Forex Market Updates & Commentary |  |
- GBPUSD moves below the 1.6443 trendline. Resistance at 1.6454 now. Support at 1.6419.
- Oct 20 2009 Forex Market Update
- FXDD Free Online Training Today at 4pm
- Bank of Canada keeps rates unchanged. USDCAD moves higher.
- GBPUSD moves to new highs. Next target 1.6523. Support at 1.6443.
- PPI come in down more than expected. Housing Starts weaker as well
- EURUSD contained by the 1.5000 level
- Bobbys Corner-Open Market-Oct.20.2009
- USDCAD waffles around the 100 hour MA ahead of the BOC interest rate decision
- Today’s economic calendar for US and Canada. Canada rate decision at 9:00 AM key event.
- UK Money Supply and Public Sector Net Borrowing
- German PPI
- Usd/Jpy breaks below 100 hour M/A
- 10-20 Economic Calendar
- EUR/USD Makes New Highs for 2009
| GBPUSD moves below the 1.6443 trendline. Resistance at 1.6454 now. Support at 1.6419. Posted: 20 Oct 2009 06:53 AM PDT
The trendline off the August 5th high comes in a tthe 1.6443 level. The price has just dipped back below this level . The next target for the pair comes in at the the 1.6419 level which is the midpoint of the days range. A move above the 1.6454 level (old high for today) will muddy the water for the pair. Look for sellers against this level now.
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| Oct 20 2009 Forex Market Update Posted: 20 Oct 2009 06:08 AM PDT Click here to view the embedded video. Topic: FXDD Free Online Training Oct 20th 2009 4pm Today Once you are approved by the host, you will receive a confirmation email with instructions for joining the session. |
| FXDD Free Online Training Today at 4pm Posted: 20 Oct 2009 06:07 AM PDT Our next FXDD Online Training will be Tuesday Oct 20th 2009 at 4pm. Greg Michalowski & Shawn Powell invites you to participate as an attendee in the following online training session: Topic: FXDD Online Training Oct 20th 2009 4pm ——————————————————- Once you are approved by the host, you will receive a confirmation email with instructions for joining the session. To view in other time zones or languages, please click the link ——————————————————- |
| Bank of Canada keeps rates unchanged. USDCAD moves higher. Posted: 20 Oct 2009 06:06 AM PDT
Expects the rate to stay at 0.25% through June 2010 as inflation is expected to remain below target until 3rd quarter of 2011. They also comment that the high Can$ more than offsets the effects of the increased growth. The USDCAD has moved higher on the decision with the price moving to test the 200 hour MA. A break above the MA at 1.0363 level, targets last weeks high at the 1.0434. Above that level 1.0506 is the next target level for the pair. This is the 38.2% retracement of the move down from the September 28th high. |
| GBPUSD moves to new highs. Next target 1.6523. Support at 1.6443. Posted: 20 Oct 2009 06:00 AM PDT
The GBPUSD had a choppy session today. The price moved above the 100 day MA at the 1.6349 level yesterday. The 100 day MA remains at that level today and the low for the day found support against that level (low reached 1.6352). The high for the day has reached its peak in NY and is currently making new highs. The price is above trendline resistance now at the 1.6443 level. This level now becomes support for the pair.
On the topside the next target comes in at the 1.6523 level for the pair. This is the 61.8% retracement of the move down from August high of 1.7028 and the low at 1.5706. |
| PPI come in down more than expected. Housing Starts weaker as well Posted: 20 Oct 2009 05:37 AM PDT The PPI came in at -0.6% with ex food and energy down -0.1%. The YoY came in at -4.8% and the Ex Food and Energy YoY came in at +1.8% All were lower than expectations and suggests that despite the run up in commodities, there is little inflationary pressures on the Producer levle.
Meanwhile Housing Starts for September came in at 590K vs 610K. Although this is up from last months revised lower 587K, the number is a disappointment as rates remain low in the housing sector and this should spur on housing. Building Permits were also lower at 573K vs 595K expectations.
