Forex Market Updates & Commentary |  |
- USDJPY moves below the 81.98 level
- GBPUSD tests 100 hour MA at 1.5417
- Bobbys Corner-Open Market-Dec.29.2010
- The NY Opening Forex Commentary for Dec 29th is available for viewing
- Swiss KOF Baromenter Better Than Expected
- Eurozone M3 Money Supply
- 12-29 Economic Calendar
- Rebroadcast of Dec 28th 2010 webinar
- USDJPY testing the midpoint of weeks range
- 5 year note auction not all that great
- Let’s call a spade a spade….
- The NY Midday Forex Commentary for December 28th 2010
- EURUSD tests next target after breaking 100 hour MA
- EURUSD finds support at the 100 hour MA
| USDJPY moves below the 81.98 level Posted: 29 Dec 2010 06:44 AM PST
This keeps the bearishness in tact for the USDJPY. Staying below 82.04 keeps the intraday bias to the downside. The 61.8% of the move up from the November low to the high comes in at 81.87. The low from yesterday came in at 81.81. A move through it targets 81.65 which was a spike low on November 12th. The pair stepping down again. |
| GBPUSD tests 100 hour MA at 1.5417 Posted: 29 Dec 2010 06:32 AM PST A break above is bullish for the pair and should solicit additional buying in the pair with a target being the 200 hour MA at the 1.5457 level currently. |
| Bobbys Corner-Open Market-Dec.29.2010 Posted: 29 Dec 2010 05:44 AM PST
I am back in town after being stuck in the snow at my house for the past 2 days. The markets are really quiet-as the week between Christmas and New Years is historically a quiet time-the snowstorm that hit the east coast added to the quietness, as many participants are stuck (or just decided to stay) at home. China announced an interest rate increase which was highly expected by the marketplace. The safety of the USD and the Yen are not of as much interest to investors-as they look for higher-yielding assets as the world wide economic recovery is gaining traction. We will await the new year to see where investors look to invest their money. Oil:$91.04 Gold:$1403.10 No major data due out today. HAVE A GREAT DAY & GOOD LUCK |
| The NY Opening Forex Commentary for Dec 29th is available for viewing Posted: 29 Dec 2010 05:18 AM PST |
| Swiss KOF Baromenter Better Than Expected Posted: 29 Dec 2010 02:33 AM PST The Swiss KOF barometer, which is a composite index based on 12 economic indicators, came in at 2.10; better than the 2.07 survey but worse than the prior showing of 2.12. |
| Posted: 29 Dec 2010 01:49 AM PST The market had a limited reaction to money supply our of the Eurozone, which came in slightly better at 1.9% versus the forecast of 1.6% and prior reading of 0.9%. Additionally, private loans came in better than expected at 2.0%. |
| Posted: 28 Dec 2010 08:59 PM PST
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| Rebroadcast of Dec 28th 2010 webinar Posted: 28 Dec 2010 02:15 PM PST
Rebroadcast of Dec 28th 2010 webinar >> Watch here This posting includes an audio/video/photo media file: Download Now |
| USDJPY testing the midpoint of weeks range Posted: 28 Dec 2010 11:36 AM PST
The USDJPY has moved up to test the 50% retracement of the move down for the week. The level comes in at the 82.39. A break above will look toward the 82.84-82.87 which is a key level from current ranges.
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| 5 year note auction not all that great Posted: 28 Dec 2010 10:07 AM PST Bid to cover 2.61 vs 2.77 recent. Lower demand. The EURUSD is back down after testing and holding the 100 hour MA at the 1.3136 level. The high reached 1.3134. |
| Posted: 28 Dec 2010 09:39 AM PST
We are seeing the EURUSD rotate back to the upside in what continues to be holiday like markets. The EURUSDs pretty aggresive move to the downside in the NY session today happened while Gold rallied higher. Data today was mixed with weak housing and consumer confidence but strong Richmond Fed Manufacturing. Oil prices are up (dollar negative usuallly). The Dow is flattish (+10). Let’s call a spade a spade…the market is in holiday mode. So when the market seems intent to trend one way, it will trend until it stops and goes the other way. Such is how we deal with it. So the ambiguous fundamental story seems to have the market more focused on the technical picture, which started to change for the EURUSD from bullish to bearish when the 50% retracement of the December high to low range, held resistance at 1.3276. From there the bearish bias intraday saw the price move through the 1.3201 high from Dec 21 (1 in the chart above) which contained the pairs upside until the first few hours of trading today. The next level to breach was the 1.3180-85 (2 in chart above), then the 200 hour MA and 100 hour MA at the 1.3160 and 1.3137 (3 and 4). The low was finally set at 1.3093 (5 above) for no real apparent reason except, the shorts had enough and started to buy back. Now the price is back up looking to test the 100 hour MA at the 1.3137 level again and it would not surprise me if a move above is attempted in the NY afternoon trade. If broken, a move back up to the 200 hour MA at the 1.3160 may not be far behind. On the first look, however, look for day traders to try selling against the key level with risk limited and the hope that a move back down will materialize. |
| The NY Midday Forex Commentary for December 28th 2010 Posted: 28 Dec 2010 09:10 AM PST |
| EURUSD tests next target after breaking 100 hour MA Posted: 28 Dec 2010 08:16 AM PST
The channel trend was broken yesterday and forced the EURUSD higher. Today, the price is back down testing that old trendline at 1.3103. I find that this old trendline has a tendency to be a borderline that buyers (in this case) can lean against. Resistance above now comes in a the 100 hour MA (blue line in the chart above) at the 1.3137 level. There should be sellers against this level. A move above negates some of the bearish bias for the pair. |
| EURUSD finds support at the 100 hour MA Posted: 28 Dec 2010 07:18 AM PST The EURUSD fell back down in NY trade but found support against the 100 hour MA. The ability to stop the downside fall, gives profit takers a level to lean against with a break likely leading to lower levels. The 1.3180-85 becomes upside resistance once again for the pair. |
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