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Trading Setups / Chart in Focus:
EURUSD
The EURUSD pushed higher today, continuing its ascent from the bullish pin bar that formed last Thursday rejecting 1.3000 support. We see near-term resistance coming in near 1.3320, if price rotates lower in the near-term, traders could watch support near 1.3050 – 1.3000 for potential price action buy signals. Beyond 1.3320, we see the next resistance near 1.3500. As long as price remains above 1.2975 on a closing basis, we are taking a bullish bias on this market.
Gold
The spot gold market pin bar setup that we discussed in Friday’s commentary has broken modestly higher today. As long as price remains above the low of the pin bar we see the possibility for a larger move higher. We see near-term resistance near $1750.00, if price can clear this level the next resistance is seen at $1800.00
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Forex Commentary:
In the currency markets today, the euro moved higher against the dollar on the back of market optimism ahead of a meeting of euro-zone finance ministers. Market participants are hopeful for an agreement on a long-awaited bail-out package for Greece.
The EURUSD hit a high of $1.3275, continuing its upward thrust off the bullish pin bar that formed near 1.3000 support which we discussed last Thursday.
The Australian dollar hit a high of $1.0814 U.S. dollars, but later reversed gains, the New Zealand dollar hit a high of $0.8426.
Other Markets:
U.S. markets were closed today due to the President’s day holiday.
Upcoming important economic announcements: 2/21/2012
4:30am EST: Britain – Public Sector Net Borrowing
8:30am EST: Canada – Core Retail Sales m/m
9:30pm EST: China – HSBC Flash Manufacturing PMI
Stephen said,
February 22, 2012 @ 6:49 amI took the trade on gold and at the 50% retracement of the pin bar off the support, well I just closed the trade now for 390 pips, thanks to your lessons