Learn To Trade Price Action with Nial Fuller...
PRICE ACTION FOREX TRADING COURSE
Daily Forex Market Commentary
The U.S. dollar was mixed today, gaining strength overnight during the Asian and European sessions and then trading lower against most of the majors into the New York session close.
The greenback lost modestly to the euro, pound, Swiss franc, Australian dollar, Canadian dollar, and kiwi while gaining slightly on the yen.
The U.S. dollar has been under pressure as of late and the path of least resistance definitely appears to be against the greenback.
Stocks:
U.S. stock markets rose today on the back of surprisingly strong March retail sales which was the catalyst for optimism that consumer spending would induce positive corporate earnings.
David Katz, chief investment officer of Matrix Asset Advisors in New York said, “Clearly the consumer is showing that they are beginning to spend again.”
“The biggest thing in the market at the moment is, the path of least resistance is higher,” Katz said. “You’ve had an improving market for the last month-and-a-half, and you have people that were underinvested that seem to be jumping on that bandwagon.”
The Dow gained 42.40 points, or 0.39 percent, the S&P 500 added 4.84 points, or 0.41 percent, and the Nasdaq gained 6.88 points, or 0.28 percent.
Currency pair in focus: GBP/JPY
Today we are looking at the GBPJPY daily chart. The currency pair has formed a bullish pin bar setup in the direction of the recent daily momentum.
Notice how the pin bar closed above the 8 period EMA in the chart below; this adds further validity to the setup. We don’t advocate using indicators here at LTTTM, but we do use a few different moving averages from time to time to show trend direction and to help identify dynamic support and resistance levels.
Find out more about the specific moving averages we use and how we implement them in my price action trading course.
To see an instructional video on how to trade pin bars click here: Forex Training Video
For a more in-depth analysis of the major FX pairs as well as price action training, please check out my forex trading training course.
Nial Fuller Facebook
Nial Fuller Twitter
Nial Fuller LinkedIn
Nial Fuller YouTube
RSS Feed