Daily Forex Market Commentary 12-18-09

Daily Forex Market Commentary:

Tech stocks pulled the market out of a 3 day slide today as two big technology firms signaled that business was improving raising hopes about business spending. The Dow closed up 22.90 points for the day.

Currencies:

The U.S. dollar’s recent advance against major currencies took a breather today. The euro/dollar and pound/dollar ended nearly unchanged while the dollar lost ground to the Australian dollar, Canadian dollar, Swiss Franc, and New Zeeland dollar, dollar strength did continue against the Japanese yen however.

Pair in focus: EUR/JPY

Nice daily pin bar today off support. 131.60 area seems to be a likely upside target for next week. It is worth noting there is also a weekly pin off support on this pair. We discuss price action setups everyday in our member’s market commentary.

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For a more in-depth analysis of the Major FX Pairs and Price Action discussion please check our member’s price action forum.


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