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Forex Trade Setups Commentary:
USDJPY inside bars and AUDUSD update
The USDJPY has formed consecutive inside bars recently which have broken out to the downside. The trend is down in this pair.
Inside bars can be a great trend-resumption tool, yet they are also seen at many major market turning points. The fact that these 2 inside bars formed just under resistance hints that lower prices are possible in the near-term.
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading course.
AUDUSD:
The AUDUSD put in a rather volatile day today, trading lower by about 102 pips before shooting higher to close up about 133 pips. The bearish pin bar setup from Friday ended up not working, they don’t all work, the setup was solid though.
Commentary:
The U.S. dollar was weaker today, losing ground to all the major currencies in what was a choppy trading session.
The British pound was relatively weak today, only gaining about 14 pips on the U.S. dollar. The euro was a bit stronger, gaining about 88 pips on the dollar.
The Dow rose 56.99 points, or 0.59 percent, the S&P 500 added 5.47 points, or 0.53 percent, and the Nasdaq added 2.09 points, or 0.10 percent.
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