Forex Market Updates & Commentary | ![]() |
- The Forex Week Ahead from FXDD
- The EURUSD is getting hit at the end of the NY day
- CFTC Commitment of Traders weekly report
- Next weeks Forex webinars
- Forex Wrap up Friday Rebroadcast May 20 2011
- Greece says the Fitch downgrade ignores additional fiscal measures
- France’s Largarde says Greece is in danger of default
- This is the level that the EURUSD should hold
- Fitch downgrades Greece to B+. EURUSD extends move lower
- Respect the move until proven otherwise
The Forex Week Ahead from FXDD Posted: 20 May 2011 02:02 PM PDT |
The EURUSD is getting hit at the end of the NY day Posted: 20 May 2011 12:56 PM PDT |
CFTC Commitment of Traders weekly report Posted: 20 May 2011 12:33 PM PDT Net Long Japanese Yen: 15,373 vs 13,054 last week (Weaker US$ raised) This report is released each week and shows the net position of traders in the market. It is thought to be a counter indicator for the likely direction of the market although this may not pan out and positions change throughout the week. This is just a snap shot. As a example, the position in the JPY is long and the position got larger during the week. (so the USDJPY position got more short during the last week of trading). If the assumption of the interpretation is true, the market is short USDJPY and this may lead to a short covering rally next week. The EURUSD position is net long EURUSD. However, compared to last week the position is less. This week the EURUSD rallied higher so some profit was likely taken on the net position. |
Posted: 20 May 2011 11:56 AM PDT |
Forex Wrap up Friday Rebroadcast May 20 2011 Posted: 20 May 2011 10:30 AM PDT Forex Wrap up Friday Watch the Rebroadcast |
Greece says the Fitch downgrade ignores additional fiscal measures Posted: 20 May 2011 08:46 AM PDT They also say it is influenced by press. The mud gets thrown back and forth. |
France’s Largarde says Greece is in danger of default Posted: 20 May 2011 08:34 AM PDT She adds that Greece is too slow on privatization and any restructuring of Greek debt is out of the question. She adds however, that a volutary restructuring of debt by banks would be acceptable. The question is will they want to restructure. |
This is the level that the EURUSD should hold Posted: 20 May 2011 08:28 AM PDT In a trend move like we have seen from the NY high I want to see the legs of the trend, hold around the 38.2% retracement levels. Doing so, gives traders confidence that the “big players” believe in the move and supporting the move and want to see the trend continue. Earlier today, the price moved lower and corrected 38.2%. Now the same level is being tested at the 1.4184 area. I would want to see that level hold and start another leg down, to keep the trend and bears fully in charge. |
Fitch downgrades Greece to B+. EURUSD extends move lower Posted: 20 May 2011 07:34 AM PDT This continues to send the EURUSD lower. The EURUSD’s next target is 1.4121. Below that the 1.4095 is the underside of an old trendline on the hourly chart below. The low for the week was on Monday at the 1.4047 level. Is it out of the question? The steps lower will decide. On the topside now, the 1.4186 level is the 38.2% of the last leg to the downside. Earlier in the day the price held the 38.2% of the move up from the initial low. This was a clue that the bias remained bearish. Traders should respect the move as the technical picture deteriorated. A move above the 38.2% on the 5 minute chart takes the pressure off, but the bulls have the burden of proof now. Looking at the daily chart a move and close below the 1.4150 level (38.2% of the 2011 range) will give the market a sour taste into the weekend and new week. |
Respect the move until proven otherwise Posted: 20 May 2011 07:30 AM PDT Just when I thought the market was done, there was a comment that Norway would stop an aid payment to Norway and suddenly the price started to fall with more momentum. The price move lower has broken through the floor over the last few days at the 1.4196-1.4205 area and this move has to be respected. Unless the price is able to move back above these levels, the bias is to the downside. |
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