Forex Trade Setups Commentary: GBPUSD 4hr Fakey Setup – 6-17-10

Forex Trade Setups Commentary:

GBPUSD 4hr Fakey Setup / USDCAD update

GBPUSD:

The GBPUSD 4 hour chart formed a very nice fakey setup with the recent bullish 4 hour momentum. Resistance is seen just over head around 1.4835. This setup provided traders with a high probability entry with enough steam to at least get stops to break even.

For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading course.

USDCAD:

The USDCAD pin bar / fakey setup we posted up last Monday has technically not been invalidated yet. Price has sold down to the low of the fakey near 1.0222 but has been unable to push below this support area.

Commentary:

The U.S. dollar was mostly lower today but managed to gain modest ground against the Canadian dollar as crude oil futures finished today’s trading session lower, closing under $77 a barrel.

The Japanese yen managed to stay relatively unchanged against most of the majors today except against the Swiss franc which it lost about 100 pips to.

The Dow gained 24.71 points, or 0.24 percent, the S&P 500 added 1.43 points, or 0.13 percent, and the Nasdaq added 1.23 points, or 0.05 percent.

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