Overall, the weaker data should cause stocks to pause. However, weaker data keeps interest rates on hold from the Fed, and the stock market likes this dynamic. As a result, the data has the EURUSD centered around the 1.4970 area. |
| EURUSD contained by the 1.5000 level Posted: 20 Oct 2009 05:31 AM PDT
The EURUSD has moved sideways overnight with a slightly higher bias as the strong earnings released last night pushed the currency toward the 1.5000 level. The high reached 1.4993 before finding the expected sellers. The low reached 1.4954. These lows were reached at two times overnight. Once in the Tokyo session and once in London. The close yesterday was at 1.4964. There is a flag forming in the pair with the consolidating range. The topside breakout comes in at the 1.4986 level and the downside trendline is currently at the 1.4959 level. Below is the 100 hour MA at the 1.4925 level currently. Watch for a move toward this target on a break lower, with buyers against the level. ON the topside, a break will need to get through the 1.5000 level. The upside bias remains but the inching up is not without the herky jerky ups and downs.
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| Bobbys Corner-Open Market-Oct.20.2009 Posted: 20 Oct 2009 05:13 AM PDT
The USD weakened further overnight as the FX markets were mostly range bound. World equity markets rose overnight as better than expected Q3 earnings moved indexes higher. Over 130 S&P companies will report Q3 earnings this week. Oil:$79.40 Gold:$1065.30 Today’s Data: HAVE A GREAT DAY & GOOD LUCK |
| USDCAD waffles around the 100 hour MA ahead of the BOC interest rate decision Posted: 20 Oct 2009 05:12 AM PDT
Although no change in interest rates is expected at the 9:00 AM decision, the BOC interest rate decision on the back of much stronger employment statistics and higher commodity prices will be of high interest to the market. The commodity currencies have benefitted as has the cash for clunker programs in the US that pared inventories and will allow for an increased in activity within the Canadian auto industry. From a technical basis, the USDCAD has moved to the 100 hour MA at the 1.0311 level. The high reached 1.0339. If the price can remain above the 100 hour MA , the next target is the 200 hour MA which comes in at the 1.0364 level. A move through this level should see momentum to teh high on Friday at 1.0434. Ultimately the 1.0506 level should come into focus. A move below will target the lows at the 1.0206 level. Today’s low reached 1.0266 This level will likely cause some downward pause. On a break of 1.0206, the market will focus energies on the parity (i.e. 1.0000 level) as a target for the USDCAD. Needless to say, the risk increases heading into the decision. The market is also centering at the key intermediate term MA for a reason. It wants the decision and comments to decide the next directional bias. Look for a quick move, and retracement with buyers or sellers entering on correction with stops at the 100 hour MA. |
| Today’s economic calendar for US and Canada. Canada rate decision at 9:00 AM key event. Posted: 20 Oct 2009 04:46 AM PDT
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| UK Money Supply and Public Sector Net Borrowing Posted: 20 Oct 2009 02:03 AM PDT UK Money Supply m/m came in at 0.7%, stronger than the 0.6% expected. Public Sector Net Borrowing came in at 14.8B, less than the 15.2B expected but greater than the 14.7B last reading. Gbp/Usd ran up to 1.6408 just after release, up about 30 pips frpm level prior to release. |
| Posted: 19 Oct 2009 11:02 PM PDT German PPI m/m came in at -0.5%, weaker than the 0.0% estimate and 0.5% prior reading. Going into the number Eur/Usd was bought up about 10 pips to 1.4980, it has since given half of that back. This is not a good number For Euro. |
| Usd/Jpy breaks below 100 hour M/A Posted: 19 Oct 2009 10:14 PM PDT Usd/Jpy breaks below 100 hour M/A of 90.27 and with another push below 50% Fibo (90.07) may have the pair set its sights on 89.80 or its 200 hour M/A. The pair is currently trading just above session lows at 90.12. |
| Posted: 19 Oct 2009 09:03 PM PDT
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| EUR/USD Makes New Highs for 2009 Posted: 19 Oct 2009 07:21 PM PDT The EUR/USD has made a new high during the Asian session as Asian stocks have continued to gain reducing the demand for refuge and hitting the USD. The 1.4989 level has not been seen since August of 2008 and has brought the 1.50 psychological level into striking distance this session. Technical resistance will be linked to option strikes and the double bottom made below the 1.53 handle last May and June. However, a test of the long-term trendline support noted below is still a short-term possibility.
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