Forex Market Updates & Commentary |  |
- October 23rd 2009 Weekend Forex Report from FXDD is available for viewing
- $GBPUSD below support at the 1.6316 level. Look for sellers against the level now
- $USDJPY approaches topside resistance at 92.21
- Oct 23 2009 Forex Midday Report
- GBPUSD moves toward the next target level and find profit takers as London goes home
- $USDCHF tests 100 hour MA at 1.0091 level.
- $USDJPY moves away from the 91.70-73 level
- $GBPUSD tests 100 day MA at the 1.6358 level
| October 23rd 2009 Weekend Forex Report from FXDD is available for viewing Posted: 23 Oct 2009 12:33 PM PDT |
| $GBPUSD below support at the 1.6316 level. Look for sellers against the level now Posted: 23 Oct 2009 11:35 AM PDT
The 100 day MA was breached at 1.6358. Now the 1.6316 support level has been breached with a new low established at the 1.6298 level. Look for sellers against the 1.6316 level now with a stop at 1.6326. Next target (as long as the price stays below 1.6326) would look toward the 1.6238 level in the intermediate term for the pair. This is the low price for this weeks trading. |
| $USDJPY approaches topside resistance at 92.21 Posted: 23 Oct 2009 11:10 AM PDT
The USDJPY is approaching topside resistance at the 92.21 level. There should be some profit taking sellers against the level. |
| Oct 23 2009 Forex Midday Report Posted: 23 Oct 2009 09:20 AM PDT |
| GBPUSD moves toward the next target level and find profit takers as London goes home Posted: 23 Oct 2009 08:55 AM PDT
The GBPUSD moved below the 1.6358 100 day MA level and moved toward the next target (SEE PRIOR POST) at the 1.6316 level but found buyers in the low 20’s against the support (1.6323 low). The price has moved back higher as London squares up. The 1.6358 level remains a key resistance level.
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| $USDCHF tests 100 hour MA at 1.0091 level. Posted: 23 Oct 2009 08:03 AM PDT
Watch the 1.0091 level in the USDCHF. This is the 100 hour MA. I would expect sellers against this level. A break higher should look to target the 200 hour MA at the 1.0134 level. The 50% retracement of the weeks move down comes in just before that level at the 1.0130 level. The price has moved above the 100 hour MA on Tuesday and Wednesday but each time the price has not been able to close hour above the level.
On the downside look for support/buyers against a stop below 1.0063 now. This is the 100 bar MA on the 5 minute chart. |
| $USDJPY moves away from the 91.70-73 level Posted: 23 Oct 2009 07:51 AM PDT
The USDJPY reached our first target at the 91.72/73 area yesterday when the price reached a high of 91.70 and backed off. The correction down moved to 91.23, but since then the price has been able to grind higher and move above the 91.72 key area, then back below, and now back higher. The new high has reached 92.03. This is the highest price since September 22nd. On the topside, the next target comes in at the 92.16/25 area where channel resistance comes in over the next few hours. On the downside look for buyers against the 91.72 level. A break below should move the price back down toward the 91.46 level where the bottom trendline is found. |
| $GBPUSD tests 100 day MA at the 1.6358 level Posted: 23 Oct 2009 07:34 AM PDT
The GBPUSD has dipped below the 100 day MA at the 1.6358 level and moved to a low of 1.6334. The next support comes in at the 1.6314 level which is the 38.2% retracement level. Below that level is the 200 hour MA at the 1.6308 level. Watch these levels. They should find some support but a break through should not be ignored. Look for sellers against the 100 day MA with stops on a move back above 1.6369. |
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