Forex Market Updates & Commentary |  |
- The dollar is on a rollercoaster ride
- US Existing Home Sales Decline
- US Existing Home Sales Data Due at 10AM
- EURUSD moves through bull flag resistance. Tests daily resistance
- GBPUSD tests resistance at 1.6289.
- Chicago Fed National Activity Data Shows Improvement
- Bobbys Corner-Open Market-March.21.2011
- The FXDD Morning Call for March 18th
- US Chicago Fed National Activity Data Due at 8:30AM
- USD/JPY Firmer
- Kan on Japan crisis; “seeing light at end of tunnel”
- Japan’s Ishii declines to say if G-7 will do more intervention
- 3-21 Economic Calender
- The Week Ahead in Trading Rebroadcast March 21 2011
| The dollar is on a rollercoaster ride Posted: 21 Mar 2011 07:31 AM PDT The EURUSD fell (dollar rose) on the back of the announcement the Treaury was to begin winding down MBS portfolio. The markets initial reaction was for a stronger dollar on the back of the idea that the Fed unwinding of QE may be not far behind. However, the subsequent weak housing data (existing home sales -9.6% MoM and the Month supply of homes up to 8.6 months from 7.5 months), has sent the dollar back down. The EURUSD has created a “V” formation with the price moving sharply lower than sharply higher. This is not a normal market and is indicative of a market that is struggling with the direction.
From a technical perspective, the price on the decline held the support level like a charm. The price had support against a trendline coming up from the low on March 16th. The bull flag trendline also held at the same level.
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| US Existing Home Sales Decline Posted: 21 Mar 2011 07:03 AM PDT Feb. 2011 vs Jan 2011 (Monthly % Change) Feb. 2011 vs Jan 2011 (3-Mth Avg) | ||||||||||||||||||||||||||||
| US Existing Home Sales Data Due at 10AM Posted: 21 Mar 2011 05:50 AM PDT
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| EURUSD moves through bull flag resistance. Tests daily resistance Posted: 21 Mar 2011 05:50 AM PDT
The 1.4180 level from the bull flag was broken on the hourly chart and now pair has trendline resistance on the daily chart and the high for the day to breach. If the price can get above the 1.4190-94 area, the upside momentum should continue.
A break of these highs would have the market players eying the key 3 year trendline resistance for the EURUSD which comes in around the 1.4290 level. I would expect that the bullish momentum will certainly be tested as the price gets closer and closer to this level as risk is defined (a break above would trigger stops) and limited. So traders who are long, will look to take profit. Those traders who are looking to initiate new shorts will also look to sell against the level. The pair is still a good way away, but should the highs give way today, there should be further upside momentum.
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| GBPUSD tests resistance at 1.6289. Posted: 21 Mar 2011 05:39 AM PDT
The GBPUSD is testing upside trendline resistance at the 1.6289 level in early NY trading. The price is the high for the day and the highest level the GBPUSD has traded since March 7th. The price is also above the February high of 1.6276. Intraday traders will be watching this level. If the price finds buyers it would give the bulls confidence for a continued momentum move to the upside. If the level gives way, the failure to take out the 1.6289 level would disappoint the bulls.
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| Chicago Fed National Activity Data Shows Improvement Posted: 21 Mar 2011 05:38 AM PDT Chicago Fed National Activity: Survey: -0.20 Actual: -0.4 Prior: -0.16 Revised: -0.1 | ||||||||||||||||||||||||||||
| Bobbys Corner-Open Market-March.21.2011 Posted: 21 Mar 2011 05:32 AM PDT
A choppy start of the week is how Monday’s session greeted us. With the establishment of the no-fly zone in Libya, continuing problems in Japan’s nuclear crisis, and no major economic data on the calender-the direction was cloudy. In other news-AT&T has agreed to buy T-Mobile for $39 billion. 10 years ago Deutsche Telecom bought Voicestream Wireless (now T-Mobile) for $50 bln-now they are selling it for $39 bln–not the best trade of the day!
HAVE A GREAT DAY & GOOD LUCK | ||||||||||||||||||||||||||||
| The FXDD Morning Call for March 18th Posted: 21 Mar 2011 05:05 AM PDT | ||||||||||||||||||||||||||||
| US Chicago Fed National Activity Data Due at 8:30AM Posted: 21 Mar 2011 04:48 AM PDT
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| Posted: 21 Mar 2011 01:07 AM PDT The week has been off to a slow start as the global market awaits updates on the disaster in Japan. As you can see below, USD/JPY has been trading in a close 20 point range until it made an attempt higher breaking though the 23.6% fibo line on the move from March 17th lows to Friday’s high. Earlier, Japanese PM Kan made comments that the situation involving their nuclear power plant is improving slightly. A further move higher could see the pair trade towards the 200 hour moving average at 81.42 but a retreat could see us back below the figure.
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| Kan on Japan crisis; “seeing light at end of tunnel” Posted: 21 Mar 2011 12:16 AM PDT Progress is being made on returning power to reactors. Usd/Jpy trades at 80.91 in very quiet holiday market. | ||||||||||||||||||||||||||||
| Japan’s Ishii declines to say if G-7 will do more intervention Posted: 20 Mar 2011 09:39 PM PDT Intervention amount to be disclosed later. Usd/Jpy trades at 80.95 | ||||||||||||||||||||||||||||
| Posted: 20 Mar 2011 08:33 PM PDT
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| The Week Ahead in Trading Rebroadcast March 21 2011 Posted: 20 Mar 2011 07:40 PM PDT
Greg Michalowski and Shawn Powell will take you through the key releases and events that will shape your forex trading for the week. Watch the rebroadcast now- Video Pending | ||||||||||||||||||||||||||||
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