Forex Market Updates & Commentary |  |
- EURUSD slows as 1.4117 resistance approached
- Today FXDD Webinar Thursday Jan 21 4pm Register
- GBPUSD approaches 200 bar MA as correction continues. Resistance at 1.6232-42.
- Philly Fed index less than expected but Leading indicators comes in stronger
- Forex Morning Report - Jan 21
- Initial Claims a disappointment. USDJPY falls on the news.
- GBPUSD rebounds off the lows. Resistance eyed
- ECB officials on the newswires.
- Bobbys Corner-Open Market-Jan.21.2010
- The EURUSD is correcting early NY trade
- The January 21st 2010 NY Opening Commentary is available for viewing
- UK CBI Industrial Order Expectations
- Weber speaks…..
- Swiss ZEW Economic Expectations
- UK Public Sector Borrowing/ Prelim M4 Money Supply
| EURUSD slows as 1.4117 resistance approached Posted: 21 Jan 2010 07:19 AM PST The EURUSD slowed and found early sellers as the 1.4417 level of resistance approached. The pair has corrected down to the 200 bar MA and if this can hold, another move to test the resistance area may be in the cards for the day. A move below the 200 bar MA at the 1.4087 level could see a move back to the 1.4075 level. Look for cautious buyers. | |||||||||||||||||||||||||||||||||||
| Today FXDD Webinar Thursday Jan 21 4pm Register Posted: 21 Jan 2010 07:18 AM PST
TODAY Thursday January 21st 2010 at 4pm Register Here | |||||||||||||||||||||||||||||||||||
| GBPUSD approaches 200 bar MA as correction continues. Resistance at 1.6232-42. Posted: 21 Jan 2010 07:10 AM PST
The GBPUSD is testing the 200 bar MA on the 5 minute chart at the 1.6232 level (see prior post outlining this upside target level) Additional resistance comes in at the 1.6238 and the low from yesterday at 1.6243. The 38.2% retracement off the daily chart is also at the 1.6342 level. Lots of resistance above and this should lead to some profit taking at the level.
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| Philly Fed index less than expected but Leading indicators comes in stronger Posted: 21 Jan 2010 07:07 AM PST The Philadelphia Fed Index fell to 15.2 from 22.5 last month. This was lower than expectations. The component pieces showed an increase in employment to 6.1 from 4.5. The New Orders fell 3.2 from 8.3. Prices Paid 33.2 vs 36.6 last The Leading Indicators meanwhile rose higher than expectations to 1.1% from a revised +1.0%. This is the 9th straight increase for the index and suggests further improvement in the US economy ahead. So overall one better, one worse. | |||||||||||||||||||||||||||||||||||
| Posted: 21 Jan 2010 06:30 AM PST | |||||||||||||||||||||||||||||||||||
| Initial Claims a disappointment. USDJPY falls on the news. Posted: 21 Jan 2010 05:43 AM PST
The Initial Claims were certainly a disappointment coming in at the 482K level. This is up sharply from 446k last week and above the 440 K estimate. If the US recovery is to continue and not fizzle. people need to be employed. If they are not, confidence will fall and the risk of a second dip will resurface. The USDJPY has fallen sharply on the back of the weaker data. THe price has moved below the 100 bar MA onthe 5 mnute chart at the 91.65 level. Look for sellers against this level now with the next downside target at the 200 bar MA at hte 91.50 level to get through for downside confirmation. The upside should find sellers against 91.71 if the price action is shifting down on the data. | |||||||||||||||||||||||||||||||||||
| GBPUSD rebounds off the lows. Resistance eyed Posted: 21 Jan 2010 05:29 AM PST
The GBPUSD has rebounded off the days lows at the 1.6123 level. Support was at 1.6109 level which is the 61.8% of the move up from the 2010 low at 1.5895 to the high of 1.6456. Buyers emerged early against the level and the subsequent bounce has taken the pair back higher. The price remains below the 38.2 % retracement of the days trading range. That level comes in at the 1.6194 level. It also remains below the 100 bar MA on the 5 minute chart which is currently at the 1.6203 level (and moving lower). A move above this level would next target the the 200 bar MA (green line in chart below ) at the 1.6241 level. These are the next targets to get through.
