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Daily Forex Market Commentary:
On Wall Street today the Dow closed up 91.75 points as investors had reason for optimism when U.S. Federal Reserve Bank Chairmen Ben Bernanke testified before congress that the Fed will keep U.S. interest rates at exceptionally low rates for an extended period. This buoyed hopes that continued low interest rates will help spur the economy and ultimately the global economic recovery.
European stocks also made some modest gains on Bernanke’s testimony, the FTEUR Index of top shares closed up 0.2 percent after see sawing in and out of positive territory several times throughout the trading session. Germany’s DAX and France’s CAC both also closed up 0.2 percent.
Currencies:
The currency markets were somewhat subdued today with the euro gaining about 30 pips on the U.S. dollar, the pound lost around 20 pips to the green back. The Australian and New Zealand dollar both eked out small gains against the green back in what look to be corrective moves after yesterday’s big U.S. dollar bullish move.
The Japanese yen gained modestly on the greenback, up only about 5 pips on the U.S. dollar 30 minutes before 5pm Eastern time.
Crude oil closed up over 1$ a barrel, past the 80$ a barrel mark which
helped to calm the U.S. dollar rally today. Gold closed modestly lower.
Currency pair in focus: GBP/USD
Our entry parameters posted in the member’s forum for selling yesterday’s fakey setup worked out almost perfectly today.
We are now short this market via our price action entry parameters posted in the member’s commentary yesterday. We are expecting price to move lower over the near term as there is not much support until the 1.5000 region.
Price action setups in trending markets such as this most recent GBPUSD fakey setup are a very high probability way to trade the forex market.
For a more in-depth analysis of the day’s price action setups and forex market commentary, check out my price action trading course.
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