Forex Price Action | Aussie Pin Bar Pattern off Support | Sept. 18th
Sticking with the Aussie, the pair has pulled back from the recent swing high resistance level at 1.0612 lately and sold off towards the 1.0400 level I mentioned from yesterday. In doing so, the pair formed a pin bar pattern off the dynamic support and daily 20ema. Due to the location of the low of the pin bar setup, I would be interested in taking longs into a pullback towards the pin bar lows with tight stops below 1.0400. Targets would be set just shy of the 1.0612 highs offering a solid Reward to Risk play so bulls have a play here. Bears can wait for a price action rejection at the above levels on weakness to short for a move back down to 1.0400 so plays on both sides here.
Global Market Commentary:
European and US indices fell a bit with concerns over Spain asking for a bailout package which they need just to stay afloat as 10yr bonds pushed over 6% this week.
The EURUSD fell about 70pips on the day while Gold gained about $3 and crude continued yesterday’s fall halting at $95.50.
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