Learn To Trade Price Action with Nial Fuller...
PRICE ACTION FOREX TRADING COURSE
Daily Forex Market Commentary:
The U.S. dollar traded lower against most of the major currencies today, with the exception being the euro, which it gained slightly against.
Rising crude oil prices helped the greenback to trade weaker today as U.S. crude inventories rose less than traders were expecting.
Based on the current price action on the major currency pair charts, current trends seem likely to continue into the end of this trading week. More specifically, it seems likely that stocks and commodities will continue to gain ground, and the U.S. dollar will continue to lose along with the Japanese yen.
Stocks:
On Wall Street today stocks rallied pushing the Dow to a fresh 17-month high on the back of data that showed February inflation was lower than expected, adding further support to the U.S. Federal Reserve’s renewed promise to maintain low interest rates.
The Dow gained 47.69 points, or 0.45 percent, to end at 10,733.67. The S&P 500 Index rose 6.75 points, or 0.58 percent, to 1,166.21.The Nasdaq advanced 11.08 points, or 0.47 percent, to 2,389.09.
Currency pair in focus: AUD/JPY
On Monday we posted up a chart of the AUDJPY that was showing a bearish fakey setup. To update this pair since then, the inside bar in the fakey setup never did break to the downside, so the setup never came off.
Instead, price has moved up and violated the high of the fakey tail, this indicates bullish momentum is building and a bigger move to the upside is possible from here.
We can see the next logical resistance comes in around 86.00, as such, this market looks like it will make a move to re-test this level over the coming trading days.
To learn more about price action setups like the fakey, and others, check out my price action trading course.
For a more in-depth analysis of the major FX pairs as well as daily market commentary, please check out my forex trading course.
Nial Fuller Facebook
Nial Fuller Twitter
Nial Fuller LinkedIn
Nial Fuller YouTube
RSS Feed