Forex Market Updates & Commentary

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• The NY Weekend Forex Commentary is available for viewing
• EU warns Greece that time is running out for austerity program
• USDJPY following the script to the downside
• Greek Minority Leader says bailout deal is killing economy
• FXDD quoted in print edition of Wall Street Journal: Friday May 27th 2011
• EURUSD bouncing as London/Europe prepare for weekend.
• Gold moves to new week highs above the 1532
• EUs Juncker says situation in Greece is tense and difficult

The NY Weekend Forex Commentary is available for viewing Posted: 27 May 2011 01:57 PM PDT

EU warns Greece that time is running out for austerity program Posted: 27 May 2011 10:48 AM PDT

USDJPY following the script to the downside Posted: 27 May 2011 08:43 AM PDT As per the prior post, (CLICK HERE), the USDJPY did not like the housing data. The correction found sellers against he 81.04 level and has moved below the 80.87 and low for the day at 80.81.  The next target comes in at the 80.65-69 area where the trendline support is now found on the hourly chart. Staying below the 80.87 level now keeps the bears in charge. The market will likely feel comfortable with short positions as long as the price can remain below this level.

Greek Minority Leader says bailout deal is killing economy Posted: 27 May 2011 08:13 AM PDT He adds it must be renegotiated. He says need tax rate reduction for growth. He will not consent to austerity plan.

FXDD quoted in print edition of Wall Street Journal: Friday May 27th 2011 Posted: 27 May 2011 08:12 AM PDT

EURUSD bouncing as London/Europe prepare for weekend. Posted: 27 May 2011 07:59 AM PDT The EURUSD has held the 200 bar MA for the second time and the price has pushed back higher. The earlier highs from the day at the  1.4277 level is the next target for the pair. The high for the day is trendline resistance on the daily chart (see chart below).

Gold moves to new week highs above the 1532 Posted: 27 May 2011 07:44 AM PDT Gold has moved above the high for the week (at 1532) and moved to test channel resistance.  The market has found some sellers against the level as perhaps traders are happy to take some profit against the borderline level before the weekend (see chart above).  A move back below the 1532 level should keep new buyers cautious but the failure to extend should encourage some additional profit takers against the trendline above (see chart above).   What would help confirm profit taking potential is a move below the 1531 level. This level corresponds with the broken trendline on the channel from the 5 minute chart (see 5 minute chart above). SO far the price decline from the high has respected this trendline. A break below should see some profit taking before the weekend with a target of 1527 where the 38.2% of the move higher is found along with the 100 bar MA on this chart (blue line).  With the price remaining above these levels, the bulls remain in charge.

EUs Juncker says situation in Greece is tense and difficult Posted: 27 May 2011 07:29 AM PDT Yesterday, Juncker caused a stir when he commented that the IMF may not make a support payment for Greece next month.  This sent the EURUSD sharply lower. He adds that they are awaiting the assessment from IMF. No indications on the results of the “Trioca Report”

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