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Daily Forex Market Commentary:
On Wall Street today the Dow closed down 45 points but was down as much as 160 points earlier in the session.
News that China may take further steps to keep its economic expansion from getting out of hand provided the negative catalyst for today’s selling. Stocks for businesses with extensive overseas activity took the biggest hit today with Alcoa, Boeing and General Electric all falling more than 1%
Currencies:
The U.S. dollar gained modestly on the major currencies today as whip saw trading conditions dominated the forex market.
The U.S. dollar rose significantly during the European session but gave up the majority of it’s gains to the majors during the New York session closing only slightly higher against most currencies.
Crude oil closed down$1.15 a barrel and Gold closed down modestly from Thursday.
Currency pair in focus: EUR/JPY
Today’s feature chart is the EURJPY currency pair. We are looking at the pin bar that formed on Friday as a possible catalyst for a correction to the upside over the next few trading days.
This is a riskier trade because it is counter-trend, we generally advise traders to trade only with the trend when learning to trade forex, as such the safer alternative in today’s currency pair in focus is to wait for a move higher into resistance and sell from a bearish price action setup.
The two resistance zones we are watching come in at 124.40 and then between 126.00-127.00 respectively. Support and resistance levels are important to watch because they add confluence to our price action signals.
For a more in-depth analysis of the major forex currency pairs and price action setups check out my Forex Educational Course.
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