Forex Market Updates & Commentary |  |
- GBPUSD stays above the Fibo retracement. Tests 100 day MA level
- EURUSD moves toward resistance target area at 1.4320-29
- ECB Coene says ECB Monetary policy still accomodative
- James Chen Webinar 10am-10:45am
- Trading Platform training Wednesday 4pm with Shawn Powell
- USUS Industrial Production & Capacity Utilization Both Lower
- EURUSD continues fall lower but finds some support. Resistance above against 1.4320-27
- Report circulating in the market, pressures the EURUSD
- USDCHF breaks higher as it moves past the narrow two week range
- Canada Manufacturing Sales a Touch Stronger
- US CPI Data Slightly Better, Empire Manufacturing Drops Hard
- Empire Manufacturing/New Orders lowest since November 2010. USDJPY falls back down toward support at 1.4268
- USDJPY moves above trendline resistance. 80.68 support now
- IMF warns France to be realistic on 2012 budget
| GBPUSD stays above the Fibo retracement. Tests 100 day MA level Posted: 15 Jun 2011 07:28 AM PDT The GBPUSD tested and held the 38.2% retracement level at the 1.6209 level on Friday June 10th and again on Monday June 13th. The 100 day MA at 1.6253 level today is also a key level to eye. The current price is at/near the 100 day MA, up from a low at 1.6226. The market is once again finding the support level (at 1.6209) difficult to break. Traders who are short from above, might be inclined to keep the position, looking for a break of the key support below. What I would like to see is the price stay below the June 3rd low at the 1.6285 level. This should keep the pressure on the pair with a break next targeting the 1.6103 level. This is the bottom channel trendline in the daily chart (see above).
Alternatively, buying/taking some profit against the support with a stop below is also a logical trade for the day. |
| EURUSD moves toward resistance target area at 1.4320-29 Posted: 15 Jun 2011 07:10 AM PDT
Strikes and political turmoil in Greece. Prime Minister Papandreou is finding less support from his government which puts into question the austerity measures being passed. The measures are needed for the IMF to provide the next tranche payment. That is contingent on a viable plan from the EU as well. The uncertainty should keep the EURUSD under pressure. The technicals will tell the story. Traders who are short have seen the price move above the channel trendline. The next intraday resistance comes on a move toward the 1.4320-29 area where old ceiling highs and the 100 bar MA on the 5 minute chart are found. Sellers should keep the price under this level. |
| ECB Coene says ECB Monetary policy still accomodative Posted: 15 Jun 2011 07:00 AM PDT
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| James Chen Webinar 10am-10:45am Posted: 15 Jun 2011 06:52 AM PDT
James Chen Webinar 10am-10:45am Click here to join the live class |
| Trading Platform training Wednesday 4pm with Shawn Powell Posted: 15 Jun 2011 06:35 AM PDT
Trading Platform Forex training Wednesday 4pm est with Shawn Powell and Jason Galano – Register now to reserve your seat in the class |
| USUS Industrial Production & Capacity Utilization Both Lower Posted: 15 Jun 2011 06:15 AM PDT |
| EURUSD continues fall lower but finds some support. Resistance above against 1.4320-27 Posted: 15 Jun 2011 06:14 AM PDT
The EURUSD is heading toward the next target being the 61.8% of the move up from the mid May low, to the high. That level comes in at the 1.4246 level. The low today has so far reached 1.4264. A move below this level will next target on the daily chart the 100 day SMA which comes in at the 1.4142 level currently. The market tested this moving average in May, but held and moved higher – to the June high. Looking at the intraday chart, the move to the downside has had little in the way of a corrective move. The top trendline is currently being tested at the 1.4285 level and a move above should solicit some additional profit taking. The next resistance area comes in at the 1.4320-27 level. Staying below this level should keep the bears in charge .
