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GBPUSD pin bar, 14th June 2011

Forex Commentary:

The dollar was mixed in trading against major currencies after better-than-expected economic reports in the U.S

The euro rose to $1.4439 from $1.4412, while the dollar gained to 80.46 Japanese yen from 80.19 yen and climbed to 0.8440 Swiss franc from 0.8380.

The dollar mostly fell against other major currencies. The British pound lost about 7 pips to the U.S. dollar after an earlier session gain, and the U.S. dollar fell to 96.80 Canadian cents from 97.67 Canadian cents.

Other commodity-linked currencies such as the Australian dollar were also stronger.

Trading Setups / Chart in Focus:

GBPUSD

The GBPUSD rejected resistance near 1.6450 today, forming a small bearish pin bar in the process. Whilst price is below the resistance that comes in from about 1.6450 – 1.6500, there is potential for a rotation lower. If price breaks past the low of this pin bar we could see a move towards support near 1.6200.

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

Other Markets:

On Wall Street today stocks posted their largest gains in almost two months as retail sales figures reduced fears about the economy that had been the catalyst for the six-week slump in the market.

The Dow added 123.14 points, or 1.03 percent, the S&P 500 added 16.04 points, or 1.26 percent, the Nasdaq added 39.03 points, or 1.48 percent.

Upcoming important economic announcements: 6/15/2011

4:30am EST: Britain – Claimant Count Change
8:30am EST: United States – Core CPI m/m
9:00am EST: United States – TIC Long-Term Purchases
3:45pm EST: Britain – BOE Gov King Speaks