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Trading Setups / Chart in Focus:
EURUSD
The EURUSD busted out from 1.3950 resistance Thursday and closed the day substantially higher around 1.4188. Note the bullish pin bar off dynamic support that formed on Wednesday just prior to Thursday’s big move. Friday was a very quiet day and saw price consolidate, losing about 30 pips in the process.
Momentum is clearly higher now and we will continue to watch dynamic and horizontal support for bullish price action on any rotations lower. Note the “tailing” action off the 8 / 21 day EMAs recently and the pin bar yesterday prior to today’s huge breakout.
AUDUSD
The AUDUSD pin bar that we discussed Wednesday broke higher and closed substantially higher on Thursday, Friday saw very quiet price action after Thursday’s big move, this is relatively common in the markets; consolidation after big moves. Next week we can watch for buying opportunities on rotations into support. This market is quite extended now however, so we might have to wait a few days for any signals to form.
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Special Note: This Month I’m Offering A Discount On My Forex Price Action Trading Course and Price Action Traders Community. To Find out More Visit the Forex Price Action Trading Course Page Here.
Upcoming important economic announcements: 10/30/2011
5:45pm EST: New Zealand – Building Consents m/m
10/31/2011
8:30am EST: Canada – GDP m/m
5:45pm EST: New Zealand – Labor Cost Index q/q
9:00pm EST: China – Manufacturing PMI
11:30pm EST: Australia – Cash Rate
11:30pm EST: Australia – RBA Rate Statement
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