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Daily Forex Market Commentary:
The U.S. dollar closed lower against most of the major currencies today as rising equities offset the greenback strength we saw on Friday.
Crude oil futures ended higher on the day as easing concerns over debt issues in Greece and renewed confidence on Wall Street put pressure on the U.S. dollar and worked to raise commodity prices.
Looking ahead, many of the major pairs have formed pin bars that are indicating the U.S. dollar may weaken over the near-term. See the chart analysis below for more details.
Stocks:
On Wall Street today stocks rose, continuing the strength seen last week. The passing of a bill reforming the healthcare system in the U.S. brought an end to much of the uncertainty regarding the issue for investors.
The Dow was up 43.91 points to close at 10,785.89, the S&P 500 was up 5.91 points to close at 1,165.81. The Nasdaq was up 20.99 points to close at 2,395.40. The Dow made a new 17-month high today and has closed higher 9 out of the last 10 trading sessions.
Currency pair in focus: GBP/JPY
Today we are looking at a daily chart of GBPJPY which has formed a bullish pin bar setup showing rejection of the horizontal support level near 134.50.
This market has the possibility of running up to near 138.20 before moving substantially lower.
For more information on great price action setups such as the pin bar reversal and others, click here: Forex Training
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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