Forex Market Updates & Commentary |  |
- $USDJPY moves off the 100 hour moving average
- EURUSD moves toward support at the 1.4654
- Oct 7 2009 Forex Market Update
- Bobbys Corner-Open Market-Oct.7.2009
- USDJPY bounces off the 88.00 level strongly. Approached 100 hr MA resistance at 89.33.
- US Mortgage Applications up strongly
- Gbp/Jpy bounces off support at 139.71
- German Factory Orders
- Eurozone Final GDP
- Eur/Jpy approaching 200 day M/A
- Sterling/Yen trading below Oct. 2nd low of 140.75
- 10-7 Economic Calendar
- Australian Home Loans & Investment Lending
- UK Nationwide Consumer Confidence
- Training Videos - How to add a Fibonacci to your charts
| $USDJPY moves off the 100 hour moving average Posted: 07 Oct 2009 07:10 AM PDT
The 100 hour moving average at the 89.32 did in fact slow the rise higher (see prior post) and the price has retreated. Look for buyers to support the market against the 88.82 level which is the closing level from yesterday. |
| EURUSD moves toward support at the 1.4654 Posted: 07 Oct 2009 06:52 AM PDT
The 38.2% retracement of the move up for the EURUSD comes in at the 1.4654 level. The low has reach 1.4664 so far today. We will be looking for some support against this level today. A break of that level has the 100 and 200 hour MA at the 1.4632 level as good support. Both of those key moving averages have converged at that level. Look for buyers against this level today.
On the upside, the 100 and 200 bar MA on the 5 minute chart have converged and are moving down toward the 50% rettracment of the days range. That level comes in at 1.4700. Look for profit taking selling against the level. |
| Oct 7 2009 Forex Market Update Posted: 07 Oct 2009 06:52 AM PDT Click here to view the embedded video. The USDJPY is leading the action today as it bounces off key support at the 88.00 level. A sharp move was also seen in the Yen cross pairs. For a technical look and a look a the EURUSD, USDCHF and AUDUSD (which may have reached a temporary high), watch the video. |
| Bobbys Corner-Open Market-Oct.7.2009 Posted: 07 Oct 2009 05:59 AM PDT
Hello from sunny and hot Kuwait. JPY hit a nine month high against the USD as comments from Japan’s Finance Minister stated that policy makers are not concerned with it’s strength. Asian equity markets were higher, and Europe is mixed at this time. Oil:$71.25 Gold:$1043.30 Have a Great Day & Good Luck |
| USDJPY bounces off the 88.00 level strongly. Approached 100 hr MA resistance at 89.33. Posted: 07 Oct 2009 05:51 AM PDT
The USDJPY tested the downside (and the resolve of the central bank) reaching a low of 88.00. Along the way, the September 28th low of 88.23 was taken out. Also the trendline from the channel was also breached. The pair moved sharplt to a low of 88.00 where buyers emerged. It is never good to take out a low or high by a few pips. It is also not good for a new low or high to stop at a “big figure” value like 88.00. When it does, the direction can be reversed and that helped contribute to a sharp bounce. From a technical perspective, the price will likely find support at the 88.53 level where the channel trendline on the daily chart is found. Before that level look for the 88.82 level to provide support. This is the closing level from yesterday.
On the topside, the pair is approaching the 100 hour MA at the 89.33 level. Look for profit taking sellers against this level with stops on a move above. |
| US Mortgage Applications up strongly Posted: 07 Oct 2009 05:16 AM PDT US Mortgage Applications up strongly, by 16%. 30 year fixed below 5% U.S. mortgage applications surged last week to their highest since mid-May as consumers sought to take advantage of the lowest interest rates in months. The MBA said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week to Oct. 2 2009 increased 16.4% to 756.3, the highest since the week ended May 22 2009. The Mortgage Bankers Assoc said rates on 30-year fixed-rate mortgages, the most common type of loan were below 5 percent for a 3rd straight week, reaching a four-month low. “The residential housing market appears to be stabilizing due to lower mortgage rates,” said Alan Rosenbaum, of GH Financial, a New York-based mortgage broker. |
| Gbp/Jpy bounces off support at 139.71 Posted: 07 Oct 2009 03:58 AM PDT Gbp/Jpy traded down to 139.70-75 level, matching low registered on Sept. 25th (139.71). The pair has bounced off this support level and may now be poised to make a move back up to 140.75 level.
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| Posted: 07 Oct 2009 03:13 AM PDT German Factory Orders came in at 1.4%, slightly stronger than the 1.3% expected. Euro slightly higher after release with Eur/Usd now trading at 1.4729, up about 5 pips. |
| Posted: 07 Oct 2009 02:03 AM PDT Eurozone Final GDP q/q came in at -0.2, weaker than the -0.1% expected% Eur/Usd sold off about 10 pips on bad number to trade down to 1.4715. It has since rebounded and is currently trading at 1.4722. |
| Eur/Jpy approaching 200 day M/A Posted: 07 Oct 2009 12:57 AM PDT Eur/Jpy is approaching its 200 day M/A of 129.66. A break below this level may bring the pair below 129.00, which is low from Oct. 2nd. If Eur/Jpy can remain above look for a retracement to the 130.70-80 area. Next resistance from daily perspective would be the 61.8% Fibo at 131.50.
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| Sterling/Yen trading below Oct. 2nd low of 140.75 Posted: 06 Oct 2009 11:16 PM PDT Gbp/Jpy is trading below Oct 2nd low of 140.75. The next level of support for the pair is 139.71 on downside, low from Sept. 28th. If the pair can get back above 140.75 look for a move above 141.00.
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| Posted: 06 Oct 2009 08:25 PM PDT
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| Australian Home Loans & Investment Lending Posted: 06 Oct 2009 05:31 PM PDT The following Aussie releases have resulted in a minimal reaction from the AUD, a day after the RBA raised rates 25 basis points and the AUD/USD rallied to new 2009 highs. Home Loans - Survey:-0.5% Actual:-0.6% Prior:-2.0% Investment Lending - Actual:7.6% Prior:-4.0% Value of Loans (MoM) - Actual:-1.7% Prior:-1.7% |
| UK Nationwide Consumer Confidence Posted: 06 Oct 2009 04:15 PM PDT The UK Consumer Confidence reading for September came in better than expected at 71 versus the estimate of 68 and better than the prior reading of 63 (which was revised up to 65.) However the Sterling had no reaction to this release. In addition the BRC Shop Price Index came in unchanged at 0.1%, but with a non-food deflationary reading of 1.4% in December. |
| Training Videos - How to add a Fibonacci to your charts Posted: 06 Oct 2009 01:06 PM PDT Click here to view the embedded video. We get a lot of questions on the way that we set up our charts in house and in response we created some videos that will help you to see what we see when we use Metatrader software. In this installment I will show you how to use the Fibonacci Retracement tool. What is the point of the Fibonacci tool anyways? Good question. The tool allows you to see how far a currency pair will retrace and if set correctly, can give you mathmatical points where the pair can stop and return to its original direction. Many Institutional traders live and breath by this tool. It works very well the long the timeframe you use it on. Ideally 5 mins would be the shortest timeframe and it works all the way up to Monthly. I’ve always liked it on the 15 min, 1 hour, 4 hour and Daily timeframes. You’ll need to play around with it and get comfortable using the Fibonacci tool, and very quickly you will find it to be one of the tools in your tool box that you can’t trade without. Shawn Powell |
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