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| Report circulating in the market, pressures the EURUSD Posted: 15 Jun 2011 06:07 AM PDT The EURUSD sell off is apparently getting some momentum from a “think-tank” report suggesting that the EU is on the brink, with risks of a disaster now high. It also highlights how Germany is refusing to soften demands for private sector involvement. The ECB feels that the insistance of a private sector involvement would lead to a “default” which could cause repercussionary effects. One of which would be the acceptance of Greek debt as collatoral for loans from the ECB. In addition, the contagion effects could also intensify. |
| USDCHF breaks higher as it moves past the narrow two week range Posted: 15 Jun 2011 05:42 AM PDT
The USDCHF has moved above the 2 week trading range that has contained the pair in a narrow range. The low over the last few weeks has been 0.8326. The high before today was 0.8466. The 140 pip range is very contained and suggests a non-trending market. The move above should lead to further directional momentum to the upside as long as the price can remain above support levels. The market should be prepared for a corrective trend. Close support currently comes in today at the 0.8496-0.8503 level. This is the 38.2% to 50% retracement level of the last move to the upside. The trendline to the upside on the 5 minute chart also comes in at the bottom of this area. Stay above, and the bulls will remain in charge on an intraday basis. Below that level, the old 2 week high at 0.8466 needs to hold. Failure to hold this level would simple suggest a false break higher and will likely lead to another move lower in the pair.
On the topside there is next target resistance at the 0.8546-0.8552 level. This was the early May low and near the last high level (0.8546) from May 31st. A move above this level opens the window for a move to the trendline resistance at the 0.8650 area over the next few days. The USDCHF has room to roam if the price can maintain above key support levels below. The SNB meets tomorrow and the expectations are for no change in rates, largely because the high currency is likely to restrict growth. The trend and the uncertainty in Europe makes moving away from what has been the safe haven, so care is in order. However, the technical levels should tell the story for traders. So watch the key levels for clues. |
| Canada Manufacturing Sales a Touch Stronger Posted: 15 Jun 2011 05:36 AM PDT Canada Manufacturing Sales data comes out better at -1.3 vs. the survey of -1.4%, and a prior number of 1.9%. |
| US CPI Data Slightly Better, Empire Manufacturing Drops Hard Posted: 15 Jun 2011 05:32 AM PDT Consumer Price Index(MoM): Survey: 0.1% Actual: 0.2% Prior: 0.4% CPI Ex Food & Energy(MoM): Survey: 0.2% Actual: 0.3% Prior: 0.2% Consumer Price Index(YoY): Survey: 3.4% Actual: 3.6% Prior: 3.2% CPI Ex Food & Energy(YoY): Survey: 1.3% Actual: 1.5% Prior: 1.2% CPI Core Index SA: Actual: 224.387 Prior: 223.745 Consumer Price Index NSA: Survey: 225.550 Actual: 225.964 Prior: 224.906 Empire Manufacturing: Survey: 12.00 Actual: -7.79 Prior: 11.88 Empire manufacturing shows its weakest number since last november. EUR/USD Falls on the move. |
| Posted: 15 Jun 2011 05:32 AM PDT USDJPY eyes the support at 1.4268 (trendline on the daily chart). The low reached down to 80.75 but has bounced. The market is still digesting the data but the market seems to be accepting the weak data and are more supportive of the trend for the day.
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| USDJPY moves above trendline resistance. 80.68 support now Posted: 15 Jun 2011 05:21 AM PDT
The USDJPY has moved above trendline resistance today at the 80.68 level and next has the 80.96 level as the target for the pair. The bulls would like to see the price stay above the trendline today to keep the bias in tact. A move above 80.96 opens the window for additional upside potential for the pair.
On the hourly chart the pair has also shown some additional bullish confirmation with the break above the topside trendline in the channel (see chart above). That level comes in at 80.79 |
| IMF warns France to be realistic on 2012 budget Posted: 15 Jun 2011 05:11 AM PDT
This has the EURUSD on the defensive again as the bad or negative news/warnings pile on. |
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