Forex Market Updates & Commentary |  |
- FXDD Online Training Oct 13 2009 4pm
- Oct 12 2009 Forex Market Update
- USDJPY drifts down. Resistance at 90.06 now.
- $GBPUSD tests Fibonacci support and moves higher
- The Dollar is mixed as stocks move higher. Semi holiday today. EURUSD has upside bias.
- German Wholesale Price Index
- 10-12 Economic Calendar
- Aussie Treasurer Swan Speaks in Sydney
| FXDD Online Training Oct 13 2009 4pm Posted: 12 Oct 2009 07:09 AM PDT Greg Michalowski and Shawn Powell invite you to participate as an attendee in the following free online training session on trading in the Forex: Topic: FXDD Online Training Oct 13 2009 Once you are approved by the host, you will receive a confirmation email with instructions for joining the session. |
| Oct 12 2009 Forex Market Update Posted: 12 Oct 2009 06:30 AM PDT Click here to view the embedded video. The dollar has continued the bearish bias in the NY trade. The EURUSD has moved higher. The USDJPY - after rising earlier today - has started to come off. The USDCAD makes new lows for the pair. |
| USDJPY drifts down. Resistance at 90.06 now. Posted: 12 Oct 2009 05:54 AM PDT
The USDJPY moved higher overnight, continuing the momentum started last week when the price bounced off the channel support off the daily chart. The high reached 90.44 so far. The low bounced off the 100 bar MA in the first 5 minutes of today’s trade. This was a spring board for the move higher.
The pair has reversed off the highs and is is back down testing the 50% retracement of the days move at 89.98. The market has slowed at the level, but the price is now below the 100 and 200 bar MA on the 5 minute chart. Look for pressure to continue as long as the price cannot move back above the 90.06 which corresponds with the 200 bar MA on the 5 minute chart (green line in the chart above). If the price remains below 90.06, the next support is 89.88 and the low for the day at 89.50 area. This level also corresponds with the 38.2% retracement fo the move up from the lows last week.
On the topside a move back above the 90.06 level will target the 100 bar MA level on the 5 minute chart (blue line in 5 minute chart) at the 90.20 A move above would be needed to extend moves higher today. |
| $GBPUSD tests Fibonacci support and moves higher Posted: 12 Oct 2009 05:29 AM PDT
The GBPUSD moved to a low of 1.5727 this morning. The 38.2% of the move up from the March low of 1.3653, to the high on August 5th at 1.7028 comes in at the 1.5739 level. The prior low came in at 1.5769.
Last Friday’s close came in at the 1.5844. This is the lowest closing level since May 21st, 2008. We will watch this level today for upside sellers/profit takers. ON the downside, watch the 1.5802-05 level to provide support. This level is where the current 100 bar MA on the 5 minute chart is found. If this level gives way look for further moves to the downside. If this level holds, bulls will need to get the satisfaction from a move above Friday’s close. If not, the market will likely drift to new lows for the pair. Currently, NY is getting off to a slow start. |
| The Dollar is mixed as stocks move higher. Semi holiday today. EURUSD has upside bias. Posted: 12 Oct 2009 05:00 AM PDT The dollar has been mixed today. The EURUSD and USDCHF are dollar negative, while the GBPUSD and USDJPY are a little dollar positive today. Japan had a holiday last night. The US and Canada are off today for Columbus Day and Thanksgiving respectively. The US stock markets are open, however. So activity can be more than usual for a holiday.
The EURUSD closed last week at the 1.4708. The low today moved to test last Fridays low — reaching a level of 1.4676. The high is being probed now with the price reaching 1.4774. The 100 hour MA comes in at the 1.4728. Look for support against this level and just below at 1.4719. The topside targets the 1.4817 level which is the high from last week.
Look for some support at the 1.4737-42 level this morning. This is the earlier high for the day and the current 38.2% retracement level. |
| Posted: 11 Oct 2009 11:23 PM PDT German WPI came in at -0.2%, weaker than the +0.2% expected and 0.7% prior reading. Eur/Usd came off about 10 pips from 1.4720 down to 1.4705-10 on news. |
| Posted: 11 Oct 2009 08:32 PM PDT
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| Aussie Treasurer Swan Speaks in Sydney Posted: 11 Oct 2009 07:09 PM PDT At a conference in Sydney speaking to economists, Treasurer Swan made the following comments:
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