Learn To Trade Price Action with Nial Fuller...
PRICE ACTION FOREX TRADING COURSE
Forex Commentary:
The U.S. dollar gained strength today as concerns about Ireland’s debt load weighed on the euro which gave the greenback some relief from its recent descent.
Gold hit a new record at $1,400 an ounce today as it surged on worry over inflation.
Trading Setups / Chart in Focus:
GBPUSD
The GBPUSD moved lower today, hitting support near 1.6100, this level will need to hold if we are to get another strong move to the upside in this pair. Traders can also keep an eye out for fakey setups or pin bars occurring near this level after tomorrow’s New York close.
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 stocks pulled back as traders retreated from a rally that pushed indexes to their highest levels since the peak of the financial crisis in September 2008.
The Dow lost 37.32 points, or 0.33 percent, the S&P 500 lost 2.62 points, or 0.21 percent, and the Nasdaq gained 1.07 points, or 0.4 percent.
Upcoming important economic announcements: 11/8
5:30am EST: Britain – Manufacturing Production m/m
4:00pm EST: New Zealand – RBNZ Financial Stability Report
8:30pm EST: Australia – Home Loans m/m
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