On the downside, look for support against the 1.6158 level in early trade here today. If that level holds the downside in early NY trade, the upside corrective move can be explored further. | |||||||||||||||||||||||||||||||||||
| ECB officials on the newswires. Posted: 21 Jan 2010 05:19 AM PST ECB Weber and Paramo on the newswires. Weber was a little bearish about the EUROZONE prospects saying the area was behind the US. He commented on the Greek situation saying that the actions speak louder than words and that the government must consolidate government spending. He thinks that the IMF does not need to be involved. There is talk that the IMF will provide funding for the recovery. Today, the rumour was that the ECb would. So back and forth on it. Finally, he says that the ECB will gradually reduce unconventional measures of quantitative easing. Paramo meanwhile commented that the markets are sensitive to sovereign risk and that the respective governments must define exit stategies, however, the ECB will move gradually in the process. | |||||||||||||||||||||||||||||||||||
| Bobbys Corner-Open Market-Jan.21.2010 Posted: 21 Jan 2010 05:08 AM PST
The USD maintained strength in overnight trading. Disappointing data from the Euro Zone, along with budget woes from Greece (now I hear that Portugal also has budget problems) added to the decline of the Euro. The JPY fell overnight as data from China showed that growth grew at the fastest pace since 2007-thus damping demand for the safe haven of the JPY. World equity markets were mostly positive, and US futures are also pointing to a higher opening. A slew of earnings will be announced today, including Goldman Sachs. Oil:$78.09 Gold:$1105.20
HAVE A GREAT DAY & GOOD LUCK | |||||||||||||||||||||||||||||||||||
| The EURUSD is correcting early NY trade Posted: 21 Jan 2010 05:00 AM PST The EURUSD has moved up sharply in early NY trade after selling off to the lowest level since July 2009 in the London trade. That move lower reached a target of 1.4045 and actually moved through that level to a low of 1.4029 in the London session. As NY entered, however, the price has rebounded back above our 1.4045 target level and took off to the topside. The pair is pausing at the 100 bar/200 bar Moving average levels on the 5 minute chart - moving above the 100 but so far remaining below the confirming 200 bar MA level at the 1.4090 level (green line in the chart above). The 100 bar MA level is currently at 1.4078 and will dictate the short term bullish or bearish bias. Above is bullish, below is bearish. A break of the 2 moving average levels should confirm the upside and we will be looking for continuation momentum up to the 1.41117 level. This is the 38.2% retracement level of the 2009 low to high trading range (see chart below). The level also held a corrective move higher today before moving to the downside (see chart above)
On the downside, the 1.4067 level was a low from earlier today. Look for support against this yellow area (1.4061-67) today (see chart below). If it can hold the moves down, the topside corrective push should reassert itself. | |||||||||||||||||||||||||||||||||||
| The January 21st 2010 NY Opening Commentary is available for viewing Posted: 21 Jan 2010 04:37 AM PST | |||||||||||||||||||||||||||||||||||
| UK CBI Industrial Order Expectations Posted: 21 Jan 2010 04:02 AM PST The reading of the UK Confederation of British Industry Industrial Order Expectations was in line with its forecast of -39; better than the prior release of -42. | |||||||||||||||||||||||||||||||||||
| Posted: 21 Jan 2010 02:09 AM PST Bundesbank President Weber made the following remarks in a speech in Berlin:
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| Swiss ZEW Economic Expectations Posted: 21 Jan 2010 02:07 AM PST Swiss economic expectations have increased from 54.0 to 56.2; the market showed a limited reaction | |||||||||||||||||||||||||||||||||||
| UK Public Sector Borrowing/ Prelim M4 Money Supply Posted: 21 Jan 2010 01:36 AM PST Net borrowing in the UK came in at 15.7B versus the forecast of 18.6B and 20.3B prior reading. Additionally, preliminary M4 money supply was worse than its forecast of 1.0% coming in at -1.1%. Sterling initially lost some ground against the USD, but quickly recovered. | |||||||||||||||||||||||||||||||||||
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