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Forex Commentary:
The U.S. dollar gained strength today as European countries that are heavily in debt were back in the headlines, the cost of protecting the government debt against default rose substantially in the past week in Ireland, Portugal and Spain.
The euro hit its lowest level in more than a week against the dollar, hitting a low of 1.3750 today. The dollar was up against a basket of currencies, as the greenback surged on the back of currency market uncertainty today.
Trading Setups / Chart in Focus:
GOLD
Gold formed a couple of good pin bar setups last week that have since pushed higher and netted savvy traders some very decent pips.
We posted last Friday’s pin bar in the member’s commentary before it came off, it has since broke through resistance and made what was an all time high. Price has rotated lower into today’s New York close, but this setup could have provided a 1 to 2 risk / reward if it was traded correctly. The pin bar setup from November 3rd worked out very well.
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 slid for a second day in a row as selling picked up into the close, led by big losses in bank and metal stocks.
The Dow shed 60.09 points, or 0.53 percent, the S&P 500 lost 9.85 points, or 0.81 percent, the Nasdaq lost 17.07 points, or 0.66 percent.
Upcoming important economic announcements: 11/10
Tentative: China – Trade Balance
6:30am EST: Britain – BOE Gov King Speaks
6:30am EST: Britain – BOE Inflation Report
9:30am EST: Canada – Trade Balance
9:30am EST: United States – Trade Balance
9:30am EST: United States – Unemployment Claims
2:00pm EST: Euro-zone – ECB President Trichet Speaks
8:30pm EST: Australia – Employment Change
8:30pm EST: Australia – Unemployment Rate
10:00pm EST: China – CPI y/y
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