Forex Market Updates & Commentary |  |
- FXDD Weekend Forex Report
- EURJPY tests 38.2% retracement support at 134.24
- EURUSD steps down to the next level
- GBPJPY also moves back lower and looks toward support at 155.93
- GBPUSD is testing its retracement support at 1.6494
- EURUSD breaks support at the 1.4200
- August 14th Midday Forex Report
- GBPJPY tests weeks lows and holds on the initial attempt.
- EURUSD tests the target support at the 1.4207 level
- EURJPY tests 134.24 support level
- GBPUSD volatile period as London goes home
- Market not getting the follow through from stock declines
- USDCAD finds a bid as oil falls and shorts get squeezed.
- EURJPY falls toward support but finds buyers initially
- EURUSD moves through support at the 1.4242 to 1.4235 level
| Posted: 14 Aug 2009 12:45 PM PDT |
| EURJPY tests 38.2% retracement support at 134.24 Posted: 14 Aug 2009 11:42 AM PDT
The EURJPY is back down testing the 38.2% retracement support at the 134.24 level. A break will target the 133.09 level where the 100 hour MA is located. The move lower is mainly off the move lower in the EURUSD which is moving closer to trendline support at 1.4144. Meanwhile, USDJPY is inching higher and testing the 50% retracement area at 94.75 and the 200 bar moving average on the 4 hour chart at the 94.84 level A move above this level will likely help slow the EURJPY decline as the EURUSD should find some profit taking buying against the key support at 1.4144.
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| EURUSD steps down to the next level Posted: 14 Aug 2009 11:26 AM PDT
The EURUSD steps down to the 1.4178 target level. The next level comes in at the 1.4144 where the trendline and the 4 hour MA comes in. Friday afternoon is upon us so anything can happen. Most recent Friday’s have not led to sharp moves in the last few hours. Most have either corrected or gone out quietly. This does not mean it will necessaily happen today. Friday liquidations can be harsh when they happen. It is just, this has been the trend of late. |
| GBPJPY also moves back lower and looks toward support at 155.93 Posted: 14 Aug 2009 10:45 AM PDT
The low for the week comes in at 155.93. A break below the level will likely lead to further selling in the pair. The target off the daily chart would be the 100 day MA at the 152.54 level. The failure to extend the upside on the move higher this week, along with lower stock market weighs on the pair. |
| GBPUSD is testing its retracement support at 1.6494 Posted: 14 Aug 2009 10:37 AM PDT
Meanwhile GBPUSD is testing its 61.8% retracement support level at 1.6494. Look for support with selling on a break. |
| EURUSD breaks support at the 1.4200 Posted: 14 Aug 2009 10:31 AM PDT
The 100 hour moving average is giving way on the the EURUSD (blue line in the chart above) and is approaching the next target at the 1.4178 level |
| August 14th Midday Forex Report Posted: 14 Aug 2009 09:45 AM PDT |
| GBPJPY tests weeks lows and holds on the initial attempt. Posted: 14 Aug 2009 09:04 AM PDT
The GBPJPY tested the low for the week at the 155.93 level and bounced. Of note this week is the break of the 100 hour moving average, the sharp correction that tested the 200 hour MA yesterday and now the move lower today to test the lows.
The holding of the 200 hour MA is somewhat significant. The 156.83 level should hold corrections from here. A break below should not be ignored however.
Looking at the daily chart, the high this week at 163.06 took out the previous high at 162.56 reached on June 12th. The break higher quickly reversed, however, indicating good sellers. The move below the key moving averages on the hourly chart confirm the downside bias. Where can the GBPJPY go on a break below the weeks lows? The 100 day MA and 38.2% retracement level held the last correction near the 146.11 level. As time has gone by, the 100 day MA has moved higher. It now stands at the 152.54 level and this would be the next target on a break. Below that is the 146.11 Fibonacci Retracement level and below that the 200 day MA at the 144.58 level (green line in the daily chart). Be aware. Watch the 155.93 level for the next downside clue. |
| EURUSD tests the target support at the 1.4207 level Posted: 14 Aug 2009 08:40 AM PDT
As per the prior post (CLICK HERE). The downside target for the EURUSD was the 1.4207 level. The low just reach 1.4207. The level corresponds with the 50% of the move up from the August 12th low. Below this level is the 100 hour MA at the 1.4199 level. Buyers may come in against this level with initiating selling on a break back below. A move below targets 1.4178 next . |
| EURJPY tests 134.24 support level Posted: 14 Aug 2009 08:36 AM PDT
Has the implication for the EURUSD and the USDJPY. A break of the 134.24 should target the 133.09 level where the 100 day MA is currently located( blue line in the chart below) The 50 % retracement level comes in lower at 132.86 |
| GBPUSD volatile period as London goes home Posted: 14 Aug 2009 08:31 AM PDT
The GBPUSD held the 1.6500 level earlier where trendline and also 61.8% Fibo support came in (see chart above.). The support led to a sharp move higher in the pair back up to test the 100 bar MA on the 5 minute chart. That level held the top. So now the pair needs to decide. The one thing we can expect is volatile trade with focus on the stock market to help guide the way.
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| Market not getting the follow through from stock declines Posted: 14 Aug 2009 08:07 AM PDT The stock market has stabilized and this has caused a more consolidative/corrective market as London/Europe heads home for the week. The yen cross declines have stalled and with it the USDJPY, EURUSD and GBPUSD declines. Could go either way at this point. |
| USDCAD finds a bid as oil falls and shorts get squeezed. Posted: 14 Aug 2009 07:52 AM PDT
The price is moving back aboevethe 100 hour MA after moving through the 200 hour MA a short time ago. Lower oil prices and offside traders on the back of the higher Manufacturing Sales seem to be squeezing the shorts and forcing the pair back higher. Resistance at the 1.0932 level (50% of the move down from the high). A break targets 1.0966.
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| EURJPY falls toward support but finds buyers initially Posted: 14 Aug 2009 07:39 AM PDT
The EURJPY has fallen off the Michigan data and moved toward the 38.2% retracment level at 134.24. The low reached 134.41 so far. A break of this level is needed to help continue the downside move today in the pair. It would also have implications for related pairs like EURUSD and USDJPY which are stalling at support levels currently. Keep an eye on the pair and the important technical level at 134.24. |
| EURUSD moves through support at the 1.4242 to 1.4235 level Posted: 14 Aug 2009 07:24 AM PDT
The EURUSD has moved through the support at the 1.4235 level and reached a low of 1.4226. The market has rebounded off the lows. However, the rebound should be limited to 1.4242 level. If this top can be maintained, the downside should be probed with a intraday initial target at the 1.4207 level |
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