Forex Market Updates & Commentary |  |
- Forex QUICK: AUDUSD breaks but bounces off 200 hour MA
- New Home sales horrible. Record lows.
- US New Home Sales Data at Record Low
- Forex QUICK: AUDUSD failed break above 100 hour MA leads to selling. What next?
- Forex QUICK: USDCHF breaks above 100 hour MA at 1.1092. 1.1136 eyed next
- Forex QUICK: USDCAD tests key resistance level as weak data and comments help
- Forex Morning Report - June 23
- Forex QUICK: Gold breaks below 200 hour MA now. $1230 now eyed.
- US New Home Sales Data Due at 10AM
- Belgium Business Confidence falls by more than concensus
- Unconfirmed report of a possible downgrade of France
- Moodys says UK budget supportive of AAA rating
- Canada Retail Sales Figures Down
- Weak Canada Retail Sales send USDCAD higher
- IFO Institute lifts German growth forecast
| Forex QUICK: AUDUSD breaks but bounces off 200 hour MA Posted: 23 Jun 2010 07:23 AM PDT |
| New Home sales horrible. Record lows. Posted: 23 Jun 2010 07:05 AM PDT Record low level at 300,000 annualized. No demand. No loans from banks. Supply of homes 8.5 months. New Home price falls to $200,900 lowest since Dec 2003. SUpply falls to 213,000 , fewest since 1970. This, coupled with the existing home sales show the hangover continues for the home market. No strength in homes and in fact declines puts the risk of double dip more of a possiblity. Risk pairs should suffer on the weaker data. USDJPY falls. AUDUSD falls further. EURUSD suffers as well. USDCHF rises sharply too. Tests 1.1136 resistance. |
| US New Home Sales Data at Record Low Posted: 23 Jun 2010 07:00 AM PDT New Home Sales: Survey: 410K Actual: 300K Prior: 504K Revised: 446K New Home Sales(MoM): Survey: -18.7% Actual: -32.7% Prior: 14.8% Revised: 14.7% |
| Forex QUICK: AUDUSD failed break above 100 hour MA leads to selling. What next? Posted: 23 Jun 2010 06:53 AM PDT |
| Forex QUICK: USDCHF breaks above 100 hour MA at 1.1092. 1.1136 eyed next Posted: 23 Jun 2010 06:42 AM PDT |
| Forex QUICK: USDCAD tests key resistance level as weak data and comments help Posted: 23 Jun 2010 06:32 AM PDT |
| Forex Morning Report - June 23 Posted: 23 Jun 2010 06:25 AM PDT Forex Morning Report - June 23 |
| Forex QUICK: Gold breaks below 200 hour MA now. $1230 now eyed. Posted: 23 Jun 2010 06:25 AM PDT |
| US New Home Sales Data Due at 10AM Posted: 23 Jun 2010 06:10 AM PDT
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| Belgium Business Confidence falls by more than concensus Posted: 23 Jun 2010 06:01 AM PDT Index fell to -7.7 from minus -4.9 in May. The estimate was for a -5 reading. |
| Unconfirmed report of a possible downgrade of France Posted: 23 Jun 2010 05:58 AM PDT There is a rumor of a Fitch downgrade. This is not confirmed but the EURUSD quickly moved from 1.2290 to 1.2270. Market remains contained in tight range however. |
| Moodys says UK budget supportive of AAA rating Posted: 23 Jun 2010 05:41 AM PDT Watching the 1.4935-39 level above A break should solicit additional upside momentum. |
| Canada Retail Sales Figures Down Posted: 23 Jun 2010 05:32 AM PDT Canada Retail Sales (MoM) - Survey: -0.4% Actual: -2.0% Prior: 2.1% Canada Retail Sales ex-auto (MoM) - Survey: 0.0% Actual: -1.2% Prior: 1.7% USD/CAD trading 30 pips higher on the news. |
| Weak Canada Retail Sales send USDCAD higher Posted: 23 Jun 2010 05:31 AM PDT
The next target is the 1.0391 - 1.0408 level which is the midpoint of the move up from the April low to the May high at 1.0853 (see chart above) and the midpoint of the last move down from the June high to the June low (see chart below). Support now comes in at 1.0344 (see 38.2% fibo level below ). Below that level, the move today above the 100 day MA at the 1.0307 level should also be key support.
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| IFO Institute lifts German growth forecast Posted: 23 Jun 2010 05:21 AM PDT 2010 growth outlook lifted to 2.1% from 1.7% Cites that deficit cuts may boost consumer and investor confidence.
The EURUSD is hanging around the 100 and 200 bar MA on the 5 minute chart at 1.2277 and 1.2272 levels respectively. A move above 1.2277 and 1.2284 would next target the high for the day at 1.2305. A move back below the 1.2272 level could lead to further disappointment to the downsider for the pair. The low to high range at 61 pips today is narrow and we should see an extension from the non trend trading range today. I would be inclined to trade with the short term bias as defined by the 100 bar MA on the 5 minute chart. IF the price is above the MA line, the bias is bullish. Below the bias is bearish. Look for momentum to develop. News out at 8:30 with US New Home Sales due. |
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