Saturday, January 23, 2010

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

The FXDD Weekend Forex Commentary is available for viewing.

Posted: 22 Jan 2010 02:01 PM PST

Weekend Seminar in Phoenix

Posted: 22 Jan 2010 01:50 PM PST

If you are in the area, we will be at the Hyatt at Gainey Ranch in Scottsdale. 

Two sessions:

Beginners/Intermediate 10-1PM

Advanced and Trading Strategy: 2-5 PM

Cocktail reception to follow.

All are welcome.

Good weekend to all,

Greg Michalowski

Forex Midday Report - Jan 22

Posted: 22 Jan 2010 09:30 AM PST

FXDD Online Training Jan 26 2010 4PM Register

Posted: 22 Jan 2010 08:48 AM PST

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FXDD Online Training Jan 26 2010 4PM Register

On the wires: House Hearing on Exec. Compensation underway

Posted: 22 Jan 2010 08:05 AM PST

On the wires: Currently underway, US Senate House Hearing on Executive Compensation.

USD/JPY holding below the 100 Day MA 90.34 level

Posted: 22 Jan 2010 07:30 AM PST

jan-22-usdjpy-1

Heading into mid morning trading, the USD/JPY continues to hold below the 100 Day MA (blue line 90.34) at the 90.13 level. The pair has formed a wedge at this level with lows progressively getting higher. Typically with a pattern such as this, the market will force the pair to break out in one direction or another. The bias based on the Daily charts is to the downside.

jan-22-usdjpy-d

Looking at the USD/JPY on the Daily chart, we can see the 100 Day MA at 90.34. At this level is also the 38.2% Fibonacci level of the move up from Nov 27 2009 to the high reached on Jan 8 2010. The pair broke below the 90.34 level today and if the break holds, the pair will have trendline (channel) support to deal with at 89.70. Below this, the 50% retracement level come into play at 89.28.
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