Forex Market Updates & Commentary | ![]() |
- Iranian troops shoot at protesters
- USDJPY remains between the “Goal Posts”
- EURUSD eases back down and finds buyers
- The NY Opening Forex Commentary is available for viewing
- Watching EURUSD corrective selling levels for clues
- Bobbys Corner-Open Market-Feb.18.2011
- EURGBP rises with the EURUSD
- EURUSD surges on ECB comment. Resistance at 1.3637
- ECB Bini Smaghi says may need to raise interest rates
- The NY Opening Forex Commentary
- CAD core CPI (m/m) 0.3% and core CPI 0.0%
- Canadian CPI at 7 am
- U.K. PM Cameron Speaking in London
- Zhou Speaks to Bloomberg TV
- China raises reserve ration by 50 basis points.
Iranian troops shoot at protesters Posted: 18 Feb 2011 07:11 AM PST |
USDJPY remains between the “Goal Posts” Posted: 18 Feb 2011 07:07 AM PST USDJPY is in between the Goal Post as defined by the 100 hour MA aat the 83.50 level and the 200 hour MA at the 83.14 level currently. When it trades in between these levels I call the situation “trading between the Goal Posts”. The levels become support and resistance but on a break higher or lower, the market should find momentum in the direction of the break. The price has been contained between the Goal Posts for the last 24 hours. |
EURUSD eases back down and finds buyers Posted: 18 Feb 2011 06:58 AM PST The EURUSD eased back down after the NY surge higher. The move to the highs stalled a the 1.3644 where three separate attempts above the level were tried and failed. Omie, a FXDD fan, pointed out, the level corresponded with the 50% retracement of the move down from the February high to the February low (see chart above). The correction to the downside has found support buyers against the 38.2% retracement of the days move (1.3609 low versus 38.2% level at 1.3607). The price found buyers which has taken the price back toward the earlier high for the day. (see chart below). The 1.3338/44 level is the next upside target resistance (trendline and the 50% level cited above on the daily chart). I expect intraday sellers against the level with stops on a move above. |
The NY Opening Forex Commentary is available for viewing Posted: 18 Feb 2011 06:19 AM PST |
Watching EURUSD corrective selling levels for clues Posted: 18 Feb 2011 05:32 AM PST The EURUSD surge higher took the price from 1.3546 to 1.3644 in a short period of time as shorts were forced to cover. The surge higher was likely helped by the selling that forced the pair down earlier in the day. The market traders got caught. They were forced to cover. Now the question is are there more shorts out there. In which case, expect to see buyers emerge between the 1.3615 to 1.3626 level. These levels represent the highs from earlier in the day. The other key level to hold would be the 1.3607 level which is the 38.2% of the surge higher (see chart above). So far, the correction has only come down to the high from the first few hours of trading today. IF this is the least the market can do, it suggests the shorts are still caught and worried, and a move to the 1.3662 level is the next target and could happen quickly. Another target level above comes in at 1.3686 |
Bobbys Corner-Open Market-Feb.18.2011 Posted: 18 Feb 2011 05:27 AM PST Good Morning: The Euro lost steam overnight as German Producer Prices rose faster than expected-thus fueling speculation that monetary officials may need to increase interest rates in the region, which would put a stranglehold on any economic recovery. German PPI was up 1.2% for January-twice what analysts expected. Investors are starting to get weary of the debt crisis and uncertainty that is plaguing the Euro Zone. World equity markets were mixed, and US Futures are slightly higher. Oil:$86.40 Gold:$1385.20 No Major US Data Today. FXDD WILL BE AT THE NY TRADERS EXPO at the Marriott Marquis in New York City from Feb.20-22- Come by and say hi (booth #5607) |
Posted: 18 Feb 2011 05:18 AM PST The EURGBP surged higher with the EURUSD but is running into 100 hour MA and the 50% midpoint of the 4 day trading range (at 0.8401-03) that has contained the up and down trading of late in the currency pair. This level should be an area that traders lean against to take profit, with stop buying above. |
EURUSD surges on ECB comment. Resistance at 1.3637 Posted: 18 Feb 2011 05:10 AM PST ECB Bini Smaghi has commented that the ECB may have to tighten rates in a Bloomberg report, and this caused the EURUSD to surge higher. The price moved above the 200 hour MA in the process and is currently taking out the high for the day at the 1.3626 level. The next target resistance comes in at the 1.3637 level and above that the 1.3661 level (trendlines in the chart below). Earlier today the EURUSD was sold off on the back of banking concerns. Borrowings from banks at the ECB were elevated this week which could suggest bank funding issues. The higher rate comment has negated that news, but it may still solicit the sellers at higher levels against key technical levels. So be aware. |
ECB Bini Smaghi says may need to raise interest rates Posted: 18 Feb 2011 05:02 AM PST This is sending the EURUSD sharply higher in early NY trading |
The NY Opening Forex Commentary Posted: 18 Feb 2011 04:56 AM PST |
CAD core CPI (m/m) 0.3% and core CPI 0.0% Posted: 18 Feb 2011 04:01 AM PST |
Posted: 18 Feb 2011 03:28 AM PST |
U.K. PM Cameron Speaking in London Posted: 18 Feb 2011 03:25 AM PST
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Posted: 18 Feb 2011 02:29 AM PST PBOC Governor Zhou made comments to Bloomberg television that the reserve ratio hike is just one means to fight inflation and that China will also raise rates to counter inflation if necessary. He added that China will allow more Yuan gains. |
China raises reserve ration by 50 basis points. Posted: 18 Feb 2011 02:27 AM PST |
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