Forex Market Updates & Commentary |  |
- EURUSD flushes down further as the 1.5047 level gives ways
- November 26th 2009 Morning Forex Report is available for viewing
- UKs Darling on newswires. $GBPUSD pauses after a sharp move lower overnight
- $USDJPY corrects toward our 100 bar MA on the 5 minute chart
- $EURUSD corrects down as the London afternoon starts. 1.5047 support.
- UK CBI Realized Sales
- Buba President Weber on the wires…
- Euro-Zone Money Supply and Private Loans
- USD/JPY Hits 14 year Low
- EUR/USD Approaching Resistance?
- Japanese Finance Minister Fujii on the Wire
- Usd/Jpy finds support at 12-14 lows and 1-18 lows
- NBNZ Business Confidence
- BOJ Meeting Minutes for October 30th Meeting
- Nov 25 2009 Forex Evening Report
| EURUSD flushes down further as the 1.5047 level gives ways Posted: 26 Nov 2009 07:10 AM PST The EURUSD moved through the 1.5047 level and tracked down the next support area at the 1.5020 level. The low reached 1.5017 and has bounced. The upside will now have the 1.5047 level as resistance. The 100 bar MA at the 1.5072 level and coming down is another upside resistance level. On the downside, the 1.5020 area and 1.5000 level are the next targets. London goes home shortly, which may/should slow down activity (12 noon). However we cannot discount some more fireworks from 11-12 NY time as positions are squared. |
| November 26th 2009 Morning Forex Report is available for viewing Posted: 26 Nov 2009 07:06 AM PST Video Pending |
| UKs Darling on newswires. $GBPUSD pauses after a sharp move lower overnight Posted: 26 Nov 2009 05:49 AM PST Says withdrawing support now would be “utter madness”.
The GBPUSD - which was not as strong as the the EURUSD yesterday- was the currency pair which plunged the most today. The price yesterday reached a high of 1.6745 which was just above the old spike highs from June 30th and September 11th. That high, reached in the London morning session, was not taken out in the NY afternoon when the dollar took its nosedive.. The high was only able to get up to 1.6727 in yesterday’s afternoon trading.
The market consolidation led to the 100 and 200 bar MA converging on the 5 minute chart. A break and one final test, led to the march down. The price stalled at the key 1.6600 level where the 100 hour MA was also situated, but continued down to a nice round low of 1.6500 level which was within 4 pips from Tuesday’s low and as good a level as any to find buyers.
Now the price was upside resistance at the 100 bar MA on the 5 minute chart at the 1.6575 level and further upside resistance at the 100 hour MA at the 1.6600 level. On the downside, watch the 1.6529 level and then the 1.6496/1.6500 level. |
| $USDJPY corrects toward our 100 bar MA on the 5 minute chart Posted: 26 Nov 2009 05:34 AM PST
The USDJPY plunged below the 87.11 support line last night and raced to a new low at the 86.29 level. The price got within shouting distance of the bottom trendline from the channel we have been eyeing for some time now. That trendline comes in around the 86.00 area. I would expect support buyers, against stops below this level should the price continue to be pressured going forward. Looking at the shorter term chart today, the price has been has been bumping against and testing the waters above the 100 bar MA on the 5 minute chart for the last 5-6 hours. In fact the moving average line has nosed to the upside despite the price being below. A move above this moving average line (blue line in the chart below) should be a positive sign for the pair with the next upside target being the green line or 200 bar MA at the 86.97 level. Above that the old low at the 87.11 level should loom large.
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| $EURUSD corrects down as the London afternoon starts. 1.5047 support. Posted: 26 Nov 2009 04:53 AM PST
With NY on Thanksgiving Day holiday, London banks will continue to be predominantly in charge for the trading activity for the next 5 or so hours. The EURUSD corrected overnight after reaching our target at 1.5145 (1.5144 high) we spoke of 24 hours ago (CLICK HERE). The price has used the 100 bar MA as its guide to the downside with a few blips above for the most part (blue line in the chart above). The price just tested the 1.5047 level which was the November 11th high and bounced from there back higher. The 38.2% retracement of the move up from the low on November 20th comes in at the 1.5042 level. The low just reached is a nice level to stop and pause. Look for profit takers against these levels on dips. Other support levels come in at 1.5020 and 1.5000 the same levels that helped propel the upside yesterday.
On the topside, there should be resistance on moves up toward the 100 bar MA on the 5 minute chart which is currently up at the 1.5086 level (and moving down). The 1.5095-1.5100 level is also a congestion area today (see 5 minute chart above). Another level of interest is the 1.5062. This was the old high for 2009 before the move up yesterday. This level may prove to be the level the market trades around today, should the price action settle down. |
| Posted: 26 Nov 2009 03:01 AM PST CBI Realized Sales in the UK for the third quarter came in at 13; better than its forecast of 12 and prior reading of 8. Despite beating expectations, the GBP had a limited reaction to the release. |
| Buba President Weber on the wires… Posted: 26 Nov 2009 02:21 AM PST In a speech given in Leipzig, Germany Bundesbank President (and ECB Governing Council member) Weber made the following statements:
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| Euro-Zone Money Supply and Private Loans Posted: 26 Nov 2009 01:12 AM PST Euro-Zone Money Supply and Private Loans for October came in worse than expected causing the EUR to sell of slightly. The details are as follows:
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| Posted: 25 Nov 2009 07:39 PM PST The USD/JPY pair continued lower during Asia, ignoring Fujii’s comments that the BOJ will watch currency action. The pair has rebounded slightly off the initial move, but the momentum for the pair is clearly negative.
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| EUR/USD Approaching Resistance? Posted: 25 Nov 2009 07:16 PM PST On the eve of a US holiday gold, oil and US equities rallied in what seemed like a low volume move and the USD sell off has led the EUR/USD pair through the 1.51 handle and to new 2009 highs. With these new levels we looked back to the rally into the summer of 2008 for technical resistance ahead. On the chart below we see a double bottom formed in May and June of ‘08 below the 1.53 handle and we will look for that level as the next resistance for the pair, if it continues to rally on this shortened holiday week.
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| Japanese Finance Minister Fujii on the Wire Posted: 25 Nov 2009 07:11 PM PST Japanese Finance Minister had the following comments to which the market had a muted reaction:
This is the second night in a row that the finance minister has commented on currencies. Yesterday stating that the appreciation of the Yen is due to the depreciation of the USD. |
| Usd/Jpy finds support at 12-14 lows and 1-18 lows Posted: 25 Nov 2009 07:10 PM PST Usd/Jpy finds support at end of last year’s and the beginning of the new year lows around 87.00-87.30 levels.
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| Posted: 25 Nov 2009 06:21 PM PST New Zealand Business Confidence weakened in November to 43.4 from to 48.2. The market had a limited reaction to this release as other factors are moving the market. |
| BOJ Meeting Minutes for October 30th Meeting Posted: 25 Nov 2009 04:30 PM PST The BOJ meeting minutes moved the USD slightly higher against the Yen after being battered all day. The reaction was minimal and the highlights were as follows:
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| Nov 25 2009 Forex Evening Report Posted: 25 Nov 2009 01:30 PM PST |
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