Forex Market Updates & Commentary |  |
- GBPUSD tests 100 hour MA resistance at the 1.0595 level
- December 28th 2009 Morning Forex Commentary is available for viewing
- USDCHF tests key 100 day MA at the 1.0325 level
- Bobbys Corner-Open Market-Dec.28.2009
- Watching the USDJPY 100 hour MA today at 91.42
- EURUSD moves above the 200 hour for 1st time since the 1.5030 level. Tests Resistance at 1.4411-18
- Dallas Fed Manufacturing Activity at 10:30. Semi Holiday
- Japan’s November Economic Releases
| GBPUSD tests 100 hour MA resistance at the 1.0595 level Posted: 28 Dec 2009 05:27 AM PST
The GBPUSD has been testing key 100 hour moving average resistance currently at the 1.5995 level. A move above the level turns the intermediate bias for the GBPUSD bullish and should look to test higher levels for the pair. The intermediate target level for the pair would be the 1.6107 level which corresponds with both the 200 hour MA (green line) and the 38.2% retracement at the 1.6107 level. Interim resistance will likely come in at the 1.6021 level where the high from last Friday is found and 1.6030 where the 200 day moving average is found.
The price has trended lower since December 17th when it last moved below the key 100 hour moving average at the 1.6276 level. The low reached on trend move lower took the pair down to 1.5920. In the process the key 1.6158 level was breached along with the 200 day moving average (at 1.6030 today). These two levels will be watched closely. As long as the price remains below the 1.5995 level, the bias is bearish with 1.5920 lows from last week key support. However, if we get a close above on the hourly chart, we should see a further upside push for the pair today. |
| December 28th 2009 Morning Forex Commentary is available for viewing Posted: 28 Dec 2009 05:14 AM PST |
| USDCHF tests key 100 day MA at the 1.0325 level Posted: 28 Dec 2009 04:20 AM PST
Watch this level. Last Thursday, this key moving average was tested. Today the same thing. A break should lead to a move lower for the pair. Until then look for dip buyers against the level.
A move below targets 1.0298 next where the 38.2% retracement of the move up from the December 3rd low comes in. The level is also near highs and lows from Dec 9th, 10th and 14th (see 1,2,3 in chart above).
On the topside today look for resistance at the 1.0359 (low from Wedsnesday) and 1.0384 where trendline resistance comes in today. The 100 and 200 hour moving averages are both at the 1.0418. |
| Bobbys Corner-Open Market-Dec.28.2009 Posted: 28 Dec 2009 04:19 AM PST
The UK is closed today fro Boxing Day. The USD picked up against the JPY, as speculation mounts that US corporations may start bringing back earning from overseas operations. The JPY softened as a Japanese government report showed that manufacturing in Japan rose to the highest level in 6 months, thus dampening the demand for JPY as a safe haven. A report this morning from China that confirms that their economy grew faster than estimated in 2009, led stocks higher in Asia and Europe. US Futures are also higher at this time. Oil rose-demand always jumps with the first hint of weather (last weeks storms in the Mid West and East Coast were the first of this years winter season) Oil:$78.41 Gold:$1113.20 HAVE A GREAT DAY & GOOD LUCK |
| Watching the USDJPY 100 hour MA today at 91.42 Posted: 28 Dec 2009 03:58 AM PST
The 100 hour moving average comes in today at the 91.42 level. The price has been able to stay above this key intraday MA since December 18th. On Friday, the price tested the level and bounced (at 91.12 area). This raises the importance of the supportmoving average line today ( blue line in the chart above). A break of the moving average line should lead to further selling pressure with a move to test low levels from last week at the 91.12 area. Below that level targets 90.62 where the 200 hour MA is found. The price tested this moving average also on the 18th of December (green line in the chart above), but this support level held and the price bounced sharply higher.
On the topside watch the 91.72 level closely. This was the low price from July 2009. Today the high reaced 91.76. I would expect sellers against this level today as the USDJPY take a breather from it’s month long move higher which saw the price move from a low of 84.80 to the double high last week of 91.86. |
| EURUSD moves above the 200 hour for 1st time since the 1.5030 level. Tests Resistance at 1.4411-18 Posted: 28 Dec 2009 03:44 AM PST
The EURUSD racheted higher today with the price moving above the 200 hour MA (currently at 1.4386 level - bullish bias). However, the price has run into resistance at the 1.4411 level and above that the high from last week at the 1.4418 level (from Friday). Look for some sellers against these levels with buying interest on breaks above the price level. The move above the 200 hour MA today is the first time the price has been able to close above the key MA since December 4th when the price dipped below at the 1.5030 level (low reached 1.4217 last Tuesday). Look for buyers on dips against this moving average today (green line in the chart above at 1.4387 currently). A break below will likely signal a corrective high is in place for now, and should see the price dip back toward the 100 hour MA level which currently comes in at the 1.4319 price.
A break above the 1.4418 level has addditional resistance at the 1.4431 level and above that the 1.4480 level which corresponds with the low from October this year. |
| Dallas Fed Manufacturing Activity at 10:30. Semi Holiday Posted: 28 Dec 2009 03:19 AM PST At 10:30 AM a regional manufacturing data out of Dallas will be released. The Dallas Fed Manufacturing Activity will come out today with the expectation of +2.0% for the month. Last month the measure rose by 0.3% which was the first gains since October 2007. Canada and the UK are off today in observance of Boxing Day. This week will be another shortened week in observance of the New Year Day holiday. FXDD will have a holiday shortened day on December 31st (closing at 2:00 PM) in addition to be closed on Friday. The economic releases/events will be highlighted by the following: Tuesday: German Prelim CPI, Expectation +0.6% MoM Wednesday: US Chicago PMI: Exp 55.4 vs 56.1 last month Thursday: US Unemployment Claims: Exp 461K vs 452K last month Quiet week. |
| Japan’s November Economic Releases Posted: 27 Dec 2009 02:54 PM PST The following November Japanese economic releases came out to little market reaction as the calendar year-end is upon us and the Far East (AUD, NZD) are on holiday. The releases were as follows: Industrial Production (MoM) - Survey:2.5% Actual:2.6% Prior:0.5% Industrial Production (MoM) - Survey:-4.3% Actual:-3.9% Prior:-15.1% Large Retailers’ Sales - Survey:-7.7% Actual:-9.6% Prior:-7.2% Retail Trade (YoY) - Survey:-1.1% Actual:-1.0% Prior:-0.9% Retail Trade (MoM sa) - Survey:0.2% Actual:0.2% Prior:-0.9% |
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