Forex Market Updates & Commentary |  |
- US Wholesale inventories fell by -0.2% vs expectation of +0.2%, but Sales rise.
- Forex Morning Report - March 10
- USDCAD trying to bottom. But not getting very far.
- FXDD Online Trading Class Thurs, March 11 at 4pm.
- GBPUSD bumping into resistance at the 1.4939 level
- Bobbys Corner-Open Market-March.10.2010
- EURUSD moves toward the 100 and 200 hour MA in early NY trade
- MARCH 9 2010 FXDD Online Training Rebroadcast
- The March 10th 2010 NY Opening Forex Commentary is available for viewing
- EU’s Altafaj on the wires…
- Swissie strengthens on intervention rumors
- UK Manufacturing and Production
- Italian Industrial Production m/m
- Usd/Chf firmly above 200 hour M/A
- German Trade Balance and CPI
| US Wholesale inventories fell by -0.2% vs expectation of +0.2%, but Sales rise. Posted: 10 Mar 2010 07:03 AM PST Sales increased by 1.3%. So the inventory to sales ratio fell to a record low of 1.10 months. This should lead to further inventory replenishment down the road. The Wholesale sale level was at the highest level since October 2008. This should be good for the stock market. The USDJPY is maintaining a strong bias today. | |||||||||||||||||||||||||||||||||||
| Forex Morning Report - March 10 Posted: 10 Mar 2010 06:38 AM PST | |||||||||||||||||||||||||||||||||||
| USDCAD trying to bottom. But not getting very far. Posted: 10 Mar 2010 06:25 AM PST
The USDCAD is trying its best to bottom. The problem is there does not seem to be much of a short to cause a strong bounce in the currency pair. From a technical basis the 1.0259 level has given us a number of hourly bar bottoms at the level to keep us interested in that level as a pivot area. If the price is above, bullish. If the price moves below bearish. A break below has 1.0234 as the low target and below that level, the low for 2010 comes in at 1.0223. On the topside there are a number of hurdles that need to be breached. The first would be the 100 hour MA which is currently at the 1.0283 level. The next is the 1.0307 level which was the low from March 2nd. The next is 1.0338 which was the high area from march 4th and then 1.0367 the highs area from March 1st. Which way is it going to break? Continue to watch the levels for the clues. They do tell a story. The problem is we are surely gettting used to it. | |||||||||||||||||||||||||||||||||||
| FXDD Online Trading Class Thurs, March 11 at 4pm. Posted: 10 Mar 2010 05:35 AM PST
Next Online Trading Class Thursday March 11th at 4pm. Register Here | |||||||||||||||||||||||||||||||||||
| GBPUSD bumping into resistance at the 1.4939 level Posted: 10 Mar 2010 05:27 AM PST
The GBPUSD has bumped into resistance at the 1.4939 level in early NY trade. The level is the 61.8% retracement of the move up from the March 1st low to the March 8th high. The level was a low area from yesterday. Support becomes resistance and this is what we are seeing at this level today. On the downside today the 1.4880 area did hold. This level was a support area going back to March 1st and March 2nd off the hourly chart.
Looking at the shorter term 5 minute chart, the price is trying to move above the 100 bar MA on the 5 minute chart at the 1.4929 level. A move below should pressure the pair to the downside. A move above should look to target the 200 bar MA on the 5 minute chart at 1.4954.
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| Bobbys Corner-Open Market-March.10.2010 Posted: 10 Mar 2010 05:18 AM PST
German exports unexpectedly dropped in January, which pushed the Euro lower. This is seen as another sign that the European economy is still struggling to gain traction from the global recession. The Bloomberg Professional Global Confidence Index fell to 53.8 from 54.9. This survey shows that global confidence dropped for a second month, with Greece’s debt crisis being the main culprit in undermining the global recovery. Asian equity markets fell, while European markets are higher. Dow futures are flat at this time. Oil:$81.79 Gold:$1126.50
HAVE A GREAT DAY & GOOD LUCK | |||||||||||||||||||||||||||||||||||
| EURUSD moves toward the 100 and 200 hour MA in early NY trade Posted: 10 Mar 2010 05:00 AM PST
The EURUSD moved higher in pre-NY trade. There was a report that the Greece was ahead of schedule with implementation of deficit plan and there was some rumblings of Swiss National Bank intervention in EURCHF. The move higher has pushed the price back above the 100 and 200 bar MA on the hourly chart. Those levels come in at 1.3613 and 1.3609 respectively (Blue and Green line in the chart above). If the price can maintain above the 1.3605 area, the price has the potential to push up toward the 1.3654 level which has been a key “remembered” level over the 3 week consolidation that has kept the price contained by 1.3437 below and 1.3737 above.
On the downside, the 1.3605 level was a ceiling for most of the Far East session last night and this will be a level to watch below. The 1.3601 level is also the 38.2% retracement of the move down from the weeks high of 1.3704 to the weeks low of 1.3537. If the bias remains higher, this area will be watched this morning. | |||||||||||||||||||||||||||||||||||
| MARCH 9 2010 FXDD Online Training Rebroadcast Posted: 10 Mar 2010 05:00 AM PST MARCH 9 2010 FXDD Online Training -Click Here Sign up for the next online training and watch more rebroadcasts at http://forex.fxdd.com/webinars | |||||||||||||||||||||||||||||||||||
| The March 10th 2010 NY Opening Forex Commentary is available for viewing Posted: 10 Mar 2010 04:28 AM PST | |||||||||||||||||||||||||||||||||||
| Posted: 10 Mar 2010 03:46 AM PST Making a speech in Brussels on the topic of Greece, the EU’s Altafaj noted that the EU is ready to act tomorrow if it is necessary and that “there is a Greek solution to the Greek problems”. | |||||||||||||||||||||||||||||||||||
| Swissie strengthens on intervention rumors Posted: 10 Mar 2010 03:45 AM PST The Chf has strengthened versus the Usd and Eur as intervention rumors swirl about the market. BIS spokeswoman Critchlow shot down rumors by stating she was “not aware” of any franc intervention. Usd/Chf and Eur/Chf have made new session lows since the statement by Critchlow at 1.0736 and 1.4610 respectively. Eur/Chf has recouped about 10 points from earlier low as Usd/Chf continues to look offered, possibly on recent Usd weakness. | |||||||||||||||||||||||||||||||||||
| UK Manufacturing and Production Posted: 10 Mar 2010 01:35 AM PST The GBP fell slightly after the release of worse than expected manufacturing and production out the UK.
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| Italian Industrial Production m/m Posted: 10 Mar 2010 01:02 AM PST The market had a lack luster reaction to a much better than expected monthly industrial production number out of Itlay of 2.6%; forecast of 0.7% and prior showing of -0.7%. Currently the Eur/Usd trades at 1.3570. | |||||||||||||||||||||||||||||||||||
| Usd/Chf firmly above 200 hour M/A Posted: 09 Mar 2010 11:41 PM PST The USD has been bid thus far in early European trade. German trade balance and current account had less of a surplus than expected which may have precipitated USD strength. Usd/Chf is trading just off session highs at 1.0773, firmly above its 200 hour M/A of 1.0750. The pair seems to be gaining momentum and a breach of 1.0800 is possible.
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| Posted: 09 Mar 2010 11:03 PM PST The EUR made a new session low of 1.3576 against the USD after a much worse than expected January trade balance number out of Germany, despite final m/m CPI being slightly better than the prior month. The details of these releases are as follows:
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