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Daily Forex Market Commentary:
The U.S. dollar traded mixed today; closing higher against the euro, pound, and Swiss franc, but losing ground to the Australian dollar, New Zealand dollar, Canadian dollar, and Japanese yen.
Gold closed slightly lower and Crude Oil has been struggling to get past the $80-$82/barrel mark.
Looking ahead, more consolidation seems to be likely this week in the FX markets. Economic reports pick up starting tonight in Europe and continue through the end of the week. These should provide a catalyst for more currency movement than we have seen so far this week and hopefully some great price action setups.
Stocks:
On Wall Street today the major stock indices closed modestly higher. The Dow closed up just 11.86 points or 0.1 percent after being up 60 points earlier in the session, the S&P 500 was up 0.2 percent, and the Nasdaq closed up 0.4 percent.
Market analysts note the Dow Jones Industrial Average is up 61.4% since hitting a 12-year low at 6,547 one year ago today and these types of gains are not sustainable over the long term. The market is likely to consolidate and trade choppy until employment numbers start to show job creation instead of job cuts.
Currency pair in focus: AUD/USD
Today we are looking at the 4 hour chart of AUDUSD to analyze a great pin bar setup that kicked off this most recent up move in the AUDUSD.
Notice how both of the pin bar setups in this chart formed off the same resistance level. You may not have caught the first one, but once the second one formed off the confluent level near 0.8800 there was a high probability it was going to move higher from there.
Price action setups such as this 4 hour AUDUSD pin bar setup are often very reliable and provide a great method to trade the forex market with.
For a more in-depth analysis of the major FX pairs as well as market commentary, please check out my forex trading course.
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