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PRICE ACTION FOREX TRADING COURSE
Forex Commentary:
The euro slipped on Friday but its uptrend of the past three months still looks intact, with the prospect of more interest rate increases from the European central bank seen offsetting concerns about the ability of some poorer euro zone countries to pay their debts.
The euro is up nearly 8.0 percent against the U.S. dollar and 10.4 percent versus the yen in 2011, helped by interest rate differentials with the the short end of the euro zone yield curve significantly above the U.S. yield curve.
The yen has risen in six of the last seven sessions and was on track for best weekly performance against the dollar in about nine months with gains this week of 2.1 percent.
Trading Setups / Chart in Focus:
EURUSD
The EURUSD consolidated this week, but it did maintain its buoyancy by closing above the 8 day EMA everyday this week.
Support sits near 1.4250 and the 21 day EMA, should we get a rotation lower into this value area, we would watch closely for bullish price action setups to rejoin the uptrend. If price pushes higher there is a weekly resistance near 1.4580 that it must break through to establish another leg higher.
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my price action forex course.
Other Markets:
On Wall Street today U.S. stocks moved higher on the back of encouraging economic indicators, however the market’s recent struggles could continue next week as more than one-fifth of S&P 500 companies will report results.
The Dow added 56.68 points, or 0.46 percent, the S& 500 added 5.16 points, or 0.39 percent, and the Nasdaq gained 4.43 points, or 0.16 percent.
Upcoming important economic announcements: 4/17/2011
6:45pm EST: New Zealand – CPI q/q
4/18/2011
9:30pm EST: Australia – Monetary Policy Meeting Minutes
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