Forex Market Updates & Commentary |  |
- USDJPY breaks higher before the weekend
- Week Ahead in Trading Webinar this Monday at 9:30 AM
- EURUSD moves back lower and looks toward the 1.3459-71 support area
- Gold moves closer to support levels
- AUD/USD Backs Off Support, Continued Bearish Bias
- IMF Lagarde says economic risks are piling up
- The EURUSD has bounced on market chatter
- Talk of a French “TARP” making the rounds (unconfirmed).
- Gold remains pressured
| USDJPY breaks higher before the weekend Posted: 23 Sep 2011 11:54 AM PDT
The USDJPY has broken higher and trades at the high for the day. The price move to the upside started on the break of the 100 hour moving average, then trendline resistance and most recently the 200 hour MA at the 76.60 level. The next target in the progression is the 38.2% retracement at the 76.77 level. Above that the 76.97 level |
| Week Ahead in Trading Webinar this Monday at 9:30 AM Posted: 23 Sep 2011 11:29 AM PDT
Week Ahead in Trading Webinar this Monday at 9:30 AM with Greg Michalowski and Shawn Powell- Register now |
| EURUSD moves back lower and looks toward the 1.3459-71 support area Posted: 23 Sep 2011 09:39 AM PDT The EURUSD held the 38.2% retracement at the 1.3541 area and rotated back down. True to form the technical traders used the level to take profit and since then, the price has rotated lower and lower and lower.
The price is now back below the 100 bar MA on the 5 minute chart at the 1.3496 level and looks toward the next support level which is between the 1.3459-71 area. I would expect that traders looking to ease into the weekend will look to buy against this level and call it a week.
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| Gold moves closer to support levels Posted: 23 Sep 2011 09:00 AM PDT Gold has continued it’s slide and moves closer to support at the 1.647-1649 area. Bottom trendline support ($1649) and 61.8% Fibo support ($1647) of the move up from the July 1st low provides the support. Below those levels is the key 100 day MA at the $1637 area. |
| AUD/USD Backs Off Support, Continued Bearish Bias Posted: 23 Sep 2011 08:05 AM PDT
AUD/USD (daily chart) as of Friday (9/23/2011) has backed off key support around the 0.9700 price region after having broken swiftly and strongly below prior key support around parity (1.0000). Friday’s price action rose up above 0.9800 from its half-year lows just below 0.9700. This pullback occurs after a precipitous 1100 pip drop that started in the beginning of September. After such a plummet, a bullish correction pullback is to be expected, with strong resistance now residing around the parity region. Overall, however, the directional bias continues to be strongly to the downside in line with the steep bearish trend that currently prevails. A re-breakdown below 0.9700 should target further immediate downside around the 0.9550 price region, and then the key 0.9400 support/resistance level, which is also the 161.8% Fibonacci extension of the last major bullish correction. (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 |
| IMF Lagarde says economic risks are piling up Posted: 23 Sep 2011 07:55 AM PDT
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| The EURUSD has bounced on market chatter Posted: 23 Sep 2011 07:44 AM PDT
The EURUSD is back above the 1.3500-04 resistance area on chatter about French bank relief via a TARP like program. The reaction in a market that seems to be focused on “not getting hurt on a Friday”, has been to cover shorts now and ask questions later. Now the technicians (risk definers) may look to use the dips to buy once again (with 1.3500) to be watched below. The NY high has come in at the 1.3522 level. This is the next hurdle if the squeeze continues. The 38.2% of the weeks range comes in at the 1.3541 level. Both are plain to see and what will give technicians satisfaction on positions. I get the feeling that traders are keeping positions close, looking not to get burned. On moves they should also be quick to exit on signs of resistance or support holding. Risk aversion is the order of the days trade. |
| Talk of a French “TARP” making the rounds (unconfirmed). Posted: 23 Sep 2011 07:34 AM PDT |
| Posted: 23 Sep 2011 07:33 AM PDT Gold remains pressured. Talk that a large hedge fund is liquidating long positions, has the precious metal offered. The price is now below the key $1700 level which was the 50% of the move up from the July low at 1477.88. The next key longer term support level comes in at the $1647 level which is the 61.8% of the same move and channel trendline support.
Looking at the hourly chart the $1700 level is also a resistance level on it. On the downside support at the $1669 level (channel Trendline) should find profit taking buyers.
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