Forex Market Updates & Commentary |  |
- USDCAD tests 100 bar MA at 1.0458
- Nov 11 2009 Forex Market Update
- GBPUSD falls on BOE Kings comments. Breaks 100 hour MA on the way.
- Bobbys Corner-Open Market-Nov.11.2009
- EURUSD moves away from ceiling and makes another consolidation range as NY starts the day
- Sterling tumbles on King comments
- UK Unemployment Data
- 11-11 Economic Calendar
- China’s October Industrial Production & PPI
- Fed’s Fisher on the Wire
- Asian Economic Releases
- AUDUSD consolidate ahead of China news
- USDJPY has 89.90 upside and 89.68 downside range as market prepares for a break.
- Reserve Bank of New Zealand says current high level unsustainable
| USDCAD tests 100 bar MA at 1.0458 Posted: 11 Nov 2009 06:38 AM PST
The USDCAD is testing the 100 bar MA after making new move lows today at the 1.0431. The 100 bar MA comes in at the 1.0458 level currently. A break above would next target the 200 bar MA at the 1.0475 level. Watch this level for confirmation of the new bullish bias off this 5 minute chart. |
| Nov 11 2009 Forex Market Update Posted: 11 Nov 2009 06:30 AM PST Click here to view the embedded video. Watch the rebroadcast of Tuesdays live training - CLICK HERE TO WATCH |
| GBPUSD falls on BOE Kings comments. Breaks 100 hour MA on the way. Posted: 11 Nov 2009 05:39 AM PST
The BOE inflation report had some good as far as growth forecasts but warned that the economies growth prospects remain highly uncertain. Later Mervyn King gave a slightly down cast assessment on growth and although inflation will rise in the coming months it is not expected to be a problem or accelerate given the weak banking system. The comments sent the GBPUSD down sharply from the high of 1.6796. The fall took the pair back through the 100 hour MA currently at 1.6672. This level will be resistance for the day today. As long as the price can remain below this average, the bias is down. Look for sellers against this level. On the downside, watch the support at 1.6620 (38.2% of the move up from the November 3rd low). Yesterdays low came in at 1.6600. The 200 hour MA comes in at 1.6558. All are the step by step target levels for the pair. |
| Bobbys Corner-Open Market-Nov.11.2009 Posted: 11 Nov 2009 05:20 AM PST
Today is Veteran’s Day in the US, and most US banks and Government offices are closed. The USD took another beating overnight as speculation mounts that the FED will not raise interest rates any time soon. GBP also dropped, and Iceland’s krona lost ground after Moody’s lowered the nations credit rating to the lowest investment grade. World wide equity markets rose, and US Futures are looking positive for this morning’s opening. Gold set a record of $1117.+ /oz. Bloomberg Professional Global Confidence Index dropped as signs by central banks to ease their stimulus policies may be perceived as too soon. Questions regarding the strength of this recovery are becoming a concern throughout the marketplace. Oil:$ 79.55 Gold:$1116.90 HAVE A GREAT DAY & GOOD LUCK |
| EURUSD moves away from ceiling and makes another consolidation range as NY starts the day Posted: 11 Nov 2009 05:07 AM PST
The EURUSD continued the consolidation overnight. Finally, in the London morning session, the price extended to the upside on a break above the double top at 1.5020. The move higher has seen the correction of the new high come down to 1.5018 - just below the old high from Monday and Tuesdays trade. However on the topside, the market seemed to exchange one top for another. Now there is a ceiling at the 1.5044/47 where a number of high bars have been established. This is not all that surprising as the high for 2009 comes in at 1.5062 and you tend to get the sellers against old highs - especially in “semi holiday” like trading (US honor Veterans of war today with banks, government offices and schools mostly closed although the stock markets are open). Nevertheless,the ranges will of course be watched and holiday trading can have the effect of magnifying the moves. So watch the ceiling and watch the floor. |
| Sterling tumbles on King comments Posted: 11 Nov 2009 03:06 AM PST Bank of England’s King states: -We’re not seeing great credit expansion -It would be peculiar to worry on asset prices -Asset prices still below level reached in peak Gbp/Usd was severely sold of on these commnets which were made just after positive inflation data from Bank of England. The pair traded down to 1.6617. Currently we are off 140 pips from high at 1.6650. |
