Learn To Trade Price Action with Nial Fuller...
PRICE ACTION FOREX TRADING COURSE
Forex Commentary:
The U.S. dollar lost ground today after the Federal Reserve kept interest rates low and gave a tepid assessment of the U.S. economy which ensure the central bank’s Treasury bond-buying program stays until June.
The EURUSD briefly rose above $1.3700 but gave up those gains on profit-taking ahead of a touted options barrier at $1.3725; if that level goes we may see a move up towards $1.3788.
The euro has gained 2.36 percent on the year so far after plunging 6.6 percent in 2010.
Trading Setups / Chart in Focus:
AUDUSD
The AUDUSD has been in a trading range between about 1.0000 and 0.9830 for about 3 weeks now. We will need to see a decisive break above or below one of these levels to establish a strong leg in either direction.
Until price can break free from this recent trading range we are likely to see more sideways price action.
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 the S&P 500 closed at a 29-month high on the back of gains in tech and commodity shares, investors mostly ignored the Federal Reserve’s mediocre economic assessment.
The Dow gained 8.25 points, or 0.07 percent, the S&P 500 added 5.45 points, or 0.42 percent, and the Nasdaq gained 20.25 points, or 0.74 percent.
Upcoming important economic announcements: 1/27/2011
8:30am EST: United States – Core Durable Goods Orders m/m
8:30am EST: United States – Unemployment Claims
10:00am EST: United States – Pending Home Sales m/m
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