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Forex Trade Setups Commentary:
NZDUSD and AUDUSD bearish pin bar setup
Last Friday in the commentary we posted up a well-formed NZDUSD bearish pin bar setup. The setup has followed through today with another bearish pin bar, indicating the setup may indeed cause prices to rotate lower in the near-term.
AUDUSD:
The AUDUSD formed a nearly identical bearish pin bar setup on Friday to the NZDUSD setup. We originally posted this setup up in addition to the NZDUSD setup over in the member’s commentary last Friday.
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Commentary:
Currency markets were open today in the other major financial centers around the world excluding the U.S. for Independence Day.
The Swiss economy continues to hold strong with a better than expected retail sales report released today.
The FX markets were rather subdued today without major U.S. institution trading; however we did see the U.S. dollar and Japanese yen strengthen modestly.
Last week, the Dow fell 4.5 percent, the S&P lost 5 percent and the Nasdaq shed 5.9 percent.
Alex said,
July 6, 2010 @ 5:39 pmIt looks as though the NZD is strengthening against the USD. This is unfortunate because it seemed like everything was working in our favor (a bounce of a fib level, a pin bar and even a touch off the moving averages. Is it too early to tell if this was a scratch trade?