AppId is over the quota
Weekly Price Action Trading Outlook for December 10th – December 14th 2012
EURUSD – Euro/dollar remains range-bound
When we last talked about the EURUSD in Tuesday’s commentary, we mentioned it was fast approaching the key resistance zone at 1.3130 – 1.3171. We can see the market moved up to just below that resistance on Wednesday, hitting a high of 1.3126 before reversing sharply into the week’s end. This market did show some bounce off support at 1.2875 on Friday, however Friday’s bar is definitely not a pin bar, despite the many emails we received from traders thinking it was a pin bar. If you need more clarification on the pin bar please see this article: pin bar definition. This week, if the EURUSD can hold above 1.2875 we could see higher prices, otherwise if it moves down it will face another support near 1.2820 – 1.2800 that we could watch for price action buy signals forming near.
GBPUSD – Sterling/dollar found support on Friday, forms pin bar
The GBPUSD lost ground the second half of last week, however it did manage to find some support at 1.6000 on Friday and formed a bullish rejection pin bar in the process. This week, price needs to remain above Friday’s pin bar low to have a chance at pushing higher. Otherwise, if price drifts lower and breaks down past 1.6000, we would watch for price action trading buy signals near the next support around 1.5960.
AUDUSD – Aussie/dollar consolidates below near-term resistance
The AUDUSD consolidated on Friday, forming an inside bar in the process. We can see that on Thursday the market formed a false-break of near-term resistance at 1.0490. If this market rotates lower early this week, traders could look for price action buy signals around the near-term support at 1.0400. We still see a slight underlying bullish bias in this market as it continues to chop slowly higher.
XAUUSD – Spot Gold bullish fakey / pin bar setup
The spot Gold market showed some strength last Friday as it formed a bullish fakey pin bar combo setup after the market tried to move lower early in the session. If this market can break above the near-term resistance at $1705.00 this week, which is also Friday’s pin bar high, we could see a move higher back up towards $1735.00 resistance. The market would have to break down below $1672.00 support to open the door for another leg lower.
Check out my latest trading lesson: 6 Dangerous Misconceptions Of Forex Trading
Upcoming important economic announcements (New York time):
12/09/2012
Tentative: China – Trade Balance
12/10/2012
12:15pm EST: Britain – BOE Gov King Speaks
————————————————————————————————————————————————————————–
Christmas Special Promotion- For December I’m offering a Special Discount on Lifetime membership to my Forex Course, Live Trade Setups Forum, Daily Trade Setups Newsletter, Email support line & more. For more info visit the Forex Course Page Here.
————————————————————————————————————————————————————————–
About The Author: Nial Fuller is considered a leading ‘Authority’ on Price Action Forex trading. If you want to learn more about harnessing the power and simplicity of Price Action Trading Strategies please visit Nial Fuller’s Forex Trading Course & Traders Community Page Here. Nial’s Students get lifetime access to all of his advanced price action Forex Courses, video lessons, webinar tutorials, daily trade setups newsletter, live trade setups discussion forum, traders support line & free ongoing course updates. For more info, visit the Forex Course page.
—————————————————————————————————————————————————————————-
Copyright 2012 – Forex – Learn To Trade The Market – Author Nial Fuller
Posts
