Christmas Special: Save 45% Off Nial Fuller's Trading Course & Daily Trade Setups Newsletter (Ends December 31st) -
Nial Fuller

NIAL FULLER
Professional Trader, Author & Trading Coach

Forex Trade Setups Commentary: AUDUSD 4 hour Pin bar Setup From Support, 4th October 2012

author thumb
By in Forex Trading Commentary Last updated on | 5 Comments

Trading Setups / Chart in Focus:

AUDUSD

The AUDUSD has been trading in a large range between about 1.0610 and 1.0175 area for over two months now. We can see that today the market has found support at the bottom of the range, showing some rejection of this key level. If you look at the 4 hour time frame (second chart below), you can see a pin bar reversal setup has formed showing clear rejection of the key trading range support level. The pin bar has already come off a little bit to the upside, but if the market remains buoyant in the next 24 hours we could see a larger move higher back into the body of this trading range. Alternatively, a break below the trading range support would clearly be a bearish event and probably lead to a larger move lower.

1349390841-clip-18kb

1349390953-clip-19kb

Check out my latest trading lesson: You Don’t Have To Be Right to Make Money Trading

————————————————————————————————————————————————————————–
October Special Promotion- This month I’m offering a Special Discount on Lifetime membership to my Forex Course, Live Trade Setups Forum, Daily Trade Setups Newsletter, Email support line, and more. For more info visit the Forex Course Page Here.
————————————————————————————————————————————————————————–

Forex Commentary:

In the currency markets, the euro shot higher today on the back of positive news about the euro-zone debt crisis from the ECB. The EURUSD moved to two-week highs 1.3030.

The Japanese yen was mostly lower against the other majors today on the back of speculation that the Bank of Japan might ease monetary policy again soon.

The U.S. dollar lost ground across the board today.

Other Markets:

In the U.S. markets today, stocks moved higher on the back of a positive report about the labor market as well as better sales from retail stores.

The Dow added 80.75 points, the S&P 500 gained 10.41 points, and the Nasdaq added 14.23 points.


Upcoming important economic announcements (New York time): 10/05/2012

Tentative: Japan – BOJ Press Conference
3:00am EST: Switzerland – Foreign Currency Reserves
8:30am EST: Canada – Building Permits m/m
8:30am EST: Canada – Employment Change
8:30am EST: Canada – Unemployment Rate
8:30am EST: United States – Non-Farm Employment Change
8:30am EST: United States – Unemployment Rate

  1. Larry H. October 6, 2012 at 11:46 am

    Nial,

    Again and again and again – Thanks for your thoughtful and needed ideas and work. Larry

    Reply
  2. Jerry October 5, 2012 at 11:55 pm

    Nice chart and explaination. I like it very much.

    Reply
  3. KRISTOFA OKENTA October 5, 2012 at 11:03 pm

    Dear Professor, You have been so magnanimous to all traders. Since Monday if any trader has followed your analysis on AUD alone, the trader would have made over 300 pips this week. You are not like others who only give fish but refuse to teach us ho to fish or how they fish. thank you and God bless.

    Reply
  4. Simona October 5, 2012 at 4:30 pm

    Fantastic…you’re simply fantastic ‘n accuracy. Congratulations! By Simona From Milan.

    Reply
  5. fxweiss October 5, 2012 at 9:18 am

    hi Nial, nice analysis but i have a question..is the last bearish candle (4hr)a false break and can it be a pin bar??thanks

    Reply

Leave a Comment

Your email address will not be published. Required fields are marked *