| Posted: 11 Nov 2009 01:36 AM PST UK Jobless Claims Change came in at 12,900, better than the 20,000 expected. ILO Uneployment Rate came in at 7.8%, stronger than the 8.0% expected. Average Earnings came in at 1.2%, slightly weaker than the 1.4% expected. Overall good data for the pound as Gbp/Usd has made a new high of 1.6779. The pair currently trades at 1.6770, up about 30 pips pre-news. |
| Posted: 10 Nov 2009 08:40 PM PST
|
| China’s October Industrial Production & PPI Posted: 10 Nov 2009 06:08 PM PST China’s Industrial Production reading for October came in better than expected year over year at 16.1% versus the estimate of 15.5% and the prior readig of 15.5%. The Producer Price Index came in lower than expected at -5.8% versus the -5.2% estimate. The USD weakened slightly across the board on this release however the reaction has been mild. |
| Posted: 10 Nov 2009 04:41 PM PST The Dallas Fed President Fisher had the following comments sduring a speech in Austin, Texas, to which the market had a muted reaction:
|
| Posted: 10 Nov 2009 04:23 PM PST The Australian Westpac Consumer Confidence survey for November came in lower than the prior month at -2.5% vs. 1.7% and the Consumer Confidence Index was subsequently moved lower to 118.3 vs. 121.4 the prior month. The AUD had a limited reaction to the release as it trades in a tight range early in Asia. Japan’s Machine Orders were released better than expected both on a monthly and year over year basis, but once again the market is little changed. The release was as follows: Machine Orders (MoM) - Survey:4.1% Actual:10.5% Prior:0.5% Machine Orders (YoY - Survey:-26.2% Actual:22.0% Prior:-26.5% |
| AUDUSD consolidate ahead of China news Posted: 10 Nov 2009 02:49 PM PST
The AUDUSD is consolidating as the market awaits a slew of economic data out of China this evening at 9:00PM NYT. The price action today has been contained on the upside by 0.9322 (the high for 2009 has come in at 0.9327). The low had a floor low of 0.9254. The 100 and 200 moving average comes in at 0.9283/87 level. A break of the topside (followed by a move through the 0.9327 level should target higher levels. Meanwhile a break of the floor should confirm a further downward move. The 100 bar MA on the 5 minute chart is the pivot for bullish or bearish sentiment. With the data coming out later it is probably more prudent to wait and see the price reaction with a break of the Floor/Ceiling providing the directional clue. Until then, selling against the ceiling and buying against the floor with stops on extensions may allow for the accumulation of some pips. |
| USDJPY has 89.90 upside and 89.68 downside range as market prepares for a break. Posted: 10 Nov 2009 02:24 PM PST
Apart from a period where the price moved up then down, the USDJPY has more or less traded below the 200 bar MA since midnight last night. IN the last hour or so, the price has moved back above the 100 bar MA on the 5 mnute chart at the 89.80 level but remains contained. On the downside, the 89.68/71 level has remained as the low range for the day. Yesterday the low was also 89.68. Since 8:00 AM NYT, the hihge has been 89.91. The narrow range is a clue for a range extension. The question is which way. As is customary, the 100 bar MA should provide the clue. A move above the MA with a confirmation via a move above the 200 bar MA and then the 89.90 level, should lead to further upside momentum. ON the downside, a move below the 89.80 level is bearish with a break of the 89.68 level a confirmation of further downside momentum for the pair. There is a lot of news from China this evening at 9:00 PM NY time which is likely to give the market the needed push. Until that time, trading the extremes can be a provide some trading opportunities. Nevertheless, be aware of a move and be prepared.
The USDJPY is testing the upside resistance as defined by the 200 bar MA on the 5 mnute chart. The price has spent the last hour or so in a narrow range - testing the 200 bar MA at 89.85 and the |
| Reserve Bank of New Zealand says current high level unsustainable Posted: 10 Nov 2009 12:06 PM PST The RBNZ Bollard comments that the current high value is unsustainable. They also commented that they expect more bank failures as unemployment rises. The NZ financial system is strong but risks are still elevated.
The news has sent the NZDUSD lower. The pair has moved down to support as measured by the 200 bar MA. That level comes in at the 0.7404 level. We will be watching this level along with the 100 bar MA on the same chart at the 0.7408. |
Good Morning:
| You are subscribed to email updates from Forex News and Commentary by FXDD To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google Inc., 20 West Kinzie, Chicago IL USA 60610 | |
No comments:
Post a Comment