Forex Market Updates & Commentary |  |
- Richmond Fed Index and Consumer Confidence both weaker than expectations. EURUSD heads below support. 1.4771 target
- $GBPUSD between key levels in NY trade. 1.6399 resistance, 1.6361 is support.
- Oct 27th 2009 Forex Market Update
- Case Schiller Home Prices fell 11.32%
- $EURUSD moves back toward the support at the 1.4840 level
- Bobbys Corner-Open Market-Oct.27.2009
- UK CBI Realized Sales
- Eur/Gbp Finds Support
- Eurozone Money Supply & Private Loans
- Euro weakness re-enters market
- EUR/USD Gains a Light Bid
- Japan’s Finance Minister Fujii on the Wire
- EUR/CHF Tame and Ranging
- Australian Business Confidence
| Posted: 27 Oct 2009 07:02 AM PDT Richmond Fed falls to 7 from 14 last month. The Consumer Confidence falls to 47.7 from 53.4 last month. Both are a disappointment and the EURUSD has fallen below support at 1.4840 on the number. Look for resistance against the level now. The 1.4771 is the next target support for the EURUSD
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| $GBPUSD between key levels in NY trade. 1.6399 resistance, 1.6361 is support. Posted: 27 Oct 2009 06:45 AM PDT
The GBPUSD has the 100 day MA at the 1.6361 level today to provide support. On the topside is the 200 hour MA at the 1.6399 level currently which is keeping the topside under wraps. So the battle lines are drawn.
A move below the 100 day MA at the 1.6361 level should solicit sellers today. While a move above the 1.6399 (say 1.6400) should attract buyers (toward the 1.6460 level). Range traders may find, buyers against 100 day MA, while sellers may look to sell against the 200 hour MA. |
| Oct 27th 2009 Forex Market Update Posted: 27 Oct 2009 06:30 AM PDT Click here to view the embedded video. FXDD Free Online Training Next Class Tuesday Oct 27 2009 4pm FXDD invites you to participate as an attendee in the following online training session: Topic: Oct 27 2009 FXDD Free Online Training 4pm ——————————————————- Once you are approved by the host, you will receive a confirmation email with instructions for joining the session. |
| Case Schiller Home Prices fell 11.32% Posted: 27 Oct 2009 06:01 AM PDT The -11.32% drop is YoY. On a month on month basis the change came in at +1.18%. Below are the values from the 20 top cities. Minneapolis 3.19% |
| $EURUSD moves back toward the support at the 1.4840 level Posted: 27 Oct 2009 05:41 AM PDT
The EURUSD has had an up and down day so far - in that order. The price initial corrected higher after yesterdays sharp move lower which took the pair down 38.2% of the move up from the October 2nd low to the high reached yesterday. The correction took the price up 38.2% of the move down yesterday to the 1.4927 level (funny how targets like Fibonacci’s slow moves?). The price is now below yesterday’s closing level of 1.4873 and looking to test that same 38.2% retracement of the move higher from the October 2nd low at the 1.4840 level. The low this morning has reached 1.4856 and we have seen some early buyers.
If yesterday’s move was a start of a counter trend correction, we should see the market look to move further to the downside. Where are we wrong? If the price moves above the 100 bar MA on the 5 minute chart early on a thte 1.4888 level I would be discouraged. This is where the intraday bias moves back to the upside and with the market moving above and below this moving average over the last few hours, another move back to the upside would not be supportive of a breaking of the downside support. I would expect sellers on upticks from the current level against this level with stops on a move back above. |
| Bobbys Corner-Open Market-Oct.27.2009 Posted: 27 Oct 2009 05:28 AM PDT
A fairly quiet overnight session in the FX markets moved JPY slightly higher versus the USD and EUR. Asian equity markets followed Wall Street by dropping, while European markets are mostly higher at this time. US Futures are pointing to a higher opening this morning. Commodities are lower, as speculation that price run ups are higher than market demand can justify. Oil: $79.04 Gold:$1038.50 Have a GREAT DAY & GOOD LUCK |
| Posted: 27 Oct 2009 04:04 AM PDT UK CBI Realized Sales came in at 8, stronger than the 6 expected. This is a good number for Gbp. At time of release we were trading at the top of the range which might explain why there has been a muted market effect thus far. Gbp/Usd currently trades at 1.6425-30. |
| Posted: 27 Oct 2009 02:31 AM PDT It seems Eur/Gbp has found some support at .9076 as mentioned in earlier post. the chart below illustrates the significance of this level dating back to September 28th. This is the fourth time since then that this level has acted as a fresh hourly low. We may see Eur/Usd and Gbp/Usd start to move in unison as it has in the past, as long as the Eur/Gbp pair holds this support level.
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| Eurozone Money Supply & Private Loans Posted: 27 Oct 2009 02:04 AM PDT Eurozone Money Supply y/y came in at 1.8%, weaker than the 2.1% expected and the 2.5% prior reading. Private Loans y/y came in at -0.3%, weaker than the -0.2% and 0.1% prior reading. This is the first annual decline of loans to households and companies in Europe on record. Not much reaction to negative data out of the Eurozone. Eur/Usd had sold off priior to release and has now settled in at 1.4880-85 level. |
| Euro weakness re-enters market Posted: 27 Oct 2009 01:17 AM PDT After gaining back some of yesterday’s losses Euro again is showing weakness against the Usd and Gbp. eur/Usd has not been able to firmly break above the 61.8% Fibo (1.4917) as shown on chart below. It appears to be destined to make another run at yesterday’s low of 1.4843.
Eur/Gbp is threatening to trade below its 100 hour M/A of .9099. A break below could bring the pair down to .9076. if the pair fails to continue moving lower look for a rebound to .9120-25 level coinciding with 200 hour M/A at .9123.
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| Posted: 26 Oct 2009 11:24 PM PDT The EUR/USD has broken back above the the 1.49 handle even as the Shanghai Composite (down 1.59%,) Nikkei (down 1.45%) and US equity futures trade lower. The Euro has gained a light bid across the board, pariticularly against the USD on what looks like some corrective activity. It will be interesting to see if the pair breaks the trending 21 hour moving average.
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| Japan’s Finance Minister Fujii on the Wire Posted: 26 Oct 2009 11:12 PM PDT Japan’s Finance Minister had some strong statements about the USD, however trading on session lows the USD continues to weaken against the EUR, even as equities globally move lower. The USD however has remained in its tight session range against the Yen (32 pips.) His comments were as follows:
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| Posted: 26 Oct 2009 06:22 PM PDT Since the Swiss National Bank’s intervention in March and then again in June of this year the EUR/CHF price action has stabilized. In the beginning of August the pair has entered a trading range between the 50 day and 200 day moving averages and has not had a full trading day outside the aforementioned range. Early during today’s trading session the pair is sitting right below the 50 day mavg.
The volatility of the pair is seen on the weekly chart below, ahead of the interventions.
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| Australian Business Confidence Posted: 26 Oct 2009 05:55 PM PDT According to the NAB, Business Confidence in Australia jumped in the 3rd quarter to a reading of +16 from -4 in the prior quarter. As a result the AUD moved higher against the USD, after trading lower early in the session Kiwi weakness based on comments from New Zealand’ Prime Minister Key suggesting that rates wont increase in 2009. The pair moved to the 38.2% retracement of the short-term move below and has retreated on general USD strength.
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