Forex Trade Signals (NY Close) Mar. 27th

EUR, AUD, NZD, JPY, Gold & Silver All Slide
The USD took a breather from yesterday’s beating and fought back vs. the G8 block and precious metals, gaining some modest ground while the DOW dropped 43.90pts or .33%.  The irony of it is Bernanke (the Dollar’s worst friend) continued with his accommodative policy comments today, saying the FED is ready to use all options to fight a declining US economy.  While this statement is in the same vein as yesterday’s comments which hammered the USD as investors globally interpreted this as CTRL + P for another round of QE3 coming, the USD gained against the majors across the board including precious metals Gold and Silver.  We suspect this is short term as the selling of EUR, AUD, NZD, Gold and Silver was moderate at best suggesting the sellers were not coming in droves so look for dips to be bought.

EURJPY – Forms Inside Bar After Large Range Bar
Taking a second stab at the yearly highs and critical resistance just shy of 111.50, on Monday the pair climbed to 111.24 but then pulled back to close sub 111.  Price today has been muted and formed an inside bar smack in the middle of Monday’s open and close.  Considering this inside bar is in the middle of the range for Monday’s bar, we expect any upside challenges to those yearly highs to be tentative at best as buyers would have to fight through all the price action up to Monday’s high which is mostly rejection territory from here, plus the next major highs just above at 111.42 and 111.51 so the ceiling above presents many challenges for the bulls.

Thus, look for intraday price action triggers off the 111.42/50 range to sell this pair short term with tight stops above 111.59 targeting the 110.50/30 range as we do not see bulls coming in force to fight through this upside territory which looks like a technical disaster for them.

inside bar forex price action trading 2ndskiesforex mar 27th

EURUSD – Pin Bar Update
Our EURUSD pin bar strategy from the London Close Trade Setups has come off further being a nice bull trap after breaking the range highs from yesterday’s asian session.  We expect the pair to continue down tot he 1.3300/3284 area where it will test the bulls to see if they want to get back in.  Look for price action setups off this level for a possible long.  Any break and close below the 4hr 20ema and 1.3300 will bring 1.3200 in focus near term.

forex pin bar strategy price action forex pin bar trading 2ndskiesforex mar 27th

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Forex Markets London Session:
The USD Gained mildly against the majors with AUD, EUR, JPY and NZD all losing ground vs. the greenback.  Losses were not heavy so either this is a corrective pullback before the next run up, or the bears have subtly wrestled control of the short term direction.  Continued losses in NY will tell tale if this is so.  We expect price action to be more volatile with a slew of economic announcements tomorrow on deck.

Global Markets Today:
After chopping around for most of the day, the DOW closed down 43.90pts or .33% while the S&P shed 3.99pts or .28%.  Commodities suffered as well with Gold losing about $12 dropping to %1681 while Silver is sitting at key support around $32.56 an oz.

Upcoming Economic Announcements:

EUR French Gross Domestic Product (YoY) 05.30MGT 01.30EST
GBP Gross Domestic Product (YoY) 08.30GMT 04.30EST
EUR German Consumer Price Index (YoY) 12.00GMT 08.00EST
USD Durable Goods Orders 12.30GMT 08.30EST

Other Related Articles:
7 Signs You Know Your Maturing As A Trader
Pin Bar Trading – Price Action Forex Trading with Pin Bars
Inside Bar Price Action Trading


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Buddhist, Trader and Philanthropist

I'm Chris Capre, Founder of 2ndSkiesForex. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action. As a teacher, my passion lies in showing you how to re-wire your brain for successful trading. Want to improve your edge right now? Visit my Price Action Course page.

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  • Peter

    Like always you provide some very good information on price action. i currently have a Thinkorswim platform and it seems like the price on yours defers from mine. which platform do you use if you don’t mind me asking.

    • Hello Peter,

      Thanks for the kind words on the price action info.

      For my charting, I use FXTrek Intellicharts with the FXCM feed so depending upon your server time and how it slices the data will depend upon how it looks.

      My daily candles close at 5pm EST while my 4hr candles are 4am EST, 8am EST, 12pm EST…and on.

      Hope this helps clarify the differences.

      Kind Regards,