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Daily Forex Market Commentary:
The first trading day of 2010 was met with a continuation of the 2009 rally on Wall Street. Major indexes rose more than 1.5 percent today as a slew of positive manufacturing news out of China, Europe, and the U.S. gave investors new hope that the global recovery is picking up speed.
Currencies:
The U.S. dollar weakened against the major currencies today with the exception being the British pound; intense euro/pound strength resulted in the pound being the only major currency to lose ground to the U.S. dollar today. Crude oil was up $2.15 to close at $81.51, Gold rose over 4$ an ounce.
Pair in focus: EUR/USD
Despite today’s volatile upward correction the downtrend in euro/dollar is still intact pending a decisive close above 1.4450-1.4500. The pair is now seen as being in a range between 1.4450 and 1.4250 with weight being given to the downtrend. Other currency pairs are analyzed daily in the member’s area.
For a more in-depth analysis of the Major FX Pairs and Price Action analysis please check out my price action trading course.
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