Forex Market Updates & Commentary |  |
- Gold gets pounded
- ECB Gonzalez- Paramo says pressure grows for a rate rise. EURUSD still pressured
- USDCAD surges higher. Approaches resistance after sharp move
- The NY Morning Forex Commentary/Webinar today
- Forex Lesson 9 with Greg and Shawn TODAY 4pm
- Portugals Silveira says Portugal problem is a European problem
- Merkel says 3 years is not enough to solve Greece problems
- Canada Trade Balance Way Below Forecast
- Initial Claims worse than expected. Trade also negative
- Bobbys Corner-Open Market-March.10.2011
- Jobless Claims & Trade Balance Both Rise
- The NY Opening Forex Commentary/Webinar on Why I love the 100 and 200 bar MA today at 4PM
- Canada Trade Balance Data Due at 8:30AM
- US Jobless Claims & Trade Balance Data Due at 8:30AM
- The EURUSD consolidates after sharp move lower
| Posted: 10 Mar 2011 07:45 AM PST
There is some liquidation in Gold going on and the price tests the underside of what was trendline resistance. A break of this level will next target the 1392.50 level on the daily chart. This is the 38.2% of the move up from the January (2011) low to the high of 1444.79 reached in March. | ||||||||||||||||||||||||||||||||||||||||||
| ECB Gonzalez- Paramo says pressure grows for a rate rise. EURUSD still pressured Posted: 10 Mar 2011 07:35 AM PST Nothing new here. The EURUSD is down off the highs and looks more vulnerable again.
The corrective move higher moved above the 100 bar MA on the 5 minute chart but found resistance against trendline and failed to extend to the 1.3843 target (38.2% of the days trading range). This has led to further selling pressure as dip buyers sell out. The 1.3803 level (38.2% of the move up form the Feb 14th low is being tested now. A break below should find more selling with a break of the 1.3796 level likely opening up the downside to more selling (channel trendline in the chart below).
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| USDCAD surges higher. Approaches resistance after sharp move Posted: 10 Mar 2011 07:20 AM PST
Some pent up buying (and shorts) has taken place in the USDCAD today after an up and down session in earlier trade. The pair was pushed higher on the back a weak trade data/lower oil/lower gold. The Trade surplus came in at 0.1B vs expectations of 2.6B. The prior month was also revised lower to 1.7 billion from 3 billion. Both imports and exports rose but imports far outpaced the exports (Imports rose by 5.5%, while exports only rose by 1%.) The move higher has taken the pair to the highest level since March 2nd. The next target would be the March high at the 0.9774 level. At the level (actually at 0.9777) is also the 38.2% retracement of the move down from the Feb 23rd high to the low reached yesterday. The combination and the surge higher today, should find some profit taking resistance. However, the break higher may be a clue that the downside is over for the time being at least. The downside support should be found at the 0.9734 level. This is the 38.2% of the move higher today. Closer support may be found at the 0.9743 level. This was an interim high in the move higher in the NY morning (see chart below for the levels). The ability to hold these corrective levels should give the dip buyers added confidence. So look for buyers on the moves toward these levels and if the support can hold, the upside is likely to be explored further.
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| The NY Morning Forex Commentary/Webinar today Posted: 10 Mar 2011 06:43 AM PST Tell your friends. Free webinar today “Why I love and use the 100 and 200 bar MA” To register go to: Thanks and good fortune with your trading, | ||||||||||||||||||||||||||||||||||||||||||
| Forex Lesson 9 with Greg and Shawn TODAY 4pm Posted: 10 Mar 2011 06:36 AM PST
The traders course Forex Lesson 9 with Greg Michalowski and Shawn Powell is TODAY at 4pm est Reserve your seat now. Room will fill up. We will discussing why we love using the 100 and 200 timeframe moving averages. | ||||||||||||||||||||||||||||||||||||||||||
| Portugals Silveira says Portugal problem is a European problem Posted: 10 Mar 2011 06:00 AM PST Says it must be faced at the European level. Joao Tiago Siveira is the secretary of state for the presidency of the council of ministers. I am not sure the context of the comments on the newswires. | ||||||||||||||||||||||||||||||||||||||||||
| Merkel says 3 years is not enough to solve Greece problems Posted: 10 Mar 2011 05:44 AM PST She also rules out Greek debt restructuring. The EURUSD is back down after the brief rise off the weaker US jobs and Trade data. The EURUSD is below the low for the day and looks next to the 1.3784 level.
With the new low, traders will be looking for momentum on the break. A move back above 1.3813 would not be welcomed for the momentum break sellers. Nevertheless, there should be some profit taking against the 1.3784 level on the first test.
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| Canada Trade Balance Way Below Forecast Posted: 10 Mar 2011 05:34 AM PST
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| Initial Claims worse than expected. Trade also negative Posted: 10 Mar 2011 05:34 AM PST The Initial Claims moved back to 397k from 371K. Continuing Claims come n at 3771K. The Trade Balance was not good as well with the Deficit widening to -46.3. Ex oil the balance also worsened to -19.677B from -14.803B. The Real $ Goods balance, which is what is include in GDP, deteriorated to -49,512 billion from -46.046 billion. This is a negative for GDP for the month of January. The dollar has weakened after the report but is rebounding a little off the lows. | ||||||||||||||||||||||||||||||||||||||||||
| Bobbys Corner-Open Market-March.10.2011 Posted: 10 Mar 2011 05:33 AM PST
Moody’s downgraded Spain from Aa2 to Aa1-with a negative outlook.
HAVE A GREAT DAY & GOOD LUCK | ||||||||||||||||||||||||||||||||||||||||||
| Jobless Claims & Trade Balance Both Rise Posted: 10 Mar 2011 05:31 AM PST Jobless Claims: Survey: 376K Actual: 397K Prior: 368K Revised: 371K Continuing Claims: Survey: 3750K Actual: 3771K Prior: 3774K Revised 3791K Trade Balance: Survey: -41.5B Actual: -46.3B Prior: -40.6B Revised: -40.3B
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| The NY Opening Forex Commentary/Webinar on Why I love the 100 and 200 bar MA today at 4PM Posted: 10 Mar 2011 05:09 AM PST The NY Opening Forex Commentary. Some key levels to watch today in the EURUSD, GBPUSD, USDJPY, USDCHF, NZDUSD and AUDUSD. | ||||||||||||||||||||||||||||||||||||||||||
| Canada Trade Balance Data Due at 8:30AM Posted: 10 Mar 2011 04:48 AM PST
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| US Jobless Claims & Trade Balance Data Due at 8:30AM Posted: 10 Mar 2011 04:45 AM PST
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| The EURUSD consolidates after sharp move lower Posted: 10 Mar 2011 04:33 AM PST
The EURUSD fell sharply on the back of the downgrade of Spain today. In the chart above the fall found profit takers against the bottom of channel support. That level comes in at the white circle marked 2 (see the hourly chart above). The price has been consolidating over the last few hours but has found resistance against the 38.2% of the days trading range. If the market trends lower at a steep pace like it did today, the market tends to pay attention to the 38.2% retracement for clues as to the strength of the trend move. If the price can hold the level, look for pressure to continue. If the corrective level (at 1.38495 - see chart below) can be breached, the trend bias may be more neutral. So far the price has remained below that retracement. Note it has also maintained the price below the 100 bar MA on the 5 minute chart (blue line in the chart below at 1.3845 currently). Staying below both, keeps the bears in charge and could scare longs. The low for the day (and trendline in the hourly chart above) are the next target to get through below.
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