Forex Trade Setups (NY Close) Mar. 29th

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Majors Recover London Losses. Tentative Ahead of Spain Budget, EZ CPI & U. of Michigan Confidence Tomorrow
The USD started the day as the currency of choice gaining ground vs. all the majors with the EU Sentiment Index falling along with the EuroZone amping up the funding available for the rescue aid, telling markets globally the LTRO has been failing to stem the major issues.  But perhaps from being oversold in the short term, the EUR, AUD, GBP and NZD all gained back lost ground vs. the greenback once the London close was in, with most starting exactly where they started the day save for the Euro.

There is a slew of economic data out manana coming in from all fronts so traders can expect a volatile session to end the week.

AUDUSD – Daily Pin Bar Makes False Break
After rejecting off the daily 20ema and dynamic resistance, the Aussie threatening to print 2mos lows taking out the swing low at 1.0334 found buyers off the round number at 1.0300 and closed up 82pips off the lows which suggests a sound rejection off this level.  In doing so, it formed a daily pin bar setup. Traders can watch intraday price action around 1.0334 for clues but if the buyers hold and this rejection is the real mccoy, then we could see a bounce up to 1.0500 challenging the 20ema dynamic resistance above.

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Upcoming Economic Announcements:

EUR Euro-Zone Consumer Price Index Estimate (YoY) 09.00GMT 05.00EST
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USD Personal Consumption Expenditure Core (YoY) 12.30GMT 08.30EST
USD U. of Michigan Confidence 13.55GMT 09.55EST

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