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Daily Forex Market Commentary:
The U.S. dollar traded mostly lower against the major currencies today, the greenback lost ground to the euro, pound, Swiss franc, and Canadian dollar, while remaining basically unchanged against the Australian, New Zealand dollar, and Japanese yen.
Looking ahead, this week was pretty quiet in the FX markets as we saw very little in the way of economic data over the first half of the week. Next week will provide a more consistent flow of economic news releases which should work to loosen up the currency markets and provide a clearer picture of global economic strength.
Gold lost ground this week and the recent rise in stocks around the world has been on the back of very low volume. The possibility that the U.S. dollar will regain some of the strength it lost recently next week is not that far fetched.
Stocks:
On Wall Street today stocks traded mostly flat after mixed data on U.S. retail sales and consumer sentiment provided conflicting signals as to the state of the economic recovery. However, the major indexes did edge higher for the second straight week.
The Dow gained 12.85 points today or 0.12 percent, the S&P 500 lost 0.25 point or 0.02 percent, and the Nasdaq closed 0.80 point lower or 0.03 percent.
Currency pair in focus: USD/JPY
Today we are looking at the daily chart of the USDJPY. A fakey setup has formed and this is one of my favorite price action setups. You will not find this price action setup traded the same way any where else on the internet. This setup is my proprietary price action setup and my students have really come to enjoy it.
This USDJPY fakey has formed off of a confluent resistance level near 91.00 and we can see there is not much in the way of support until about 88.50.
There are some other great price action setups that formed on Friday that are all discussed in detail in the member’s trading forum. Please check it out for more great trade ideas.
For a more in-depth analysis of the major FX pairs as well as forex market commentary, please check out my price action trading course.
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