Learn To Trade Price Action with Nial Fuller...
PRICE ACTION FOREX TRADING COURSE
Daily Forex Market Commentary:
On Wall Street today the Dow closed down 2.57 points after being up 90 points earlier in the session. Investors grew fearful again over President Obama’s plan to regulate banks and dumped stocks shortly before the closing bell. The fact that investors dumped stocks in the final hour of trading is indicative of a troubled market; this was often the pattern during the financial crisis of 2008.
There also concerns that China is moving ahead with a plan to curb bank lending which could slowdown their economy and destabilize the worldwide economic recovery.
Currencies:
The U.S. dollar rose against other major currencies except the Japanese Yen. We remain bullish on the U.S. dollar as current economic events in the U.S. and China appear to be favoring risk-aversion.
Crude oil to fell to $74.71 per barrel while gold advanced slightly.
Pair in focus: GBP/JPY
We can see in today’s chart of GBP/JPY that price rallied up to a horizontal event area at 147.00 and subsequently sold off. I discuss how to trade off horizontal event areas or support and resistance areas with price action in my trading course. What we are looking for is confluence of signals, such as price action setups forming at significant horizontal areas or at Fibonacci retracement levels.
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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