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Daily Forex Market Commentary
The U.S. dollar lost modest ground to all of the major currencies today.
Crude oil and Gold both traded modestly lower today. Most of the major pairs closed relatively unchanged from yesterday’s prices, although recent trends look strong still.
Stocks:
On Wall Street today stocks were little changed as Alcoa Inc disappointed with its revenue report, however, this news was offset by expectations for strong results later this week from other top companies, Intel Corp being amongst them.
The Dow moved up 13.45 points, the S&P 500 added 0.82 point, and the Nasdaq gained 8.12 points.
Currency pair in focus: AUD/USD
Today we are looking at the bullish pin bar setup that has formed in the context of an uptrend on AUDUSD.
Notice how the tail of the pin bar bounced off the previous breakout level of 0.9220, this level became support after the breakout and was a logical level to watch for bullish price action like we are seeing today.
Check out this great AUDUSD pin bar instructional video: Forex Trading Video
For a more in-depth analysis of the major FX pairs as well as price action training, please check out my forex training course.
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