Forex Market Updates & Commentary

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• Long weekend - Greg Michalowski Returns Monday
• FXDD Webinar Tuesday June 1 2010 - Register Now
• FOREX QUICK: USING FIBONACCI TOOLS
• Italy’s Top Union Chief on the Newswires
• Fitch Downgrades Spain
• Forex Midday Report - May 28
• XAU/USD coming under pressure. Testing 100MA
• ECB’s Weber on the Newswires

Long weekend - Greg Michalowski Returns Monday Posted: 28 May 2010 02:29 PM PDT Have a safe and relaxing long weekend. Greg Michalowski will be back Monday to start the trading week off right. Take Care! Shawn Powell

FXDD Webinar Tuesday June 1 2010 - Register Now Posted: 28 May 2010 02:28 PM PDT FXDD Webinar Tuesday June 1 2010 4PM NYT - Register Now

FOREX QUICK: USING FIBONACCI TOOLS Posted: 28 May 2010 11:30 AM PDT FOREX QUICK: USING FIBONACCI TOOLS

Italy’s Top Union Chief on the Newswires Posted: 28 May 2010 09:50 AM PDT Italy’s top union chief making June 25 the date for the national strike against the budget.

Fitch Downgrades Spain Posted: 28 May 2010 09:39 AM PDT Fitch downgrades Spain to ‘AA+’  from ‘AAA’ Outlook Stable “Fitch says Spain’s economic process will be more difficult and prolonged than for other AAA rated sovereigns” Fitch sees spain government debt likely reaching 78% GDP by 2013 Fitch: Spain Adjustment to cut growth rate over medium-term. Euro trading lower on the news.

Forex Midday Report - May 28 Posted: 28 May 2010 09:15 AM PDT Forex Midday Report - May 28

XAU/USD coming under pressure. Testing 100MA Posted: 28 May 2010 08:09 AM PDT The XAU/USD pair is currently coming under pressure and can be seen testing the 100MA (blue line) at 1204.90. The pair has come off the highs for the week at 1218.28 and will need to break the 100 and 200 MA’s to signal a move towards the 38.2% retracement level at 1198.33. Below this the 50% level can be seen at 1192.17. Topside resistance will be met at 1214.60 (trendline), 1218.28 and then longer term at 1226.16. Of course this is if the pair bounces, but anything is possible as traders start to square out of gold for the long weekend.

ECB’s Weber on the Newswires Posted: 28 May 2010 08:08 AM PDT says banning risky financial transactions is ‘radical’ says bank tax would be ‘inferior instrument’ says Basel II reform preferable to banning transactions

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