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PRICE ACTION FOREX TRADING COURSE
Daily Forex Market Commentary:
On Wall Street today stocks jumped across the board as investors cheered a better than expected U.S. jobs report. The report showed that fewer jobs were cut in February than analysts had anticipated while the unemployment rate stayed at 9.7% instead of jumping to 9.8% as expected.
The Dow closed up 122.06 points or 1.2%, the S&P 500 closed up 15.73 points or 1.4%, and the Nasdaq was up 34.04 points or 1.5 percent.
Currencies:
The better than expected U.S. jobs report also caused riskier currencies to rally today. The big winners were the British pound, as well as the Australian dollar. The U.S. dollar fell against most of the majors but rallied strong against the Japanese yen as trader’s flocked out of the safe-haven yen in favor of currencies with higher interest yields.
Currency pair in focus: AUD/JPY
In today’s chart we are focusing on the AUDJPY pin bar setup that we discussed in yesterday’s commentary.
As we can see the trade worked out nicely and popped up right into our recommended target zone of 82.00-82.50, hitting a high of 82.29 for the day.
Price action setups like these are the ones you want to look for; we analyze the major FX pairs each day in the member’s commentary and post up our trade recommendations there. Pin bars from confluent levels like this pin bar setup in AUDJPY are one of the most consistently profitable ways to trade forex.
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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