Monday, April 5, 2010

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

Forex Video Quick: USDJPY moves back above trendline support

Posted: 05 Apr 2010 07:17 AM PDT

ISM and Pending Home Sales are both better than expectations

Posted: 05 Apr 2010 07:00 AM PDT

ISM Non Manufacturing comes in at 55.4 vs expectations of 54.0

BACKLOGS INDEX 55.5 AFTER 46.0 last month
PRICES INDEX 62.9 AFTER 60.4 last month
INVENTORY INDEX 46.5 AFTER 45.0 last month
EMPLOYMENT INDEX 49.8 AFTER 48.6 last month
ORDERS INDEX 62.3 AFTER 55.0 last month
BUSINESS ACTIVITY AT 60.0 VS 54.8 last month

Pending Home Sales rise the most since October 2001. Increase by 8.2%.  NE rises 9.0%. Midwest +21.8% South +9.2% and West is the only negative at -4.8%

Forex Video QUICK. EURUSD breaks higher to test resistance at 1.3535 area

Posted: 05 Apr 2010 06:52 AM PDT

Forex Morning Report - April 5th

Posted: 05 Apr 2010 06:30 AM PDT

USDCAD moves toward the parity again

Posted: 05 Apr 2010 05:49 AM PDT

The price of oil is approaching $86 and this along with the dollar selling has the USDCAD making new lows for this move and brings the parity level back into focus. The low for the day has moved to 1.0049. The prior low for this move extended to 1.0060.  This is the lowest level since July 22nd 2008.

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Off the charts the price has support before parity at the 1.0029 area which is a bottom trendline off the hourly chart.   The price has been below the 100 hour MA since March 29th when it cracked the level at the 1.0222 level. The current 100 hour MA is above at the 1.0128 level and will act as upside resistance for the pair.  Before that the 100 and 200 bar MA on the 5 minute chart will be eyed. 

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This week in Canada, Building Permits for  Feb will be released on Wednesday with +2.0%  expected (vs -4.9% last month). The Ivey Purchasing Managers index is due at 10 AM on Wednesday with expectations of 55.0 vs 51.9.  Then on Friday, the expectation is for a gain of 25.0 K vs 20.9K gain last month.  This would be the 3rd monthly increase and 6 of the last 8 months.

Apple sells 300,000 on Day 1

Posted: 05 Apr 2010 05:37 AM PDT


GBPUSD keeps gap in place

Posted: 05 Apr 2010 05:26 AM PDT

The GBPUSD has kept the gap in place from Friday’s closing level. The high in the last hour of trading came in at  1.5205. The low today came in at the 1.5222 level. Normally these gaps are filled at some point.  The GBPUSD gapped higher on widening of the David Cameron’s Conservative Party’s lead for the upcoming election.  PM Gordon Brown is scheduled to announce an election to be held on May 6th tomorrow.   If there is not a clear victor, the fear is the UK will be at a standstill with regard to cutting budget deficits.  The pound has also benefitted from better economic data including GDP and PMI data. 

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From a technical perspective, the 1.5280 level was a high during Fridays London session and was a high in the Asian session today.  The high in early NY trade came up to 1.5276.   A move above the level should solicit additional buying interest.  ON the downside, the support comes in at the  1.5245 area with the 1.5205 being the gap target support.

On the hourly chart, the 100 hour MA comes in at the 1.5190 level. The price has remained above this moving average since March 29th.  Over the last few days the price has been consolidating - allowing the 100 hour MA to catch up to the price.  As long as the price can remain above this level, the intermediate bias remains to the upside.  Watch this moving average to provide directional clues as the price and the moving average converge.

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Bobbys Corner-Open Market-April.5.2010

Posted: 05 Apr 2010 05:04 AM PDT

bob-slade-forex-2-150x200Good Morning:

The FX markets are starting the week on a quiet note.  Europe is closed for Easter Monday, leaving only Tokyo open for trading overnight.
This week the US Treasury will come to the market with $74 Bil of new issuance’s.  USD/JPY will be looking at interest rates this week to see if any gains in the pair are warranted.
The USD is enjoying it’s positive momentum in the marketplace, as last Friday’s NFP showed that the US economy is heading in the right direction, and the recovery is gaining traction.

Asian stock markets were higher-Hong Kong was closed, as is all of Europe.  US Futures are pointing to a higher opening this morning.
Commodities also traded higher.

Oil:$85.35                                                    Gold:$1129.10
               

10:00A.M. PENDING HOME SALES MoM FEB. -1.00% -7.60%
10:00A.M. PENDING HOME SALES YoY FEB. 8.80%

HAVE A GREAT DAY & GOOD LUCK

I will be traveling this week-and Bobby’s Corner may be abbreviated.

April 5th 2010 NY Opening Forex Commentary is available for viewing

Posted: 05 Apr 2010 04:42 AM PDT

4-5 Economic calendar

Posted: 04 Apr 2010 10:06 PM PDT

 

Here is an abbreviated Economic Calendar for April 5. There is a bank holiday throuhout Europe, including the U.K.

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Fed Meeting on Monday

Posted: 04 Apr 2010 07:26 PM PDT

The Federal Reserve Board of Governors is meeting on Monday at 16:30GMT to review the discount rate. The discount rate usually sits ~ 100 basis points above the Fed Funds target in a normal environment, but had been at 25bps since 2008 in order to deal with the financial crisis and was moved to 50bps on 2/18 causing a sharp dollar rally. Early in the Asian session in a thin market we have seen the EUR/USD rally through the 1.35 handle and we will be paying close attention to the news out of the aforementioned meeting in NY.

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Online Trading Class Tuesday April 6th 2010 4pm

Posted: 04 Apr 2010 08:37 AM PDT

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Join Greg Michalowski and Shawn Powell for a free FXDD Online Trading Class Tuesday April 6th 2010 4pm - Register Here

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