Forex Market Updates & Commentary

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• EURUSD breaks above resistance. Watching key resistance at 1.3927 area.
• FXDD Forex Trading Webinar Thursday Oct 21
• NY Morning Commentary. UK Budget done. Dollar correcting/resting
• FXDD Money Management Webinar rebroadcast
• GBPUSD low and high support and resistance defined
• EURUSD tests 38.2% of the move down. Decision time at 1.3874 area
• Canada Wholesale Sales Data at 8:30AM
• The NY Opening Forex Commentary is available for viewing
• UK Chancellor of Exchequer George Osborne outlines budget plan
• Euro tested 50.0% fibo retracement following MPC minutes
• MPC Meeting Minutes
• Net borrowing worse at 15.6B and M4 money supply worse at -0.3%
• 30 Minutes Until UK Public Sector Net Borrowing, M4 Money Supply, and MPC Meeting Minutes
• Euro Higher
• Stark on the wires…

EURUSD breaks above resistance. Watching key resistance at 1.3927 area. Posted: 20 Oct 2010 06:52 AM PDT There is a report from a consulting firm that 550 billion of QE is in the works in the US, and with the market nervous, the EURUSD has soared to new highs. The pair is now above the 38.2% retracement and the upper trendline at the 1.3883 level. The 38.2% is at 1.3873. Look for support at 1.3873-83 now. Next key target resistance comes in at 1.3927 to 1.3932 area.  The 1.3927 is the 50% retracement, while the 1.3932 is where the 100 and the 200 hour MA are converged.  I would expect that the level will attract profit taking sellers with stops above.

FXDD Forex Trading Webinar Thursday Oct 21 Posted: 20 Oct 2010 06:36 AM PDT Join Greg Michalowski and Shawn Powell for the Thursday Forex Education Webinar at 4pm 20 gmt world time. The date for this event is October 21st 2010. Register now

NY Morning Commentary. UK Budget done. Dollar correcting/resting Posted: 20 Oct 2010 06:12 AM PDT

FXDD Money Management Webinar rebroadcast Posted: 20 Oct 2010 06:10 AM PDT FXDD Money Management Webinar rebroadcast- Click here to watch

GBPUSD low and high support and resistance defined Posted: 20 Oct 2010 05:42 AM PDT

EURUSD tests 38.2% of the move down. Decision time at 1.3874 area Posted: 20 Oct 2010 05:19 AM PDT

Canada Wholesale Sales Data at 8:30AM Posted: 20 Oct 2010 05:16 AM PDT

The NY Opening Forex Commentary is available for viewing Posted: 20 Oct 2010 05:06 AM PDT

UK Chancellor of Exchequer George Osborne outlines budget plan Posted: 20 Oct 2010 04:44 AM PDT The Chancellor of the Exchequer George Osborne is on the wires outlining the plan for his budget cuts.  Today the government released a worse than expected Net Borrowing shortfallof 15.6 B for September versus 14.5B last year.  Below are highlights: UK to achieve structural balance by 2014-15 He is to end year of ever rising borrowing He has chosen to cut waste, and reform welfare Will cut debt cost by 5 b by 2015 Capital spending will be 2 b higher Cut 6 b of administration cost cuts Job losses achieved through natural turnover More job cuts without deficit action Cuts the responsibilityof individual departments Pledges 100M hardship fund Royal household spending to fall y 14% in 2012-13 Funding to local councils cut 7.1% by 2015 Foreign Office cut 24% Police to fall by 4% each year Home Office budget to fall by 6% per year Pledges 2B to reform welfare state But welfare measures to save 7B per year

Euro tested 50.0% fibo retracement following MPC minutes Posted: 20 Oct 2010 01:50 AM PDT We said before that the next topside target for EUR/USD was 1.38275….. and that is where the pair went to following the release of the UK MPC meeting minutes.

MPC Meeting Minutes Posted: 20 Oct 2010 01:47 AM PDT Posen voted to increase bond plan by 50 billion pounds. Recent data hasn’t altered near term outlook. Sees weaker recovery in 2H compared to 1H. Evidence “not compelling enough” to change policy now. Earnings and money growth had remained weak. Sentance voted to raise key rate by .25%. CPI to fall back toward target.

Net borrowing worse at 15.6B and M4 money supply worse at -0.3% Posted: 20 Oct 2010 01:31 AM PDT The euro weakened against all of the major currencies on this release.

30 Minutes Until UK Public Sector Net Borrowing, M4 Money Supply, and MPC Meeting Minutes Posted: 20 Oct 2010 01:00 AM PDT

Euro Higher Posted: 20 Oct 2010 12:43 AM PDT The euro has gotten a boost over the last hour with the EUR/USD reaching a new session high of 1.3810. If this momentum continues, the next target upward is the 50.0% line at 1.38275.

Stark on the wires… Posted: 19 Oct 2010 11:33 PM PDT ECB’s Stark released a statement that the ECB needs to scrap all non-standard liquidity measures before a rate hike and occur. The euro recieved a boost following the release make a new session high of 1.37939 and tested the 38.2% retracement line on the move from Oct 19th highs to today’s lows.

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