Forex Commentary: AUDUSD topping out, 26th November 2010

Forex Commentary:

The U.S. dollar rallied today as the euro slid to a new 2-month low on the back of fears that Portugal and Spain could join Ireland in needing bailouts to support their economies.

The greenback also put in a solid showing against the other majors today as did the Japanese yen.

Trading Setups / Chart in Focus:

AUDUSD

The AUDUSD is developing signs of at least a short-term top, we can see the 8 and 21 day emas have crossed lower and price has broken and closed below support near 0.9700.

We would look to sell counter-trend rallies on strength in this market pending confirmation by bearish price action setups, support levels come near 0.9400 and 0.9200.

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For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading course.

Other Markets:

On Wall Street today commodity related stocks led the broader market lower in what was a shortened post-holiday session. Investors unloaded risky assets on renewed concerns that euro-zone debt problems might spread.

The Dow lost 95.28 points, or 0.85 percent, the S&P 500 lost 8.95 points, or 0.75 percent, and the Nasdaq lost 8.56 points, or 0.34 percent.

Upcoming important economic announcements:

11/28

10:00pm EST: New Zealand – NBNZ Business Confidence

11/29

8:30pm EST: Australia – Building Approvals m/m

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