Wednesday, April 21, 2010

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

Forex QUICK: EURUSD corrects to 100 bar MA and finds intraday sellers

Posted: 21 Apr 2010 07:12 AM PDT

Forex Morning Report - April 21

Posted: 21 Apr 2010 06:25 AM PDT

XAU/USD facing pressure from the 200H MA

Posted: 21 Apr 2010 05:51 AM PDT

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With investors turning their attention to gold in the past few weeks with the Eiuropean instability issues, it would appear that it is the right time to buy gold, however looking at the 1 hour chart a slightly different picture appears. The XAU/USD has been climbing for two days and has now backed off. The charts show the XAU/USD pair being pressured from the top with resistance coming from the 100 MA (blue line) at 1143.42. Above this the 200 MA (green line) comes into play at 1196.49. Below the current price we can see Fibonacci levels acting as support with the 38.2% level at 1137.16 and below that, the 50% level at 1127.20.

We are in a situation where the market needs to break above or below these areas to define a new trend in one direction or another. Ideally the 38.2% level will act as a springboard to push the pair higher so it will be a game of wait and see until the 1137.16 level is fully tested.

Bobbys Corner-Open Market-April.21.2010

Posted: 21 Apr 2010 05:16 AM PDT

bob-slade-forex-trading-4-150x200Good Morning:

The Euro continues to be weak-the spread on Greek/German 10 year bond spread widens to 502bps-a 12 year high.
The markets seem to react to any negative news from the EZ-but does not react to any positive data.  The markets are bracing for Greece to actually start to draw down on some of the aid that is being made available by the IMF and EU.
Speculation is that the ECB will not begin raising interest rates until next year-as the region struggles to curb the sovereign debt issues in Greece, Spain, and Portugal.

Asian equity markets were higher-European markets are lower-and US Futures are also pointing to a lower opening this morning.
Gold rose-as investors look to hedge against risk in the debt markets.  Oil was little changed from yesterday’s NY close.

Oil:$83.92                                        Gold:$1140.90

HAVE A GREAT DAY & GOOD LUCK

Lagarde on the wires..

Posted: 21 Apr 2010 02:42 AM PDT

French economic minister Christine Lagarde made these statements:

  • France pledges a maximum of 6.3 bln euros in aid for Greece as part of the 30 bln eurozone aid package.
  • Of the 6.3, 3.9 bln could be mobilized for Greece in 2010 French fiscal year.
  • The aid will take the form of bilateral loans.
  • Aid will carry somewhere around 5% interest charge at three year maturity.

Bank of England MPC Meeting Minutes

Posted: 21 Apr 2010 01:47 AM PDT

The following are comments from the BOE MPC meeting minutes:

  • Voted 9-0 to maintain rates at 0.5% and to keep 200 bln of QE in April.
  • Agreed last month’s data did not significantly change medium term outlook for growth.
  • Had “range of views” about how the balance of risks to CPI/activity had changed in recent months.
  • Many thought that  the downside risks to GDP had eased since the February inflation report.
  • The MPC will continue to monitor inflation expectations closely.

UK Claimant Count Change

Posted: 21 Apr 2010 01:40 AM PDT

The GBP traded higher after the release of a better than expected UK March claimant count which came in at -32.9K versus a forecast of -7.6K and prior reading of -32.3K. Additionally, the UK unemployment rate was 8.0%; slightly worse than the previous reading of 7.8%, and the average earnings index 3m/y was slightly worse at 2.3%.

Immediately following the releases, the pound made new sessions highs of 1.5424 against the USD and 143.83 against the JPY, but has since traded lower.

Eur/Jpy fails to close above 100 hour M/A

Posted: 20 Apr 2010 09:57 PM PDT

Eur/Jpy has attempted numerous times to gain a foothold above the 100 hour M/A to no avail. The pair is seemingly poised to test short term support at 124.67, where the 38.2% fibo of move up from 123.14 and trendline of recnt hourly lows intersect. If this support holds a move up to 125.17 (100 hour M/A) is possible. A break below should bring the pair 124.10-20 level with the 61.8% fibo lying at 124.09.

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April 22 2010 FXDD Webinar at 4pm Register now

Posted: 20 Apr 2010 08:43 PM PDT

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April 22 2010 FXDD Webinar at 4pm Register now - Click here

Rebroadcast of Tuesdays Webinar trading class

Posted: 20 Apr 2010 08:40 PM PDT

Click here to watch the rebroadcast of Tuesday April 20th, 2010. This was an excellent class.

4-21 Economic Calendar

Posted: 20 Apr 2010 08:26 PM PDT

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EUR/GBP Triangle Consolidating

Posted: 20 Apr 2010 06:33 PM PDT

The EUR/GBP long term triangle seen below is consolidating on the pair with a possible breakout on the horizon. As Euro concerns continue to linger in regards to Greece and other battered European Union economy’s and the ability of so many diverse and sprawling economies to be managed under one effective monetary policy, the pressure could continue to mount.  On the chart below we could see that a break below the trendline will be met quickly with the 100 week moving average and then levels through the 86 cent handle that have not been seen for sometime. The recovery of the battered British pound could also play a very important role in the revaluation of the pair, rather than just the depreciation of EUR/USD.

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Aussie Leading Index and Skilled Vacancies

Posted: 20 Apr 2010 06:02 PM PDT

The AUD has been trading lower for most of the Asian session and was not aided by the positive reading from the Westpac Leading Index indicator +0.5% better than the  prior months reading +0.2% that was also revised higher to +0.4%. The Skilled Vacancies for April were lower month over month at 1.3% vs. 2.4% the prior month. However, these positive release could not help the AUD which has traded lower with other risk pairs, most heavily depreciated being the Euro on concerns over the ripple effect that the lawsuit against Goldman Sachs could have throughout wall street as other firms could follow, as well as continued pressure in regards to Greece.

Forex QUICK: Key Economic Releases and Events for April 21st

Posted: 20 Apr 2010 12:44 PM PDT

Forex QUICK: AUDUSD consolidating the gains between key support and resistance

Posted: 20 Apr 2010 12:05 PM PDT
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