Forex Market Updates & Commentary |  |
- November 6th 2009, FXDD Weekend Forex Commentary
- USDCAD moves toward the highs
- AUDUSD drifting a little lower. Looking for a little wander lower.
- Nov 6th 2009 Forex Midday Report
- ECB Gonzalez Paramo on the newswires
- Senior Vice Finance Minister Yoshihiko Noda on newswires
- EURUSD following the paths of the day with no discernable trend
- $USDJPY moves below the 89.82 level as stocks move back and forth
| November 6th 2009, FXDD Weekend Forex Commentary Posted: 06 Nov 2009 02:28 PM PST |
| Posted: 06 Nov 2009 11:36 AM PST
The USDCAD is moving to the highs for the day.. The high reached the 1.0790 level earlier today which was just above the 38.2% retracement of the move down from the July high to the October low 9at 1.0785). A move above will next target the high for Monday at the 1.0868. The 100 day moving average is also a target at the 1.0906. On the downside, the support remains at 1.0735 which was the initial high after the Canadian Employment number. We should find support against this level on dips.
Today the Canadian Employment report showed a decline of 43.2 K jobs which was much lower than expectations. BOC officials have also been commenting on the strength of the CAD$ as being a counterbalance to the rebounding global economy. This may help the USDCAD in the near term. Watch the technical levels. |
| AUDUSD drifting a little lower. Looking for a little wander lower. Posted: 06 Nov 2009 10:44 AM PST
The AUDUSD has wandered down toward the 200 bar MA at the 0.9151 level. This level will be watched on the downside. The market broke below the 200 bar MA post the NFP report and whipped around for the next hour or so, but reestablished the upside momentum . Now with the 100 hour MA sloping down (at 0.9163), the market seems to be under some pressure. Where am I wrong? The price should not rise above 0.9177. Confirmation on the downside comes in at the 0.9152. |
| Nov 6th 2009 Forex Midday Report Posted: 06 Nov 2009 09:30 AM PST |
| ECB Gonzalez Paramo on the newswires Posted: 06 Nov 2009 09:00 AM PST He comments that exiting from liquidity measures does not signal rate highs and reiterates that the ECB will hike rates when price risks emerge. He expects the economy will gradually recover. |
| Senior Vice Finance Minister Yoshihiko Noda on newswires Posted: 06 Nov 2009 08:56 AM PST Says that Japan has never voiced support for the stonger yen. This should lead to weaker yen/higher USDJPY. The price action however, remains stable at low levels. |
| EURUSD following the paths of the day with no discernable trend Posted: 06 Nov 2009 08:47 AM PST
The EURUSD technical levels are doing their thing. The price moved below the 100 and 200 bar moving average at the 1.4880 area, went down to the next support at the 1.4555 level, bounced to the 200 bar MA, then sold off again through support at 1.4855 to 1.4834. Support is at 1.4811. I would not be surprised to see buyers ahead of this level as traders seem content to move up and down. What is the bias? We are back below the 100 bar MA on the 5 minute chart so it is negative. What confidence do I have in that bias? Not great but such is the day. London goes home in the next 10 minutes. |
| $USDJPY moves below the 89.82 level as stocks move back and forth Posted: 06 Nov 2009 07:51 AM PST
Not surprisingly, the stocks declined and so did the USDJPY. The price fell through support at the 89 82 floor and this pushed the price to a new low of 89.61. The market remains in a herky jerky mode, but the 89.82/89 level is now a key level to stay below for the pair. Next support 89.44. This was a low correction price on Monday (off the lows for the week - see chart below of that days 5 minute chart). Choppy conditions remain. London and Europe going home in the next hour. Look for some position squaring volatility.
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