Forex Market Updates & Commentary |  |
- James Chen Talking Technicals Tuesday at 12:30PM
- USDCHF coiling for a move in a narrow trading range
- In a surprise Consumer Confidence higher. EURUSD mixed still
- Mirror Trader Automated training class Wednesday July 27 1:00PM Edt
- US Consumer Confidence Up, Richmond Fed & New Home Sales Down
- GBPUSD keeps the bulls in charge
- S&P Case-Shiller Comes out a Touch Higher Than Expected at 139.87 vs a Survey of 139.80 and Prior Figure of 138.84
- EURUSD consolidates/corrects in early NY trade
- US Consumer Confidence, Richmond Fed & New Home Sales Data at 10AM
- NY Morning Forex Commentary for July 26th 2011
- US S&P Case-Shiller Due at 9AM
- UK Government Minister Cable says “there is no need for a plan B” for the UK economy.
- UK Prelim GBP (q/q) 0.2%; as expected.
- BOE’s Weale says forecasts show risk of a double dip recession in the UK, perhaps in winter.
- China FX manager says spending forex reserves domestically would lead to inflation.
| James Chen Talking Technicals Tuesday at 12:30PM Posted: 26 Jul 2011 07:30 AM PDT
James Chen Talking Technicals Tuesday at 12:30PM – Register now https://www1.gotomeeting.com/register/121502432 |
| USDCHF coiling for a move in a narrow trading range Posted: 26 Jul 2011 07:27 AM PDT
The USDCHF has a confined trading range today, with a ceiling intraday atthe 0.8038 level. Below a trendline comes up at the 0.8019 level. The confined range seems to suggest a coiling for a breakout move. The burden of proof remains on the bulls to prove they can push the pair higher. In the last 10 or so minutes, the price moved to test the ceiling and attempted to break higher but failed. Without a move through the ceiling, any dip buyers will likely give up and be forced to sell – they simply have no satisfaction buying dips for an extended period. On a break to the downside the low for the day (the move) come in at the 0.7997. Needless to say, traders will likely be enamored by the 0.8000 level on any test of this level, and this should at the least continue to provide some support buyers. A break of the level, however, could see some additional liquidation as longs are once again are forced to cover. ON a break higher, the next target would be the 0.80568 level which is the 38.2% of the weeks range. This would be the minimum that the bulls would have to push the market to in order to wrestle some control from the bears. Looking at the daily chart, the trend has been down, down, and down. THe topside has a solid trendline that apart from one bar, has respected the line. On the downside, the momentum down has slowed as the trendline connecting the lows is flatter (note the two trendlines on the bottom). A break of the 0.8000 level would target the first trendline below at the 0.7920 area (see chart below). A break below that line and the door for further liquidation.
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| In a surprise Consumer Confidence higher. EURUSD mixed still Posted: 26 Jul 2011 07:05 AM PDT Expectations 75.4 vs 71.6 Present situation weaker at 35.7 vs 36.6.
The EURUSD has moved higher and lower on the data and is back higher. The price has found support against the 38.2% retracement (give or take a pip or two) but there exists intraday resistance above at the 100 bar MA (at 1.4482) . I don’t think the bulll or bears are confident one way or the other. So I expect sellers above. Buyers below. On a break, I will look for momentum. |
| Mirror Trader Automated training class Wednesday July 27 1:00PM Edt Posted: 26 Jul 2011 07:02 AM PDT
We'd like to invite you to spend an hour with Ophir Schultz and Oz Golan, Tradency Regional Managers and FXDD's Forex Trainer Shawn Powell for a free, interactive webinar highlighting the features and functionalities of FXDD Mirror Trader Automated trading software. This is your opportunity to learn how to employ the FXDD Mirror Trader tools and strategies from a Tradency expert, as well as ask questions. With FXDD Mirror Trader, you can evaluate over 1,500 trading strategies developed by Forex traders and create personalized portfolio of those you wish to follow. Once you have created your portfolio, FXDD Mirror Trader will automatically execute the trades for your selected strategies. Key Discussion Topics: • Detailed review of FXDD Mirror Trader Automated features and tools Space is limited, so click here to register https://www1.gotomeeting.com/register/799333153 |
| US Consumer Confidence Up, Richmond Fed & New Home Sales Down Posted: 26 Jul 2011 07:02 AM PDT Richmond Fed Manf. Index: Survey: 5 Actual: -1 Prior: 3 New Home Sales: Survey: 320k Actual: 312K Prior:319K Revised: 315K June vs May 2011 New Home Sales(MoM): Survey: 0.3% Actual: -1.0% Prior: -2.1% Revised: -0.6% Consumer Confidence: Survey: 56.0 Actual: 59.5 Prior: 58.5 Revised: 57.6 |
| GBPUSD keeps the bulls in charge Posted: 26 Jul 2011 06:59 AM PDT
The GBPUSD has rallied strongly today. The price move higher was helped by some favorable economic data (index of services was much stronger) which helped lead to a sharp spike higher. The correction off of that high of that last leg has recently breached below the 38.2% retracement level at the 1.6382 level. The 100 bar MA on the 5 minute chart is the next target on the downside. That level comes in at the 1.6375 level. A move below that MA level will be needed to give the bears confidence that the correction of the move can continue. If the price breaks the 100 bar MA in the chart above, the next target would look toward the 1.6360 level . This is the 38.2% of the days range. A move below this level gives bears more and more confidence. Not being able to get through increases the bulls stand. Looking at the hourly chart the price broke above an extended bull flag started on Thursdays surge higher. Yesterday, the price tried to break higher on three separate occassions. Each time it failed. Today the price broke above and the momentum continued. This was a bullish move.
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| Posted: 26 Jul 2011 06:34 AM PDT |
| EURUSD consolidates/corrects in early NY trade Posted: 26 Jul 2011 06:12 AM PDT
The EURUSD tried to push the upside on two separate occassions in early NY trading but the momentum faded. The 100 bar MA on the 5 minute chart is moving sideways (lost it’s slope). The price failed on two attempts above this moving average, and each time, the price reversed. The price decline has moved the price to the 38.2% of the move up from the days low to the high. That level comes in at hte 1.44583 level. A break below this level will open the door for further selling potential as traders. If the level hold, however, look for a rotation back higher. It seems clear the bulls and bears are more balanced at these levels. Traders will therefore go back and forth with little conviction. Resistance above at the 100 bar MA. Support at the 38.2%. A break look for momentum. IF the break fails, look for a reversal. |
| US Consumer Confidence, Richmond Fed & New Home Sales Data at 10AM Posted: 26 Jul 2011 05:40 AM PDT
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| NY Morning Forex Commentary for July 26th 2011 Posted: 26 Jul 2011 05:21 AM PDT |
| US S&P Case-Shiller Due at 9AM Posted: 26 Jul 2011 04:43 AM PDT
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| UK Government Minister Cable says “there is no need for a plan B” for the UK economy. Posted: 26 Jul 2011 01:53 AM PDT Adds that “we are getting growth”; UK economy is getting building block for more balanced and sustainable growth. |
| UK Prelim GBP (q/q) 0.2%; as expected. Posted: 26 Jul 2011 01:31 AM PDT Index of services (m/m) 1.6% vs. 0.8% forecast. Sterling gained on the release. |
| BOE’s Weale says forecasts show risk of a double dip recession in the UK, perhaps in winter. Posted: 26 Jul 2011 12:37 AM PDT
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| China FX manager says spending forex reserves domestically would lead to inflation. Posted: 25 Jul 2011 11:40 PM PDT |
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