Forex commentary: Palady and EURJPY Update 9-17-10

Posted on 18 September 2010

Settings of Trade Forex commentary: Palady EURJPY important levels and watching.

AUDUSD:

Fakey/pin bar inversion, the daily showed a pattern of topping in the form of a downside.The couple can push down next week before we see a revival of the uptrend.

Wouldn't recommend novice Forex traders take this configuration counter-counter trend because we firmly believe-trend trading is the Kingdom of traders experience more. However, we would like the advice merchants keep an eye on support near 0.9220-0.9180 next week as we believe this is an area of strong support setup action. A solid price forming bullish near this support would be a good long setup.

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EURJPY:

The EURJPY busted out of its range of trading high near 109.50 earlier this week the pair seems to be set for a possible rotation bottom at some point this week next trading after refusing to fall today.

However, rather than fighting explosive bullish momentum this week would prefer to wait and see some form of action strong bullish price near the considerable level of support of 109.50 and then try to get along.

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Comment:

The dollar and the Japanese yen has regained some of their lost ground on the eve of today as in riskier assets recently took a breath.

The Swiss franc remained strong today, gaining on both the dollar and the yen.

For the week, the Dow was 1.4%, the S & P 500 added 1.5 percent and the Nasdaq added 3.3%.