Monday, December 27, 2010

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

Stocks are opening lower

Posted: 27 Dec 2010 06:31 AM PST

Dow down about 36 points
S&P down 4
Nasdaq down about 9.1 points

EURUSD in between “Goal Posts” Awaits a break.

Posted: 27 Dec 2010 06:13 AM PST

fxdd-pic-1542

On the hourly chart, the EURUSD is trading in between what I term the “Goal Posts” as defined by the 100 and 200 hour MA. The 100 hour MA is at the 1.3120 level. The 200 hour MA is at the 1.3170 level currently. With the price in between the two, the bias is bullish but the lack of upward momentum has the bulls on the defensive. Look for buyers on dips against the 100 hour MA at 1.3120, with stops on a move below.

If the 200 hour MA is broken the 1.3080-86 level is the next target levels to break through.  A move above these levels, however, should be positive for the pair and lead to further upward momentum. 

Other key technical levels comes in at the 100 day MA which is at the 1.3087 level today. The 50% retracement of the move up from the June 2010 low at 1.1876 to the high at 1.4281 made in early November comes in at 1.3079. This area is key support with a break likely to solicit additional selling pressure (see chart below).

fxdd-pic-1541

GBPUSD tests 200 day MA at 1.5393 level. Key level today

Posted: 27 Dec 2010 05:44 AM PST

NY Opening Forex Commentary from snowy NY City

Posted: 27 Dec 2010 05:11 AM PST

 

Boxing Day is being observed in England and Canada today, and blizzard conditions in NY have the market on the defensive. The Peoples Bank of China raised rates to slow inflation over the weekend and this should have a negative effect on currencies like the AUD (weaker).  Other pairs have the technical levels to eye this morning.

The NY Opening Commentary will outline the key technical levels as we enter the NY trading session.
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