Entering text into the input field will update the search result below

EURUSD and Gold recap, 8th April 2011

Apr. 08, 2011 7:30 PM ET
Nial Fuller profile picture
Nial Fuller's Blog
Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Seeking Alpha Analyst Since 2010

Nial Fuller is an Independent Traders and Investor based in Australia.

Forex Commentary:

The euro rose to a 15-month peak versus the dollar on Friday, on pace for a gain of 1.7 percent this week. The prospect of a U.S. government shutdown, which would idle about 800,000 federal government workers and put a crimp in the economic recovery, weighed on the dollar.

Speculators cut bets in favor of the yen this week, going short the Japanese currency by the biggest margin in nearly a year, data showed on Friday, and built up a record long position in the Australian dollar.

The Australian dollar rose to $1.0552, its highest level versus the greenback since it was floated in December 1983. The aussie has benefited from strong domestic economic growth, staving off the malaise of the rest of the developed world in recent years, fueled in large part by exports of raw materials to China.

Trading Setups / Chart in Focus:


The EURUSD pushed higher today and broke out from yesterday’s inside pin bar setup which we discussed in the member’s commentary last night.

We can see this chart has been very strong lately, the inside-pin bar trading strategy from March 30th has provided price action traders with some serious gains, moving about 300 pips to the upside since it broke higher.


Gold – 4hr chart

The 4hr gold chart fired off a very nice pin bar strategy on April 1st that has since moved significantly higher. This was a well-defined pin bar that formed in the direction of the dominant trend and had rejected an obvious support level.


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

Other Markets:

On Wall Street today stocks fell late after a spike in oil prices revived concerns that inflation would derail the recovery. Also, the uncertain budget talks in Washington and the prospect of a U.S. government shutdown spurred investors to buy safety ahead of the weekend.

The Dow lost 29.59 points, or 0.24 percent, the S&P 500 lost 5.36 points, or 0.40 percent, and the Nasdaq lost 15.73 points, or 0.56 percent.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Recommended For You

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.