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GBPUSD support, AUDUSD remains buoyant, 29th March 2011

Forex Commentary:

The dollar rose as high as 82.56 yen, according to Reuters data, and was last at 82.47 yen, up 0.9 percent on the day.

The greenback pared gains against most other majors today after a report showed that U.S. consumer confidence tumbled in March.

The EURUSD and GBPUSD both closed modestly higher over yesterday, the AUDUSD and NZDUSD were also higher today.

Trading Setups / Chart in Focus:

GBPUSD

We had a few emails about the British pound last night, as it is approaching a significant support area near 1.5975. Price has stalled after hitting this support, but we aren’t seeing any convincing price action just yet.

If the GBPUSD has any chance of bouncing higher it is going to be near current levels, there is some potential for a one day pop higher here, but the weekly chart is not looking very strong, so these conflicting signals are telling us to sit on our hands for now. We will update you through the week if any obvious price action strategies present themselves.

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AUDUSD

The AUDUSD continues to be very resilient, we can see the bearish pin bar we discussed in yesterday’s commentary has had very little follow through as prices climbed higher into the New York close today.

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Other Markets:

On Wall Street today strength in energy stocks helped lift the market, however uncertainty led to light trading volume again.

The Dow added 81.13 points, or 0.67 percent, the S&P 500 gained 9.25 points, or 0.71 percent, and the Nasdaq gained 26.21 points, or 0.96 percent.

Upcoming important economic announcements: 3/30/11

5:30am EST: Switzerland – KOF Economic Barometer
8:15am EST: United States – ADP Non-Farm Employment Change
8:30pm EST: Australia – Building Approvals m/m
8:30pm EST: Australia – Retail Sales m/m
10:00pm EST: New Zealand – NBNZ Business Confidence