Forex Price Action – Aussie Pin Bar Setup Comes Off | Sept. 17th
The Aussie pin bar setup that I mentioned in yesterday’s weekly forex commentary came off, selling from the market open all through today, shedding about 85pips in the process. There was also a combo pin bar/engulfing bar on the 4hr time frame off the same rejection level so a confluence of price action signals indicating a likely reversal.
I think this sell-off is a healthy thing as the USD was hammered last week and the majors needed to pullback before resuming the uptrend. I’ll look to take pullbacks around 1.0400 to rejoin the uptrend for an eventual retest on 1.0600 and possible break targeting 1.0800. Bears can look to sell around the 1.0612 highs on a weak corrective pullback.
Global Market Commentary:
Some relatively quiet markets today until Crude oil took a $3+ tumble in less than a minute on a low volume trading day. Although most USD pairs were relatively unchanged on the day, commodities were affected by this move with Gold and Silver selling off $10 and $.60 in a flash as well.
The Dow closed down 40pts while Crude closed at $96 a barrel today.
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