Saturday, June 11, 2011

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

The FXDD Weekend Forex Commentary for June 10th

Posted: 10 Jun 2011 12:48 PM PDT

Upcoming Webinars next week

Posted: 10 Jun 2011 12:46 PM PDT

Monday – June 13th 2011

The Week Ahead in Forex  9:30am
 Bill Lawless, FXDD Chief Marketing Officer & Greg Michalowski, FXDD Chief Currency Analyst look at the week ahead in Forex trading   >> REGISTER NOW 
  
Forex Basics  4:00pm
Shawn Powell, FXDD National Trainer and Jason Galano, FXDD Sales will review the current top 4 currency pairs.>> REGISTER NOW
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Tuesday- June 14th 2011
 
Talking Technicals 12:30pm
 James Chen, FXDD Director of Technical Research and Education, teaches a different technical trading lesson or strategy every week. >> REGISTER NOW
 
The Traders Course  4:00pm est / 1:00pm pst 
Greg Michalowski, FXDD Chief Currency Analyst and Shawn Powell, FXDD National Trainer teach Lesson 11 of the popular Traders Course “Moving Averages Part 2″ >> REGISTER NOW
 

SPECIAL FXDD AUTO WEBINAR Wednesday June 7th 2011 1pm est >> Register now

EURUSD making new lows as market bounce has no momentum

Posted: 10 Jun 2011 10:46 AM PDT

The EURUSD is making yet another new low and has now breached the 50% retracement of the move up from the May low to the June high at the 1.4332.  

The last legs correction was once again very minor with a few pip move above the 38.2% finding sellers happy to square up before the weekend. 

The new leg down will now have traders leaning against the prior low at the 1.4347 level.  The next target being the 1.4290 level where the parellel trendline off the highs is now found.

USDJPY moves to 80.24 level; 2010 low price

Posted: 10 Jun 2011 08:57 AM PDT

The 80.24 level was the 2010 low price. The price is now above the level.  This should be positive for the pair. Look for momentum though as have not had any in the current week with the high at 80.45 and the low at 79.68.  The 77 pip range is the lowest since February 2004.  A larger range will be exected next week.

GBP/USD Drops to Approach Critical Support

Posted: 10 Jun 2011 08:44 AM PDT

GBP/USD Daily Chart

GBP/USD (daily chart) as of Friday (6/10/2011) has dropped substantially to approach a confluence of key support factors, including the 1.6200 support price region, the 38.2% Fibonacci retracement of the last major bullish trend run, and an important long-term uptrend support line extending back to the May 2010 lows. Price action is therefore at a critical juncture once again. In the event of a significant breakdown below the current support confluence, which would jeopardize the longstanding bullish trend for GBP/USD, a key initial downside support target resides around the psychologically-important support/resistance level at 1.6000.

(Please click on the chart to enlarge. Chart key: price on 1st pane, Stochastics on 2nd pane; horizontal support/resistance levels in black; uptrend lines in green; downtrend lines in red; 50-period simple moving average in orange; 100-period simple moving average in brown; 200-period simple moving average in dark blue; Fibonacci levels in magenta and purple.)

James Chen, CTA, CMT
Director of Technical Research and Education
FXDD

Saudi’s to produce 10 MBPD has oil down today

Posted: 10 Jun 2011 08:16 AM PDT

Crude Oil prices today are down $2.61 today. The production is 1.2 million more than there current target of 8.8 million barrels. Yesterday OPEC could not decide on a quota amount. So today Saudi Arabia took it into their own hands it seems. 

Higher oil prices may seem good for the oil producers. However if global growth slows and/or consumer change their consumption habits it can offset the gains from higher prices.  The Saudi’s would like to see oil prices somewhere near $80 per barrel. WIth oil still at $99.30 currently, the price has a ways to go and nothing guarantees it will go there.  The action today, has gotten the ball rolling a bit at least.

EURUSD not giving up on the trend. Liquidation sends the pair lower

Posted: 10 Jun 2011 08:05 AM PDT

It is like catching a falling knife. Target after target is being taken out in the EURUSD as it trends lower and lower. THe 1.4375 trendline is the latest victim.  This level is now resistance for the pair.  On the downside, the targets line up with 1.4332 being the next technical level. This is the 50% of the move up from the May low to the June high. Below that 1.4302 which is the steep channel on the hourly chart below. 

Stay below the 1.4373 level now and those who are long will continue to feel the pressure (and the shorts will have increased confidence in the trend move).

EURJPY moves below 100 day MA and trendline

Posted: 10 Jun 2011 07:53 AM PDT

The hourly chart also shows sharp declines for the pair.

EURCHF tests its key support level

Posted: 10 Jun 2011 07:50 AM PDT

The smashing of the EURUSD has also ben reflected in the EURCHF. The pair is testing support on the daily chart at the 1.2091 level currently and will be eyed.   A break has the all time low at 1.2255 and then it is free to roam lower.

EURUSD next target tested at 1.4375

Posted: 10 Jun 2011 07:35 AM PDT

The target is down to the 1.4375 level currently.  Moving and staying below the 1.4417 level (38.2% of the move up from the May low to the June high), keeps the bears in charge. Looking at the 5 minute chart, I have added a Fibonacci retracement from the most recent high to the low and the 38.2% comes in at the 1.4421 currently. This coupled with the 1.4417 level increases the importance of this level today.  This will be eyed closely.
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