Forex Market Updates & Commentary |  |
- $USDJPY looks toward 100 day MA resistance at 91.01
- Dec 21 2009 Forex Market Update
- BOJ Shirakawa on newswires
- Bobbys Corner-Open Market-Dec.21.2009
- Canada Retail Sales come in as expected. USDCAD pressured today after failing at 100 day MA
- On the wires: More challenges for Dubai World
- The EURUSD finds some profit takers today. Support at 1.4333/37 today.
- EURGBP moves higher. Controlling the EURUSD and GBPUSD moves today.
- EUR/CHF Rebounding
- Japan’s November Trade Balance
| $USDJPY looks toward 100 day MA resistance at 91.01 Posted: 21 Dec 2009 05:46 AM PST
The comments by BOJ Shirakawa (see prior post) has the USDJPY moving back to the upside. The key level on the upside is the 91.01 level which is the 100 day MA. The USDJPY has been below the 100 day moving average (blue line in the chart above) since August 11th. A move above this level should solicit additional buying interest for the pair. Note the pair has additional resistance at the 91.15 level where the 38.2% retracement is found. A move above here should confirm the upside momentum for the pair. Watch for support at the 90.66 level. IF this level can hold, it would be positive for the pair. I expect intraday buyers against the level with stops on a move below.
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| Dec 21 2009 Forex Market Update Posted: 21 Dec 2009 05:30 AM PST New Video Now Pending |
| Posted: 21 Dec 2009 05:18 AM PST Says BOJ to keep rates at preactically zero persistently but also comments that low interest rates can also be harmful. The USDJPY has moved higher on the news. |
| Bobbys Corner-Open Market-Dec.21.2009 Posted: 21 Dec 2009 05:09 AM PST
We start the week out with over 1 foot of snow that feel in the New York Metro area over the weekend. Parts of New Jersey and Long Island got 2 feet of snow. If the weather cooperates- the Northeast US will have a white Christmas. The USD stayed strong as signs that the economic recovery is getting traction. Also concerns about the sovereign debt of some EU countries has boosted the demand for USD. Asian equity markets were mixed-European equity markets are higher-and US Futures are also pointing to a higher opening. Oil:$73.43 Gold:$1117.60 HAVE A GREAT DAY & GOOD LUCK |
| Canada Retail Sales come in as expected. USDCAD pressured today after failing at 100 day MA Posted: 21 Dec 2009 04:54 AM PST The Canada Retail Sales rose by 0.8% for October and by 0.2% Ex Autos. This was on the back of a 1.1% gain last month and +0.9% in August. The three month. Retail Sales have now risen in 5 of the last 6 months and 8th gain in the last 10 months.
The USDCAD has suffered today on a softer dollar and the failure of the USDCAD to maintain the price above the 100 day moving average. Last week, the USDCAD closed for the first time above the 100 day moving average on Thursday. However, on Friday, the price closed below the level. Today, the price moved back above the 100 day moving average briefly at 1.0683, but failed once again (see red area in the chart below). The move back below the key longer term level intensified selling in the pair and the momentum pushed the price to the downside.
The price is stalling near trendline support at 1.0560. Additional support comes in at the 1.0535 level which is the 61.8% retracement of the move up from the December 1st low. I would expect buyers at the level. with stops below..
On the topside, look for resistance at the 1.0601 level where the 38.2% retracement of the days reange is found. |
| On the wires: More challenges for Dubai World Posted: 21 Dec 2009 04:32 AM PST On the wires this morning, Dubai World, which is seeking to restructure about $22 billion of debt, did not present a standstill offer to lenders at a meeting in the emirate today, said a company spokesman. The main issue appears to be in the sheer complication of restructing the deal. Over 100 bankers attended the meetings this morning. |
| The EURUSD finds some profit takers today. Support at 1.4333/37 today. Posted: 21 Dec 2009 04:26 AM PST
The EURUSD is finding some profit takers today after opening lower, extending lower through support at 1.4300/1.4304 but bouncing back above that level. The 1.4304 level was the low on December 17th and 18th. On Friday, the market pushed through this floor, but moved back above this level in the NY afternoon. Today the opening hour saw the price move to a low of 1.4300 and bounce. Later, another move below took the price to a low of 1.4280 but that move also found buying interest. The level was then used as a springboard for the move to the highs (high reached 1.4372 so far today).
Topside targets would include the high from Friday at the 1.4411 level now and the 100 hour MA at the 1.4428 level currently and moving lower.
On the downside, look for buying support against the 1.4333/37 level where the 100 and 200 bar MA on the 5 minute chart is found (blue and green line), the 38.2% of the move higher today (at 1.4337) and the close from Friday at the 1.4335 level. With the EURGBP moving higher, and with the pair being battered of late, a correction is certainly not unusual. Look for buyers on dips at the key support area today at the 1.4433-37 area. |
| EURGBP moves higher. Controlling the EURUSD and GBPUSD moves today. Posted: 21 Dec 2009 03:48 AM PST
The EURGBP moved sharply higher in the last hour after breaking above trendline resistance and then the 100 hour MA(blue line in the chart above) for the first time in a week. The 100 hour MA came in at 0.8899. After testing the level first, the next move to the area, sent the pair sharply higher (See chart above). The move has the EURUSD and the GBPUSD moving in opposite directions today. The EURUSD is up on the day while the GBPUSD is lower from Friday’s close. Normally, the dollar moves in the same direction against these currencies but not today. SO take note that the dyanamics of each are being pushed and pulled by the EURGBP. On the topside for the EURGBP, the correction is now targeting the 38.2% retracement line at the 0.8943 level. Also near that level is the key 100 day MA at the 89.39 level today. Look for sellers against this level today. The high has come in at 0.8927 today (blue line in the chart below).
The EURUSD has been sold of late on the back of the downgrade of Greece and risk for similar downgrades in other countries going forward. As a result, it has been steadily sold since December 9th. The move higher today is largely a correction after consolidating near the bottom for the last two days. Look for sellers against the 0.8939/43 area to limit the upside. This may help reverse the EURUSD and GBPUSD moves today. Watch the pair for clues. |
| Posted: 20 Dec 2009 06:31 PM PST After gapping lower on the open in a very thin market the EUR/CHF has been steadily rebounding off its lows. The pair has now found some resistance at the trending 21hr moving average that has resisted the pair since the middle of last week.
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| Japan’s November Trade Balance Posted: 20 Dec 2009 02:49 PM PST Japans November Trade Balance came in better than expected, particularly on the export side which was already expected to improve significantly. Although the readings remain negative year over year the USD/JPY pair has a mild bid to start the trading weak, although trading off early session highs. Merchandise Trade Balance Total - Survey:300B Actual:373.9 Prior:807.1 Adjusted Merc Trade Balance Total - Survey:268B Actual:492.4 Prior:419.1 Trade Exports (YoY) - Survey:-6.8% Actual:-6.2% Prior:-23.2% Trade Imports (YoY) - Survey:-17.9% Actual:-16.8% Prior:-35.6% |
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