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AUDUSD in trading range, 9th December 2010

Forex Commentary:

The U.S. dollar was mixed today against the other majors, it gained modestly on the euro and British pound, while losing modestly to the Australian dollar, Canadian dollar, Japanese yen, New Zealand dollar and Swiss franc.

Gold and silver both consolidated today, forming inside bars after the last two days of volatile price action.

Trading Setups / Chart in Focus:


AUDUSD

The AUDUSD is currently back in a familiar trading range between about 0.9950 – 0.9650. We can see a fakey setup that formed on Tuesday of this week which showed rejection of an attempt to break out of this trading range.

Should prices lose steam we will likely see a re-test of 0.9650; the bottom of the trading range, should price action turn bullish, we would likely see a re-test of resistance near 0.9950.

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For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my price action trading course.

Other Markets:

On Wall Street today stocks pushed modestly higher, the S&P 500 is hovering around two-year highs. The Nasdaq finished higher for the seventh consecutive day and closed at its highest level since December 2007.

The Dow lost 2.42 points today, or 0.02 percent, the S&P 500 added 4.72 points, or 0.38 percent, and the Nasdaq added 7.51 points, or 0.29 percent.

Upcoming important economic announcements: 12/10

4:30am EST: Britain – PPI Input m/m
8:30am EST: Canada – Trade Balance
8:30am EST: United States – Trade Balance
9:55am EST: United States – Prelim UoM Consumer Sentiment
9:00pm EST: China – CPI y/y