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Daily Forex Market Commentary:
The U.S. dollar was sharply higher today as equities got hit hard and the euro sold off as fears were renewed that the Greek debt crisis might spread to other euro-zone countries.
The greenback looks to be gaining some decent bullish momentum as some significant support and resistance levels were broken in the course of today’s trading session. Check out the chart commentary below for more details.
Stocks:
On Wall Street today investors dumped stocks in what was the worst trading session in three months as fears grew that even with a bailout for Greece, Europe’s debt crisis could spread to other weak euro zone countries.
The Dow lost 225.06 points today, or 2.02 percent, the S&P 500 lost 28.66 points, or 2.38 percent, and the Nasdaq lost 74.49 points, or 2.98 percent.
Currency pair in focus: AUD/USD
As discussed in yesterday’s commentary the AUDUSD bearish pin bar ended up being a quality price action setup.
The pair broke to the downside today in dramatic fashion out of its multi-week sideways wedge consolidation pattern. Support now sits near 0.9000.
For more examples of pin bar and fakey setups click here: Pin bar and Fakey setups
For a more in-depth analysis of the major FX pairs as well as price action training, please check out my forex trading course.
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