Forex Market Updates & Commentary |  |
- The FXDD Weekend Forex Commentary is available for viewing
- USDJPY a disappointment
- NY Friday begins. EURUSD watch 1.3513 again
- Forex Midday Report - March 19
- The end of the London week is heating up
- USDCAD squeezed to 100 hour MA resistance
- EURUSD falls below the 1.3530 low
| The FXDD Weekend Forex Commentary is available for viewing Posted: 19 Mar 2010 01:14 PM PDT |
| Posted: 19 Mar 2010 11:18 AM PDT
In a week that saw the BOJ “ease” by raising the liquidity available in the banking sector, the upside move for the USDJPY has been a disappointment. The pair reached a high in the first hour of trading for the week at 90.83. On Thursday the high reached 90.77. Today, the high could only reach 90.70. The low extended to 89.75 but that was for a single hour.
The good news is the price was able to close above the 100 day MA on each of the days but not without a few instances where the price dipped below intraday. Currently the price is at the converged 100 and 200 hour MA which come in at the 90.37 level. The market price has settled at that level which is congruent with the overall activity this week. So will we get the awaited move to the upside for the pair with the target focused on the 200 day MA test at the 91.68 level, or will the market get disappointed and throw in the towel? The market may be leaning to the latter as it certainly had the opportunity to spurt higher this week. . |
| NY Friday begins. EURUSD watch 1.3513 again Posted: 19 Mar 2010 09:45 AM PDT
The 1.3513 was talked about in an earlier report as a level the EURUSD started the bullish move to the upside on March 2nd (see chart below). That level was breached as the London traders prepared to go home. The price has since moved back higher and has started to use the level as support once again. For intraday traders I would expect they may look to use the level as a pivot as the Friday comes to a close.
On the topside, look for a move above 1.3531 to perhaps solicit some additional short covering. The 100 bar MA on the 5 minute chart comes in at the 1.3550 where the 38.2% of the days range is also found. The moving average and retracement would be targets. |
| Forex Midday Report - March 19 Posted: 19 Mar 2010 09:30 AM PDT |
| The end of the London week is heating up Posted: 19 Mar 2010 08:03 AM PDT
The GBPUSD has been smashed. The EURUSD has been hit. USDCHF has move back up to test the 200 hour MA.
AUDUSD has moved sharply lower and even USDCAD which started the day so bearish is back up testing key resistance.
Plus there is whole hour of trading left until the 5:00 end time. This week, the 11-12 hour has seen some volatile price moves . Be aware. There are a lot of pips going on and it seems people are still caught off sides. |
| USDCAD squeezed to 100 hour MA resistance Posted: 19 Mar 2010 07:33 AM PDT The 1.0143-45 level is the 100 hour MA . It is also the 100 and 200 bar MA on the 5 minute chart. If the market is to attract sellers this is the level. If it squeezes further the shorts could get hurt.
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| EURUSD falls below the 1.3530 low Posted: 19 Mar 2010 07:24 AM PDT
The EURUSD has moved below the 1.3530 low price from March 5th and moved to a new low at 1.3519. The pair has longs caught and they scramble to cover as the weekend approaches. The topside should now use the 1.3539 level as stops to the upside. The 1.3512 area is support. The market based at this level in early March when the price was last at this area . A move below targets 1.3482.
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