Forex Market Updates & Commentary |  |
- EURUSD moves back above the 1.4304 level
- Dec 18 Forex Midday Report
- USDJPY testing trendline resistance at 90.80.
- EURUSD next support 1.4281, then 1.4254. Longer term 1.4172 = 200 day MA
- GBPUSD breaks below key support at 1.6158 and falls
- Watching the 100 hour MA at the 1.0400 level today in USDCHF
| EURUSD moves back above the 1.4304 level Posted: 18 Dec 2009 09:00 AM PST
With London gone, the market has run into some profit taking for the EURUSD. The price has moved above the 1.4304 level which was a low from yesterday and a low earlier today. The move above has spurred some follow through buying but the 1.4325 level and the 100 bar moving average on the 5 minute chart remains above (100 bar MA comes in at1.4338). Look for sellers on rallies toward this level. A move below the 1.4304 level should reignite the bearish theme. |
| Posted: 18 Dec 2009 08:00 AM PST |
| USDJPY testing trendline resistance at 90.80. Posted: 18 Dec 2009 07:04 AM PST
The channel resistance at the 90.80 is being tested in the USDJPY. Above that level is 100 day MA at 91.06 and the 38.2% retraceement at 91.15. Look for sellers against this level. A break above and close above will be bullish longer term for the pair. |
| EURUSD next support 1.4281, then 1.4254. Longer term 1.4172 = 200 day MA Posted: 18 Dec 2009 06:48 AM PST
The last time the market was at the current level, the 1.4281 level was a level of importance for the pair. The price was consolidating/non trending. The area had a number of hourly bars where support held back in August/September when the price was last at these levels. Below that level is the 1.4254 level where similar interest was found (see chart above of the August/Sep period).
The EURUSDs break below the 1.4304 triple bottom (over last 2 days) has intensified selling in the pair. Moreover the bounce off the break rebounded just short of that level. This increases the importance of the resistance today. The bias remains lower. Corrections may occur, but the longer term target at the 1.4172 level where the 200 day moving average is found, is coming more and more into focus.
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| GBPUSD breaks below key support at 1.6158 and falls Posted: 18 Dec 2009 06:36 AM PST
The GBPUSD fell below key support at hte 1.6158 and fell sharply (see prior post). The price has moved toward the low for the day at the 1.6110 level. A break should solicit additional selling with the week low at 1.6078 the next target. Look for resistance at the 1.6158 level now. A move back above this level will likely solicit the intraday buyers. Remember the 11:00 fixing and Friday European close between 11 and 12 noon looms ahead. This can lead to some additional volatility and price action. So be prepared. Be aware.. Watch the key levels. |
| Watching the 100 hour MA at the 1.0400 level today in USDCHF Posted: 18 Dec 2009 06:19 AM PST
The USDCHF came under pressure earlier today, tested the 100 hour MA but the price bounced off the key support level. The move back up off the moving average support, took the price toward the low floor from yesterday at the 1.0452 level (high reached 1.0446). Now the price is back down and approaching the support at the 1.0400 level again. This will be a key level to watch today, as will the 1.0452. The range is established as the price consolidates. |
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