Saturday, January 16, 2010

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

January 15th 2010 FXDD Weekend Forex Market Commentary is available for viewing

Posted: 15 Jan 2010 01:56 PM PST

A preview of the key events and releases for next weeks trading

Posted: 15 Jan 2010 12:12 PM PST

The EURUSD falls to trendline support target

Posted: 15 Jan 2010 12:08 PM PST

gregmike-00093

The EURUSD has fallen in last NY trade toward the trendline support target at the 1.4330 area. The low reached 1.4336 and has bounced.  I would expect profit takers to enter as the week comes to a close. 

Topside resistance now comes in at 1.4384 (61.8% of the move up from the January 8th low).

gregmike-00092

IMF Straus Kahn on the newswires about Greece

Posted: 15 Jan 2010 10:54 AM PST

It says that the IMF could help Greece if the ECB and EU cannot. Yesterday, Trichet made it clear that Greece would need to get their own act together. That the ECB would not lesson its standards for collateral guidelines.  All of which could leave Greece in a vulnerable position.  The IMF comment says that if all goes bad, the IMF would be willing to step in. 

I would think this would benefit the EURUSD as it absolves the ECB/EU from having to change the rules to support a non-conforming country,  but so far we are simply limping along with little reaction and little movement as the market quiets down as the close approaches. As a result, status quo.  End of week wiggles can cause any move up or down.  Look forward to next week.

Next FXDD Online Training Tuesday Jan 19 2010 4pm

Posted: 15 Jan 2010 10:01 AM PST

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Register for the Tuesday Jan 19th 2010 4PM Training here https://fxdd.webex.com/fxdd/k2/j.php?ED=114190557&UID=1033261822&RT=MiMxMQ%3D%3D&FM=1

Forex Midday Report - Jan 15th

Posted: 15 Jan 2010 09:30 AM PST

While the GBPUSD gets hit, the EURUSD stays supported.

Posted: 15 Jan 2010 08:35 AM PST

gregmike-00091

As the GBPUSD gets hit the EURUSD is holding its own. The chart has resistance at the 100 bar MA on the 5 minute chart (blue line). The price has tested this moving average on at least 5 separate hourly bars today.  The current level comes in at the 1.4386 .  A move above should solicit buying interest with a target at the 200 hour MA at the 1.4411.

If the level holds, the 1.4368 level and the low for the day at 1.4356 remain support to test and get through.

GBPUSD tests target support at the 100 hour MA and bounces

Posted: 15 Jan 2010 08:14 AM PST

 gregmike-00089

As per the prior post, the break of the trendline targetted the low from yesterday and the 100 hour MA (see prior post).  The target support comes in at the 100 hour MA at the 1.6227 level. The low reached was 1.6232.  Look for buyers against the level on the first test. A break will next target the 1.6179.

 On the topside now, the price should find sellers against the 1.6266 level now.  This was the initial low level for the day’s trade (see chart below). A move above this level would not be welcomed. 

gregmike-00090

USDCHF holds 200 hour MA and 38.2% Fibo support

Posted: 15 Jan 2010 07:40 AM PST

 gregmike-00088

The USDCHF fell through support at the 1.0250 level but held the support agains theh 1.0242 level where the 200 hour MA and the price rebounded.  The 1.0276 level is the next target, but the break above the channel trendline, the holding of the 200 hour MA should have the bulls feeling more comfortable.  Where they get concerned is a break through the 200 hour MA now.
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