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Daily Forex Market Commentary 1-7-10

Daily Forex Market Commentary:

Stocks ended narrowly higher today on Wall Street. Traders are waiting for Friday’s big unemployment numbers for a gauge of the economic recovery.

Currencies:

The U.S. dollar rose against the major FX pairs today as range bound conditions prevailed. Tomorrow’s unemployment numbers could give the forex market the needed catalyst to break consolidating currencies from their ranges and determine mid-term direction.

Pair in focus: AUD/JPY

We can see in the below daily chart of aud/jpy a very well defined pin bar reversal setup that kicked off the most recent upward movement. Now that price has pierced the strong horizontal area at 85.30 we will watch and see what ensues. Further price action setups and chart analysis can be found in our member’s trading forum.

For a more in-depth analysis of the Major FX Pairs and Price Action analysis please check out my forex trading course.

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