Daily Analysis – 02/02/2012

By February 2, 2012Analysis

Chart of the Day – AUD/JPY

 

We’re picking up where we left off in the recently published article about trading the AUD/JPY using price action, risk analysis and top down chart analysis to enter a trade.

 

AUD/JPY Daily Price Action Analysis

click image to enlarge

 

We can see that the AUD/JPY pair has made a higher high over the last day. There are a couple of things to be cognizant of. One is the relative smallness of the day’s candle body. It did close above the close of the previous day’s body which is a good sign, but the body didn’t close above the previous day’s high. The EMAs are still far apart, signaling good momentum. The trend is still up.

 

I’m currently running a special discount on our Forex Market Master Risk Analysis and Price Action Trading Course until the end of the month. Be sure to check it out.

 

For more information and further in-depth analysis of additional currency pairs, check out the exclusive ‘Members’ community that’s included with the FOREX Market Master Risk Analysis and Price Action Trading Course and lifetime membership.

 

Currency Commentary

The Euro fell against most currencies today as Greece struggles to nail down an agrement with bondholders for cutting the nation’s debt load.

 

WSJ says Swiss private bank Wegelin & Co. was indicted Thursday on charges that it facilitated tax fraud by US taxpayers according to the US Justice Dept. Wegelin, Switzerland’s oldest bank, conspired with US taxpayers and others to hide more than $1.2 billion in secret bank accounts, the department alleged.

 

On The Calendar (All times US EST)

GBP Services PMI  4:00AM
EUR Retail Sales m/m 5:00AM
CAD Employment Change  7:00AM
CAD Unemployment Rate   7:00AM
USD Non-Farm Employment Change  8:30AM
USD Unemployment Rate  8:30AM
USD ISM Non-Manufacturing PMI  10:00AM

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