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Forex Commentary:
The U.S. dollar was mixed today in what were relatively tame trading conditions. The greenback gained modestly on the British pound, Australian dollar, and Canadian dollar, while losing modest ground to the Japanese yen, euro, Swiss franc, and New Zealand dollar.
Trading Setups / Chart in Focus:
EURUSD
The EURUSD moved up into the resistance area near 1.3700 -1.3750 that we discussed in yesterday’s commentary between the 8 and 21 day emas today.
Price did stall after hitting this resistance zone and fell lower as the New York session closed out, however, we did not get any obvious price action signals that would warrant a short. We will continue to wait and see what develops early next week around this event area in the EURUSD.
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading course.
Other Markets:
On Wall Street today U.S. stocks rose modestly as gains in Marvell Technologies buoyed the semiconductor sector. The market ended the week flat though as investors backed away from the strong advance throughout fall.
The major stock indexes ended little changed today after the central bank in China raised bank reserve requirements for the second time in two weeks, moving to curb inflation which could inhibit global economic growth.
The Dow gained 22.32 points, or 0.20 percent, the S&P 500 added 3.04 points, or 0.25 percent, and the Nasdaq added 3.72 points, or 0.15 percent.
Upcoming important economic announcements: 11/22
12:00pm EST: Euro-zone –ECB President Trichet Speaks
10:00pm EST: New Zealand – Inflation Expectations q/q
frankyboy said,
November 20, 2010 @ 3:32 pmHi Nial,
Your analysis is in line with mine! Also the cftc figures point to a the pair falling next week. I will be looking to short any rallies arond 1.37+. Your “event” area is resistance zone for me!
The aud.usd is also set for further weakness and the gbp.usd is still on a bullish basis!
Next week should be interesting!
I am a day trader and only use the 1 hr charts for my day trading decisions. Good Luck!