Forex Market Updates & Commentary |  |
- USDCAD moves toward 100 hour MA
- NZDJPY falls below 200 hour MA
- The Forex Week Ahead
- FXDD TRADERS COURSE This Tuesday at 4:00PM edt.
- Week ahead in Forex Trading starting now with Greg and Shawn
- FXDD MASTERS LIVE Santa Clara, California March 17 2012
- GBPUSD tests 50% of 2012 range and fails
- EURUSD falls below 100 and 200 bar MA intraday chart in quiet trading day
- Dollar rises against most currencies as NY enters. Weaker China Trade send AUDUSD down
- Bobbys Corner-Open Market-March.12.2012
- German Feb. wholesale price index up 1.0% vs. 1.1% expected
- Japan household confidence 39.5 vs. 40.8 expected
- 3-12 Economic Calendar
- Japan Fin. Min Azumi speaks in Parliament
- Yuan reference rate declines most since August 2012: 6.3282 against the USD.
| USDCAD moves toward 100 hour MA Posted: 12 Mar 2012 07:36 AM PDT
The USDCAD has broken above the 200 hour MA and is heading up toward the 100 hour MA as it enters back in between the “goal posts” as defined by the 100 and 200 hour MAs. The 100 hour MA comes in at the 0.9951 level. Just before that level is the 0.9947 level where the 50% of the move down from last Wednesday’s high to the low on Friday comes in. I would expect sellers against the level on the first test, with stops on a break higher. Look for support at 0.9924-29 now (200 hour MA and 38.2% retracement) |
| NZDJPY falls below 200 hour MA Posted: 12 Mar 2012 07:22 AM PDT
The NZDJPY has fallen below the 200 hour MA after spending most of the last few days above the flattening moving average. The move above the 200 hour MA (at 67.14) on Thursday should have led to further upside momentum – and it did – but that momentum could not be sustained and the move below the level has taken some of the bullishness away from the bulls. Traders will be watching the 200 hour MA today to see if the sellers have the strength to stay in charge. That strength will be reflected in a subsequent move below the 38.2% of the move up from last week (at 66.92) and then the 100 hour MA at the 66.745 level currently.
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| Posted: 12 Mar 2012 07:15 AM PDT
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| FXDD TRADERS COURSE This Tuesday at 4:00PM edt. Posted: 12 Mar 2012 06:54 AM PDT
FXDD TRADERS COURSE – Tuesday Course this Tuesday at 4:00PM with FXDD’s Greg Michalowski and Shawn Powell – Register now |
| Week ahead in Forex Trading starting now with Greg and Shawn Posted: 12 Mar 2012 06:23 AM PDT Week ahead in Forex Trading starting now with Greg and Shawn – Join us now https://www1.gotomeeting.com/register/996866784 |
| FXDD MASTERS LIVE Santa Clara, California March 17 2012 Posted: 12 Mar 2012 06:00 AM PDT
FXDD MASTERS LIVE Santa Clara, California March 17 2012- Free all day training with Greg Michalowski, James Chen and Shawn Powell. Get all the details and registration information at www.fxddmasterslive.com |
| GBPUSD tests 50% of 2012 range and fails Posted: 12 Mar 2012 05:53 AM PDT
The GBPUSD tested the 50% of the move up from the 2012 low and failed on a break at the 1.5611. The failure may give the profit taking buyers more confidence in buying a dip as risk is limited. The key topside resistance comes in at the 1.5695/1.5700 level. This is where the 100 day MA and where the 38.2% of the 2012 range was broken. Before that level, a move above the 1.5642 corrective high off the inital low today, will be needed to be broken to give the bulls/profit takers, some added buying incentive.
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| EURUSD falls below 100 and 200 bar MA intraday chart in quiet trading day Posted: 12 Mar 2012 05:42 AM PDT
The EURUSD has fallen below trendline and the 100 and 200 bar MA on the 5 minute intraday chart at 1.3105 currently, but action remains choppy in early NY trade. The range today is a narrow 57 pips today for the pair after the trend move down after the better than expected NFP report on Friday. The range has the possibility of being extended (the narrowest range for 2012 so far has been 57 pips). The 20 day average range for the pair is 120 pips. The Asian high came in at 1.3123 level and will be a level to watch on the topside for upside clues. The 1.3136 level is the 38.2% of the move down from the NY high on Friday. On the downside, the 1.3095 low from Friday (and also Wednesday’s low) will be needed to be breached to keep the pressure on for the pair.
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| Dollar rises against most currencies as NY enters. Weaker China Trade send AUDUSD down Posted: 12 Mar 2012 05:25 AM PDT
The dollar is opening with modest gains against most currencies on the first day ofthe better than expected US employment report on Friday (the USDJPY being an expception). In news over the weekend, China announced the largest trade deficit since 1989. The European turmoil is being cited for the decline as exports rose by a less than expected 18.4%(exp +31.1%) from last year while imports increased by 39.6% (vs +31.8 exp). The total deficit came in at -31.48 billion (vs estimates of -5.35 billion) . The numbers may be a bit distorted however, because of the Lunar New Year holiday which was in January this year (Feb last year). Nevertheless, the weakness may lead to further easing down the road with a lowering of the reserve requirement and weaken the currency. Last week growth was lowered in China. The news sent the AUDUSD to its lowest level since January 25th 2011 and looks toward the 38.2% of the move up from the December low at the 1.0474 level. In other news out of Asian Japan Machine orders increased by a greater than expected 3.4% vs 2.3% expected while consumer confidence fell to 39.5 vs expectations of 40.5. The Yen got stronger and gave back some of the USDJPY gains following last weeks stronger than expected US Unemployment report. The report of a 227k gain in jobs (and revision to the previous month to 285k from 257K) sent the USDJPY to the highest level since April 27th 2011. In the Eurozone, the finance ministers will be meeting to discuss the distribution of the next tranche for Greece and also to review the budget process Portugal and Spain, the other weak sisters in the EU. Greece used the Collective Action Clause (or CAC) to force bondholders to accept the haircut on bond holdings by private sector investors. This has led to a credit event which is estimated to be $3 billion in the Credit Default Swap market. The ECB/EU and other central bankers will be hoping that a contagion does not spread to those nations and lead to any further credit events that could lead to the house of cards coming tumbling down. |
| Bobbys Corner-Open Market-March.12.2012 Posted: 12 Mar 2012 05:15 AM PDT
Looks like a quiet start to the week-with the US economic calender bare for today. Last week brought us the news that Greece will get the needed funds to stave off a default on March 20. So for the time being the risk of default is off the table. Greece has a bond payment of 14.5 billion euros due next week. On Tuesday, the Republican Presidential primary season keeps going-with the candidates heading down South. Commodity markets are lower-with gold, silver and oil leading the way. Asian equity markets were mixed-while Europe is lower-as are US Futures. HAVE A GREAT DAY & GOOD LUCK |
| German Feb. wholesale price index up 1.0% vs. 1.1% expected Posted: 12 Mar 2012 12:02 AM PDT Eur/Usd off about 10 pips to 1.3101. |
| Japan household confidence 39.5 vs. 40.8 expected Posted: 11 Mar 2012 10:20 PM PDT usd/Jpy off about 10 points to 82.28 since release. |
| Posted: 11 Mar 2012 08:24 PM PDT
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| Japan Fin. Min Azumi speaks in Parliament Posted: 11 Mar 2012 07:28 PM PDT
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| Yuan reference rate declines most since August 2012: 6.3282 against the USD. Posted: 11 Mar 2012 07:25 PM PDT |
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