Forex Market Updates & Commentary |  |
- EUR/USD Resumes Bearish Stance after Bullish Correction
- EURUSD breaks lower and tests 100 hour MA again
- Republic Speaker of the House Boehner on CNBC
- Stress test official results to be released at noon
- Univ of Michigan falls sharply. USDJPY tests support line.
- Citigroup sees BOE rate increase in 2Q 2012
- Italy Berlusconi survives vote of confidence chamber vote
- Industrial Production Lower, Capacity Utilization Stays Unchanged
- Fed says supply disruptions effected auto output in the 2Q
- S&P’s Chambers says risk to US losing AAA is increased
- Bank of Italy releases quarterly bulletin
- GBPUSD approaches 1.6071 support
- The EURUSD has moved lower after economic resistance
- Canada Manufacturing Sales Falls
- US CPI Weakens & Empire Manufacturing Shows Another Negative Number
| EUR/USD Resumes Bearish Stance after Bullish Correction Posted: 15 Jul 2011 07:27 AM PDT
EUR/USD (daily chart) as of Friday (7/15/2011) has once again resumed its bearish stance after making a bullish correction up to 1.4280, which was the level of the 100-period simple moving average. That bullish correction occurred after price action broke down below a large triangle pattern extending back to the May 1.4940 high, and then ultimately hitting a low this week at around 1.3835 with a hammer candle. After making the bullish correction and topping out with a shooting star candle, price action appears poised to continue its bearish bias. Downside support continues to reside around the key 1.4000 price level, a breakdown below which price should once again target key further downside support around 1.3750. (Click on chart to enlarge. Forex chart key: price on 1st pane, Stochastics 14,3,3 on 2nd pane; horizontal support/resistance levels in black; uptrend lines in green; downtrend lines in red; 50-period simple moving average (SMA) in orange; 100-period SMA in brown; 200-period SMA in dark blue; Fibonacci levels in magenta.) James Chen, CTA, CMT |
| EURUSD breaks lower and tests 100 hour MA again Posted: 15 Jul 2011 07:25 AM PDT Is it risk off on continued Washington bickering (I don’t get risk on/risk off with regard to the EURUSD to be honest – both are risky)? Is it moving below the 1.4111 level again? There is talk that a few German banks were close to failing the stress test. There is other estimates that 21-26 banks in total will fail. Could that be it? There is a lot going on. The EURUSD is moving back lower. The move down has once again sniffed the 100 hour MA at the 1.4087 level. The low came in at the 1.4091. If the price is to move lower, this level must be breached. A move below would next target the 1.40588 level (midpoint of the weeks trading range). On the topside a move back above the 1.4111 will muddy the waters again for traders desparately searching for a break before the weeks end.
|
| Republic Speaker of the House Boehner on CNBC Posted: 15 Jul 2011 07:16 AM PDT He says that Republicans won’t accept tax hikes because taxes destroy jobs. Senator Cantor (R) says the Republicans have proposed 6.2 T over 10 years. The Dems have proposed 1.5 T. They will introduce a bill next week to mandate the balanced approach. The two sides continue to be at odds. President Obama will weigh in at 11 AM ET with his comments. The situation is ugly again. Risk off. |
| Stress test official results to be released at noon Posted: 15 Jul 2011 07:13 AM PDT There have been leaks during the week. The latest just out is that the UK banks have all passed. As a result, the impact should already be discounted in the market. Nevertheless the official time is 12 noon ET for the results to be broadcast. |
| Univ of Michigan falls sharply. USDJPY tests support line. Posted: 15 Jul 2011 06:57 AM PDT
The University of Michigan Consumer confidence fell to the lowest level in more than two years as consumers feel the pain of unemployment and a declining housing market. There likely is also the fear of higher energy prices, which although down from the peak, have had a measurable impact on the economy after their recent spike. The USDJPY has moved a touch lower on the news. The intraday trendline is being tested at the 79.06 level (see chart below) |
| Citigroup sees BOE rate increase in 2Q 2012 Posted: 15 Jul 2011 06:51 AM PDT Citigroup sees BOE overnight rate at 1% in 2012 and 1.75% at end of 2013. The current rate is 0.5% |
| Italy Berlusconi survives vote of confidence chamber vote Posted: 15 Jul 2011 06:50 AM PDT |
| Industrial Production Lower, Capacity Utilization Stays Unchanged Posted: 15 Jul 2011 06:16 AM PDT Capacity Utilization: Survey: 76.9 Actual: 76.7 Prior: 76.7 Industrial Production: Survey: 0.3% Actual: 0.2% Prior: 0.1% Revised: -0.1 |
| Fed says supply disruptions effected auto output in the 2Q Posted: 15 Jul 2011 06:16 AM PDT The Capacity Utilization came out weaker at 76.7 vs 76.9 estimate. |
| S&P’s Chambers says risk to US losing AAA is increased Posted: 15 Jul 2011 06:14 AM PDT …even if the debt ceiling is raised later this month. Failure to reach an agreeement to cut 4 trillion in 10 years could lead to a downgrade. |
| Bank of Italy releases quarterly bulletin Posted: 15 Jul 2011 06:06 AM PDT Bank of Italy releases quarterly bulletin: Economic outlook uncertain due to debt crisis |
| GBPUSD approaches 1.6071 support Posted: 15 Jul 2011 05:57 AM PDT
The GBPUSD is moving lower and approaches the 1.6071 next support level. This level is the 38.2% of the move down from the May high to the low reached in July. Below this level and the 100 day MA comes more into focus. The 100 day MA comes in at the 1.6048 level today. |
| The EURUSD has moved lower after economic resistance Posted: 15 Jul 2011 05:44 AM PDT
The 38.2% of the weeks range comes in at 1.4111. Earlier today the price fell through that level and found suppport buyers against the 100 hour MA at the 1.4087 level (low reached 1.4094). On the topside, the lows from Thursday’s PM trade found support against the 1.4130 level (this also corresponded with the 100 hour MA at the time). If resistance holds against this level, a test of 1.4111 and move through could be in the cards for the EURUSD today – with another test of the 1.4087 level (100 hour MA). A break back above the 1.4130-34 level would take steam out of the early NY weakness and the market will have to figure out the next move from the flows. |
| Canada Manufacturing Sales Falls Posted: 15 Jul 2011 05:35 AM PDT
|
| US CPI Weakens & Empire Manufacturing Shows Another Negative Number Posted: 15 Jul 2011 05:33 AM PDT Consumer Price Index(MoM): Survey: -0.1% Actual: -0.2% Prior: -1.3% CPI Ex Food & Energy(MoM): Survey: 0.2% Actual: 0.3% Prior: 0.3% Consumer Price Index(YoY): Survey: 3.6% Actual: 3.6% Prior: 3.6% CPI Ex Food & Energy(YoY): Survey: 1.6% Actual: 1.6% Prior: 1.5% CPI Core Index SA: Actual: 224.958 Prior: 224.387 Consumer Price Index NSA: Survey: 225.650 Actual: 225.722 Prior: 225.964 Empire Manufacturing: Survey: 5.00 Actual: -3.76 Prior: -7.79 |
| 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