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Daily Forex Market Commentary:
Stocks turned higher today as the prospects for Ben Bernanke being reinstated as Fed Chairmen for a second term improved. Investors want Bernanke to return because he has maintained a low-interest rate policy which is viewed as positive for stocks due to its effects on lending and economic expansion.
Apple Inc. also helped push stock indices higher today as the iPhone manufacture posted its highest quarterly profits ever for the most recent holiday quarter.
Currencies:
The U.S. dollar traded mostly lower today, losing modest ground to all the major currencies except the Japanese Yen which it gained about 42 pips on due to wide-spread Yen weakness today.
Despite the correction today we expect U.S. dollar strength to pick up again at some point this week as the risk-aversion from last week seemed to be rather significant as evidenced by the charts.
Pair in focus: USD/JPY
We can see in today’s chart of USD/JPY an inside bar has formed indicating some hesitation in the current down-ward momentum. We will watch this pair for a pop back up into our inflection level between 90.70-91.50 for a possible price action setup to get short from. We always try to trade price action from confluent levels in the direction of the dominant market momentum in order to maximize our returns.
For a more in-depth analysis of the Major FX Pairs and Price Action Instruction please check out my Forex Educational Course.
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