Forex Market Updates & Commentary |  |
- Talk that there is an earthquake in Tokyo
- Stocks are opening and should increase volatility
- GBPUSD building resistance at the 1.6037 level
- EURUSD using 100 bar MA on intraday chart for bias clues
- USDCAD looks toward 100 day MA and finds sellers
- US Empire Manufacturing better than expected
- Bobbys Corner-Open Market-March 15.2011
- The NY Opening Forex Commentary is available
- Import prices to continue move higher
- US Empire Manufacturing due out at 8:30 AM ET
- Cable completes full hourly retracement
- Zew Worse, Euro lower
- Coming up in 10 minutes..
- Euro making new session lows
- U.K. January house prices rose 0.5%, says the DCLG
| Talk that there is an earthquake in Tokyo Posted: 15 Mar 2011 06:35 AM PDT UNCONFIRMED though. If there is more earthquakes, the implications point more toward slower global growth and as a result, the “risk off” trade. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stocks are opening and should increase volatility Posted: 15 Mar 2011 06:32 AM PDT The US stock market is open and this should increase the volatility for the time being. There is a sea of red on the CNBC stock board. I would expect the next 15 to 30 minutes to cause flux for the time being. Oil prices are down $3.50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| GBPUSD building resistance at the 1.6037 level Posted: 15 Mar 2011 06:11 AM PDT
The GBPUSD is building resistance agains thte 1.6037 level. This level has been a ceiling and also is the 38.2% of the most recent move lower on the intraday chart. Often in a trend move, the market will correct to intraday retracement levels - even if the move is not the most recent cycle high. The reason is trends have their own momentum with extended ranges. Traders who are aggressively trading the trend, will look for interim levels to sell against (i.e. closer levels than the 38.2% retracement from the high). By using the interim level, theydefine risk and simply look for momentum and the trend to continue - if the level can hold the corrective move higher. If it works, they stand to benefit. If the price moves above the interim resistance (i.e. the 1.6037 level) they may cover. Since the level has now held a few times, it increases the importance of the level. Look for sellers against the level and a break of the low to confirm the chance for another leg to the downside. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EURUSD using 100 bar MA on intraday chart for bias clues Posted: 15 Mar 2011 06:01 AM PDT
The EURUSD has been using the 100 bar MA on the 5 minute chart as resistance today (the same moving average was used yesterday - see blue line in the chart above). The current level comes in at 1.3905. A move above it would ease some of the downside pressure the pair has been experiencing today. Failure to breach the level should simply keep the bears in charge. The EURUSD has been under pressure today on the back of global slowdown idea. If the global economy slows this may keep the ECB on hold when they were looking to definitely raise rates at the next meeting just a few days ago. Traders must note that the markets are still very fluid with a lot of fundamental news moving back and forth in the market. As a result, following clues from technicals become more important in defining risk. The markets ability to hold the 100 bar MA on the 5 minute chart is a clue to help define risk in the volatile markets. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| USDCAD looks toward 100 day MA and finds sellers Posted: 15 Mar 2011 05:50 AM PDT
The 100 day MA is at the 0.9984 level today. The price just got with 10 pips of that level and found some profit taking/new sellers against the level. The USDCAD has been surging higher today on the back of sharp decline in oil on global growth slowdown story. ON the downside, if the 0.9932 level can find buyers (last leg to the upside) , the market is likely still short. Watch action at this level. Other support at 0.9919. The trend is higher today. Trends are directional. Trends are fast. The idea the global economy may slow is taking hold.
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| US Empire Manufacturing better than expected Posted: 15 Mar 2011 05:31 AM PDT Empire comes in at 17.5 vs 16.10 expectations. New orders showed a decline MoM while employment moved higher. Prices Paid remains elevated. Component pieces showed the following: Prices Paid 53.25 vs 45.78 last month Import Prices also higher at +1.4% MoM vs +0.9% expectations. The prior month was revised down to 1.3% from 1.5% however. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bobbys Corner-Open Market-March 15.2011 Posted: 15 Mar 2011 05:29 AM PDT
The crisis in Japan has worsened as the situation at the Fukushima nuclear plant is now looking like it is getting out of control. The plant was rocked by 2 additional explosions this morning, as they struggle to alleviate a meltdown that would produce more radiation leaks. Oil:$97.70 Gold:$1391.70
HAVE A GREAT DAY & GOOD LUCK | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The NY Opening Forex Commentary is available Posted: 15 Mar 2011 05:27 AM PDT | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Import prices to continue move higher Posted: 15 Mar 2011 04:39 AM PDT
Import prices are rising as commodities increase. Also a lower dollar increases the price of imports. The YoY price increase is expected to rise from 5.3% to 6.3%, the highest level since May 2010. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| US Empire Manufacturing due out at 8:30 AM ET Posted: 15 Mar 2011 04:35 AM PDT
The index has been rebounding but remains in the middle of the year range. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cable completes full hourly retracement Posted: 15 Mar 2011 03:20 AM PDT Seen below, the GBP/USD has traded continually lower thus far this session selling off nearly 2 big figures. The low of the session, 1.59763, comes within half a pip of a complete retracement of the move from Friday’s low to today’s high. In the case of a rebound, the first level we see to the topside is 1.60246, a prior support level.
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| Posted: 15 Mar 2011 03:01 AM PDT
Following the release the EUR/USD traded down to a new session low of 1.37549. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 15 Mar 2011 02:50 AM PDT
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| Posted: 15 Mar 2011 02:41 AM PDT The EUR/USD made a new session low of 1.38762 as yields on 2 year German notes continue to decline. The pair had tested the 1.3891 level earlier but additional support was added around this level by the 100 hour moving average. Seen on the hourly chart below, the new low comes in at the 50.0% line on the move from Friday’s lows to today’s high. A poor ZEW reading out of Germany and the Euro-zone could push the pair further lower in which case the target would be 1.38474.
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| U.K. January house prices rose 0.5%, says the DCLG Posted: 15 Mar 2011 02:31 AM PDT | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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