Forex Market Updates & Commentary |  |
- FOREX TRADERS COURSE Thursday at 4:00PM with Greg Michalowski
- EURJPY finds some upside resistance against 38.2% retracement
- Fitch’s Riley says unsure if Portugal needs another bailout
- Construction Spending and ISM Prices Paid Move Higher, Manufacturing Lower
- ISM Manufacturing due out at 10 AM. Last months components for comparison
- State of California Treasury official says CA may borrow up to 1 billion
- White House announces refinancing plan
- ItaFitch’s Riley says Greece will default
- ECB role in Greek bailout has been discussed this wk: Sources
- Ford US sales up 7.4% vs 9.5% expectations.
- GBPUSD consolidates, then surges to highest level since Nov 2011
- EURUSD trends higher. Runs into trendline resistance
- Feds Plosser did not back 2014 pledge on interest rates
- US ISM Manufacturing and Prices Paid Data Alongside Construction Spending Due at 10AM
- Better PMI data in China/Europe send the dollar lower
| FOREX TRADERS COURSE Thursday at 4:00PM with Greg Michalowski Posted: 01 Feb 2012 07:38 AM PST
Traders Course Lesson 14 at 4:00PM TODAY with Greg Michalowski and Shawn Powell. The topic is Using Trend lines effectively in your Forex Trading: Part 2 |
| EURJPY finds some upside resistance against 38.2% retracement Posted: 01 Feb 2012 07:30 AM PST
Like a lot of pair, the EURJPY has reversed some of the declines from yesterday. The price has moved above channel resistance and moved to the 38.2% of the move down from the January 26th high to the low today (at 100.363 see chart above). The price moved above that level but has not been able to close above this level today. ON a move above be aware that the 100 and 200 hour MA are converged at the 100.63 level. I would expect good resistance at the level. On the downside the 99.95 level is the underside of the trendline. Look for support on dips toward that area. |
| Fitch’s Riley says unsure if Portugal needs another bailout Posted: 01 Feb 2012 07:12 AM PST
EURUSD pops on the headline. The Portuguese debt has been hit recently on the back of worries about their fiscal health |
| Construction Spending and ISM Prices Paid Move Higher, Manufacturing Lower Posted: 01 Feb 2012 07:01 AM PST ISM Manufacturing: Survey: 54.5 Actual: 54.1 Prior: 53.9 Jan vs Dec Breakdown ISM Prices Paid: Survey: 50.0 Actual: 55.5 Prior: 47.5 Construction Spending: Survey: 0.5% Actual: 1.5% Prior: 1.2% Revised: 0.4%
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| ISM Manufacturing due out at 10 AM. Last months components for comparison Posted: 01 Feb 2012 06:57 AM PST Prices paid 47.5 |
| State of California Treasury official says CA may borrow up to 1 billion Posted: 01 Feb 2012 06:53 AM PST …to avert a cash shortfall. Earlier today, the LA Times was reported as saying that CA faced a cash shortfall of up to 3.3 billion by March |
| White House announces refinancing plan Posted: 01 Feb 2012 06:45 AM PST Would be open to borrowers whose loans are current for the last 6 months, miss no more than 1 payment, and programme would only be open to single family owner occupied properties |
| ItaFitch’s Riley says Greece will default Posted: 01 Feb 2012 06:43 AM PST
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| ECB role in Greek bailout has been discussed this wk: Sources Posted: 01 Feb 2012 06:41 AM PST |
| Ford US sales up 7.4% vs 9.5% expectations. Posted: 01 Feb 2012 06:33 AM PST US data coming out a bit weaker today so far. Construction spending (est +0.5%) and ISM (54.5 est) due 10 AM |
| GBPUSD consolidates, then surges to highest level since Nov 2011 Posted: 01 Feb 2012 06:22 AM PST
The GBPUSD has been contained on the topside over the last 2 to 2 1/2 months of trading. Yesterday a play was made to extend higher but failed. Today, the move has pushed above the 1.5778 level after consolidating in a narrow range for much of the trading day (see chart above). Better UK PMI helped push the pair higher. The price has since moved to a high of 1.5866. The high print going back to November 18th came in at 1.5886. The 1.5886 will be the next target above. Other upside targets include the 1.5924 (50 % of the move down from August 2010 high) and the 200 day MA at the 1.5953 level (see daily chart below). On the downside, intraday traders will take clues from the 38.2 of the last leg higher today which comes in at the 1.5819 level (see above). Below that the high from yesterday at 1.5795 should hold support if the break is not a failed one.
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| EURUSD trends higher. Runs into trendline resistance Posted: 01 Feb 2012 05:55 AM PST
The EURUSD has trended higher today after trending lower for most of yesterday. The move higher today has two legs. The last leg higher has corrected to the 38.2% after testing the topside channel trendline. The high also corresponded with the topside trendline connecting the highs over the last three trading days (see hourly chart below). Sellers/profit takers were more than happy to sell against this level with risk so clearly defined and limited. A move below the 38.2% at the 1.3168 area will likely lead to a test of the lower channel trendline at the 1.3156 level currently (see chart above). The earlier high for the day at 1.3151 will also be a target to breach on the downside if the bears are going to wrestle some more control from the bulls.
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| Feds Plosser did not back 2014 pledge on interest rates Posted: 01 Feb 2012 05:48 AM PST
I personally have to agree with Plosser. Setting a date every month is simply painting yourself in a corner. There is a boat load of stimulus and if the economy does pick up, inflation could jump rather quickly. The Fed will likely be late to the game as they worry about their credibility from their date. |
| US ISM Manufacturing and Prices Paid Data Alongside Construction Spending Due at 10AM Posted: 01 Feb 2012 05:36 AM PST
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| Better PMI data in China/Europe send the dollar lower Posted: 01 Feb 2012 05:18 AM PST
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