Learn To Trade Price Action with Nial Fuller...
PRICE ACTION FOREX TRADING COURSE
Daily Forex Market Commentary:
On Wall Street today the DOW closed down just over 100 points as investors responded to a much worse than expected Conference Board consumer confidence index reading. The index fell to 46, down from 56.5 last month; analysts were expecting a drop to only 55.
U.S. consumers are vital to a long term economic recovery; today’s consumer confidence reading highlights the fact that the global recovery has a long way to go before significant progress is made. It is likely to be a choppy ride until we see substantial U.S. job growth and consumer spending.
Currencies:
The currency markets were quite volatile today. Most of the major FX pairs rose against the greenback during the Asian trading session but then reversed sharply into the European open and through the New York closing. Dollar strength roared back in with vengeance as U.S. stocks got hit hard by a disappointing reading of consumer confidence.
Some pretty nice 4 hour and daily price action setups have formed over the last 12-24 hours. We are looking for the U.S. dollar to remain strong the rest of this week and will be looking to get in on the dollar bull train that has been plowing forward as of late.
Currency pair in focus: GBP/USD
The confluence zone discussed in yesterday’s GBPUSD chart proved to be a very strong inflection point today. We can see price penetrated the bottom end of our resistance zone, hitting a high of 1.5574 before selling off sharply and forming a fakey setup.
This fakey setup has formed with the daily trend and we are looking for prices to move lower from here. There are a number of possible entry methods that traders can employ for this fakey. We discuss them in-depth in the member’s market commentary and also in my price action trading course.
For a more in-depth analysis of the day’s price action setups and forex market commentary, check out my forex educational price action course.
Nial Fuller Facebook
Nial Fuller Twitter
Nial Fuller LinkedIn
Nial Fuller YouTube
RSS Feed