Chart of the Day
The Aussie/Dollar pair bounced off support creating an Engulfing Reversal Pattern. We’re expecting price to continue higher to test the resistance zone in the near term. The Engulfing Reversal Pattern is one of the favored set ups we teach here at Forex Market Master. When they form at an area of confluence, we take action and create profits for ourselves.
For more information on how to most effectively trade Engulfing Reversal Patterns 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.
The German courts ruled in favor of supporting the governments efforts to bail out the crisis plagued euro zone. The euro rallied against most currencies on the news. The fell broadly and the DIX(dollar index) lost 0.60% on the day.
Equity & other Markets
DOW finished up 2.47% (275.56) @ 11,414.86
S&P 500 finished up 2.86% (33.38) @ 1198.62
NASDAQ finished up 3.04% (75.11) @ 2548.94
Spot Gold was down –0.04% (-0.80) @ 1,816.80
Oil was up 0.60% (0.54) @ 89.88
European and U.S. stocks rebounded on the German court ruling supporting efforts to bail out the euro zone. The market has viewed positively the idea that Europe has carved out a plan to deal with it’s debt crisis. Gold prices fell quickly reflecting the change in sentiment.
On The Calendar
09/08 – Thursday (EDT)
7:00AM – GBP Asset Purchase Facility
7:00AM – GBP Official Bank Rate
Tentative – GBP MPC Rate Statement
7:45AM – EUR Minimum Bid Rate
8:30AM – CAD Building Permits
8:30AM – CAD Trade Balance
8:30AM – EUR ECB Press Conference
8:30AM – USD Trade Balance
8:30AM – USD Unemployment Claims
1:30PM – USD Fed Chairman Bernanke Speaks
10:00PM – CNY CPI y/y