Forex Market Updates & Commentary |  |
- Sept 23 2009 Forex Market Update
- EURUSD holds the support, but intraday resistance at 1.4793
- BOE Barker making comments on the newswires from speech
- USDJPY testing resistance at 100 hour MA at 91.37
- EURUSD is looking to move back below the old 2009 high from last week
- Eurozone July Industrial New Orders
- Bank of England’s MPC Meeting Minutes
- Eurozone PMI
- German Flash PMI
- French PMI
- French Consumer Spending and Business Confidence
- Australia’s Treasury Secretary Henry on the Wires
- Bank of Canada’s Governor Carney on the Wires
- NZD Gdp q/q came out better then expected at 0.1
| Sept 23 2009 Forex Market Update Posted: 23 Sep 2009 07:13 AM PDT New Video Pending |
| EURUSD holds the support, but intraday resistance at 1.4793 Posted: 23 Sep 2009 05:59 AM PDT
The 1.4766 support has held again (low reached 1.4769), but there is upside resistance at the 1.4793 level to get through for the short term bulls. This level corresponds to the 100 bar moving average on the 5 minute chart. The close from yesterday was also at the 1.4791 level. Short term, the downside seems to be favored as long as the price can remain below these levels. |
| BOE Barker making comments on the newswires from speech Posted: 23 Sep 2009 05:28 AM PDT
Comments are more or less in line, however, inflation concern with keeping rates low may not be all that friendly longer term. The GBPUSD has dipped a little off the comments but support remains above the 100 bar MA at the 1.6402 level currently.
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| USDJPY testing resistance at 100 hour MA at 91.37 Posted: 23 Sep 2009 04:25 AM PDT
The USDJPY is testing the 100 hour MA at the 91.37 level. Look for resistance at this level at least initially. The market moved back below the 100 hour MA yesterday on it’s way to the low in early trade today at the 90.48 level. A break above this key level will target the low from July at the 91.72 level. The 61.8% retracement of the move down also comes in at this area.
On the downside, the 200 hour MA comes in at the 91.12 level. Traders who short against the 91.37 level will like to get confirmation to the downside on a break below this level. If the level can hold, it is likely the price will look to take out the resistance at the 100 hour MA this NY morning. Watch the breadth of the correction. Other support comes in at the 90.91 area where the 100 and 200 bar MA on the 5 minute chart is currently found (green and blue line in the 5 minute chart above). |
| EURUSD is looking to move back below the old 2009 high from last week Posted: 23 Sep 2009 04:06 AM PDT
The 1.4766 level was the old 2009 high from September 17th. The price dipped to a low of 1.4770 in recent trade after reaching a high price of 1.4842 overnight. As per our Evening Commentary last night, the 1.4866 level was the next target upside once 1.4825 was breached. The didn’t quite get there but the selling is indicative that the sledding is indeed tough once again on any rallies.
Yesterday the close was at 1.4791. The 1.4801 level is where the 100 bar MA on the 5 minute chart is located. The upside should find resistance against these levels. On the downside a break of the 1.4766 level should lead to some further selling pressure with the 1.4727 area the next key support level. |
| Eurozone July Industrial New Orders Posted: 23 Sep 2009 02:03 AM PDT Industrial New Orders for the Eurozone in July were slightly better than expected.
The EUR, as well as the rest of the market, showed a limited reaction the release. |
| Bank of England’s MPC Meeting Minutes Posted: 23 Sep 2009 01:44 AM PDT The Bank of England released the minutes from their September 10th MPC meeting, which left bank rates steady at 0.50%. Details from the meeting are as follows:
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| Posted: 23 Sep 2009 01:05 AM PDT The Eurozone’s Purchasing Manager’s Index for the month of July came in slightly lower than expected. The details are as follows:
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| Posted: 23 Sep 2009 12:30 AM PDT Germany’s Flash Manufacturing PMI for August came in at 49.6; worse than its forecast of 50.8 and prior reading of 49.2. The Flash Services PMI reading was 52.2 versus its forecast of 54 and prior release of 53.8. The market showed limited reaction to this release. |
| Posted: 23 Sep 2009 12:06 AM PDT France’s Purchasing Manager’s Index for September beat both its forecast and previous reading. This was the highest manufacturing reading in 19 months and highest services reading in 17 months. The releases are as follows:
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| French Consumer Spending and Business Confidence Posted: 22 Sep 2009 11:54 PM PDT French Consumer Spending for August was worse than both its forecast and previous release and Business Confidence for September came in better than expected. The details of the release are as follows:
The market had a limited reaction to this release. |
| Australia’s Treasury Secretary Henry on the Wires Posted: 22 Sep 2009 10:06 PM PDT Australian Treasury Secretary Henry believes that the global downturn is likely less severe than originally thought; he sees signs that the global economy is recovering. In addition he also made these comments:
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| Bank of Canada’s Governor Carney on the Wires Posted: 22 Sep 2009 08:47 PM PDT Governor Carney of the Bank of Canada commented that we have a “way to go” before we see true growth in the domestic economy and that it will take time before unemployment falls. He also made these additional comments:
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| NZD Gdp q/q came out better then expected at 0.1 Posted: 22 Sep 2009 03:47 PM PDT NZD Gdp q/q came out at 0.1 better then expected which was forecasted at -0.2%. NZD Gbp y/y came out at -2.1% better then expected which was forecasted at -2.6% Nzd/Usd rallied 35 pips right after the number to a high of 0.7230 from 0.7195 |
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