Saturday, July 23, 2011

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

Weekly Forex Wrap show July 22 2011 Rebroadcast

Posted: 22 Jul 2011 02:25 PM PDT

Weekly Forex Wrap show with Greg Michalowski Chief Currency Analyst & Forex Trainer Shawn Powell TODAY at 12:30PM edt – Rebroadcast

Week Ahead in Forex – Monday July 22 2011 at 9:30AM

Posted: 22 Jul 2011 01:03 PM PDT

Week Ahead in Forex – Monday July 22 2011 at 9:30AM- Register now

The FXDD Weekend Forex Commentary is available for viewing

Posted: 22 Jul 2011 12:58 PM PDT

In the weekend commentary, I take a look at the EURUSD, GBPUSD, USDJPY, USDCHF, USDCAD, AUDUSD and NZDUSD. Take a moment to set up your charts so you are aware and prepared for the new forex trading week.

Also be sure to sign up for our FREE webinars by going to www.fxdd.com/webinars. The Trader Education webinar on Tuesday at 4 PM ET, will be on “Managing your Trade”. To Register go to: https://www1.gotomeeting.com/register/719190552

The USDCAD reached the target at the 0.9528 level and reverses

Posted: 22 Jul 2011 08:36 AM PDT

The USDCAD moved above the 100 hour MA and 38.2% retracement and this move did in fact lead to a the price going to the next target at the 0.95281 level (as per the prior post). The peak level corresponded with the 50% of the move down from the July 18th high to the low (week range). The price has rotated back lower and the price has moved back below the 100 hour MA at 0.9499 currently. This turns the bias back lower for the pair.  Traders will be looking for the price to remain below the 0.9503 level now. A move back above will likely lead to non trending range trading for the rest of the day.  A move below the 0.9489 will be eyed for confirmation of lower levels (see chart below).

GBPUSD setting up a bull flag break?

Posted: 22 Jul 2011 08:31 AM PDT

The GBPUSD moved sharply up yesterday and has corrected less than 38.2% of the move up (low came in at the 1.6263 level which is above the 1.6254 Fibo retracement level).  The price is now looking to test the top end of what is a flag on the hourly chart at the 1.6321 level. A move above this top trendline should open the door for further upside momentum as the bull flag buyers enter. The high at the 1.6337 level becomes a confirming level to get through on a break.
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