Forex Commentary: AUDUSD and EURJPY update 9−17−10
International Trading
EURJPY:
Commentary:
THE TECHNIQUE OF GIVING A GOOD MASSAGE
14 years ago
Saturday, September 18, 2010
, Posted by Usman Ali Minhas at 1:00 PM
AUDUSD:
The AUDUSD has put in a topping pattern in the form of a bearish fakey / pin bar combo setup. The pair may push lower next week before we see a resumption of the uptrend.
We would not recommend novice forex traders take this counter-trend setup because we firmly believe counter-trend trading is the realm of more experience traders. However, we would advice traders keep an eye on support near 0.9220-0.9180 next week as we view this is a strong support area. A solid bullish price action setup forming near this support would be a valid long setup.
The above AUDUSD chart synopsis is a good example of how you can simply yet effectively plan your trades before hand by using simple price action. Click here if you would like to read about why simplicity is overlooked in forex trading.
The EURJPY busted out of its trading range high near 109.50 earlier this week. The pair looks to be set for a possible rotation lower at some point this upcoming trading week after today’s bearish rejection candle.
However, rather than fight this week’s explosive bullish momentum we would prefer to wait and see some strong bullish price action form near the significant support level of 109.50 and then look to get long.
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading training course.
The U.S. dollar and Japanese yen regained some of their lost ground today as the recent run-up in riskier assets took a breather.
The Swiss franc remained strong today, gaining on both the greenback and the yen.
For the week, the Dow was up 1.4 percent, the S&P 500 added 1.5 percent, and the Nasdaq added 3.3 percent.
Visiter
Web stat
