GBPUSD
The GBPUSD didn?t do much today, it basically just consolidated near Thursday?s highs after the big move higher yesterday from Wednesday?s inside pin bar setup. We can see support coming in down near the 8 / 21 EMAs which have recently crossed higher. Resistance sits up near 1.6450. Next week traders could look to buy price action setups near the previously mentioned support, if it occurs.
AUDUSD
The AUDUSD closed today marginally higher. We can see price has broken and closed out of the trading range from the last two months. We would watch any rotations lower to the support area near the top of the trading range for bullish price action next week.
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Forex Commentary:
The euro gave back some of its big gain against the dollar on Friday as investors weighed the impact of a crucial new aid plan for Greece approved by European leaders.
The euro fell to $1.4368 late Friday from $1.4423 Thursday, after ratings agency Fitch said it will rule Greece has defaulted on its debt as a result of the new 109 billion euro ($156 billion) bailout. It had been expected the ratings agencies would say Greece had defaulted as a result of the new bailout. The default rating will likely be brief.
In other trading Friday the British pound was little changed, falling to 1.6297 from $1.6327. The dollar rose to 0.8181 Swiss franc from 0.8163 Swiss franc, was unchanged at 78.43 Japanese yen from 78.43 yen and rose to 94.92 Canadian cents from 94.45 Canadian cents.
Other Markets:
On Wall Street today investors bought into tech shares on the back of promising chipmaker earnings and optimism that a solution would be made soon for the U.S. debt stalemate.
The Dow lost 43.25 points, or 0.34 percent, the S&P 500 added 1.22 points, or 0.09 percent, and the Nasdaq gained 24.40 points, or 0.86 percent.
Upcoming important economic announcements: 7/24/2011
9:30pm EST: Australia ? PPI q/q
7/25/2011
11:05pm EST: Australia ? RBA Gov Stevens Speaks
Source: http://www.fxstreet.com/technical/forex-strategy/forex-trade-setups-commentary/2011-07-22.html
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