AppId is over the quota
Trading Setups / Chart in Focus:
AUDUSD – Aussie/dollar coiling pin bar setup
The AUDUSD has been coiling over the last few days (this means multiple inside bars) and this compression of price will likely lead to a breakout one way or the other soon. Given the underlying bullish momentum in this market we are slightly bullish and would not be surprised to see price break higher…note the multiple inside pin bars that have formed over the last few days showing rejection of lower prices. However, we should note there’s major resistance just above near 1.0600 that could keep this market contained over the short-term, if the market does rotate lower we can watch for buy setups from support to join the underlying bullish momentum in this market. There’s some potentially volatile Australian employment news coming out about 30 minutes from this posting that could break this market from this current consolidation one way or the other.
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Forex Commentary:
In the currency markets today, the euro lost ground again to the U.S. dollar but managed to pare losses into the NY close showing some rejection of support.
The Japanese yen remained strong against the other majors today as the yen short–covering continued.
Other Markets:
In the U.S. markets today, stocks were mixed as investors absorbed a round of bank earnings and concerns over the debt ceiling debate in the U.S. continued.
The Dow lost 23.66 points, or 0.17 percent, the S&P 500 gained 0.29 points, or 0.02 percent, and the Nasdaq added 6.76 points, or 0.22 percent.
Upcoming important economic announcements (New York time): 1/16/2013
7:30pm EST: Australia – Employment Change
7:30pm EST: Australia – Unemployment Rate
1/17/2013
8:30am EST: United States – Building Permits
8:30am EST: United States – Unemployment Claims
10:00am EST: United States – Philly Fed Manufacturing Index
4:45pm EST: New Zealand – CPI q/q
9:00pm EST: China – GDP q/y
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