Daily Forex Market Commentary: 12-14-09

Posted on December 15th, 2009

Daily Forex Market Commentary:

On Wall Street today the Dow closed up 29.55 points or .3 percent to 10,501.05 which is it’s highest close since October 1st 2008. Easing debt concerns from overseas along with a $29 billion takeover deal by Exxon Mobil Corp. fueled today’s rally.

Currencies:

The U.S. dollar fell against other currencies today, this led to a strengthening of gold and other commodities. Commodities are priced in U.S. dollars and become cheaper for foreign buyers when the U.S. currency falls.

Pair in focus: USD/CAD

Dollar/Cad formed a decent pin bar off resistance near 1.0670. A break of the low of today’s pin bar could see a move down to around 1.0500 where downside support begins to thicken again.

For a more in-depth analysis of the Major FX Pairs and Price Action Signals please check out our live member’s trading forum.

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Daily Forex Market Commentary: 12-14-09

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