Forex Market Updates & Commentary |  |
- Forex Morning Report - March 8
- EURUSD makes the break to the upside and looks to test 1.3691
- GBPUSD contained in early NY trading
- EURUSD trading around the 1.3654 level
- Canada Housing Starts better than expected at 196.7
- Bobbys Corner-Open Market-March.8.2010
- Canada Housing Starts due at 8:15 AM
- The March 8th 2010 NY Opening Forex Commentary is available for viewing
- German Industrial Production m/m
- Sentix Investor Confidence
- Swiss Retail Sales y/y
- Swiss Unemployment
- 3-8 Economic Calendar
- Economy Watchers Sentiment
- Greece weekend update
| Forex Morning Report - March 8 Posted: 08 Mar 2010 06:30 AM PST Click here to view the embedded video. Next Trading Class Tuesday 4pm - Register Now |
| EURUSD makes the break to the upside and looks to test 1.3691 Posted: 08 Mar 2010 06:28 AM PST The EURUSD has made a break to the upside, moving above the converged 100 and 200 bar MAs on the 5 minute chart and extended toward the 1.3691 level. This level was the high from February 23rd and was an area of resistance in early trade today. We should see some selling against the level. However a break will look to target the high for the day at the 1.3704 level. ABove that is the high from last week at the 1.3735. On the downside, look for support against the 100 and 200 bar MA on the 5 minute chart at the 1.3665 level and the 1.3654. A move back below these levels muddies the upside/bullish trading momentum for the intraday. |
| GBPUSD contained in early NY trading Posted: 08 Mar 2010 05:55 AM PST The GBPUSD has been in a fairly narrow trading range during the NY session. The price remains below the 100 and 200 bar MA on the 5 minute chart at the 1.5155 level. In the early NY session the price moved up to test these two moving averages but fell short. The 1.5138 level is also a key level to watch today. This is the 200 hour MA (green line in the hourly chart). If the price can remain above this level a further momentum move could be in store for the day. As a reminder, on the topside remains the gap from the Feb 26th to March 1st weekend gap. The gap is between the 1.5202-1.5236 level. The high today reached 1.5194. If the market is able to keep the bullish bias (i.e. above 100 and 200 bar MA levels in above the 200 hour MA), this would be a target to fill. |
| EURUSD trading around the 1.3654 level Posted: 08 Mar 2010 05:34 AM PST The EURUSD moved up to test the 100 and 200 bar MA on the 5 minute chart in early NY trading at the 1.3666 level. The price has also the 1.3654 level to contend with on the downside as NY early trade is stymied. The 1.3654 level has been a level of support and resistance on the hourly chart over the last 3 week consolidation period (see the chart below). A move below should solicit some selling interest with the 1.3638 being the next support level (38.2% of the move up from Friday’s low). Below that level is 1.3617 (see chart above). |
| Canada Housing Starts better than expected at 196.7 Posted: 08 Mar 2010 05:19 AM PST The expectations was 190.0K. The USDCAD has dipped below the floor at 1.0259 but not by much. Watch the level. A bounce back above the floor support may solicit some modest short covering for the pair but a move above the converged 100 and 200 bar MA on the 5 minute chart (Blue and Green lines in the chart above) will be needed to solicit any potential for further upside momentum for the pair (see chart above). |
| Bobbys Corner-Open Market-March.8.2010 Posted: 08 Mar 2010 05:16 AM PST  Good Morning: Speculation that the wealthier European nations would rescue Greece, which would reduce the risk of debt default throughout Europe (especially the southern Europe) , helped boost the Euro in overnight trading. The Euro was also helped by French President Sarkozy-as he said that the regions nations are “ready” to help Greece. There are 2 different trains of thought regarding the Greek debt problem. The first is that the markets are comfortable with the Greek problem-and that Greece’s problems will not spill over to other countries like Spain or Portugal. The other thought is that the Greek debt crisis risks the future of the Euro. On another note-Dubai World is asking creditors to wait again for payment. Bankers familiar with the Dubai talks say that investors may be repaid in full, and receive a government guarantee if they are will ing to wait for thier money World equity markets are higher, and US Futures are higher this morning also. Oil:$81.89 Gold:$1135.80 No Major Data today. HAVE A GREAT DAY & GOOD LUCK |
| Canada Housing Starts due at 8:15 AM Posted: 08 Mar 2010 05:10 AM PST The Canada Housing Starts will be released at 8:15 AM with expectations fo a 190K gain. The USDCAD is testing floor support at the 1.0259 level. There have been a number of bottoms at the level. A break below will target the 1.0223 and 1.0207 levels for the pair which are the lows from January 14th 2010 and October 15th, 2009 |
| The March 8th 2010 NY Opening Forex Commentary is available for viewing Posted: 08 Mar 2010 04:30 AM PST |
| German Industrial Production m/m Posted: 08 Mar 2010 03:05 AM PST German January industrial output was 0.6%; worse than it’s forecast of 1.1%, but better than its previous reading of -2.6%. Also, construction output was -14.3% and energy output was 8.8% for the month. |
| Posted: 08 Mar 2010 01:35 AM PST Euro-zone sentix investor confidence, which surveys about 2,800 investors and analysts, was -7.5; better than the -8.0 forecast and -8,2 prior reading. |
| Posted: 08 Mar 2010 12:20 AM PST The CHF broke through the 1.0700 level after the release of better than expected Swiss retail sales which read 4.4% for January; the survey was 2.4% and the last reading was 4.7%. |
| Posted: 07 Mar 2010 10:53 PM PST The CHF pairs showed a limited reaction to the Swiss unemployment rate, which came in at 4.1%; in line with both it’s forecast and prior release. |
| Posted: 07 Mar 2010 10:10 PM PST |
| Posted: 07 Mar 2010 09:03 PM PST The market showed little movement to a better than expected Economy Watchers Sentiment out of Japan which came in at 42.1 versus it’s forecast of 40.2 and prior reading of 38.8. |
| Posted: 07 Mar 2010 12:22 PM PST French President Nicolas Sarkozy has come to the verbal support of Greece saying euro zone countries would help it overcome its financial problems. He also promised a crackdown on financial speculators who Greek Prime Minister George Papandreou blames for its woes and higher borrowing costs. Greece enacted additional austerity measures to the tune of 4.8 billon Euros last week to help cut the budget deficit which had the countries debt ratings in peril. The measures included spending cuts and increases in taxes could cause civil unrest in the country. The situation is likely to stay front page news and should continue to keep trading in the EURUSD choppy. |
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