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PRICE ACTION FOREX TRADING COURSE
Daily Forex Market Commentary:
On Wall Street today stocks ended higher as retailers’ better than expected monthly sales figures hinted towards further stabilization of consumer spending.
The Dow pushed into back into positive territory for the year, closing up 47.38 point to end the day at 10,444.14, the S&P closed up 4.18 points or 0.37 percent, and the Nasdaq ended up 11.63 points or 0.51 percent.
The U.S. Labor Department will release its monthly jobs report tomorrow at 8:30am EST, this report is widely considered by market analysts to be the most important indicator of economic health.
Currencies:
The U.S. dollar gained strength today against most of the major currency pairs as Gold and Crude Oil both closed lower on the day.
Most of the major currency pairs consolidated within recent trading ranges today as traders await Friday’s U.S. employment numbers.
Currency pair in focus: AUD/JPY
In today’s chart we are focusing on the AUDJPY pair and a bullish pin bar that has formed off support near 79.20.
While this pair has essentially been consolidating with no real trend direction over the past 7 days, today’s pin bar setup gives us some clue that price may rally up to retest resistance near 82.00-82.50 in the near term.
Price action setups such as pin bars from key levels, like today’s setup, often work out very nicely and provide a great high probability method to trade the forex market with.
For a more in-depth analysis of the major FX pairs as well as forex market commentary, please check out my price action trading course.
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