Forex Market Updates & Commentary

---

• EURUSD triggers stops above the 1.3600 level.
• AUDUSD in between support off the 100 hour moving average and the key 0.8835 level
• Forex Morning Report - Feb 12
• Next FXDD Online Trading Class Tuesday Feb 16th
• GBPUSD tests 100 hour MA and falls.
• USDJPY moves higher. Back above the 100 day MA. Extending the days range.
• Retail Sales better than expectations
• AUDUSD tests yesterday’s corrective lows
• Bobbys Corner-Open Market-Jan.12.2010
• EURUSD pressured lower on poor economic news/China, but off the low.
• The February 12th 2010 NY Opening Commentary is available for viewing
• Rebroadcast of Thursday Feb 11th FXDD Webinar
• Eurozone GDP & Industrial Production weaker than expected
• French preliminary non-farm payrolls
• German Preliminary GDP

EURUSD triggers stops above the 1.3600 level. Posted: 12 Feb 2010 07:00 AM PST The Michigan Confidence came out weaker, yet the price spiked higher as the price pushed above the 1.3600 level and triggered some stops. The price has moved up toward resistance against the 61.8% retracement of the days range and the 200 bar MA on the 5 mnute chart. That level comes in at 1.3632.  This will be a key level to hold above. Support now comes in at the 1.3595 level where the low from yesterday and the 100 bar MA on the chart above is currently found. It also is the 38.2% of the move down today. Waters are muddier with the move up as the trend down is officially slowed.

AUDUSD in between support off the 100 hour moving average and the key 0.8835 level Posted: 12 Feb 2010 06:54 AM PST As per the prior post, the AUDUSD held the resistance against the 0.8935 level and moved back down to test the support against the 100 hour MA (CLICK HERE FOR THE PRIOR POST).  The pair bounced off the 100 hour MA suggesting the market is in a consolidation phase here - still looking for the next directional move.  The 100 hour MA and the 0.8835 levels will remain key.

Forex Morning Report - Feb 12 Posted: 12 Feb 2010 06:30 AM PST Click here to view the embedded video. - The Rebroadcast of Thursday Feb 11th FXDD Webinar is now available for viewing. Click here

Next FXDD Online Trading Class Tuesday Feb 16th Posted: 12 Feb 2010 06:28 AM PST Next FXDD Online Trading Class Tuesday Feb 16th >> Click Here to Register - The Rebroadcast of Thursday Feb 11th FXDD Webinar is now available for viewing. Click here

GBPUSD tests 100 hour MA and falls. Posted: 12 Feb 2010 06:22 AM PST The GBPUSD tested the 100 hour MA at the 1.5638 level and has come off in the NY trade. The pressure suggests a reluctance to move higher and comes on the heals of an earlier test of another key MA level.    Earlier in the day the 200 hour moving average held the upside at the 1.5740 level.  The selling off that level was helped by the PBOC news and the economic data out of the Eurozone, and forced the pair all the way down to a low of 1.5582.  The holding of the upper Goal Post (i.e. 200 hour MA) was a strategy we discussed in our Free webinar last night - CLICK HERE FOR REBROADCAST .   The level provided a low risk selling opportunity for traders and the move was a huge benefit to those who were aware.  Now the price is back down and looks toward the week long support at the 1.5555 level as key support. Before that level, the low for the day at 1.5582 will get in the way. The GBPUSD has been consolidating  over the last week after moving sharply lower in prior weeks.  The trend down being followed by a consolidation period is normal and allows the moving averages to catch up with the market.  The holding of the 200 bar MA today is key in that it suggests the market is not ready to move higher just yet.  Staying below the 100 hour MA is also a key development and may suggest a test of the low floor at 1.5555 is in the cards. The first stop is the low for the day at the 1.5582.

USDJPY moves higher. Back above the 100 day MA. Extending the days range. Posted: 12 Feb 2010 05:51 AM PST The USDJPY has moved higher on the back of the better retail sales this morning. The pair has been on a roller coaster move today, falling sharply on a flight into quality but then rebounding sharply. The better data takes some pressure off the pair a bit as there is a less flight out of quality and more extension into risk.  This has the effect of pressuring the JPY and raising the USDJPY in the process. The high from earlier today came in at the 90.33 level and the price has moved above that level to a high of 90.40.  Look for support today at hte 90.10 area this is around the 38.2% of the days range.  it is also where the 100 day MA is currently located.

