Forex Market Updates & Commentary |  |
- Oct 26 2009 Forex Market Update
- USDJPY moves lower on dollar selling but rebounds
- GBPUSD rebounds a little after Friday’s sharp fall
- Bobbys Corner-Open Market-Oct.26.2009
- FXDD Free Online Training Next Class Tuesday Oct 27 2009 4pm
- $EURUSD comes off highs after China diversification rumor fizzles out
- GfK German Consumer Climate
- 10-26 Economic Calendar
- Australian Q3 PPI
| Oct 26 2009 Forex Market Update Posted: 26 Oct 2009 06:30 AM PDT |
| USDJPY moves lower on dollar selling but rebounds Posted: 26 Oct 2009 06:04 AM PDT
Last week, the USDJPY bottomed on Tuesday and trended higher for the rest of the week. The price reached a high of 92.11 and extended to a new high of 92.17 today in the 1st hour of trading. The level tested the upper boundary of what is our channel resistance. That level came in at the 92.22 level at the time. This trendline should continue to be a level of resistance for the pair The price decline from the high breached trendline support (blue trendline in the chart above) but the price rebounded from the break. The trend higher has been a fairly steep ascent. I am therefore not surprised the price has consolidated/corrected. The low for the day extended to 91.56. This was below the July 2008 low of 91.72 which was a level of resistance last week.
Since the low, the price has moved back higher and has been able to find support against the 91.72 area . Watch for intraday support against this level. Upside moves should be contained by resistance against the 92.25 trendline area for the pair. |
| GBPUSD rebounds a little after Friday’s sharp fall Posted: 26 Oct 2009 05:38 AM PDT
The GBPUSD fell sharply on Friday on the back of the weaker than expected GDP data. The low on Friday reached 1.6298. The market for the GBPUSD moved lower early on in the day reaching a low of 1.6250 level. The low for last week came in at 1.6238 on Monday. This level - followed by 1.6200 (midpoint of the move higher from the October 13th low) - is the downside target levels for the pair on an intermediate term basis. On the topside the price has tested the 200 hour MA today -currently at the 1.6357 level. The high for the day stopped short of this level earlier today at the 1.6347 (when the MA was at 1.6352). This level should continue to attract the sellers in the pair with a break above need to gather more upside momentum in the pair with a target that could extend up to the 1.6419 area.
On the shorter term 5 minute chart, the price is above the 100 and 200 bar MA and both moving averages have started to move to the upside. This may give intraday traders a little more upside attraction on dips toward those moving averages. The 100 bar MA comes in at the 1.6303 level currently. The 200 bar MA comes in at the 1.6296 level. Look for support against these level on dips with a break turning the short term bias down (and put into focus the 1.6238 and 1.6200 levels). |
| Bobbys Corner-Open Market-Oct.26.2009 Posted: 26 Oct 2009 05:26 AM PDT
The USD fell over the weekend as signals that the global economic recovery is gaining momentum moved investors away from the USD to higher yielding assets. World equity markets are higher, and US Futures are pointing to a higher opening this morning. Oil:$80.24 Gold:$1054.40 Have a GREAT DAY & GOOD LUCK |
| FXDD Free Online Training Next Class Tuesday Oct 27 2009 4pm Posted: 26 Oct 2009 05:22 AM PDT
Sign up link and Details to follow shortly - FXDD Free Online Training Next Class Tuesday Oct 27 2009 4pm |
| $EURUSD comes off highs after China diversification rumor fizzles out Posted: 26 Oct 2009 05:09 AM PDT
It was rumored that the BOC official indicated a need for the BOC to diversify out of the USD and this benefitted the EURUSD to new 2009 highs of 1.5062. The view was later just an “individual view” and the EURUSD started to wander back down. From a technical perspective, the price is up on the day, closing on Friday at 1.4995. The low for the day reached down to the 1.4981 level. This was just below the 100 hour MA at the 1.4985. However, the momentum below the level could not be established and the price quickly rebounded back above. From there the rumor took hold and the price moved to the high. The high price of 1.5062 took out Friday’s previous high price of 1.5060 by 2 pips. When momentum could not be extended above THIS level, it too led to the profit takers coming in - and the price wandered lower.
So now we move toward the midpoint of the days high low range (at 1.5021). In asddtion, on the 5 minute chart the price has been able to maintain above the 200 bar MA for all but one 5 minute bar since breaking above on the China rumor. The moving average comes in at the 1.5021 level as well, which increases the level of importance today. The 100 bar MA comes in at the1.5032 level. For traders above the 1.5032 gives an upside bias - below the MA is negative. A break of 1.5021 should increase the bearish bias for the pair with a move toward the close at 1.4995 the next target on what is a quiet day so far. A break of that level should ignite further pressure on the pair as the non trend nature of the market may start a transition into something more trend like. ON the topside, the market continues to have problems at higher levels. The 1.5060, 1.5073, 1.5083 line up as upside resistance levels for the pair. |
| Posted: 26 Oct 2009 12:35 AM PDT GfK German Consumer Climate came in at 4.0, weaker than the 4.5 expected and the 4.2 prior reading. Eur/Usd has traded down 20 pips since negative data hit the market. The pair currently trades at 1.5020. |
| Posted: 25 Oct 2009 09:39 PM PDT
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| Posted: 25 Oct 2009 05:38 PM PDT The Australian 3rd quarter Producer Price Index was released lower than expected, moving the AUD/USD pair through the 200hr moving average. The release was as follows: PPI (QoQ) - Survey:0.3% Actual:0.1% Prior:-0.8% PPI (YoY) - Survey:0.5% Actual:0.2% Prior:2.1%
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