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Daily Forex Market Commentary

Posted on December 10th, 2009 | by | in Forex Trading Commentary | No Comments

Daily Forex Market Commentary:

On Wall Street today the Dow closed up 51.08 points as dollar weakness fueled a late day advance in riskier assets.

Currencies:

The U.S. Dollar’s powerful advance against all the major currency pairs slowed today as Gold’s recent precipitous fall has stabilized for the time being and investors moved back into stocks and commodities. A look at the price action of the major FX pairs shows us that they are all at or very near too major support or resistance levels. Continued U.S. Dollar weakness is likely into Thursday’s FX sessions.

Pair in focus: Pound/Dollar

Below is a 4 hour chart of the British pound / U.S. Dollar. We have opposing pin bars here but the fact that a classic looking fakey setup has occurred off pretty strong support around 1.6150 leads us to believe this pair could correct up to about 1.6475 before the downward momentum resumes. I discuss my unique fakey setup extensively in my forex price action course.

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For a more in-depth analysis of the Major FX Pairs and Price Action Signals please check out our member’s market commentary.

Daily Forex Market Commentary

Posted on December 9th, 2009 | by | in Forex Trading Commentary | No Comments

Daily Forex Market Commentary:

Yesterday, U.S. Fed Chief Ben Bernanke declared the U.S. economy is facing “formidable headwinds” and effectively vowed to continue printing paper dollars like there’s no tomorrow.
The reaction from China came quickly, as Andy Xie, recently named by BusinessWeek as one of China’s most influential economists, pulled no punches.
Xie accused the Fed chief of “poisoning” the U.S. economy by keeping interest rates near zero and creating a tidal wave of newly printed paper dollars. He warned that the next global crisis will be driven by asset inflation. And his warning is precisely the scenario many have been forecasting.

Currencies:
The U.S. dollar gained big on all the majors today except the Japanese Yen as investors sold off stocks and fled to safe-haven instruments. A huge weekly pin bar on Gold tipped off the dollar strength for this week. We posted up this Gold trade yesterday before it broke down in our member’s trading forum.

Pair in focus: Pound/Dollar
Yesterday’s pin bar never broke to the upside. The break of the tail of the pin bar around 1.6300 indicates this market is increasingly bearish. A move down to 1.5900 is possible in the near-term. Keep on eye on any upside corrections for price action setups to get short around 1.6450.
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For a more in-depth analysis of the Major FX Pairs and Price Action Signals please check out our member’s section.

Daily Forex Market Commentary

Posted on December 8th, 2009 | by | in Forex Trading Commentary | No Comments

Daily Forex Market Commentary:

On Wall Street today the Dow closed little changed, up 1.21 points from Friday’s close. A speech by Fed chairmen Bernanke gave little hope to investors as early market gains fizzled in late afternoon trading.

Currencies:

The dollar gained ground over night on most of the major FX pairs but by the New York close it had given back much of its earlier FX session gains. Short-term gains against the dollar appear likely in the major FX pairs. However, all FX pairs are at important weekly inflection points and the runaway trends against the dollar might be nearing an end soon.

Pair in focus: Pound/Dollar

Note the pin bar today that formed off support at 1.6300. A move up between 1.6600 and 1.6700 is possible in the near-term. The longer term picture for cable appears to be weakening and a decisive break of 1.6300 would likely result in further downside movement.
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For a more in-depth analysis of the Major FX Pairs and Price Action Analysis please check out our member’s section.

Daily Forex Market Commentary

Posted on December 5th, 2009 | by | in Forex Trading Commentary | No Comments

Daily Forex Market Commentary:

On Wall Street today the Dow close up 22.75 points as investors cheered data showing the economy lost far fewer jobs than expected. The Dow closed significantly off from the session highs however due to the soaring U.S. dollar.

The U.S. dollar made nice gains against all the major FX pairs on Friday due to a better than expected jobs report. The rising dollar pushed crude oil down. A strengthening employment picture means a likely improvement in U.S. retail sales which is the main driver of GDP.

Pair in focus: euro/dollar

This fakey setup came off very nicely today. A rejection of 1.5140 on Thursday set the stage for this price action setup. As pointed out in yesterday’s commentary a move down to 1.4900-1.4800 took place as a result of the follow through on this fakey setup. Our member’s receive in-depth daily analysis of the price action setups that I teach in my trading course.

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For a more in-depth analysis of the Major FX Pairs and Price Action Signals please check out our member’s section.

