Forex Market Updates & Commentary

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• Geithner speaking about the debt limit
• AUDUSD tests first target
• Learn to Trade: FXDDAuto Automated Forex Trading
• March ISM Manufacturing Falls to 57.3
• The NY Morning Forex Commentary for April 5th 2011
• ISM Non-Manufacturing Composite Data Due at 10AM
• GBPUSD bull flag being broken. Another leg higher?
• Bobbys Corner-Open Market-April.5.2011
• EURUSD approaches intraday technical level
• Gold: Watching 100 hour MA today
• The FXDD Morning Call for April 5th 2011
• China raises lending rates (and deposits) by 25 basis points
• Eurozone Retail Sales for February
• Euro-zone Retail Sales in 5 minutes…
• EUR/GBP falls following PMI release

Geithner speaking about the debt limit Posted: 05 Apr 2011 07:39 AM PDT The Office of Management and Budget is preparing for a shutdown Inconceivable congress would not raise the debt limit Failure to raise debt ceiling would be catastrophic Recovery can be undermined without budget fix Foundation of global system could be shaken

AUDUSD tests first target Posted: 05 Apr 2011 07:33 AM PDT The AUDUSD held the 200 hour MA and is now at the first target, the 100 hour MA. The level comes in at the 1.0344 level. Above the level is the underside of the trendline at the 1.0357 level. Traders who are long may lighten up some of there position at this level, with stops on a move above the 1.0357 level. The AUDUSD lost some ground today on the back of less hawkish comments from the RBA following their interest rate decision (no change). Also, the Trade balance showed a surprise deficit. Admittedly,the floods in the Queensland region likely contributed to the deficit.  Nevertheless,the market was shocked by the news.   China looking to slow growth also should be a slight negative to AUD as they are a big exporter of industrial metals.

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March ISM Manufacturing Falls to 57.3 Posted: 05 Apr 2011 07:05 AM PDT ISM Manufacturing Index:   Survey: 59.5   Actual: 57.3  Prior: 59.7   Mar vs. Feb 2011 Business Activity: 59.7 vs 66.9 Prices Paid: 72.1 vs 73.3 New Orders: 64.1 vs 64.4 Backlog of Orders: 56.0 vs 52.0 Supplier Deliveries: 51.5 vs 52.0 Inventory Change: 55.5 vs 55.5 Inventory Sentiment: 67.0 vs 57.5 Employment: 53.7 vs 55.6

The NY Morning Forex Commentary for April 5th 2011 Posted: 05 Apr 2011 07:03 AM PDT

ISM Non-Manufacturing Composite Data Due at 10AM Posted: 05 Apr 2011 06:13 AM PDT

GBPUSD bull flag being broken. Another leg higher? Posted: 05 Apr 2011 05:39 AM PDT The GBPUSD bull flag is being broken and that means higher prices.  The high for the day has been broken and the next target is to move above the upper trendline at the 1.6253 level. A move above this level will be an other bullish indication for the pair (see hourly chart below)

Bobbys Corner-Open Market-April.5.2011 Posted: 05 Apr 2011 05:36 AM PDT Good Morning: The Euro lost steam overnight after Moody’s downgraded Portugal’s credit rating for the 2nd time in 3 weeks, as speculation that Portugal will need to seek a European bailout.  Fitch Ratings also downgraded Portugal on April 1st to BBB-, the lowest investment grade, and kept the country on “negative watch”.  “Moody’s rating action was driven primarily by increased political, budgetary and economic uncertainty”.  With Portugal’s borrowing costs surging, markets are anticipating that they will have to take the same road as Greece and Ireland, and seek a bailout. China’s central bank rose thier lending and deposit rates by 25 basis points to control inflation in the world fastest growing economy. This is the 4th time since October 2010 that the Chinese Central Bank has raised prices.  World equity markets were lower-as are US Futures at thhis time. Oil:$108.21                                                       Gold:$1436.50 TIME FOR EST. PRIOR 10:00A.M. ISM NON MANUF.COMPOSITE MAR. 60.O 59.7O 2:00P.M. MINUTES OF FOMC MEETING       HAVE A GREAT DAY & GOOD LUCK

EURUSD approaches intraday technical level Posted: 05 Apr 2011 05:32 AM PDT For most of the trading day, the EURUSD has been able to stay below the 100 bar MA on the 5 minute chart (blue line in the chart above).  In early NY trade, the price is approaching it and the intraday trendline. This moving average has found sellers  all day. Will it - conbined with the trendline - continue to find the sellers? A move above this technical level should see buyers with the test of the 38.% at 1.4194 and the 200 bar MA at the 1.4196 level being the next target level.

Gold: Watching 100 hour MA today Posted: 05 Apr 2011 05:21 AM PDT The 100 hour MA held support at the 1430.80 area. That level will be watched today as support on the downside. If the price moves below the level the 50% at 1428.82 and the 200 hour MA come in at the 1428 level. So there is a number of support levels to get through. However, that could ignite increased selling liquidation on breaks. Be aware. Until there, the pairs ability to maintain support against the 100 hour MA keeps the bulls in charge with a ceiling in the 1438.50-1439.50 area. A break above this area should lead to further upside momentum. Gold has been supported near the highs but has had a lot of up and down activity. The worlds investors have not holding the positions in gold as a safe haven play - just in case.

The FXDD Morning Call for April 5th 2011 Posted: 05 Apr 2011 04:58 AM PDT The FXDD Morning Call for April 5th is available for viewing. A technical look at the EURUSD, GBPUSD, USDJPY, USDCHF AUDUSD, and EURGBP are covered today are outlined along with information on the major market moving news.

China raises lending rates (and deposits) by 25 basis points Posted: 05 Apr 2011 03:20 AM PDT

Eurozone Retail Sales for February Posted: 05 Apr 2011 02:01 AM PDT E/Z Retail Sales m/m came in at -0.1%, weaker than the 0.1% expected and prior reading of 0.1%. Eur/Usd came off about 10 points just prior to release of number and currently resides at 1.4175.

Euro-zone Retail Sales in 5 minutes… Posted: 05 Apr 2011 01:55 AM PDT

EUR/GBP falls following PMI release Posted: 05 Apr 2011 01:52 AM PDT Seen below, EUR/GBP collapsed through trendline support, which is had been receiving since February 18th, following the better than expected PMI reading. It additionally sold off through the 50.0% line and tested the 61.8% fibo line on the move from the low on March 23rd to the high on the 31st. If the selling continues, the next level lower is .87223: highs from March 16th and 27th. In the case of a rebound we look back towards .87571.

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