Forex Market Updates & Commentary |  |
- The Week Ahead from FXDD
- Week Ahead in Trading Monday at 9:30am
- EURUSD closes at the days highs
- EURUSD moves above the resistance area
- Earthquake in northern Japan.
- EURUSD covering higher and higher. Moves toward multiple targets
- No stopping the AUDUSD. It is zooming higher through resistance
- AUDUSD moves toward next key resistance
- USDJPY tests trendline support at 81.66. Profit taking buyers found for now
- USDCHF moves through trendline support but has retracement support close by
- USDJPY moves to new lows and targets 81.66 now
- Friday Forex wrap show rebroadcast March 11 2011
- EURUSD moves to highs for the day
| Posted: 11 Mar 2011 07:51 PM PST
The Week Ahead PDF File can be downloaded by CLICKING HERE |
| Week Ahead in Trading Monday at 9:30am Posted: 11 Mar 2011 03:30 PM PST
Week Ahead in Trading Monday March 14th at 9:30am - Reserve your seat now |
| EURUSD closes at the days highs Posted: 11 Mar 2011 01:40 PM PST
The EURUSD is closing the NY day at the high for the day but not the high for the week. That level came on Monday at the 1.4035 level. However, today was able to retrace more than 50% of the weeks trading range, and move the price back above the 100 hour MA, the 200 hour MA and the 50% retracement level (see yellow area in the chart above). The feeling is that the ECB remains on the tightening path while the US may move more toward even a QE3 scenario if global growth slows. In reality the global growth story is unknown at the moment with crosscurrents of possibilities confusing the picture. What will oil do now? Will commodities for rebuilding be more in demand and force prices up even higher? Or does selling of speculative commodities ensue? Will Japan shun US auctions and use the money to rebuild and force up rates? Will higher rates slow down the economy just when the economy was beginning to grow? Will the ECB raise rates if the global economy slows? All can change the price action of the EURUSD going forward. What we do know is the technical story for the EURUSD looks better than it did 10 hours ago and come Sunday, anything can happen. |
| EURUSD moves above the resistance area Posted: 11 Mar 2011 11:32 AM PST
The EURUSD has continued to march higher, now trading above the 100 hour MA (at 1.3881), the 200 hour MA (at 1.3888) and the 50% retracement of the move down from the March 7th high to the low reached today (at 1.3893). The burden is on the bears to stop this market. With the weekend approaching and tremors still occurring in Japan, shorts may be forced to cover. A move below the 1.3881-88 level where the 100 and 200 hour MA are found is needed to perhaps find sellers. However, in the absence, the upside is still the way. |
| Posted: 11 Mar 2011 11:04 AM PST 6.6 magnitude. This is striking on the north western side of Japan. The one this morning was on the north eastern side of the island. According to newswires. |
| EURUSD covering higher and higher. Moves toward multiple targets Posted: 11 Mar 2011 09:15 AM PST
The EURUSD is above the trendline resistance at 1.3872. The 100 hour MA comes at 1.3883. The 200 hour MA comes in at 1.3890 and the 50% comes in at 1.3893. All key target areas. Will profit takers enter or are the shorts still caught? The levels are there for the market to see and define risk. I would not fade a break above all these levels though. Support now at 1.3859. |
| No stopping the AUDUSD. It is zooming higher through resistance Posted: 11 Mar 2011 09:05 AM PST
Close support is now at the 1.0100 to 1.0107. The pair is being supported by the idea that earthquakes in Christchurch and now Japan. Emerging company growth should continue to keep demand for Australia exports supported. Ironically (or not), the 100 day MA held support today and started the run up to the topside. The next key target level off the daily chart comes in at the 1.0176 level which is the trendline off the tops (see chart below).
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| AUDUSD moves toward next key resistance Posted: 11 Mar 2011 08:46 AM PST
The AUDUSD has moved higher and is testing the next key resistance. The idea is if there is rebuilding, in Japan, in Christchurch. If building in emerging countries continues, it is likely good for Australia. The 100 hour MA and the trendline come in at 1.0072-77. This is a test level. A break through should lead to further momentum. If the level holds, look for a retracement that would find support at the 1.0035-40 area. |
| USDJPY tests trendline support at 81.66. Profit taking buyers found for now Posted: 11 Mar 2011 08:16 AM PST
The USDJPY has reached and tested the trendline support target at the 81.66 level. The pair has found support/profit taking buyers against the level and the price is now back higher. The topside resistance now comes in at the 82.00 and the 82.09 level (see yellow area in the chart below). Staying below this level keeps the bears in charge for the pair. The 82.00 level was the initial low for the days plunge lower. The correction off that low retraced to the 200 hour MA and held resistance (see green line). The next leg down took the pair to the trendline support on the daily chart.
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| USDCHF moves through trendline support but has retracement support close by Posted: 11 Mar 2011 07:59 AM PST
The USDCHF has moved lower on safe haven flows into the CHF. The price has moved through 100 hour MA, 200 hour MA (green line) the midpoint of the move March trading range and trendline resistance at the 0.9273. The next target is the 61.8% of the March trading range at the 0.9265 level and this along with the trendline should slow the decline (or I expect some profit taking at the level). A break below the 0.9265 level however, should solicit some stop selling as the trend into CHF seems to be on traders minds. Use the levels to lean against for trading clues. On the topside, the resistance should come in against the 100 hour MA at the 0.9293 and the underside of the trendline at the .09300. Staying below these levels on a correction, keep the bears in charge.
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| USDJPY moves to new lows and targets 81.66 now Posted: 11 Mar 2011 07:51 AM PST
The USDJPY has moved to new lows and is now targeting the 81.66 level. This level corresponds with the trendline support on the daily chart. The pair continues to be pressured on the back of repatriation flows. |
| Friday Forex wrap show rebroadcast March 11 2011 Posted: 11 Mar 2011 07:30 AM PST
Friday Forex wrap show with Greg & Shawn. In this Friday webinar, Greg and Shawn discuss the devastating Earthquake and tsunami in Japan and the implications for the forex and related markets. Please note that we had some audio problems with Shawn’s recorded voice. Greg’s comments are clear. Please accept our apologies. This posting includes an audio/video/photo media file: Download Now |
| EURUSD moves to highs for the day Posted: 11 Mar 2011 07:23 AM PST
The EURUSD his moving up to test the high for the day at the 1.3839 level. Sellers against the level have come in and given the economic uncertainty, may be as good a level as any to take profit/sell. The risk is defined the risk is limited. The 1.3806 level is support now with the 38.2% and the 200 bar MA on the 5 minute chart the reason for expected support. On the daily chart, the price has moved back above the trendline support at the 1.3792 level. A move below the 1.3806 would target this level next.
On the topside, a break above the high for the day starts to look toward the 1.3853 and the 1.3859 area where the underside of the trendline and the 38.2% of the move down from the March high to the March low comes in.
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