Forex Market Updates & Commentary

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• EURUSD makes new highs, but comes off. 1.3192-96 looms above
• Durable Goods Orders Improve, Jobless Claims Rise Slightly
• Bobbys Corner-Open Market-January.26.2012
• JP Morgan’s Dimon says unraveling the Euro is a terrible thing
• UK CBI Realized Sales weaker than expected -22 vs -2
• EU’s Reding says Euro is strongest currency in the world
• Schaeuble doesn’t expect bank rescue fund to be used
• German GFK Consumer Climate
• 1-26 Economic Calendar
• USD/SGD breaks support @ 1.26528
• USDSGD Approaching 200day
• AUDJPY Hits Trendline
• South Korean GDP
• Japanese CSPI (y/y) 0.1%; better than expected.
• Thursday Forex Traders Course Lesson 13 w/ Greg Michalowski

EURUSD makes new highs, but comes off. 1.3192-96 looms above Posted: 26 Jan 2012 07:14 AM PST The EURUSD has extended to new highs as the rally off the FOMC easy policy continues to drive the market. However, the push above the days high was quickly rejected (high reached 1.3183.  Good resistance at the 1.3192-96 level may have been a contributor to the offers.  At the level, channel trendline resistance from the hourly chart and the daily chart gives the longs a reason to take profit. With the low to high range below the norm of 133 pips (94 pips so far) there is a chance for further gains. However, the above average range from yesterday of 226 pips is a reason for a breather today.  As a result, look for sellers on moves toward the upside resistance (with cautious stops above). On the downside, a move toward the 1.3147 is the first target followed by the 100 bar MA in the 5 minute chart below.

Durable Goods Orders Improve, Jobless Claims Rise Slightly Posted: 26 Jan 2012 05:40 AM PST Durable Goods Orders:   Survey:  2.0%    Actual: 3.0%    Prior: 3.8%  Revised: 4.3% Durables Ex Transportation:   Survey: 0.9%   Actual:  2.1%   Prior:  0.3%   Revised: 0.5% Jobless Claims:  Survey:  370K    Actual: 377K   Prior: 352K    Revised:  356K    Continuing Claims:  Survey: 3500K    Actual:  3554K    Revised: 3466K

Bobbys Corner-Open Market-January.26.2012 Posted: 26 Jan 2012 05:15 AM PST Good Morning: With the ongoing sage between the Greek government and private investors continuing-there have been reports of the private sector accepting a interest rate of less than 4%.  This is a major barrier that will now allow Grrece to seriously revamp their debt.  Greece has a 14 billion euro payment due in March-and without the help of the IMF or ECB-they will not be able to meet this deadline. This news pushed the EUR/USD pair into the mid 1.31 handle (1.3173). Italy sold 4.5 billion euro worth of 3 year notes-with the lowest yield since last August.  The yield was 3.763% versus 4.853 on the last 3 year note auction. Yesterday’s press conference by Fed Chairman Bernanke brought the possibility of a third round of QE to the markets if unemoloyment remains high-so I guess we will see more QE by the 3rd quarter of this year. He also talked about keeping interest rates low through 2014. Gold, Silver and Oil are all higher-as are equities and futures. HAVE A GREAT DAY & GOOD LUCK

JP Morgan’s Dimon says unraveling the Euro is a terrible thing Posted: 26 Jan 2012 03:14 AM PST * Greek default won’t take down the western world; no direct effect to U.S. banks * Europe situation not comparable to Lehman Bros.

UK CBI Realized Sales weaker than expected -22 vs -2 Posted: 26 Jan 2012 03:02 AM PST Gbp/Usd continues to trade either side of 1.5700.

EU’s Reding says Euro is strongest currency in the world Posted: 26 Jan 2012 01:19 AM PST Eur/usd trades at 1.3115.

Schaeuble doesn’t expect bank rescue fund to be used Posted: 26 Jan 2012 01:07 AM PST Eur/Usd currently trades at 1.3115.

German GFK Consumer Climate Posted: 25 Jan 2012 11:25 PM PST German GFK Consumer Climate came in at 5.9, stronger than the 5.6 expected and prior reading of 5.7. Eur/Usd initially traded higher, to 1.3130 on news and has since retreated to pre number level of 1.3115.

1-26 Economic Calendar Posted: 25 Jan 2012 08:54 PM PST

USD/SGD breaks support @ 1.26528 Posted: 25 Jan 2012 07:19 PM PST All week we have been noting support for the pair at 1.26528, but following Bernanke’s testimony towards the end of New York trading the USD took a hit causing the USD/SGD to break support at this level after finding resistance at the 100 hour moving average. From a daily perspective, the 1.2572 level currently being trading has shown the pair support towards the end of the summer. The next bearish target is the 200 day moving average coming in at 1.2532

USDSGD Approaching 200day Posted: 25 Jan 2012 07:14 PM PST The USDSGD pair has broken down the last few weeks and is approaching the 200day moving average where perhaps the pair and the USD can find some support against the risk out there (also at the 76.4%.)

AUDJPY Hits Trendline Posted: 25 Jan 2012 07:10 PM PST The AUDJPY play we have been looking at is at trendline resistance, a break higher could create a long-term trading opportunity.

South Korean GDP Posted: 25 Jan 2012 04:01 PM PST South Korean 4th quarter GDP came in slightly softer than expected, however the KRW received a bid against the USD, moving the USDKRW pair from 1129 to 1122. GDP (QoQ) – Survey:0.5%   Actual:0.4%   Prior:0.8% GDP (YoY) – Survey:3.5%   Actual:3.4%   Prior:3.5%

Japanese CSPI (y/y) 0.1%; better than expected. Posted: 25 Jan 2012 03:58 PM PST

Thursday Forex Traders Course Lesson 13 w/ Greg Michalowski Posted: 25 Jan 2012 01:41 PM PST Forex Traders Course Lesson 13 Part 2 with Greg Michalowski, Thursday 4:00PM (New York time) - Join us for Part 2 of using the technical tools available for Forex trading.   Register now

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