Forex Market Updates & Commentary |  |
- US Factory Orders
- Chicago Purchasing Manager Come in Stronger than Expected
- Today’s Midmorning Call and the Webinar schedule for today
- US Factory Orders & NAPM-Milwaukee Due at 10AM
- GBPUSD moves below trendline support/61.8% retracement
- Chicago PMI Data Due at 9:45AM
- EURUSD breaks through intraday support
- EURUSD moves to test intraday support
- US Jobless Claims Rise Slightly
- Canada GDP for January comes in as expected at 0.5% MoM
- The NY Morning Call for March 31st 2011
- Canada GDP Due at 8:30AM
- FXStreet Webinar at 11:00 AM Today
- US Jobless Claims & Continuing Claims Data due at 8:30AM
- Sterling lower
| Posted: 31 Mar 2011 07:05 AM PDT Factory Orders: Survey: 0.5% Actual: -0.1% Prior: 3.1% Revised: 3.3% Durable Goods was revised to -0.6 from -0.9. Ex Transporations was revised to -0.3% from -0.6%. This piece of the total Factory Order number is showing improvement for the US. Most people don't know but Durable Goods is a part of Factory Orders and is often revised when the Factory orders data is released. Non Durables came in at +0.3% vs a sharp 3% gain last month. Factory Orders slide down as the Durable Goods revision rebounded to the upside.
NAPM-Milwaukee: Actual: 66.0 Prior: 63.0 Mar vs. Feb |
| Chicago Purchasing Manager Come in Stronger than Expected Posted: 31 Mar 2011 06:48 AM PDT Chicago Purchasing Manager: Survey: 69.9 Actual: 70.6 Prior: 71.2 Revision: Mar vs. Feb Chicago purchasing manager employment index is at its highest level since December 1983. |
| Today’s Midmorning Call and the Webinar schedule for today Posted: 31 Mar 2011 06:46 AM PDT |
| US Factory Orders & NAPM-Milwaukee Due at 10AM Posted: 31 Mar 2011 06:11 AM PDT
NAPM-Milwaukee: Actual: Prior: 63.0
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| GBPUSD moves below trendline support/61.8% retracement Posted: 31 Mar 2011 05:58 AM PDT
The GBPUSD has moved below the upward sloping trendline at the 1.6058 level and is testing the 50% correction level now at 1.60457. The 100 hour MA (blue line in the chart below) is now the next key target. Yesterday the price spent time above and below this key MA level using it as support and resistance on a number of hourly bars. I would expect to find buyers against the level on the first test, but sellers against the underside of the trendline now….The 61.8% retracement is also in the area at the 1.6021 level. |
| Chicago PMI Data Due at 9:45AM Posted: 31 Mar 2011 05:55 AM PDT
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| EURUSD breaks through intraday support Posted: 31 Mar 2011 05:51 AM PDT
The 38.2% and 100 bar MA at the 1.4187 and scooted lower to 1.4173. Is there enough bearish momentum to keep the EURUSD down? Watch for 1.4192 to contain the top. If not, it is likely to just be stops being triggered. The 1.4160 level is the next target on the downside where the 200 bar MA and the 61.8% of the days range comes in. You have to take baby steps when trading against the trend. |
| EURUSD moves to test intraday support Posted: 31 Mar 2011 05:45 AM PDT The EURUSD is down after the US Initial Claims data. The claims were a touch higher than expectations but not a shocking number. The pair looks to test the 100 bar MA on the 5 minute chart and the 38.2% of the days trading range. The level should give clues as to the strength of the rally today. If it holds the momentum should continue. If not look for a rotation back down. The EURUSD is up on the back of higher CPI Flash Estimate of 2.6%. The higher inflation should keep the EURUSD supported on the back of higher rates in the Eurozone. The ECB is expected to raise rates by 0.25% at next weeks interest rate meeting. If inflation continues to accelerate, the central bank may be inclined to either have a series of rate increases or even shock the market with 50 basis points.
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| US Jobless Claims Rise Slightly Posted: 31 Mar 2011 05:34 AM PDT
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| Canada GDP for January comes in as expected at 0.5% MoM Posted: 31 Mar 2011 05:32 AM PDT Canada GDP for January comes in at 0.5% vs 0.5% in December. This is what the market was expecting. The YoY measure however rose to 3.3% from a revised 3.3% prior (was 3.2%). The YoY is better than expectations. The USDCAD has moved lower on the news staying below the 100 bar MA on the 5 minute chart. This moving average will be eyed as resistance in todays trading. A move above the level should lead to higher prices in the USDCAD. The low for March (lowest level since 2007) comes in at 0.9666. This is the next key target level on the downside. The CAD has been supported (lower USDCAD) on the back of higher oil prices with the idea that global growth will not be hurt too much from the increase.
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| The NY Morning Call for March 31st 2011 Posted: 31 Mar 2011 05:11 AM PDT |
| Posted: 31 Mar 2011 04:47 AM PDT
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| FXStreet Webinar at 11:00 AM Today Posted: 31 Mar 2011 04:44 AM PDT
I will be speaking about using Fibonacci’s to get back on trends at an 11 AM ET webinar. To participate please go to the following site: |
| US Jobless Claims & Continuing Claims Data due at 8:30AM Posted: 31 Mar 2011 04:22 AM PDT
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| Posted: 31 Mar 2011 03:28 AM PDT After completing an hourly retracement on the move from last Friday’s high to its low and testing the 200 hour moving average twice, the GBP/USD has seen recent selling which continued following negative comments on the U.K. housing market by the BOE’s Miles. The pair has already made moves down through 1.60619; a support level from last Thursday. Continued selling could see the pair back near 1.60619-65 where we see both the 61.8% fibo line and trendline support .
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