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Nial Fuller

Nial Fuller is a Professional Trader, Mentor & Author who is considered 'The Authority' on Price Action Trading. After starting this blog in 2008, he has become one of the most widely followed trading mentors in the world with a monthly readership of more than 250,000 traders across 100 + countries including Australia, Singapore, UK, Malaysia, Canada & USA. Read More

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Forex Commentary: AUDUSD topping out, 26th November 2010

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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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