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PRICE ACTION FOREX TRADING COURSE
Forex Commentary:
The EURUSD stalled today, falling from a 14-month high after the European Central Bank weakened the picture for aggressive interest rate hikes, however pullbacks to the downside are expected to be limited.
The yen gained strength today against the other majors after a new earth quake in Japan cause investors to close trades in riskier assets which were funded by the cheaply borrowed yen.
Sterling slipped against the dollar after the Bank of England kept rates unchanged, as expected.
Trading Setups / Chart in Focus:
GBPJPY
The GBPJPY has had quite an impressive move since the long-tailed pin bar which formed back on March 17th came off aggressively to the upside.
We can see an obvious support level coming in near 135.00 that would be a good area to watch for potential bullish price action strategies to form near, should price fall lower in the near-term.
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my price action forex trading course.
Other Markets:
On Wall Street today stocks fell lower after a major aftershock in Japan reignited fears about its nuclear crisis, however, positivity about the U.S. economy worked to limit losses.
The Dow lost 17.26 points, or 0.14 percent, the S&P 500 lost 2.03 points, or 0.15 percent, and the Nasdaq dropped 3.68 points, or 0.13 percent.
Upcoming important economic announcements: 4/8/2011
4:30am EST: Britain – PPI Input m/m
7:00am EST: Canada – Employment Change
7:00am EST: Canada – Unemployment Rate
8:15am EST: Canada – Housing Starts
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