Daily Analysis – Chart of the Day
The Aussie/Yen pair blasted through overhead resistance with a nice pin bar set up on the daily chart last Friday. Today we had perfect follow through breaking the fib resistance and giving a nice retest of the red support line. We’re looking for a continuation of the move up to the first level of resistance on the chart below.
The Aussie/USD pair found reason to continue it’s run up after a massive Engulfing Reversal Bar on Friday. We expect price to test the next level of resistance (~1.0790) within the next two days.
For more information and 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.
The US dollar index fell slightly today as the U.S markets made a rally.
Equity & other Markets
DOW finished up +2.26% (254.71) @ 11,539.25
S&P 500 finished up +2.83% (33.28) @ 1,210.08
NASDAQ finished up +3.32% (82.26) @ 2,562.11
Spot Gold was down -0.28% (-5.10) @ 1,814.90
Oil was up +2.57% (2.19) @ 87.56
U.S. stocks opened the week strongly as Huerricane Irene became a non-issue. Damage was minimal overall with power outages and minor flooding being the biggest concerns. Banks and insurers rallied the DOW back up to near break even for 2011.
On The Calendar
9:00PM – Aussie Building Approvals m/m
10:00AM – CB Consumer Confidence
2:00PM – FPMC Minutes
9:00PM – New Zealand Business Confidence