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Daily Forex Market Commentary
The U.S. dollar slipped today as the euro strengthened on the back of another successful bond sale by debt-strapped Greece.
The greenback closed lower against the other major currencies today as well, on the back of rising equities and commodity prices.
Looking ahead, the dollar strength that we saw at the end of last week took a rest today. From current levels the major currency pairs seem to not be displaying any obvious price action indications of where they are headed next, as a result we suggest waiting for further price action confirmation before committing to any positions.
Stocks:
On Wall Street today stocks climbed higher as mining and energy companies strengthened on dollar weakness and investors bought recent well performing stocks as the 1st a quarter comes to an end.
The decline in the U.S. dollar lifted commodity prices, major manufactures and industrials also performed well.
The Dow closed up 45.50 points, or 0.42 percent, the S&P 500 closed up 6.63 points, or 0.57 percent, and the Nasdaq closed up 9.23 points, or 0.39 percent.
Currency pair in focus: NZD/USD – Recap, USD/JPY –Inside bar setup
The NZD/USD inside – pin bar setup from our last commentary never came off to the downside. The trade parameters were to sell a break of the low, as such; the trade never got entered because the low didn’t break. At this point the trade is nullified because the high of the inside bar has been violated.
The USD/JPY has formed two consecutive inside bars and looks to be setting up for an explosive move. The inside bar setup could breakout either direction, the momentum is currently bullish, so we would look to be buyers of a move lower near 91.20 pending a bullish price action setup. Resistance comes in near 93.70.
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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