Wednesday, October 26, 2011

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

EU official says leader may frame agenda for bank talks

Posted: 26 Oct 2011 07:18 AM PDT

EURUSD falls below low for the day.

Posted: 26 Oct 2011 07:11 AM PDT

 The low floor area going back to yesterday afternoon at the 1.3892 level  has been broken.  On the 5 minute chart above, the 1.3876 is the next target followed by the low from yesterdays trade at the 1.3847. Before that level, however is the 100 hour MA at the 1.3864 (see blue line in the chart below). This level should find some profit taking buyers on the 1st test. A break below the level should not be ignored however.

US New Home Sales Improve Slightly

Posted: 26 Oct 2011 07:07 AM PDT

New Home Sales:   Survey: 300K     Actual: 313K     Prior: 295K      Revised:  296K

New Home Sales (MoM):  Survey: 1.7%     Actual:  5.7%     Prior: -2.3%     Revised:  -0.3%

EURUSD falls back below the 1.3952-58 and traders exit longs/sell

Posted: 26 Oct 2011 06:36 AM PDT

The price is back in the main range  for the day with the 1.3933 level now the midpoint of the days range.

EU Juncker says Italy knows it must take considerable consolidation measures

Posted: 26 Oct 2011 06:35 AM PDT

  • Overall direction of crisis package must be decided today

Ask the Chartist with James Chen – Webinar Today at 10:00 AM ET

Posted: 26 Oct 2011 06:21 AM PDT

Ask the Chartist with James Chen

Please join us today (Wednesday, October 26) at 10:00 AM ET for FXDD’s Ask the Chartist with James Chen. This free webinar will feature answers to questions from the audience regarding forex trading, technical analysis, and trading strategies. Please click here to register: https://www1.gotomeeting.com/register/846440832 .

US New Home Sales Data Due at 10AM

Posted: 26 Oct 2011 06:18 AM PDT

Lower house of German Parliament passes vote to back leverage EFSF

Posted: 26 Oct 2011 06:16 AM PDT

The EURUSD has shot higher and extended the range for the EURUSD.  THe high on the spike reached 1.3973. The old highs at the 1.3951-59 will be eyed on the downside now for support. If the price moves below these levels look for disappointment to set in. 

 

EURUSD stuck. Narrow range. Up and down. Little conviction. EU still awaited.

Posted: 26 Oct 2011 05:53 AM PDT

The EURUSD is stuck with little movement.

Crude oil is down -0.54 cents
S&P is up 8.6
DJ Futures are up 82 points
Gold is up $9.00
Copper is up strong (2.18%) 7.55 cents

The range for the day is narrow with a low to high range of 1.3892 to 1.39515.  The 60 pip range is likely to be extended at some point today.  The midpoint of the range is 1.3922.  On the topside the 1.3950 level needs to be broken to push higher. ON the downside the 1.3905 level is the bottom trendline intraday. 

Overall, if a poll was taken the market would likely vote for the EURUSD to go down. The uncertainty about Greece, Italy, EU should lead to lower prices.  The problem is that despite the expectations, the pair is still trading near the highest level since the 1st few weeks of September and remains above the midpoint of the 2 month range at the 1.3846 level (see chart below).  There is a standoff here that has the market traders waiting for clues. 

Better US Durable Goods Orders has little impact

Posted: 26 Oct 2011 05:36 AM PDT

The headline came in at -0.8% but the Ex Transportation comes in at 1.7%. Capital Goods Orders Non Defense Ex Air come in at 2.4%. The inventories of Manufactured goods increased by 0.1% for the 21st consecutive month increase. The inventory level was the highest level since 1992 when statistics were first introduced.

SHipments of Non-defense capital goods excluding aircraft fell 0.9%. This is used in the calculation of GDP. Last month it rose 3.1% (revised higher).

The data had bright spots but it seems the market is not all that impressed with a negative headline number nor the measures that will directly effect GDP.

US Durable Goods Orders Improve

Posted: 26 Oct 2011 05:32 AM PDT

Durable Goods Orders:   Survey: -1.0%    Actual: -0.8%    Prior: -0.1%  

Durables Ex Transportation:   Survey: 0.4%   Actual:  1.7%   Prior: -0.1%   Revised:  -0.4%

Cap Goods Orders Nondef Ex Air:   Survey:  0.5%     Actual:   2.4%    Prior:  1.1%     Revised: 0.5%

Cap Goods Ship Nondef Ex Air:    Actual:  -0.9%    Prior:  2.8%   Revised: 3.1%

The NY Opening Forex Commentary for October 26th 2011

Posted: 26 Oct 2011 05:19 AM PDT

Bobbys Corner-Open Market-October.26.2011

Posted: 26 Oct 2011 05:14 AM PDT

Good Morning:

The markets have been sitting on the edge of their seats-as the leaders of the Euro Zone meet today to once again hammer out the debt crisis that is plaguing Europe and has attributed to the global economic meltdown.  This is the 14th “crisis summit” in 21 months, and starts today with the gathering of all 27 European leaders after noon (EST).  The biggest flaw in the plan is that a meeting of Euro Zone Finance Ministers that was set for after the “summit” has been cancelled with no timetable being announced for the resumption of this meeting.
Greece, who received 110 billion euros in a bailout last year, and needs more again this year, is hoping that bond investors are willing to accept losses as high as 50-60%.  The Greek government is looking for another 109 billion euros this year.

 This morning we have Durable Goods orders data out of North America.  The guesstimate is that we will see a drop of .7 to 1%, after Durable Goods dropped .1% last month.

Most world equity indexes were higher, as were most commodity markets.

HAVE A GREAT DAY & GOOD LUCK

CNBC says 50% haircut is a done deal

Posted: 26 Oct 2011 05:00 AM PDT

Being reported now.

IMF source reported to say did not rule out a haircut of 70-75%

Posted: 26 Oct 2011 04:46 AM PDT

This is unconfirmed but apparantely similar to an earlier comment.
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