Daily Analysis – Weekend Review

By September 23, 2011Analysis

Weekend Wrap & Review


It was a wild ride this week with the U.S. dollar gaining substantially against most currencies on fears of a global economic double dip recession, China slowing, and the on going European debt crisis.


Gold fell a record $100 per once today(Friday). It’s the biggest one day drop for the yellow metal in dollar terms as traders sold to cover losses in the equity markets from earlier in the week when global stock markets had taken a beating. Equity market recovered slightly and ended up on Friday for the day. Today also marks the end of Q3 2011.


Oil slumped to six week lows today as continued concerns regarding the euro zone economic outlook weighed on crude prices.



Like most other currencies, the Aussie dollar continued to slide against the Yen. We have a bullish bar to close the week, but I would look for further action the downside at marked resistance.




The Aussie dollar played out a nice Engulfing Reversal set up over the last three days. Look for a pullback to resistance before continuing lower barring any unforeseen news or price action indications.




The EUR/USD filled it’s gap a couple of days ago, giving off an Engulfing Reversal set up which played out nicely. It finished the week with an inside bar at support so look for a pullback to resistance.




The pound sterling took a beating this week vs. the greenback. A big reversal bar to close out the week. Look for a pullback to resistance.



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 G-20 group of nations is pledging a strong response to challenges facing the global economy. Most currencies gained back a little of what they gave up through out the week against the U.S. dollar.


The Brazil Real strengthened, taking some of the pain out of the week’s routing, on speculation a currency tax may be removed on foreign-exchange derivatives and some other restrictions.


On The Calendar

09/26 – Monday (EST)

4:00AM – EUR German ifo Business Climate

10:00AM – USD New Home Sales

Leave a Reply