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Daily Forex Market Commentary:
The Dow closed up 85.18 points today as a flurry of corporate deal activity highlighted the strength of the economy as a whole. President Obama’s health care overhaul also gained some positive momentum today which helped fuel the rally in stocks.
Currencies:
Gold and oil fell today helping push the dollar higher against the majors once again. The prospect of higher U.S. interest rates next year is still fueling the dollar’s rally. Technically speaking the perfectly formed weekly pin/reversal bar from 3 weeks ago in Gold tipped keen traders off to this dollar rally that is now well under way. We posted this pin bar as it closed out in our member’s forum 3 weeks ago.
Pair in focus: USD/CAD
Fakey today with the recent up-ward momentum. This looks like a tricky one, there could be some downside movement, stops would need to be placed below the low of today’s bar, make sure you adjust your position size down accordingly
For a more in-depth analysis of the Major FX Pairs and Price Action education please check my forex trading course.
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