Forex Market Updates & Commentary |  |
- Think Tank report saying no change in ECB on Thursday
- EURJPY hold key resistance at 98.42-48
- GBPUSD mired in very narrow range. Be prepared
- Canada Housing Starts were better. USDCAD tests lows
- Bobbys Corner-Open Market-January.10.2012
- Canada Housing Starts Rise to 200.2K vs 185.5K Survey, and Prior of 181.1K
- EURUSD looks to extend the trading range higher
- Dollar falls as risk pairs dominate. Majors lag in narrow ranges
- Canada Housing Starts Due at 8:15AM
- Fitch unlikely to downgrade France in 2012
- French Mfg. & Industrial Production stronger than expected
- 1-10 Economic Calendar
- China’s December Trade Balance
- China Sets Yuan Reference Rate @ 6.3171
- Aussie Building Approvals
| Think Tank report saying no change in ECB on Thursday Posted: 10 Jan 2012 06:39 AM PST
This is the concensus so nothing new. The EURUSD continues to be respecting resistance above. The 100 hour MA is converging on the price, however, and it may be time for the market to make a decision…Continued upside correction with the 1.28221 the next key target or rotation back down. |
| EURJPY hold key resistance at 98.42-48 Posted: 10 Jan 2012 06:34 AM PST
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| GBPUSD mired in very narrow range. Be prepared Posted: 10 Jan 2012 06:00 AM PST
The GBPUSD has been in a narrow up and down trading range today. The price is above the close from yesterday at the 1.5454 level. and is back above the shorter term 100 and 200 bar MA on the 5 minute chart (at least currently). The price has made higher lows but also lower lows over the span of the London morning session (see triangle in the chart above). The midpoint of the days range come in at 1.54719. The narrow range is suggestive of a non trending market. Non trending transitions into trending at some point so I will be looking for an extension of the range (above the high or below the low) at some point today and momentum on the break. Traders can use the triangle formation as breakout points or the 100 and 200 bar MA (blue and green lines in the chart above) as a bias barometer. Price above bullish. Price below bearish. If the price should make a break, look for a move toward the nest target (yellow areas in the chart above) and eventually a break of the days extreme. If the price should explore the topside, take note that the key 100 and 200 hour MAs held resistance on the first test in the London morning session. Those moving averages will continue to be a tough nut to crack but if done it could give shorts more of a reason to cover (risk is defined). The break to the top would also put the price above the 38.2% of the move down from the January high. That level comes in at the 1.5486 level. With risk clearly defined on the hourly, use that to your trading advantage. There should be good resistance, but if it breaks, there should be good upside momentum. That is good information to know. I can feel the coil tightening.
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| Canada Housing Starts were better. USDCAD tests lows Posted: 10 Jan 2012 05:35 AM PST
Canada saw their housing starts come in at 200K vs expectations of 185K. The stronger data as led to the USDCAD moving further to the downside and the pair looks to test the lows for the day at the 1.0161 level. The 1.01677 level is the 61.8% retracement of the move up from the January 3rd low to the January 9th high. It is also a floor from earlier this month (see chart above). Being below this level keeps the bears in contol. What may slow the decline, however is what looms just below. The pair is approaching a key level on the daily chart. The 100 day MA comes in today at the 1.0154 level. This level should provide support/profit taking potential on the 1st test today. Last week, the price moved below this level as the market prepared for the Canada and US employment reports, but momentum down could not be established. Although I expect buying against the level today, a break should not be ignored. After all, the pair as the pair is trendling lower today. However, in most instances the 100 day MA is going to attract attention and I would expect today is not the exception.
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| Bobbys Corner-Open Market-January.10.2012 Posted: 10 Jan 2012 05:22 AM PST
Rumors are running through the market that the Emerald Isle will need a second bailout. Ireland is struggling with the interest it pays on the 30 billion euro notes that were issued to deal with the collapse of Anglo Irish Bank. Ireland is currently paying 6% on this money-and needs to reduce this interest rate as soon as possible. Economists are concerned that Ireland may be slipping back into recession-as data from the Emerald Isle is showing increased signs of economic weakness. World equity markets rose across the board-and US Futures are also pointing to a positive opening this morning. Oil is higher (trading over $103/bar)-and Gold and Silver are also higher. HAVE A GREAT DAY & GOOD LUCK |
| Canada Housing Starts Rise to 200.2K vs 185.5K Survey, and Prior of 181.1K Posted: 10 Jan 2012 05:15 AM PST |
| EURUSD looks to extend the trading range higher Posted: 10 Jan 2012 05:15 AM PST
The EURUSD has moved to new highs for the day, moving above the 100 hour MA in the process. The 100 hour MA comes in at the 1.28068 level currently. This is the first breach above this moving average since the trend down started on January 4th. The market will be looking for further upside momentum now. The bullishness will continue today, if the price can get through the next resistance level. That level is the 38.2%retracement of the move down from the January 3rd high. That level comes in at 1.2822, not far from the break level. Traders can expect sellers against the level with stops above the level. |
| Dollar falls as risk pairs dominate. Majors lag in narrow ranges Posted: 10 Jan 2012 04:55 AM PST
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| Canada Housing Starts Due at 8:15AM Posted: 10 Jan 2012 04:21 AM PST
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| Fitch unlikely to downgrade France in 2012 Posted: 10 Jan 2012 01:29 AM PST Euro stronger with Eur/Usd up to 1.2790 and Eur/Jpy to 98.25, |
| French Mfg. & Industrial Production stronger than expected Posted: 09 Jan 2012 11:51 PM PST French mfg. production m/m came in at 1.3%, stronger than the -0.4% expected. Industrial production m/m came in at 1.1%, stronger than the -0.2% expected. Eur/Usd did not feel the positive affects from this data as one would anticipate. The pair has dropped 10 points to 1.2775 since release. |
| Posted: 09 Jan 2012 08:30 PM PST
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| China’s December Trade Balance Posted: 09 Jan 2012 07:06 PM PST China’s December Trade surplus grew above expectations as Exports rose by 13.4% as expected and Imports only rose by 11.8%, while the consensus was for an 18% rise. As a result the Trade Balance expected at $8.8B came in almost twice as high at $16.52B. The market however was not impressed as the export number remained unchanged, while demand in China seems to have slowed. The USDCHH pair continues to hover around trendline support as the Chinese seem to be appreciating their currency, although not as quickly as the US government would like.
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| China Sets Yuan Reference Rate @ 6.3171 Posted: 09 Jan 2012 06:13 PM PST |
| Posted: 09 Jan 2012 05:05 PM PST Building Approvals for Australia beat expectations in November, the details are as follows:
The Aussie has been running up trendline support since opening weaker yesterday, but just moved lower off the 100hr mavg where it could find some short-term resistance.
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