Daily Forex Trading Commentary - Wednesday 8th January 2014

FTSE 100 Index - Waiting for Price to Dip Back to Support

Still nothing to do on this market, if price dips back to support at 6660/30 we will look for price action buy signals on the daily timeframe to enter this market.

EUR/USD - Price Sells-Off From 8-Day EMA

The bears still have a solid grip on this market, the EUR/USD moved back up to the 8-day EMA yesterday before selling off again today. This gave anybody that missed the big false break we were discussing a second chance to short this market.

The 4-hour chart below shows an outside bar that formed on the 4-hour timeframe, traders could have shorted this pair off the outside bar using the technique I teach in my free forex trading course.

AUD/JPY - Bearish Pin Bar, Still Chance of Another Push Up Before Selling Off

This pair dropped a bearish pin bar today near the top of its current trading range. We discussed this possibility in our member's commentary but said we'd like to see the pin bar form higher up. As such we see chance for this to push up higher one more time before selling off to the bottom of the range. A safe stop placement would be above the previous highs of 9422/60.

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Tags: aud/jpy, audjpy, commentary, eur/usd, eurusd, forex, ftse, trading

Comment by Daologic on January 9, 2014 at 7:56am

Comment by Lewis Barber on January 9, 2014 at 8:01am

Nice analysis, 6800 is strong resistance, recent momentum has been up though hence I currently have a long bias, a daily close below 6630 and I'd start to consider shorting.

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