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NIAL FULLER
Professional Trader, Author & Trading Coach

Market Commentary: AUDUSD Pushes Higher, Crude Oil Pin Bar, 5th March 2013

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By in Forex Trading Commentary & Trade Signals by Nial Fuller Last updated on | No Comments

Trading Setups / Chart in Focus:

AUDUSD – Aussie/dollar price action update

The AUDUSD counter-trend pin bar that we discussed in yesterday’s commentary has seen price push significantly higher today. We should note that this pin bar formed at the bottom of a large trading range between 1.0600 resistance and 1.0150 support, and given that the pin bar reversal had a long tail on it and created a false break strategy showing clear rejection of the key 1.0150 level, it was a valid pin bar to take even though the recent trend had been down. As we mentioned yesterday, we see the potential for a move up into that next key resistance around 1.0350 area and possibly higher if the market does not show any signs of stalling or reversing at that level.

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Spot Crude Oil – Crude Oil finds footing at key support

The spot Crude Oil market has finally found some traction after moving into key support near 90.00 and forming a bullish rejection pin bar there yesterday. Today the market moved modestly higher, ending the day near yesterday’s pin bar high. This pin bar setup is still valid as price is currently hovering near its highs as of this writing. We could see the market pop higher from here, perhaps up into the key resistance level near 95.00 before moving significantly lower again.

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Forex Commentary:

In the currency markets today, the euro gained ground for the second day in a row versus the dollar and the Australian and New Zealand dollars strengthened on the back of improving risk sentiment.

The Japanese yen was slightly stronger against the U.S. dollar today and basically unchanged against the euro and British pound.

Other Markets:

In the U.S. markets today, stocks moved higher and the Dow Jones Industrial Average hit a record high on the back of positive news from China as well as optimism that central banks will continue with economic stimulus.

The Dow moved up 125.95 points, or 0.9 percent, the S&P 500 added 14.59 points, 1 percent and the Nasdaq added 42.10 points, or 1.3%.

Upcoming important economic announcements (New York time): 3/6/2013

4:45am EST: Britain – BOE Gov King Speaks
8:15am EST: United States – ADP Non-Farm Employment Change
10:00am EST: Canada – BOC Rate Statement
10:00am EST: Canada – Ivey PMI
10:00am EST: Canada – Overnight Rate
7:30pm EST: Australia – Trade Balance
Tentative: Japan – Monetary Policy Statement
Tentative: Japan – Overnight Call Rate

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About Nial Fuller

is a Professional Trader & Author who is considered ‘The Authority’ on Price Action Trading. He has a monthly readership of 250,000+ traders and has taught 20,000+ students since 2008. In 2016, Nial won the Million Dollar Trader Competition. Checkout Nial's Professional Trading Course here.

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