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Trading Setups / Chart in Focus:
GBPUSD – Sterling/dollar sells off aggressively from long-tailed pin bar
The GBPUSD moved significantly lower today, moving down into 1.6100 support and breaking below that level into Friday’s Asian session at the time of this writing. Despite not retracing to the 50% level of the pin bar trading strategy as we discussed yesterday, the market still provided us with a nice potential for profit today as it dropped almost 150 pips from open to close. We could see the market continue to move lower into Friday’s close with 1.6000 being the next obvious support / target area. We remain bearish biased on this market whilst it stays contained below 1.6300 on a closing basis.
EURUSD – Euro/dollar weakens significantly after fakey – pin combo setup
The EURUSD also fell significantly lower today from yesterday’s fakey pin bar combo setup. We can see that near-term momentum has clearly shifted from bullish to bearish after breaking down from the consolidation that we saw recently just above 1.3155. Traders can look for price action sell signals if this market retraces back to resistance in the near-term.
Check out my latest trading lessons:
1. 5 New Years Trading Resolutions For 2013 (just posted)
2. How To Start Profiting With Price Action Trading Strategies
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Forex Commentary:
In the currency markets today, the euro lost significant ground versus the U.S. dollar today, dropping to a three-week low against it.
The U.S. dollar gained on most of the other major currencies today on the back of the FOMC monetary policy meeting minutes from December which showed concern among central bankers about the long-term impact the bank’s stimulus program.
The Japanese yen gained back modest ground today against most of the other majors as the JPY downtrend versus the other majors took a breather.
Other Markets:
In the U.S. markets today, stocks lost ground on the back of signs that the Federal Reserve may not expand its stimulative monetary policy.
The Dow lost 21.19 points, or 0.16 percent, the S&P 500 lost 3.05 points, or 0.21 percent, and the Nasdaq lost 11.70 points, or 0.38 percent.
Upcoming important economic announcements (New York time): 1/4/2013
4:30am EST: Britain – Services PMI
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
10:00am EST: United States – ISM Non-Manufacturing PMI
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