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PRICE ACTION FOREX TRADING COURSE
Trading Setups / Chart in Focus:
AUDUSD
The AUDUSD is looking well-supported just above the 21 day EMA dynamic support level. We can see the last three trading days have seen bullish rejection pin bars and last Thursday we saw a bullish fakey with pin bar reversal signal off this level. If price can hold above the 21 day EMA support we may see a move higher in the near-term. Resistance comes in near 1.0750.
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Forex Commentary:
In the currency markets today, the EURUSD moved higher on the back of the news that Italy’s Prime Minister Silvio Berlusconi would resign soon. Many people believe it will be easier for Italy to pass new economic reforms if Berlusconi resigns.
The euro moved up to $1.3835 against the greenback today from $1.3772 yesterday.
In other currency markets, the British pound moved to $1.6090 from $1.6043 yesterday, the greenback lost modest ground to the Japanese yen and Swiss franc as well. The Australian dollar closed basically unchanged against the greenback with the Canadian dollar gained slight ground.
Other Markets:
In the U.S. markets today, stocks moved higher on the back of optimistic news out of Europe late in the day that ignited a late-day rally to pare early-session losses.
The Dow gained 102.02 points, or 0.85 percent, the S&P 500 added 14.80 points, or 1.17 percent, and the Nasdaq gained 32.24 points, or 1.20 percent.
Upcoming important economic announcements: 11/9/2011
3:00pm EST: New Zealand – RBNZ Financial Stability Report
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