Leave a Comment

  1. Zubin says:

    Hi Nial,

    Let me begin by thanking you for all the learning. In a sea of forex training sites yours is perhaps the only one I trust. I aim to get into forex trading on a professional basis. It’s a long way away but I’ve begun by taking a few baby steps.

    I’m trying to polish my fundamentals. Supports and Resistance is where I’m at. Trying to learn and polish as I go on.

    Wrt the chart above, I was wondering how you arrived at the support at 1.04028? I got 1.0174 (approx).

    Also which time duration do you recommend I use to draw out my S&Rs? I usually first use the 4 hour chart then reconfirm them using a 1-hour chart. However I end up getting many lines. Also how many weeks/months in the past do you suggest I go in an effort to draw these S&Rs?

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