Forex Market Updates & Commentary

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• The FXDD Weekend Forex Commentary
• Week ahead in Forex Trading webinar this Monday at 4:00PM
• CFTC says net EUR short position fell to 23 bln.
• EURJPY dips back below 100 day MA and Fibo retracement hurdle
• Bernanke downbeat on housing in comments
• EURGBP corrects 50% of move down. GBPUSD finds profit takers against the weeks lows
• EURUSD pausing near key support. Tension.

The FXDD Weekend Forex Commentary Posted: 10 Feb 2012 01:04 PM PST

Week ahead in Forex Trading webinar this Monday at 4:00PM Posted: 10 Feb 2012 12:55 PM PST Week ahead in Forex Trading webinar this Monday at 4:00PM with Greg Michalowski and Shawn Powell from FXDD – Register now

CFTC says net EUR short position fell to 23 bln. Posted: 10 Feb 2012 12:35 PM PST This is a decrease of 10% from last week.

EURJPY dips back below 100 day MA and Fibo retracement hurdle Posted: 10 Feb 2012 09:40 AM PST The EURJPY today has triggered a correction wave for the pair after a week long rally. The price moved and closed above the 100 day MA yesterday for the 1st time since October 28th 2011, but has dipped back below the MA level (at 102.867) .  The move down todya has also moved below the 38.2% Fibo level (this was also broken yesterday) at the 102.546 level. On the hourly chart below the price dipped below the trendline support as well (see chart below). The next key target on the downside is the 38.2% and 100 hour MA at the 101.96 level.  This should be a key support level for the pair.  A break below would open the pair for further corrective momentum. Holding the level, keeps the bias positive despite the disappointment on the daily.

Bernanke downbeat on housing in comments Posted: 10 Feb 2012 09:33 AM PST Housing remains out of synch Tight mortage wont be eased quickly nor easily Serious imbalances in houseing Housing may no longer be considered a secure investment Foreclosure rate likely to continue Fed has a keen interest in the housing market.

EURGBP corrects 50% of move down. GBPUSD finds profit takers against the weeks lows Posted: 10 Feb 2012 07:59 AM PST The EURGBP found good support against the 38.2%  and 100 hour MA  earlier today at the  0.8348-50 area.  The price has sicne pushed quickly higher and tested the midpoint of that move down a 0.8377.  Now what?  Sellers have come in against the level and pushed the EURGBPU back down. In conjunction with that move the GBPUSD has seemed to have found some support against the low for the week at the 1.5729 level. The GBPUSD has moved back into the range that the pair stayed in from mid November to February, so that is a disappointment. This will likely lead to sellers on rallies toward the 1.5765 (low from earlier today) to 1.5778 (38.2% of the move down – see chart below)  area today.

EURUSD pausing near key support. Tension. Posted: 10 Feb 2012 07:32 AM PST The pair has moved down and in NY but has started to find support against the 200 hour and 50% of the weeks range. The last dip down stopped at 1.3173 increasing the importance of the level.  On the topside, the 38.2% of the move down in NY comes in at the 1.32049 level and this price will be eyed closely by market traders on a test. I feel a tension in the market and it seems another move is forthcoming.

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