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PRICE ACTION FOREX TRADING COURSE
Forex Commentary:
The U.S. dollar extended a decline against the euro in afternoon trading Tuesday following remarks from Greece’s newly appointed finance minister that Greece must pass its latest austerity plan a few weeks earlier than analysts have been expecting.
The euro has pared the month’s loss to 0.1% amid worries about Greece. The single currency is still up 1.8% gain for the quarter and has risen 7.7% this year.
Meanwhile, the British pound (GBPUSD) turned up 0.1% to $1.6246. Against the Japanese yen, the dollar (USDJPY) eased to ¥80.13 from ¥80.31 Monday. The Australian currency (AUDUSD) traded at $1.0601, after falling below $1.0610 prior to the minutes’ release and little changed on the day.
Trading Setups / Chart in Focus:
GBPUSD
The GBPUSD pushed up into its 8 day EMA today. We can see price has rallied since finding support near 1.6075. The next major resistance is coming up near 1.6300 and the 21 day EMA, we can see this level has proved to be significant in the recent past. We watch this level closely for bearish price action strategies.
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my Forex price action trading course.
Other Markets:
On Wall Street today stocks moved higher for the fourth day in a row on the back of growing hopes that Greece will avoid a debt default, this worked to add momentum to the recent rebound in stocks.
The Dow gained 109.63 points, or 0.91 percent, the S&P 500 added 17.16 points, or 1.34 percent, and the Nasdaq added 57.60 points, or 2.19 percent.
Upcoming important economic announcements: 6/22/2011
4:30am EST: Britain – MPC Meeting Minutes
12:30pm EST: United States – FOMC Statement
12:30pm EST: United States – Federal Funds Rate
2:15pm EST: United States – FOMC Press Conference
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