Daily Forex Market Commentary

Posted on December 4th, 2009 | by | in Forex Trading Commentary | No Comments

Daily Forex Market Commentary:

On Wall Street today the Dow closed down 86.76 as investors grew nervous ahead of the monthly jobs report due out tomorrow morning. The Dow fell steeply just before the closing bell finishing lower after being up about 55 points earlier in the trading day.

The U.S. dollar was little changed from the New York close yesterday against most major currency pairs. Most of the major FX pairs did have trouble continuing to further gains against the dollar today and it looks like current trends against the dollar may stall out here and pull back.

Pair in focus: euro/dollar

The euro/dollar rejected the 1.5140 level again today and formed my signature fakey setup. A near-term correction down between 1.4900-1.4800 is possible now. Our member’s get in depth analysis of my fakey setup as well as other price action setups in the trader’s forum.

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For a more in-depth analysis of the Major FX Pairs and Price Action Signals please check out our member’s section.

Daily Forex Market Commentary 25 – 11 – 09

Posted on November 26th, 2009 | by | in Forex Trading Commentary | No Comments

Daily Forex Market Commentary:

Stocks rose on Wall Street today in light volume ahead of the Thanksgiving holiday. Investors bought stocks as the biggest drop in unemployment claims all year and increase in new home sales added fuel to the economic recovery.

NEW YORK (AP) — The safe-haven dollar slid to a 15-month low against the euro, was within striking distance of 14-year lows versus the yen and dipped below parity against the Swiss franc Wednesday as markets absorbed the Federal Reserve’s indication that interest rates will remain at super-low levels for a while and it was not overly concerned by the U.S. currency’s decline.

Pair in focus: euro/dollar

As stated above the dollar hit a 15-month low against the euro today as the currency pair currently sits at 1.5141 U.S. dollar per euro. As we pointed out in yesterday’s commentary this pair was getting ready to move. Our member’s received in-depth price action analysis of this trade and others that are all well in the money right now. By simple price action analysis we were able to catch a great break out trade.

We can see below in this daily EUR/USD chart that Tuesday’s inside/pin bar broke up for a substantial gain. Yesterday’s our paid members commentary featured a 4hr chart view of this setup before it broke out with an obviously well defined pin bar.   Support now sits in the low 1.5000’s area of the chart.
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For a more in-depth analysis of the Major FX Pairs and Price Action Signals please check out our Forex Trading Course Members Section

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Daily Forex Market Commentary: 11-24-09

Posted on November 25th, 2009 | by | in Forex Trading Commentary | No Comments
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Posted on November 24th, 2009 | by | in Forex Trading Commentary | No Comments
Daily Forex Market Commentary: 11-23-09
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Posted on November 21st, 2009 | by | in Forex Trading Commentary | No Comments
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Posted on November 20th, 2009 | by | in Forex Trading Commentary | No Comments
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Posted on November 19th, 2009 | by | in Forex Trading Commentary | No Comments
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Posted on November 18th, 2009 | by | in Forex Trading Commentary | No Comments
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Posted on November 17th, 2009 | by | in Forex Trading Commentary | No Comments
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Posted on November 8th, 2009 | by | in Forex Trading Commentary | No Comments
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Posted on October 28th, 2009 | by | in Forex Trading Commentary | 2 Comments
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Posted on September 26th, 2009 | by | in Forex Trading Commentary | No Comments
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Posted on September 24th, 2009 | by | in Forex Trading Commentary | 2 Comments
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Posted on March 18th, 2009 | by | in Forex Trading Commentary | No Comments
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Posted on January 9th, 2009 | by | in Forex Trading Commentary | No Comments
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Posted on December 20th, 2008 | by | in Forex Trading Commentary | No Comments
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Posted on December 17th, 2008 | by | in Forex Trading Commentary | No Comments
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Posted on December 8th, 2008 | by | in Forex Trading Commentary | No Comments
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Posted on December 8th, 2008 | by | in Forex Trading Commentary | No Comments
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Posted on December 4th, 2008 | by | in Forex Trading Commentary | No Comments
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Posted on December 4th, 2008 | by | in Forex Trading Commentary | No Comments
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Posted on December 4th, 2008 | by | in Forex Trading Commentary | No Comments
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Posted on December 2nd, 2008 | by | in Forex Trading Commentary | No Comments
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Posted on October 11th, 2008 | by | in Forex Trading Commentary | No Comments
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