Learn To Trade Price Action with Nial Fuller...
PRICE ACTION FOREX TRADING COURSE
Forex Commentary:
The U.S. dollar remained relatively unchanged today against the other majors as the greenback rally took a breather from yesterday’s volatility. The dollar posted modest losses to most of the other majors with exception of the Canadian dollar which it gained about 30 pips on due to sliding crude oil prices.
Gold declined for the fourth consecutive day today as commodities continue to lose ground, crude oil was also lower, by about $1.85 a barrel.
Trading Setups / Chart in Focus:
GBPJPY
The GBPJPY has pushed into the resistance zone between 133.75 – 134.50, the pair has so far been unable to break past this strong resistance area. We can see in the chart below that this level / area is quite significant, as price has rejected this area numerous times.
Today’s price action in the GBPJPY resulted in an inside pin bar setup just beneath this resistance zone. This setup is against the dominant daily market momentum, as such it is a riskier setup, but that being said, it has formed at a very confluent and significant resistance level, this indicates the setup could cause prices to decline 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.
Other Markets:
On Wall Street today U.S. stocks lost some steam as the trading day came to a close as European debt concerns continued to weigh on financials, limiting gains.
The Dow lost 15.62 points, or 0.14%, the S&P 500 added 0.25 point, or 0.02%, and the Nasdaq gained 6.17 points or 0.25%.
Upcoming important economic announcements: 11/18
5:30am EST: Britain –Public Sector Net Borrowing
5:30am EST: Britain – Retail Sales m/m
9:30am EST: United States – Unemployment Claims
10:45am EST: Britain – MPC Member Posen Speaks
11:00am EST: United States – Philly Fed Manufacturing Index
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