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PRICE ACTION FOREX TRADING COURSE
Today was a relatively quiet day in the forex markets as there was no significant economic data released and the markets are anticipating a slew of significant economic data later this week starting with tomorrow’s U.S. FOMC Meeting Minutes.
The AUDUSD has formed a couple of short-term support levels worth noting recently. The first is near 0.9700 which coincides with the low of the pin bar that formed last Friday.
The second support level as seen in the chart below is near the low of the fakey / pin bar combo that formed on 10/5. We can see the 21 day moving average lies almost right in between these two support levels; a pullback down to this level to re-join this uptrend would be nice.
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Commentary:
The U.S. dollar strengthened modestly today against the other major currencies as volume was light due to little economic data being released today. The greenback did manage to gain about 50 pips on the euro and about 75 pips against the British pound.
The Japanese yen also gained modest ground today against the other majors with the exception being a slight loss to the U.S. dollar.
The Dow added 2.11 points, or 0.02 percent, the S&P 500 added 0.11 of a point, or 0.01 percent, and the Nasdaq added 0.42 of a point, or 0.02 percent.
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