Forex Market Updates & Commentary |  |
- The FXDD Year End/Weekend Forex Commentary is available for viewing
- EURGBP tests 200 day MA support as selling pressure continues today
- USDJPY is testing target resistance at the 93.12 level
- Chicago PMI revised lower to 58.7 from 60.
- GBPUSD breaks through support at 1.6158 but finds support at the 200 bar MA level
- $EURUSD falls through the 100 and 200 hour moving averages
| The FXDD Year End/Weekend Forex Commentary is available for viewing Posted: 31 Dec 2009 09:28 AM PST |
| EURGBP tests 200 day MA support as selling pressure continues today Posted: 31 Dec 2009 08:02 AM PST
The EURGBP is down testing the 200 day MA 0.8855 level. The pair has continued its assault to the downside today after yesterdays sharp move lower. Of course action is winding down for the year so I do expect action to quiet down, but come Monday, the moving average will come back into focus as traders all return and look for the new opportunities in the New Year. |
| USDJPY is testing target resistance at the 93.12 level Posted: 31 Dec 2009 07:25 AM PST
As per the earlier post (click here), the USDJPY has moved and is approaching the 50% retracement level of the move down from the April high of 101.43 and the November low of 84.80. That level comes in at the 93.12 level. Look for profit taking sellers at the level. Support now comes in at 92.76 |
| Chicago PMI revised lower to 58.7 from 60. Posted: 31 Dec 2009 07:10 AM PST Reuters headlines…Chicago PMI for Dec being revised PMI revised to 58.7 from 60. Yesterday this report came out so there must have been an error in the initial calculation. It takes some of the steam out of the initial report. However, it still is up from expectations and last months value. |
| GBPUSD breaks through support at 1.6158 but finds support at the 200 bar MA level Posted: 31 Dec 2009 06:40 AM PST
The GBPUSD fell through the support at the 1.6158 level and the 100 bar MA on the 5 minute chart at the 1.6162 and selling intensified (see prior post). The market sold off quickly but found support against the 200 bar moving average. For those who listen and read our commentary, a break of the 100 bar MA chnages the bias from bullish to bearish and next targets the 200 bar MA. If the 200 bar MA is broken, it confirms the directional move and should lead to lower levels.
This move gives a bearish bias, but keeps the upside still in play. Look for sellers against the 100 bar MA at the 1.6164 level. A break above muddies the water. |
| $EURUSD falls through the 100 and 200 hour moving averages Posted: 31 Dec 2009 06:24 AM PST
The EURUSD has moved through the 100 and 200 hour MA in the last hour of trading. There was a report circulating that the IMF is in discussion with Greece in regard to its debt situation. This is leading to the sharp selling in the pair as news and illiquid markets make for nervous markets for the Eurozone. There should now be resistance against the 200 hour MA at 1.4341. Look for sellers against this level. The next support level comes in at 1.4300/06 level. A break next targets the low from yesterday at the 1.4273 level.
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