Forex Market Updates & Commentary |  |
- The FXDD Weekend Technical Forex Commentary
- Trading Course Lesson 3 Greg and Shawn Feb 15
- The Week Ahead from FXDD
- The Midday Forex Commentary available for viewing
- USDCHF moves toward next resistance levels
- Gold falls (a little) on Mubarek resignation
- GBPUSD tests key resistance at the 1.6015-18 level
- A techincal look at the AUDUSD and the NZDUSD
- Egypt’s Mubarak Steps Down from Presidency
| The FXDD Weekend Technical Forex Commentary Posted: 11 Feb 2011 02:35 PM PST The FXDD Weekend Forex Technical Commentary takes a look at the major currency pairs and outlines the key technical levels that should shape the directional bias in the new trading week. Traders can use it as the basis for their strategy for the new trading week. The currency pairs covered in the report (in the order of review) include: EURUSD If there is a pair that you would like for me to review, please send me an email at greg@fxdd.com Thanks for your support and commitment to FXDD and have a safe and happy weekend, Greg Michalowski |
| Trading Course Lesson 3 Greg and Shawn Feb 15 Posted: 11 Feb 2011 01:42 PM PST
Lesson 3 of the FXDD trading course with Greg and Shawn feb 15 - Register now |
| Posted: 11 Feb 2011 01:39 PM PST If you would like the PDF report of “The Week Ahead” used to create this video, you can opt in to the Daily FXDD Forex commentary email distribution list by sending me an email at greg@fxdd.com Have a great weekend, Greg Michalowski |
| The Midday Forex Commentary available for viewing Posted: 11 Feb 2011 09:41 AM PST |
| USDCHF moves toward next resistance levels Posted: 11 Feb 2011 08:56 AM PST
The USDCHF broke above the 100 day MA today. If the price can close above this level today (0.9685), this will be the first close above the MA level since June 25th 2010. That is signficant and the price action has reacted accordingly today with prices moving steadily higher. Of coures, breaks higher (or lower) still have levels to get through in order to keep the bullish momentum in tact. The next target level for the USDCHF is the 0.9773 level. This is the 61.8% of the December 2010 high to the low reached at the end of December. Above that is the high from December at the 0.9783 level. A break of these levels should lead to further bullish momentum for the pair. Looking longer term, the pair has been depressed for some time and therefore has some room to run. Catalyst include a stronger global/US economy that takes the pressure off the safe haven flows into the CHF. This ultimately could lead to more significant upside potential. The 0.9807 level is another upside level to get through (see daily chart below) and 0.9964 (50% of the move down from the Aug 2010 high) is another target. The 200 day MA is all the way up at the 1.0200 level.
Intraday, if the price can stay above the 0.9739 to 0.9747 level, the pair could sustain the upside momentum from an intraday perspective (38.2% of the last surge higher). Please see the chart below.
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| Gold falls (a little) on Mubarek resignation Posted: 11 Feb 2011 08:46 AM PST
With Mabarek’s resignation, a reversal in Gold would be expected on the idea of less tension should lead to less demand for safe haven assets like gold. The price has indeed fallen, but the price remains above the 100 hour MA at the 1359.50 level. As a result, the technicals are still fighting between the 100 hour MA and resistance above on the daily chart (see below) against a series of resistance levels including the 100 day MA, the 50% retracement of the move down from the January 2011 high to the 2011 low, and the underside of the trendline (see chart below).
So although the there is some minor selling, the market remains contained with neither bulls or bears taking control. |
| GBPUSD tests key resistance at the 1.6015-18 level Posted: 11 Feb 2011 08:32 AM PST
The GBPUSD is up testing the 50% retracement of the move up from the January 25th low to the February high, and the underside of the trendline which was broken today (trendline from the same low on January 25th). The market is at a crossroad. Staying below keeps the bearish bias. A move above will turn the bias back up. I would expect that sellers will enter against the level on the first test at least. On the downside a move below the 1.5995 level, would please the bears (see chart below). The trendline off the low on the same chart below comes in at the 1.5982 level. This will also be a key level for the pair today.
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| A techincal look at the AUDUSD and the NZDUSD Posted: 11 Feb 2011 08:14 AM PST |
| Egypt’s Mubarak Steps Down from Presidency Posted: 11 Feb 2011 08:08 AM PST
The dollar does not know what to do. It might be expected that if the dollar was bought on the tension last night, that the dollar would fall on the resignation, but that is not necessarily happening. So be cautious. Friday squaring may take charge as London and Europe prepare to exit for the week. The 100 day MA at the 1.3541 level remains in play for the day. A close below the level for the week would be bearish for the pair. |
Egypt’s Mubarak is stepping down as president,Vice President Suleiman says. Mubarak has handed the power of the country to the military. Egypt vice president says appoints military council to run affairs. Dollar remains higher.| You are subscribed to email updates from Forex News and Commentary by FXDD To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
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