Forex Market Updates & Commentary |  |
- Philly Fed much weaker at 18.5. Weakest since November 2010
- BOE Weale comments sends GBPUSD to target support
- 6.2 quake shakes buildings in Tokyo
- BOE Weale says GDP looking weaker
- GBPUSD trends higher but having corrective pangs
- USDCHF probing for it’s support/profit taking level
- EURGBP falling fast. Searching for support
- EURUSD looking for corrective excuses
- Initial Claims weaker. Canada mixed with ex auto better
- Bobbys Corner-Open Market-April.21.2011
- The FXDD Morning Forex Call for April 21st/Webinar TODAY at 4 PM
- Another Earthquake Strikes Japan
- UK Retail Sales Rise
- GBP Retail Sales Due at 4:30AM
- German IFO Business Climate Stays Unchanged
| Philly Fed much weaker at 18.5. Weakest since November 2010 Posted: 21 Apr 2011 07:02 AM PDT 18.5 vs expectations of 36.9. Prices Paid 57.1 vs 63.8 last month | ||||||||||||||||||||||||||||||||||||||||||
| BOE Weale comments sends GBPUSD to target support Posted: 21 Apr 2011 06:57 AM PDT
The BOE Weale said he would not be surprised with a 1Q GDP < 0.7% and this helped the GBPUSD sell off to a target against the 100 bar MA at the 1.6528 level (see prior post). A move below this level will next target the 1.6516 level. The targets are getting hit after the break of the trendline. | ||||||||||||||||||||||||||||||||||||||||||
| 6.2 quake shakes buildings in Tokyo Posted: 21 Apr 2011 06:47 AM PDT
The earthquake is being reported 61 miles south south east of Honshu Japan | ||||||||||||||||||||||||||||||||||||||||||
| BOE Weale says GDP looking weaker Posted: 21 Apr 2011 06:47 AM PDT Expects < 0.7%. Construction a substantial drag | ||||||||||||||||||||||||||||||||||||||||||
| GBPUSD trends higher but having corrective pangs Posted: 21 Apr 2011 06:33 AM PDT
The GBPUSD trended higher today on the back of better retail sales data. The price is at the highest level since early December 2009. The pair broke above an upper trendline today at the 1.6479 level. This provided a spring board to the upside today. The pair has reached a high of 1.6598 today (just short of 1.6600) and found some profit taking sellers. The price has dipped to trendline support. A move below will target the 38.2% of the last leg higher for another clue the top is in place and further selling can be expected. Behind that is 1.6540 and then the 100 bar MA on the 5 minute chart (blue line in the chart above) at the 1.6526 level. Like all trending currency pairs, the burden of proof is on the bears to push the market against the trend. As a result, look for targets in the direction of the countertrend, if trading against the trend.
| ||||||||||||||||||||||||||||||||||||||||||
| USDCHF probing for it’s support/profit taking level Posted: 21 Apr 2011 06:17 AM PDT
Down, down, and down (at 1, 2 and 3). The lower it goes the more tempted the market is to take profits. If a level is reached - like at 3 - there is the temptation to buy. However what traders need to do is map out the upside. If targets are reached, look for the next target. If a target can not be reached, remember the trend is fast and directional so be careful. The upside targets are now the 0.8809. The 0.8820 and the 100 bar MA at the at 0.8831 area. Those will be the levels that the pair has to get through to wrestle some control from the bears who remain in control but less so with the support at 3 in the chart above holding. Be careful though. Watch your targets. | ||||||||||||||||||||||||||||||||||||||||||
| EURGBP falling fast. Searching for support Posted: 21 Apr 2011 05:59 AM PDT
The EURGBP was under pressure after the better than expected UK Retail Sales today. The price fell through trendline support, then the 200 hour MA, then recently fell through the 100 hour MA at 0.8810. This opened up the market for even more selling in the pair. The move down is unsustainable at the current pace. However, as we know trends are directional, trends are fast. Don’t get in the way. Traders will look for support/levels to take profits. The low from yesterday will be the next target for the pair. That comes in at 0.8778. On the 5 minute chart below, that level is also support from the lower channel line. Below that comes in at 0.8751, 0.8744 and the 0.8740 line up. ON the topside a move above the 0.8792 level might solicit some more profit taking.
