Forex Market Updates & Commentary |  |
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- GBPUSD breaking trendline support. Looking for the momentum down.
- US Michigan Consumer Confidence comes in less than expectations.
- Forex Morning Update - Jan 15th
- EURUSD tests 100 bar MA resistance
- US Dec Industrial Production up 0.6%, Capacity Utilization rises to 72%
- EURUSD stays pressured but rebounds/stalls.
- Empire Manufacturing rises to 15.9. CPI is tame.
- GBPUSD watching trendline support and 100 day MA
- USDCHF tests 100 day MA resistance and 38.2% retracement at 1.0267 and 1.0272.
- Bobbys Corner-Open Market-Jan.15.2010
- EURUSD tracks 100 bar MA today in trend day down.
- January 15th 2010 FXDD NY Opening Forex Commentary is available for viewing
- FXDD Online Training Tues Jan 19 and Thurs Jan 21 2010
- UK CB Leading Index
| Posted: 15 Jan 2010 07:25 AM PST test | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| GBPUSD breaking trendline support. Looking for the momentum down. Posted: 15 Jan 2010 07:13 AM PST The GBPUSD is breaking trendline support. Now we are looking for the momentum to the downside to intensify. The trendline broke at 1.6283. Look for the price to stay below the 1.6290 level to keep the pressure on the pair. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| US Michigan Consumer Confidence comes in less than expectations. Posted: 15 Jan 2010 05:52 AM PST
Consumer confidence 72.8 vs 72.5 last month The expectation was for a rise to 74.0. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Morning Update - Jan 15th Posted: 15 Jan 2010 05:30 AM PST | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EURUSD tests 100 bar MA resistance Posted: 15 Jan 2010 05:26 AM PST
The EURUSD did find support at the 1.4368 (SEE PRIOR POST) but is now running into the resistance at the 1.4396 level where the 100 bar MA on the 5 minute chart is found. The 100 bar MA has held for the day so far, keeping the trend day down intact. However, a break above would target addtional upside momentum with the 200 bar being an upside target at 1.4426. If the level can hold, this would keep the bears in charge and the trend day in tact. As a result, I would expect some profit taking selling from the dip buyers who purchased against the 1.4367 level. I will be watching the 1.4377 level which was the days initial low price. If this level holds the correction off the 100 bar MA, the low may be in place. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| US Dec Industrial Production up 0.6%, Capacity Utilization rises to 72% Posted: 15 Jan 2010 05:19 AM PST
Capacity Utilization is up to 72.0% from 71.5%. The rate bottomed at 68.3% in June 2009 but is still well below levels prevalent in the 2000s. When there is excess capacity, the need for business investment is not there and this is a reason the Fed believes inflation will remain subdued and the economic growth will also be more tame in this recovery. So although it is up, the implications of the rise, is limited from an economic standpoint. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EURUSD stays pressured but rebounds/stalls. Posted: 15 Jan 2010 04:44 AM PST
The price has moved below the intraday floor at the 1.4367 level and made a new low of 1.4359. However, the price has rebounded back above the level which may lead to some covering. Be cautious. I am wary of breaks that get reversed quickly. A shallow correction higher that stays below 1.4386/92 would likely lead to further pressure, but a break below the low at 1.4359 would target 1.4331 where the trendline support is found. Decision time for the pair. Low risk for a trade (should use a close stop) above or below depending on your bias. Good two way flows.
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| Empire Manufacturing rises to 15.9. CPI is tame. Posted: 15 Jan 2010 04:30 AM PST The index rose to 15.92 from a revised 4.5 last month. Last months number surprised on the downside plunging from a reading of 22.34 in November. The bounce back this month may be a way to atone for the sharp decline. The component pieces showed good improvement MoM with all improving. Prices Paid 32.00 vs 19.74 The CPI came in benign at 0.1% for the headline and the core. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| GBPUSD watching trendline support and 100 day MA Posted: 15 Jan 2010 04:24 AM PST
The GBPUSD has some key levels to watch today at the 1.6308 level (100 day MA) and the trendline at the 1.6277 level. The trendline has been tested on a number of occassions over the last 5 or so days. This increases the level of importance for the pair. On the topside, the 1.6354 level is the 50% retracement of the move down from the November high to the low in December. The price stalled at the 1.6355 level today. It must get through this level to extend the upside momentum for the pair.
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| USDCHF tests 100 day MA resistance and 38.2% retracement at 1.0267 and 1.0272. Posted: 15 Jan 2010 04:11 AM PST
Like the GBPUSD and the USDJPY, the USDCHF is near/testing the 100 day MA today at the 1.0269 level (blue line in the chart above). The high extended above the key level to a high of 1.0284, but the price has since fallen back below. Also of note is the 1.0272 level which is the 38.2% resistance of the move down from the December high to the November low. A move above both these levels, should be a signal for a resumption of the bullish bias for the pair to the upside. Watch the level closely today. Upside targets on a break will take the pair toward the 1.0316 (50% retracement level) and the trendline at 1.0334. On the downside, should the price hold the key resistance, look for a move to test the 100 bar MA on the 5 minute chart at the 1.0250 level. This moving average has held support today and will be watched closely by market technicians.
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| Bobbys Corner-Open Market-Jan.15.2010 Posted: 15 Jan 2010 04:09 AM PST
The USD and JPY rose as speculation that the tightening of credit availability in China may slow growth in the world’s 3 rd largest economy, boosting demand for the safety of the USD and JPY. The Euro struggled as Greece’s financial woes dragged on European investments. Asian equity markets were higher-Europe is lower at this time, and US Futures are also pointing to a lower opening We have reports today regarding-CPI,Manufacturing, Industrial Production and Consumer Confidence (see details below) Oil:$78.88 Gold:$1135.40 Today’s Data:
HAVE A GREAT DAY & WEEKEND-and GOOD LUCK | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EURUSD tracks 100 bar MA today in trend day down. Posted: 15 Jan 2010 03:45 AM PST
The EURUSD has been tracking the 100 bar MA on the 5 minute chart today and this level will be resistance this morning for the pair (blue line in the chart above). As we all know, the EURUSD has been in a trading range that can turn on a dime, so watching the key technical levels for clues is important. The 100 bar MA on the 5 minute chart currently comes in at the 1.4406 level. The market tested the moving average during the London session, but reasserted the downward trend. The day gained downside momemtum on a break of the floor that held the bottom in place for most of the trading week at the 1.4458 level. Once the level was broken in earnest today, the price fell sharply (see chart below). On the bottomside, there is support at the 1.4367 level. Just prior to the NY opening, the pair bounced off a double bottom at this level. With the double bottom it now provides a profit taking point for shorts this morning. Look for buyers against the level, but don’t be surprised to see sell on breaks of the new floor. Additional support comes in at 1.4329 level this morning.
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| January 15th 2010 FXDD NY Opening Forex Commentary is available for viewing Posted: 15 Jan 2010 03:32 AM PST | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FXDD Online Training Tues Jan 19 and Thurs Jan 21 2010 Posted: 15 Jan 2010 03:00 AM PST
Next Online Forex training with Greg and Shawn Tuesday Jan 19 and Thursday Jan 21. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 15 Jan 2010 01:07 AM PST UK CB Leading Index came in at 0.9%, weaker than the prior reading of 1.1%. There was no forecast for this figure. Coupled with the slight sell off in Eur/Usd, Gbp/Usd followed suit after release of this index. The pair is off about 20 points to 1.6290. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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