Trading Setups / Chart in Focus:
GBPJPY ? Looking for a buy signal from support
Last week we discussed the GBPJPY uptrend and the GBPJPY pin bar strategy that formed off 127.00 support. We can see the market has since pushed higher and retested resistance near 129.60 and now it?s retracing lower. This market is still in an uptrend and so we are viewing this current move lower as a counter-trend retrace. If the market continues to retrace lower we will be watching the support zone from about the 21 day EMA / 127.60 area down to 127.00 for price action trading buy signals to rejoin the uptrend.
Check out my latest trading lesson: How To Draw Support and Resistance Levels Like A Professional
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Forex Commentary:
In the currency markets, the euro lost modest ground today as it traded near 8-week lows against the U.S. dollar. The euro finally closed below key support at 1.2800 to end the day at 1.2794, just below the trading range it has been in since mid-September.
The U.S. dollar was mixed against the other majors today, gaining on the British pound and Swiss franc whilst losing slightly to the Australian dollar and Japanese yen. The greenback made slight gains versus the New Zealand and Canadian dollars as well.
Other Markets:
In the U.S. markets today, stocks ended today up modestly with many investors on the sidelines ahead of the U.S. presidential election tomorrow.
The Dow added 19.28 points, or 0.2%, the S&P 500 gained 3.06 points, or 0.2%, and the Nasdaq added 17.53 points, or 0.6%.
Upcoming important economic announcements (New York time):
11/05/2012
10:30pm EST: Australia ? Cash Rate
10:30pm EST: Australia ? RBA Rate Statement
11/06/2012
3:15am EST: Euro-zone ? Spanish Services PMI
4:30am EST: Britain ? Manufacturing Production m/m
All Day: United States ? Presidential Election
10:00am EST: Canada ? Ivey PMI
3:00pm EST: New Zealand ? RBNZ Financial Stability Report
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