Forex Market Updates & Commentary

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• Live Education with Greg and Shawn Tuesday Dec 21
• EURUSD looks to test the 200 day MA
• NZDUSD runs into key upside resistance
• The NY Morning Forex Technical Commentary
• Fed Announces they will cap overall ownership of issues
• Canada Wholesale sales send the USDCAD higher
• Canada Wholesale Sales Data Down
• The NY Opening Forex Commentary is available for viewing
• Canada Wholesale Sales Data due at 8:30AM
• Bobbys Corner-Open Market-Dec.20.2010
• Feds Bullard on the newswires
• UK Preliminary Mortgage Approvals
• Eurozone Current Account
• 12-20 Economic Calendar

Live Education with Greg and Shawn Tuesday Dec 21 Posted: 20 Dec 2010 07:39 AM PST FXDD’s next Live Education training class with Chief Currency Analyst Greg Michalowski and National Training Director Shawn Powel is this Tuesday Dec 21 2010 at 4pm est/ 1pm pst/ 21:00 gmt. We are seeing increasing numbers of attendees and suggest that you register in advance >> here

EURUSD looks to test the 200 day MA Posted: 20 Dec 2010 07:22 AM PST The EURUSD has broken lower and looks to test the 200 day MA at the 1.3100 level. Look for profit taking buyers against the level on the first test. If the level is broken the next target would be the 1.2968 level. If 1.3125 can hold a corrective move, it would increase the selling bias.

NZDUSD runs into key upside resistance Posted: 20 Dec 2010 07:12 AM PST The NZDUSD has run into some key upside resistance on the daily, hourly and 5 minute charts (at the 0.7424 area). Profit taking sellers have entered in against the level and may keep the topside contained for the day. For a review click on the following video link.

The NY Morning Forex Technical Commentary Posted: 20 Dec 2010 06:42 AM PST

Fed Announces they will cap overall ownership of issues Posted: 20 Dec 2010 06:05 AM PST They announce that they will cap the overall Fed ownership of any one issue to 70%.

Canada Wholesale sales send the USDCAD higher Posted: 20 Dec 2010 05:33 AM PST Canada Wholesale sales came in unchanged versus an expectation of 0.7% gain. The weak data has sent the C$ lower/the USDCAD higher. The pair is testing the high for the day at the 1.0138 level. Breaking that level will look for a break of the 1.0145 level (high from Friday). It will also be a break of the 50% midpoint of the move down from the November 30th high to the low reached on December 15th On a break the next target will be the 1.0177 level which is the 61.8% retracement.  Above that will be the 1.0205 level.  On the downside the 1.0121 level will be eyed. This is where the 100 and 200 bar MA on the 5 minute chart is found.

Canada Wholesale Sales Data Down Posted: 20 Dec 2010 05:33 AM PST Wholesale Sales:  Survey:  0.8%     Actual: 0.0%     Prior: 0.4%     Revised:  0.7%

The NY Opening Forex Commentary is available for viewing Posted: 20 Dec 2010 05:17 AM PST

Canada Wholesale Sales Data due at 8:30AM Posted: 20 Dec 2010 04:30 AM PST

Bobbys Corner-Open Market-Dec.20.2010 Posted: 20 Dec 2010 04:26 AM PST Good Morning: As we start a new week, the euro is losing ground amid speculation that the ability for EU nations to raise fresh investment capital may be dwindling after many nations within the Euro Zone have been, or are being targeted for downgrades by the major rating companies.   Last week alone Moody’s lowered Ireland credit rating by 5 levels, and placed Greece on review for a possible downgrade .  S&P put Belgium on negative a watch list. News that France’s AAA rating may be in jeopardy is also causing pressure on the single currency. Asian equity markets were lower-European markets are higher (even as concerns regarding the EU’s debt issues plague the marketplace), as are US Futures at this time. Oil:$88.65                                               Gold:$1384.40    No major US data due out today. HAVE A GREAT DAY & GOOD LUCK

Feds Bullard on the newswires Posted: 20 Dec 2010 04:12 AM PST Fed’s Bullard is on the newswires says: Decline in unemployment rate will be slow GDP will be stronger in 2011 than what people think Global economy and in particular Asian demand boosting commodities He is concerned about QE2 on the price of commodities Would like to adjust QE2 meeting to meeting

UK Preliminary Mortgage Approvals Posted: 20 Dec 2010 02:10 AM PST UK Preliminary Mortgage Approvals came in at 45,000, slightly less than the 47,000 expected. Gbp/Usd continues to trade either side of 1.5550.

Eurozone Current Account Posted: 20 Dec 2010 01:03 AM PST EZ Current Account came in at -9.8B, weaker than the -6.2B expected. Eur/Usd currently trades at 1.3172, not far from earlier high of 1.3185.

12-20 Economic Calendar Posted: 19 Dec 2010 08:50 PM PST

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