Forex Market Updates & Commentary |  |
- The FXDD Weekend Forex Commentary is available for viewing
- Consumer Credit falls by a record $17.5 billlion. More than $5 billion expectations
- USDCHF leading the way down? Or is it just another tease?
- USDJPY moves to test 100 hour MA at 92.47
- EURUSD moves above the 100 and 200 hour MA
- Forex Midday Report - Jan 8th
- FXDD Online Training Tuesday Jan 12 2010 4pm
- Well….what can I say. Markets remain in the range
- Feds Rosengren on newswires.
| The FXDD Weekend Forex Commentary is available for viewing Posted: 08 Jan 2010 12:19 PM PST |
| Consumer Credit falls by a record $17.5 billlion. More than $5 billion expectations Posted: 08 Jan 2010 10:58 AM PST The consumer credit fell by a record 17.5 billion in November. Revolving Credit (credit card) fell by -$13.7 bilion and Non revolving (auto loans, mobile homes) fell by -$3.8 billion. The fall is a combination of lower spending and tighter credit standards. I would expect the weak number to pressure the dollar on the back but it is Friday. |
| USDCHF leading the way down? Or is it just another tease? Posted: 08 Jan 2010 10:43 AM PST
The USDCHF is moving sharply lower and looks to be choosing the downside after wandering above and below the 100 day moving average all week. The price is now comfortably below the MA level at the 1.0294 level and has moved below the trendline connecting the recent lows. The next level to get through is the 50% retracement of the last corrective move higher at the 1.0212. The low today? 1.0215. The holding of this level, leaves the door open for those short to see the price move back higher on profit taking fright. The 1.0243 level was yesterdays low and will be eyed as resistance now. A break above should lead to further buying as the weekend covering concludes the week.
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| USDJPY moves to test 100 hour MA at 92.47 Posted: 08 Jan 2010 09:55 AM PST
The price dipped below the 100 hour MA earlier after the NFP report. This is the second test. The level comes in at the 92.47 level. Look for profit taking buyers with stops on a move below. Confirmation of a break comes on a break of the 200 bar MA in the same chart (green line above). This level comes in at 92.34. |
| EURUSD moves above the 100 and 200 hour MA Posted: 08 Jan 2010 08:43 AM PST
The range trading in the EURUSD continues. The price has been moving above and below the 100 and 200 hour MA now for the last 9 days. The two moving averages are converged, the topside is defined by the 1.4484 level and the downside is defined by the 1.4217 level. The inside range is 1.4261 and 1.4446 with the bullish/bearish pivot being the 100 and 200 hour MAs at the 1.4373 area. The price has just squeezed back higher above the moving averages which gives the pair a bullish bias. Resistance at the high for the day at 1.4416 is approaching. A move above looks toward the 1.4446 resistance area. Look for sellers against these levels as profit taking is likely to prevail. A break above however, may surprise, so be aware. Support now at the 100 hour MA at the 1.4373 level |
| Posted: 08 Jan 2010 08:30 AM PST Click here to view the embedded video. Next Online training with Greg and Shawn, Tuesday January 12th 2010 at 4pm Register Here To view the webinar from yesterday go to : http://forex.fxdd.com/webinars and click on the January 7th webinar Finally, if you like what we do,why not nominate us for a Shorty Award. To do this go to http://shortyawards.com/category/finance and enter gregmikeFX and shawn_powell for TwitterUser and the reason why you like what we do. Thanks. |
| FXDD Online Training Tuesday Jan 12 2010 4pm Posted: 08 Jan 2010 08:29 AM PST
Next Online training with Greg Michalowski and Shawn Powell, Tuesday January 12th 2010 at 4pm Register Here |
| Well….what can I say. Markets remain in the range Posted: 08 Jan 2010 07:54 AM PST The US Unemployment reports on the surface was worse than expected. When talk of weather effects permeated the market, however, it neutralized the report. That is what the pundits will write about at least. The technicians will once again point to the charts and say the price action wrote the story line.
Looking at the GBPUSD, if you were to go back and listen to the NY Opening Report before the release of the NFP report, I commented about the key level being the 200 day moving average at the 1.6095 level. The market did move up sharply toward that level, moved through it for 2 minutes and started to come back down.
The price is now back below the converged 100 and 200 hour moving averages at the 1.6003 and 1.6015 currently, which were the other key levels to watch today, and the bias has reversed back down/bearish. Or did it? It might just be that we continue the up and down range trading that has prevailed over the last 4 or so trading days with upside defined by 1.6069 and the downside defined by the 1.5935 area (throwing out the highs and the lows). Being consistent to our analysis we will continue to watch our hourly moving averages and let them define the bullish or bearish bias. As long as the price remains below the 100 hour MA at the 1.6003 level, the bias is bearish. Above the level and the bias is bullish. |
| Posted: 08 Jan 2010 07:32 AM PST Says the Job growth warrants low rates. I agree. Historically, the Fed does not ease until job growth as measured by the 3 month average of NFP reaches 250K. It is still negative at -69K. Moreover, the most recent month was worse than last month and stopped the string of monthly improvements at 5 months. There may be a weather effect but we won’t know until next month. That is just the way it is. |
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