Retail Sales better than expectations Posted: 12 Feb 2010 05:32 AM PST Come in at +0.5% vs +0.3% expectation and the prior month was revised higher to -0.1 from -0.3%.  Ex Autos rose +0.6% vs +0.2% last month. The consumer seems to have come back in January. So overall a more positive slant.  Should be good for the USDJPY.  The EURUSD is getting a relief bid as well at least initially but the currency is still pressured by other issues today.

AUDUSD tests yesterday’s corrective lows Posted: 12 Feb 2010 05:30 AM PST The AUDUSD was pressured overnight as the Peoples Bank of  China raised reserve requirements for large banks, tightening credit conditions. The goal is to tame loan growth and this is a direct hit to the commodity currencies like the AUDUSD. So although the employment report from the day before was a huge positive, the counter punch from the PBOC, has knocked the AUDUSD back down.  The good news is the price has held downside support against the 100 hour MA at the 0.8782.  The 38.2% retracement of the move up from the Feb 5th low to the high also came in at 0.8789 and this also helped attract the buyers off the lows. NOw the price is up testing the lows from yesterdays correction at the 0.8835, and the market has a choice to make. Extend back higher or take another look at support.

Bobbys Corner-Open Market-Jan.12.2010 Posted: 12 Feb 2010 05:28 AM PST Good Morning: Even after EU leaders pledged to take “determined and coordinated action” to support Greece, the Euro fell. Another factor that affected the FX markets overnight is that China ordered banks to set aside more reserves, (the second time in the past month), to protect the system against higher loan losses after loan growth accelerated and property prices jumped higher. Asian stock markets were higher-Europe is mixed, and US Futures are lower at this time. Commodities are also lower-as concerns over China’s growth cloud the marketplace. Oil:$73.91                               Gold:$1086.40 Today’s Data: Retail Sales:           exp: .3%           prior: -.3% U of Mich                exp: 75.0        prior: 74.4 HAVE A GREAT DAY-WEEKEND & GOOD LUCK

EURUSD pressured lower on poor economic news/China, but off the low. Posted: 12 Feb 2010 05:11 AM PST The EURUSD corrected 50% move down yesterday to 1.3698, consolidated and started the sell off on the back of China reserve requirement increase (slower global growth) and the weaker economic data (listen to the FXDD Opening Commentary by clicking HERE).  The pair is correcting a touch higher in early NY trade and approaches the low from last Fridays trade at the 1.3585.  This will be the first upside target for the day along with the low from yesterday at the  1.3595 level. Above that level is the double low from Monday at 1.3621.  Longer term, the bias remains to the downside for the pair and the target remains the 1.3483 level which is the 61.8% of the move up from the 2009 low to the high. Keep this level in mind going forward today.

The February 12th 2010 NY Opening Commentary is available for viewing Posted: 12 Feb 2010 04:46 AM PST Click here to view the embedded video.

Rebroadcast of Thursday Feb 11th FXDD Webinar Posted: 12 Feb 2010 04:45 AM PST The Rebroadcast of Thursday Feb 11th FXDD Webinar is now available for viewing. Click here

Eurozone GDP & Industrial Production weaker than expected Posted: 12 Feb 2010 02:08 AM PST Eurozone Flash GDP q/q came in at 0.1%, weaker than the 0.4% expected. Industrial Production m/m came in at -1.7%, weaker than the 0.3% expected. Weak numbers out of the Eurozone. Eur/Usd has come off 60 points, down to 1.3560 thus far on news.

French preliminary non-farm payrolls Posted: 12 Feb 2010 12:07 AM PST French preliminary non-farm payrolls q/q came in at -0.4%, weaker than the -0.2% expected. Eur/Usd had made new lows after release, trading down to 1.3632. The pair has rebounded a bit, currently trading at 1.3647.

German Preliminary GDP Posted: 11 Feb 2010 11:03 PM PST German Preliminary GDP q/q came in at 0.0%, weaker than the 0.2% expected and 0.7% prior reading. Eur/Usd had made a run up to 1.3685 just prior to release. Euro has since given back 15 points due to the bad GDP figures, currently trading at 1.3470.

You are subscribed to email updates from Forex News and Commentary by FXDD To stop receiving these emails, you may unsubscribe now.	Email delivery powered by Google
Google Inc., 20 West Kinzie, Chicago IL USA 60610