Forex Market Updates & Commentary |  |
- ECB says bond purchases slowed to 146 million last week
- EURUSD test target resistance at 1.3621
- The NY Morning Forex Commentary is available for viewing
- AUDUSD tests 38.2% retracement on hourly chart
- EURUSD moves higher in early NY trade
- Traders eye 100 day MA in the Gold today
- Bobbys Corner-Open Market-Jan.24.2011
- The dollar is higher to start the NY trading day
- Sarkozy comments
- Eurozone Industrial Orders
- USD/CAD trading at 50% line on hourly
- Euro zone PMI
- German manufactruing PMI was 60.2 and services PMI was 60.0
- German Flash @ 3:30 am (eastern)
- Cable can’t close through 100 hr MAVG
| ECB says bond purchases slowed to 146 million last week Posted: 24 Jan 2011 06:52 AM PST The ECB announced that bond purchases fell sharply in the current week to 146 million euros. This is much less than the 2.313 billion euros purchased the week prior when key bond auctions were being conducted in Portugal, Italy, Spain. The amount is back in line with recent bond purchases and is likely contributing to the better tone (on relief it was not a permanent change). ECBs Trichet was in the WSJ today talking about the high inflation and with bond purchases down, the market seems to be thinking that the measures put in place to spur on growth, might be starting to slow and ECB tightening is getting closer. There is also a research firm who is talking about a closer ECB tightening cycle as well which is making the rounds in the market.
That coupled with continued shorts in the EURUSD has led to a sharp move back within the channel on the EURUSD hourly chart. Look for support against the 1.3621 level now. This level is the old channel support line. I expect it to reassert itself as support now. |
| EURUSD test target resistance at 1.3621 Posted: 24 Jan 2011 06:44 AM PST
A break above would next target the high for the day at 1.3641 and signal a more bullish bias for the pair. |
| The NY Morning Forex Commentary is available for viewing Posted: 24 Jan 2011 06:40 AM PST |
| AUDUSD tests 38.2% retracement on hourly chart Posted: 24 Jan 2011 06:19 AM PST
The AUDUSD is bumping against the 38.2% retracement resistance at the 0.9924 level. Above that is the 200 and 100 hour MA at the 0.9936-39 level. The levels should be used by buyers from below to take profit. Stops should be eyed on a break above 0.9940 as it increases the bullish bias for the pair. On the downside, look for intraday support against the 0.9900-04 area (see chart below). A move below this level, likely leads to a new move toward the most recent lows.
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| EURUSD moves higher in early NY trade Posted: 24 Jan 2011 05:42 AM PST
The EURUSD has found it’s bullish bias again in early NY trading as it moves above the 1.3577 level (50% of 1.4281 high/1.2873 low), and the 100 and 200 bar MA on the 5 minute intraday chart. The next targets come in between 1.3613-22. If the price stays above the 1.3577 level where the 100 bar MA on the 5 minute chart and the 38.2% of the days range are found, and the price bias remains bullish (see chart below).
The next key target above the 1.3622 level is the high for the day at 1.3641. |
| Traders eye 100 day MA in the Gold today Posted: 24 Jan 2011 05:24 AM PST |
| Bobbys Corner-Open Market-Jan.24.2011 Posted: 24 Jan 2011 05:22 AM PST
USD strengthened as profit takers took center stage in the first session of the week. Improved earnings reports also aided the USD. This weeks data which includes durable goods, consumer confidence, and US growth will hopefully show that the US economic recovery is finally showing signs of recovery. Speculation is that the positive data that is expected will be dollar positive for the markets. Asian equity markets were mixed, European markets are lower-and US Futres are slightly higher at this time. Oil dropped as Saudi Arabia’s Oil Minister made comments that OPEC may increase supplies to keep up with the continuing demand by China and India. Oil:$88.73 Gold:$1348.10 No major data due out today. HAVE A GREAT DAY & GOOD LUCK |
| The dollar is higher to start the NY trading day Posted: 24 Jan 2011 05:01 AM PST
For a look at these currency pairs and what levels to watch today, watch the Opening Forex Commentary. |
| Posted: 24 Jan 2011 02:29 AM PST Speaking at a press conference in Paris, French President Nicolas Sarkzoy made the following comments:
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| Posted: 24 Jan 2011 02:15 AM PST EZ Industrial Orders increased by 2.1% from last month. A 2.3% increase was expected. Eur/Usd currently trades at 1.3575. |
| USD/CAD trading at 50% line on hourly Posted: 24 Jan 2011 01:18 AM PST Looking at the hourly chart, the pair made a turnaround once reaching the 200 hour moving average on Friday. It traded up to the 50% fibo line on the move from January 19th lows to 20th highs, but then retreated lower where it found some support from the 100 hour moving average. After some buying it is now back at the 50%, but with little momentum. Further moves higher could see the pair trade at .9975, but resistance could find it back towards .99422.
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| Posted: 24 Jan 2011 01:02 AM PST
The EUR traded slightly higher on the release. |
| German manufactruing PMI was 60.2 and services PMI was 60.0 Posted: 24 Jan 2011 12:35 AM PST |
| German Flash @ 3:30 am (eastern) Posted: 23 Jan 2011 11:56 PM PST
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| Cable can’t close through 100 hr MAVG Posted: 23 Jan 2011 10:54 PM PST After trading continually downward to start the week, the GBP/USD may be seeing some support in the area of the 100 hour moving average. A close below the 100 hr, currently coming in at 1.59604, may be a bullish signal for the pair in which case we may look to the 38.2% line as our next target. Continued support would see the pair head back towards 1.60152.
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