| ||||||||||||||||||||||||||||||||||||||||||
| EURUSD looking for corrective excuses Posted: 21 Apr 2011 05:37 AM PDT
The EURUSD is caught between the 100 (blue line) and 200 bar MA (green line) on the 5 minute chart (between the “Goal Posts” is what I call it). A move below the extremes (either MA extreme) should solicit additional selling or buying momentum. When the price trades between the moving averages it is saying the market is not sure of the trend change. The bias is negative due to being below the 100 bar MA (blue) line but the 200 bar MA being a distance away is a hurdle the trending market may not be ready to break. As a result you will tend to find support and resistance between the two - until buyers or sellers take charge and push below or above the MA lines. The break below the trend line in the chart above was a clue the downside was preferred. The Initial Claims took the price to test the 100 bar MA and the holding suggests profit taking. The move below the 38.2% of the move up from the low yesterday afternoon suggests corrective bias. However, the targets must still be breached. The 200 bar MA is one. THe 50% of the move is another at 1.4566. Below that is 1.4546 - the high from yesterday. | ||||||||||||||||||||||||||||||||||||||||||
| Initial Claims weaker. Canada mixed with ex auto better Posted: 21 Apr 2011 05:32 AM PDT
The dollars initial reaction is to the downside. USDJPY moves below the low for the day. EURUSD moved higher but has since moved back lower after testing 100 bar MA above and failing. | ||||||||||||||||||||||||||||||||||||||||||
| Bobbys Corner-Open Market-April.21.2011 Posted: 21 Apr 2011 05:17 AM PDT
The USD saw more weakness overnight, posting across the board losses. World equity markets rallied as earning lead the way. Investors are feeling more confident-as earnings are helping the confidence of the global economies. Commodities also rallied as gold hit an all time high of $1508.83/oz, and silver reached the highest price since 1980. Please remember that after noon today (NY Time) when Europe goes home-the markets will be very volatile till next Tuesday-as the rest of the world (except the US and Japan) are on a long Easter holiday weekend. Most of the world will be closed on Good Friday and Easter Monday. Oil:$112.19 Gold:$1507.80
HAVE A GREAT DAY & GOOD LUCK | ||||||||||||||||||||||||||||||||||||||||||
| The FXDD Morning Forex Call for April 21st/Webinar TODAY at 4 PM Posted: 21 Apr 2011 05:13 AM PDT
Webinar TODAY at 4 PM. Our Lesson Wrap up and Review will continue on Thursday with the progression through the forex trader's foundation. After that we will start to look toward the review of the tools traders can use to satisfy their Mission Statement and Game Plan. You do need to register but it is FREE http://forex.fxdd.com/107939/forex-trading/forex-traders-course-thursday-april-21-2011-lesson-16-part-ii | ||||||||||||||||||||||||||||||||||||||||||
| Another Earthquake Strikes Japan Posted: 21 Apr 2011 01:38 AM PDT According to USGS, magnitude 5.3 earthquake recorded 72 miles East from Honshu, Japan. | ||||||||||||||||||||||||||||||||||||||||||
| Posted: 21 Apr 2011 01:31 AM PDT Retail Sales: Survey: -0.4% Actual: 0.2% Prior: -1.0% | ||||||||||||||||||||||||||||||||||||||||||
| GBP Retail Sales Due at 4:30AM Posted: 21 Apr 2011 01:09 AM PDT
| ||||||||||||||||||||||||||||||||||||||||||
| German IFO Business Climate Stays Unchanged Posted: 21 Apr 2011 01:01 AM PDT IFO- Business Climate: Survey: 110.5 Actual: 110.4 Prior: 111.1 Revised: IFO- Current Assessment: Survey: 115.5 Actual: 116.3 Prior: 115.8 Revised: IFO- Expectations: Survey: 105.5 Actual: 104.7 Prior: 106.5 Revised: | ||||||||||||||||||||||||||||||||||||||||||
Good Morning:
| You are subscribed to email updates from Forex News and Commentary by FXDD To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google Inc., 20 West Kinzie, Chicago IL USA 60610 | |
No comments:
Post a Comment