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Forex Commentary:
The U.S. dollar rose today against the euro, pound and yen at the start of a new year on hopes that U.S. economic growth will accelerate in 2011.
In late trading in New York, the euro dropped to $1.3364 from $1.3367 late Friday. The British pound dropped to $1.5491from $1.5590, while the dollar rose to 81.65 Japanese yen from 81.21 yen.
In other trading today, the U.S. dollar fell to 0.9330 Swiss franc from 0.9338 Swiss franc. It hit a record low of 0.9299 franc on Friday. The franc is a traditional safe-haven currency and made continuous gains against the dollar and the euro in 2010.
The dollar rose to 1.0084 Canadian dollars from 1.0043 Canadian dollars as oil prices rose to $92 a barrel. Canada is a major oil and gas exporter, and its currency tends to rise in tandem with increasing commodity prices.
Trading Setups / Chart in Focus:
USDJPY
The USDJPY is finding support near 81.00; a previous area of support as we can see in the daily chart below.
The pair formed 2 consecutive bullish pin bars which showed clear rejection of this support area. Price has since pushed higher and appears poised to re-test the resistance zone between 82.30 – 82.80.
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 U.S. stocks rang in the new year with a rally as positive data regarding the outlook for manufacturing around the world gave investors a reason to inject new money into the market.
The Dow gained 93.24 points, or 0.81 percent, the S&P 500 added 14.23 points, or 1.13 percent, and the Nasdaq added 38.65 points, or 1.46 percent.
Upcoming important economic announcements: 1/4/2011
4:30am EST: Britain – Manufacturing PMI
2:00pm EST: United States – FOMC Meeting Minutes
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