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Trading Setups / Chart in Focus:

GBPUSD

The GBPUSD found support today just below 1.5770 as it rotated down into that key level and then bounced higher forming a bullish pin bar reversal setup in the process. We’ve been talking about this key 1.5770 support area for some time now in recent commentaries and given the significance of this level recently it’s no surprise to see this bounce today. Trading price action setups from key levels like this is one of the core principles I teach in my price action trading course and members’ area. We could see higher prices if this market can remain buoyant in the near-term.

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Forex Commentary:

In the currency markets today, the euro moved higher against the U.S. dollar on the back of hopes for new measures by the European Central Bank to help contain the euro-zone debt crisis, as well as continued expectations of new stimulus from the U.S. Federal Reserve bank.

The Australian dollar moved to a near 5-week low against the U.S. dollar on the back of concerns about a slow-down in China’s economy.

The U.S. dollar was lower against most of the majors today, except for the New Zealand dollar which it gained modestly on.

Other Markets:

In the U.S. markets today, stocks closed the day essentially unchanged in what were light trading conditions again. Mixed economic data provided little reason for the markets to make any big moves today.

The Dow lost 21.68 points, or 0.17 percent, the S&P 500 dropped 1.14 points, or 0.08 percent, and the Nasdaq dropped 3.95 points, or 0.13 percent.

Upcoming important economic announcements (New York time): 08/29/2012

8:30am EST: United States – Prelim GDP q/q
10:00am EST: United States – Pending Home Sales m/m
9:00pm EST: New Zealand – NBNZ Business Confidence
9:30pm EST: Australia – Building Approvals m/m
9:30pm EST: Australia – Private Capital Expenditure q/q

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