Forex Market Updates & Commentary |  |
- The Weekend Forex Commentary is available for viewing
- GBPUSD stalls at 100 and 200 bar MA on 5 minute chart
- The FXDD Midday Forex Commentary is available for viewing
- USDCAD tests 38.2% retracement at 1.0296
- USDJPY caught in the dollar selling
- Juncker says Greek won’t need aid
| The Weekend Forex Commentary is available for viewing Posted: 26 Mar 2010 12:44 PM PDT |
| GBPUSD stalls at 100 and 200 bar MA on 5 minute chart Posted: 26 Mar 2010 09:52 AM PDT
The GBPUSD has stalled at the 100 and 200 bar MA support on the 5 minute chart. The 1.4859 is also support which is the 50% of the move up from the low to the high. A break below the 1.4859 will be needed to extend the downside move (1.4836 target). Above, the 1.4892 level (see red line above) is the upside resistance now. |
| The FXDD Midday Forex Commentary is available for viewing Posted: 26 Mar 2010 09:41 AM PDT |
| USDCAD tests 38.2% retracement at 1.0296 Posted: 26 Mar 2010 08:41 AM PDT
The 38.2% retracement of the move down from the February 25th high to the March 19th low comes in at 1.0296. The price is up testing the retracement level and so far is finding the expected profit taking sellers. A move back above will look to target the 1.0320 level which is the high from March 11th
Support comes in at 1.0264 now. The 38.2% of the days range comes in at the level and the 100 bar MA on the 5 minute chart is moving up toward that level. |
| USDJPY caught in the dollar selling Posted: 26 Mar 2010 07:59 AM PDT
The USDJPY continues its choppy trade as the price back below the 100 and 200 bar MA levels. The failure to extend to the highs from yesterday and the move back below 92.72 (close from yesterday helped from a technical perspective. Needless to say the pair is up and down today, testing the downside, the the topside and now tilting back to the bottom. The 90.34 level will be eyed as the equivalent of the 92.72 level above. The level is equal to the 50% retracement of the rally up yesterday. The market is condusive to the choppy trading today and with London looking to exit for the week at noon (by the way, London/Europe changes time this weekend so they will be exiting at 11:00 AM NYT on Monday), the conditios may continue. Look out, however, for some increased volatility into the close. |
| Juncker says Greek won’t need aid Posted: 26 Mar 2010 07:23 AM PDT The Greek bonds are still +300 BP above comparable German debt. The refunding of debt in April/May is reliant on a lower rate. Paying too much will make the deficit worse. Austerity programs also need to be enacted. Regardless, the comments are boosting the EURUSD. It is too early to say if it will be a success, but that is why we watch the technicals and look for low risk trading opportunities instead. |
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