Forex Market Updates & Commentary

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• EURUSD: Is it OK to not be sure of trading direction?
• Forex Morning Report- October 22
• Canada Retail Sales stronger. USDCAD falls
• Canada Retail Sales Improve
• Rebroadcast of FXDD Webinar October 21 2010
• NY Opening Forex Commentary:G20 the focus. Risk increased
• Canada Retail Sales Data at 8:30AM
• CAD core CPI slightly worse at 0.2% and m/m CPI as expected at 0.2%
• Canadian CPI at 7 am est
• Loonie running into hourly resistance
• Euro falls following Sentance comments..
• Euro firmer after better German IFO
• Euro Testing Support at 1.3892
• Coming up at 4 am EST
• USD/JPY Tests Old Support at 80.98

EURUSD: Is it OK to not be sure of trading direction? Posted: 22 Oct 2010 07:14 AM PDT   The EURUSD chart is telling me that it is unsure of direction. Moves above and below support and resistance are being rejected.  Traders are using levels/areas from past extremes and buying or selling against the levels.  There are lots of fundamental opinions being weighed on the business news.  The G20 meeting comments are likely feared.  What is certain, is the market is likely unsure of the direction (or perhaps the risks).  Otherwise, the buyers or sellers would wrestle control and push the market in a trending direction. That is not happening.  So we wait and be patient.  That is ok.  It is called consolidation/correcting and usually comes after a sharp trend type move.  Trends transition to non trends and that is what we are now in.  That trend prior to this period, took the EURUSD from 1.2643 to the high of 1.4158 from September 10th to October 15th.   That is 1515 pips.  That is a nice trend. Put the market in perspective. Follow the clues from the charts and prepare for the directional clues that the market will give - eventually. It will break, but for now it is ok to not be sure of the trading direction.  The market moves are telling you that you are not alone.

Forex Morning Report- October 22 Posted: 22 Oct 2010 06:55 AM PDT Forex Morning Report- October 22

Canada Retail Sales stronger. USDCAD falls Posted: 22 Oct 2010 05:34 AM PDT The 1.0242 level is the 100 hour MA. The price needs to breach the 38.2% retracement to keep the bearish bias . Then the 1.0205 level which has been a key level for the pair (was the original low spike low from October 2009).  Failure to move below these levels will likely disappoint traders who are looking for at trend like move.

Canada Retail Sales Improve Posted: 22 Oct 2010 05:32 AM PDT Retail Sales:       Survey: -0.1%        Actual: .5%       Prior:  -0.1%        Revised: 0.1% Retail Sales Less Autos (MoM):      Survey: 0.5%       Actual:  0.4%     Prior:  -0.4%     Revised: -0.2%

Rebroadcast of FXDD Webinar October 21 2010 Posted: 22 Oct 2010 05:20 AM PDT Rebroadcast of FXDD Webinar from October 21 2010. Click here to watch

NY Opening Forex Commentary:G20 the focus. Risk increased Posted: 22 Oct 2010 05:16 AM PDT

Canada Retail Sales Data at 8:30AM Posted: 22 Oct 2010 04:58 AM PDT

CAD core CPI slightly worse at 0.2% and m/m CPI as expected at 0.2% Posted: 22 Oct 2010 04:01 AM PDT

Canadian CPI at 7 am est Posted: 22 Oct 2010 03:53 AM PDT

Loonie running into hourly resistance Posted: 22 Oct 2010 02:23 AM PDT USD/CAD traded lower until it hit the 100 hour moving average at 1.0234 and has traded continually upward until it reached the 61.8% retracement line on the move from 19th highs to yesterday’s lows. The pair tested 1.03011 twice today; lower target at 50.0% - 1.0270.

Euro falls following Sentance comments.. Posted: 22 Oct 2010 01:24 AM PDT Following the rise in the value of the euro after the better than expected German Ifo release, there was a hard selling of the euro (and GBP) following a headline from the BOE’s Sentance that it is understandable that people are nervous about the recovery.

Euro firmer after better German IFO Posted: 22 Oct 2010 01:01 AM PDT Euro higher all over after German Ifo business climate came in at 107.6 and Italian retail sales as expected at 0.0% IFO’s Nerb followed the release with comments that cosumption will pick up as wages rise and the manufacturing industry can manage through the currency storms - exports concintrated in investment goods.

Euro Testing Support at 1.3892 Posted: 22 Oct 2010 12:46 AM PDT EUR/USD, which has been trading continually lower the past two hours is testing 1.3892; a support level from earlier in the week and is trading in the area of the 100 hour moving average at 1.3900. A solid move through this line may bring us to the 100.0% line at 1.3871.

Coming up at 4 am EST Posted: 22 Oct 2010 12:37 AM PDT

USD/JPY Tests Old Support at 80.98 Posted: 22 Oct 2010 12:27 AM PDT Seen below, USD/JPY finds a low of 80.99 for this session which is a support level tested multiple times this week.

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