Forex Market Updates & Commentary |  |
- October 2nd 2009, FXDD Weekend Forex Report
- EURUSD wandering back down. Moves below 100 hour MA
- $USDCHF tests the 200 bar MA and midpoint of recent range at 1.0320 level.
- GBPUSD looks toward the 100 hour MA at 1.5946
- Oct 2 2009 Forex Midday Report
- USDJPY bounces back but has some upside resistance to maneuver through
- GBPUSD maintains price below 100 hour MA. Support approached at 1.5878.
- EURUSD on a wild ride. 1.4592 now suppport. 1.4657 topside resistance now.
| October 2nd 2009, FXDD Weekend Forex Report Posted: 02 Oct 2009 02:11 PM PDT |
| EURUSD wandering back down. Moves below 100 hour MA Posted: 02 Oct 2009 12:06 PM PDT
The EURUSD is wandering back down below the 100 hour MA at the 1.4589 level. The pair has not been below the 1.4578 level since moving sharply higher this morning. A break below the 1.4578 would confirm additonal pressure is likely for the pair. |
| $USDCHF tests the 200 bar MA and midpoint of recent range at 1.0320 level. Posted: 02 Oct 2009 10:59 AM PDT
The USDCHF is testing the midpoint of the range higher from the low of 1.0187 to the high at 1.0452. The 200 hour MA comes in at the same level which should increase the importance of the level Look for buyers against stops below the level with a break next targeting the 1.0288 level. |
| GBPUSD looks toward the 100 hour MA at 1.5946 Posted: 02 Oct 2009 10:35 AM PDT
The GBPUSD is moving through trendline resistance and 38.2% retracement at the 1.5925 level. Above is the 100 hour MA at the 1.5946 level. The GBPUSD is being helped by a decline in the EURGBP. The EURGBP has been rallying for most of the day, but has backed off in the last hour.
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| Oct 2 2009 Forex Midday Report Posted: 02 Oct 2009 09:30 AM PDT Click here to view the embedded video. The markets have settled down a bit after a very volatile first couple hours following the weaker than expected NFP report. The weekend approaches and position squaring to follow, so expect anything. However, it does seem the high low ranges may be in place. |
| USDJPY bounces back but has some upside resistance to maneuver through Posted: 02 Oct 2009 08:21 AM PDT
The USDJPY moved lower this morning reaching a low of 88.59. The trendline support off the channel support came in at 88.41. From the low, the price has rebounded back higher and just moved back through the 100 hour MA at the 89.72 level. Further MA resistance comes in at the 90.15 level where the 200 hour MA is found. There is also some trendline resistance at the 89.88 level.
On the downside, look for some support at the 89.31 which is the midpoint of the weeks high/low range. |
| GBPUSD maintains price below 100 hour MA. Support approached at 1.5878. Posted: 02 Oct 2009 08:05 AM PDT
The GBPUSD has been able to maintain the price below the 100 hour MA this morning. The 100 hour moving average comes in at the 1.5347 level, the high in London reached the 1.5947 level. The high post the employment number came in at the 1.5937. The level also corresponds with the 50% retracement of the weeks range which had a Monday low at 1.5769 and a Wednesday high of 1.6125. Last Friday, the market closed at the 1.5928. With the price currently at the 1.5884 level, the price is down on the week.
The 1.5947 level will continue to remain a key level to watch for the GBPUSD on the topside. On the downside, watch the 1.5878 level . This is the midpoint of the days range and the current 100 bar MA on the 5 minute chart (blue line in the chart above). |
| EURUSD on a wild ride. 1.4592 now suppport. 1.4657 topside resistance now. Posted: 02 Oct 2009 07:46 AM PDT
The EURUSD needless to say has had a wild ride down and then up. The Unemployment number was weak but the stock market - which seems to be leading the way - has recovered all losses now and is unchanged. This has reversed the flight to quality bid into the dollar and yen and sent the EURUSD sharply higher. One can argue the reaction by the stocks but on a day like today, the offside traders are more of an influence sometimes and it seems that the offside traders may be fueling the fire. From a technical perspective, the fall in the EURUSD reached a low of 1.4480. The 1.4447 target level pre-number was not breached. On the topside, the 100 hour MA at the 1.4592 was breached and it has led to higher levels. The next target upside level against the 200 hour MA has been approached - 1.4657 MA vs a high of 1.4648 - and backed off. Perhaps this is the limit. for the move. Also above is the close from last Friday at 1.4669, the high for the week at 1.4679 and the 50% retracement of the move down from the September 23rd high at the 1.4662. On the downside, a move back toward the 1.4592 100 hour MA level can not be ruled out. This is always the key level to watch and today is no different. Look for buyers against the level. I can bemoan the days trade/action. The moves have been sporadic and seemingly controlled by those offside, rather than those onsides, but that is what happens on Unemployment days. As the market calms down, the technical levels should become more in focus. Keep an eye on the 1.4592 level as the day continues. |
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