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Trading Setups / Chart in Focus:
EURUSD
The EURUSD closed today unchanged after first creating a false-break of resistance near 1.3950 and then moving lower only to reject support near the 8 day EMA and form a pin bar. If price continues its upward track we could see a break above 1.3950 and a larger push higher into the next resistance near 1.4100.
AUDUSD
The AUDUSD moved into the 8 day EMA support level today and rejected this level forming a pin bar. We would have liked to see a bullish close on this pin, so we would wait for a break of the high of the pin bar before considering a long. Otherwise, we will wait for a rotation lower and watch the 21 day EMA for support.
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Forex Commentary:
In the currency markets today, the EURUSD closed the day essentially unchanged after a drop down to the 8 day EMA support level early on.
The USDJPY hit an all-time low of 75.70 yen today, but recovered modestly into the NY close to end near 76.14.
The AUDUSD and GBPUSD lost modest ground today after recovering to close up substantially off their lows.
Other Markets:
In the U.S. markets today, stocks pushed higher as investors decided that slow progress on the euro-zone debt crisis was better than no progress.
The Dow rose 162.42 points, or 1.39 percent, the S&P 500 added 12.94 points, or 1.05 percent, and the Nasdaq gained 12.25 points, or 0.46 percent.
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