Forex Market Updates & Commentary |  |
- ECBs Bini Smaghi says Greek restructuring would be a disaster
- Market rumor of a sub 50 China PMI tonight
- Think tank report talks of EFSF increase to buy Greece bonds
- US Exisiting Home Sales Fall
- Report out that EU has a political will for a solution. The financial details are not
- GBPUSD looks toward the 100 hour MA at 1.6110
- EURUSD pushes to new NY lows.
- FXStreet Webinar at 11:00 AM ET. Trading Forex in a minefield of fundamental influences
- EURUSD testing intraday levels in early NY trade
- Fitch says disorderly Greek default to lead to severe volatility
- Canada Wholesale Sales Improve
- NY Morning Forex Commentary for July 20 2011
- German spokesman says private sector involvement is an important factor
- Canada Wholesale Saleles Data Due at 8:30AM
- EU’s Barroso
| ECBs Bini Smaghi says Greek restructuring would be a disaster Posted: 20 Jul 2011 07:15 AM PDT He adds that governments should bury their private sector involvement plans. Any form of restructuring would be more expensive than aid. He says that EFSD should be able to purchase bonds |
| Market rumor of a sub 50 China PMI tonight Posted: 20 Jul 2011 07:14 AM PDT |
| Think tank report talks of EFSF increase to buy Greece bonds Posted: 20 Jul 2011 07:10 AM PDT This is in contrast to the earlier report (just minutes ago) suggesting that the results will be more political versus financial at this point. The report is purely a thought but it has helped the EURUSD move back toward that 1.4200 level in the pair. |
| Posted: 20 Jul 2011 07:01 AM PDT Existing Home Sales: Survey: 4.90M Actual: 4.77M Prior: 4.81M Existing Home Sales (MoM): Survey: 1.9% Actual: -0.8% Prior: -3.8% June vs May 2011 |
| Report out that EU has a political will for a solution. The financial details are not Posted: 20 Jul 2011 06:55 AM PDT There is report out of the EU that there is a political will, but details of any solution remain to be worked out. This has sent the EURUSD down at the 200 bar MA on the 5 minute chart and the 61.8% of the days trading range at teh 1.4173. Staying below the 1.4200 level remains the topside resistance. Exisiting home sales due out at 10 AM with expectaions of 4.9m units. The months supply of homes on the market came in at 9.3 months last month. This was up from the low of 7.5 months in January 2011 and the highest level this year. |
| GBPUSD looks toward the 100 hour MA at 1.6110 Posted: 20 Jul 2011 06:53 AM PDT
The GBPUSD moved closer to the 100 hour MA at the 1.6110 level. The price low has reached the 1.6116. Earlier today the price moved higher on the back of less dovish MPC meeting minutes. THe topside has trendline resistance at the 1.6147 level. On a break of the 100 hour MA, the trendline support off the low from July 18th comes in at the 1.6076 level. |
| Posted: 20 Jul 2011 06:38 AM PDT
The 1.4184 is the the trendline that held yesterday and pushed above today. This is a target that is being tested. The other level to eye below is the 200 bar MA on the 5 minute chart currently at the 1.4175. A move below this level next targets thte 1.4154 level. Traders who are short from above, will likely want to see the price stay below the 100 bar MA on the 5 minute chart (close level) at the 1.4192 level. Above that the 38.2% of the move up today comes in at 1.4198. In general, staying below the 1.4200 level would be ok with intra day shorts.
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| FXStreet Webinar at 11:00 AM ET. Trading Forex in a minefield of fundamental influences Posted: 20 Jul 2011 06:31 AM PDT
The current trading environment is full of fundamental influences that make trading in the minefield of news downright dangerous. How do you as a retail trader, maneuver through the risk and uncertainty inherent in the current forex market from global events. Greg Michalowski, Chief Currency analyst at FXDD and author of Attacking Currency Trends (www.attackingcurrencytrends.com Wiley March 2011) will outline how he approaches the current market environment filled with risk, risk, risk. TO REGISTER GO TO: http://www.fxstreet.com/webinars/sessions/session.aspx?id=ff14281e-c498-4285-aa59-17e2fd0492a9 |
| EURUSD testing intraday levels in early NY trade Posted: 20 Jul 2011 05:55 AM PDT
The EURUSD is feeling out the NY traders bias and so far there are no winners. The support levels on the intraday chart are holding and so is resistance. Trendline above is at the 1.4221 level. The trendline below comes in at the 1.4198 where the 38.2% is also located. The first look at the level has found quick profit taking buyers. Comments from EU officials could cause a reaction one way or the other today (as could US government comments). So be aware. Be prepared. |
| Fitch says disorderly Greek default to lead to severe volatility Posted: 20 Jul 2011 05:50 AM PDT They add a Greek resolution is neccesary but does not prevent a threat |
| Canada Wholesale Sales Improve Posted: 20 Jul 2011 05:38 AM PDT Wholesale Sales(MoM%): Survey: 0.1% Actual: 1.9% Prior: -0.1% May 2011 vs April 2011 |
| NY Morning Forex Commentary for July 20 2011 Posted: 20 Jul 2011 05:29 AM PDT |
| German spokesman says private sector involvement is an important factor Posted: 20 Jul 2011 04:59 AM PDT France’s Sarkozy and Germany’s Merkel are to meet before the EU meeting tomorrow that is designed to outline a plan for Greece. |
| Canada Wholesale Saleles Data Due at 8:30AM Posted: 20 Jul 2011 04:52 AM PDT
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| Posted: 20 Jul 2011 03:50 AM PDT
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