Learn To Trade Price Action with Nial Fuller...
PRICE ACTION FOREX TRADING COURSE
Forex Commentary:
The Aussie dollar rose to $1.0278, above a previous 29-year peak of $1.0257 touched on the last trading day of 2010. Traders said a break of stop-loss orders around $1.0260 helped accelerate gains.
The U.S. dollar extended gains versus major currencies Friday after a Federal Reserve official said the central bank should aggressively tighten monetary policy within a year.
The dollar index (DXY 76.16, +0.50, +0.66%) , which measures the U.S. unit against a basket of major rivals, rose to 76.242, up from 75.665 in North American trade late Thursday.
For the week, the dollar index has gained 0.7% and the euro has declined 0.8%
Trading Setups / Chart in Focus:
EURUSD
The EURUSD moved lower today, closing just above the key level support at 1.4030 and forming an inside bar. Should price continue to fall lower next week we will watch support closely between 1.4030 and the 21 day EMA for potential bullish price action that could provide an entry to re-join the uptrend.
Silver and Gold
The silver and gold pin bars discussed in yesterday’s commentary have resulted in little follow-through, this leads us to believe these markets may simply be neutralizing rather than weakening, thus for the near-term we are neutral on precious metals.
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading training course.
Other Markets:
On Wall Street today U.S. stocks rose for the third day in a row. The S&P 500 had its best weekly performance since early February; however volume was light amid persistent global uncertainty.
The Dow added 50.03 points, or 0.41 percent, the S&P 500 gained 4.14 points, or 0.32 percent, and the Nasdaq gained 6.64 points, or 0.24 percent.
Upcoming important economic announcements: 3/28/11
10:00am EST: United States – Pending Home Sales m/m
Burhan said,
March 28, 2011 @ 1:58 amI love the way you trade. My plan for eurusd is waiting opportunity to long eurusd.