Forex Market Updates & Commentary |  |
- AUDUSD testing 100 day MA again at 0.9068. Key level. Look for momentum on a break.
- Forex Morning Report - March 5
- GBPUSD 100 hour MA, Fibo retracement providing support
- USDCAD triple bottom to be eyed closely. Not to be ignored
- FXDD Online Trading Class Tuesday March 9th 4pm
- EURUSD falls through 61.8% at 1.3551 but bounces. Key levels to watch now.
- USDJPY moves through 100 day MA off the number at 90.13/90.15
- NFP better than expected. Comes in at -36K vs -68K expectation
- Bobbys Corner-Open Market-March.5.2010
- The March 5th 2010 NY Opening/Pre-Unemployment Forex Commentary is available for viewing
- Key Levels to watch through US Employment Report
- Rebroadcast of Thursday March 4th Trading class
- UK PPI
- 3-5 Economic Calendar
| AUDUSD testing 100 day MA again at 0.9068. Key level. Look for momentum on a break. Posted: 05 Mar 2010 06:53 AM PST
The AUDUSD is testing the 100 day MA at the 0.9068 level . The price has been testing this key level over the last 4 trading days, moving above briefly but not able to close above the key level. The fundamentals for the AUDUSD should be positive on global recovery and also benefits from being a supplier of resources to China. Yesterday, the Australian trade balance showed improvement largely on the back of increased exports of iron ore to emerging countries like China. A break of the 100 day moving average and the 0.9091 level, should lead to further upside momentum with 0.9171 a next upside target level for the pair. These levels were key support and resistance levels in January and will continue to be key levels on a break higher.
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| Forex Morning Report - March 5 Posted: 05 Mar 2010 06:30 AM PST | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| GBPUSD 100 hour MA, Fibo retracement providing support Posted: 05 Mar 2010 06:21 AM PST
The 100 hour MA comes in at the 1.5015. That level and the 1.5000 level is support for the GBPUSD and providing support for the GBPUSD. A move above the 1.5053 then 1.5066 level will be needed to spur on additional buying interest. A break below 1.5000 level should trigger increased selling interest. The stock market open and reaction will be the next market moving event as the market reaction to the Unemployment starts to die down without a major move or breakout. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| USDCAD triple bottom to be eyed closely. Not to be ignored Posted: 05 Mar 2010 06:15 AM PST
1.0268-72 makes a triple bottom for the USDCAD today. A break is likely to trigger stops with the next target coming in at the 1.0237 level. On the topside a break of 1.0307 is needed to get the “low has been reached” traders excited. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FXDD Online Trading Class Tuesday March 9th 4pm Posted: 05 Mar 2010 05:58 AM PST
FXDD Online Trading Class Tuesday March 9th 4pm - Register Here | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EURUSD falls through 61.8% at 1.3551 but bounces. Key levels to watch now. Posted: 05 Mar 2010 05:47 AM PST
The market fell through the 61.8% retracement of the weeks high to low range at 1.3551 and fell to 1.3530. The 1.3531 level was the original low reached on Feb 12th which then rebounded. The market as since dipped below this level on a number of days, but the 1.3531-39 level has remained a key intraday level. Watch these two levels on the downside today . Above watch the 200 hour MA at the 1.3581 to hold resistance. A break above will target the 100 hour MA at the 1.3603 level.
The choppy trading continues. Oil is up 0.82 S& P is up 7.50 pre opening. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| USDJPY moves through 100 day MA off the number at 90.13/90.15 Posted: 05 Mar 2010 05:35 AM PST
90.15 is the 100 day MA . The 50% retracement of the Feb 19th high to low range comes in at 90.13. Watch this level. Market is pausing. Could go either way.
Talking heads on television are going back and forth. Discouraged unemployment still at 16.8% but with weather effect, the market is happy. Support below now comes in at the 89.91 area.
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| NFP better than expected. Comes in at -36K vs -68K expectation Posted: 05 Mar 2010 05:33 AM PST Unemployment rate stays at 9.7% Manufacturing +1K after 20K last month Overall better than expected. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bobbys Corner-Open Market-March.5.2010 Posted: 05 Mar 2010 05:22 AM PST
The JPY fell as speculation that the BOJ may step up credit easing measures as the US economy get stronger. In general the markets were quiet ahead of NFP and the US employment data today. World equity markets and US futures higher. Oil:$80.60 Gold:$1133.70
HAVE A GREAT DAY-WEEKEND & GOOD LUCK | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The March 5th 2010 NY Opening/Pre-Unemployment Forex Commentary is available for viewing Posted: 05 Mar 2010 04:42 AM PST | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Key Levels to watch through US Employment Report Posted: 05 Mar 2010 04:36 AM PST NFP -68,000 vs -20,000 EURUSD
EURUSD is in between the 100 and 200 hour MA. On the topside there is a number of high hourly bars at the 1.3654 level and the 1.3691 level was the two week old high price prior to this weeks push to the 1.3735 level. On the downside, watch 1.3551 which is the 61.8% of the low to high range over the last few weeks. Yesterday this level held. Below that watch 1.3513 and the low range which is 1.3437-51. A break below this low region should start a new extension to lower levels for the pair. These levels should provide clues and support/resistance levels to lean against after the number is released. For example, if the market moves higher through 1.3654, look for that level to provide support on a corrective move. GBPUSD
The GBPUSD is just above the 100 hour MA at 1.5015 level. If the price should move lower through this level, the bias turns to the downside, with targets to the downside at 1.4960 (=midpoint of weeks range) and then the 1.4880 level. On the topside, watch the 1.5066 level and above that 1.5135. The 200 hour MA at the 1.5176 level is resistance with the 38.2% of the high to low move from the Feb 17th high to the recent low at 1.4785. This increases the importance of the level on the topside. USDJPY
The USDJPY is up near the ceiling over the last 6 trading days at the 89.45 level. The 200 hour MA is at the 89.31. This give a positive bias, as long as the price remains above these key levels. Above is the 38.2% retracement of the recent move down from the Feb 18th high to the low reached yesterday at the 89.66 level (see chart above) and then the midpoint of the same move at 90.13. At 90.14 is the 100 day Moving average (blue line in the daily chart below). This increases the importance from a technical basis of this level. Moves above these levels signal a likely further move up for the pair. On the downside, a break below the 200 hour MA at the 89.31 level would target the 100 hour MA below (blue line in chart above) at the 88.92 level. Below that level the key level on the downside becomes the 88.23 level which is the 61.8% retracement of the November 2009 low to the January 2010 high (see daily chart below). Yesterday the market traded below this level but bounce quickly signalling support buyers at the level.
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| Rebroadcast of Thursday March 4th Trading class Posted: 05 Mar 2010 04:30 AM PST Rebroadcast of Thursday March 4th 2010 Online Trading show - Watch here | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 05 Mar 2010 03:03 AM PST As the market awaits the US non-farm employment change and unemployment rate in a little over two hours, it showed no reaction to a much better than expected factory order release out of Germany which came in at 4.3% versus it’s forecast of 1.6% and prior reading of -2.3%. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 05 Mar 2010 01:33 AM PST The results of the PPI data out of the UK was mixed, but the market had a limited reaction to release. The details are as follows:
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| Posted: 04 Mar 2010 09:43 PM PST
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