Market moves sharply lower in EURUSD and GBPUSD.
Unbelievable.
Source: Forex News and Commentary by FXDD
Date: 9 February 2010, 12:42 pm
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Source: Forex News and Commentary by FXDD
Date: 9 February 2010, 12:30 pm
EURUSD
The EURUSD has 200 hour MA at the 1.3841 level. A break clears the way for a move to 1.3858 and then 1.3965.
GBPUSD
GBPUSD has support at 1.5710 where 100 hour MA is found and resistance at 1.5737 where 38.2% is found. Longer term, a break higher could see the price move toward the 1.5864 level where the 200 hour MA is found (green line in the hourly chart above). Looking at the daily chart, the 38.2% retracement of the last move down which comes in at 1.5886.
USDJPY
Resistance at 89.78. Support at the 38.2% retracement level at the 89.58.
Source: Forex News and Commentary by FXDD
Date: 9 February 2010, 12:26 pm
The 1.5689 level is the 38.2% retracement level of the 2009 high to low range. The 1.5706 level is the low from October 2009. The market should find resistance against these levels. However, of more significance may be the break of the range that has put a strangle on the GBPUSD for the last two days. The highover that period should now be support at the 1.5658 area.
Source: Forex News and Commentary by FXDD
Date: 9 February 2010, 12:01 pm
A comment by a German official regarding support for Greece has sent the EURUSD sharply higher and the dollar lower as funds flow back into the risk currency pairs including the USD and JPY.
The EURUSD moved back above the 100 hour MA at the 1.3743 and held the level on a correction lower. The low price came down to 1.3751. The pair is now up testing the 1.3800 level which is the midpoint of the 2009 low to high trading range.
A break could see the price move up to test the 200 hour MA at the 1.3843 level.
Source: Forex News and Commentary by FXDD
Date: 9 February 2010, 11:52 am
Eurozone officials have agreed in principal to help the Greece according to a senior German coalition source. The most likely source of help would be bi-lateral help.
The support would be given on the back of clear budget cutting initiatives.
Source: Forex News and Commentary by FXDD
Date: 9 February 2010, 11:35 am
The currently level comes in at 0.8709.
Source: Forex News and Commentary by FXDD
Date: 9 February 2010, 11:21 am
Due to the snowstorm which is wacking the east coast, the Bernanke testimony has been postponed tomorrow.
Source: Forex News and Commentary by FXDD
Date: 9 February 2010, 11:15 am
The GBPUSD has moved down to the midpoint of the two day range as the pair continues its up and down consolidation. The 100 and 200 bar MA on the 5 minute chart are converged at the 1.5604 level and these levels are also being tested. A break lower should target the low of the range. Needless to say, a breakout is still eyed. The longer the market non-trends the better the chance for a break.
This last fall is being attributed to a Fitch comment on the newswires which says the risk for sovereign funding costs for the UK are on the upside and the UK is the most vulnerable of the AAA sovereigns.
Source: Forex News and Commentary by FXDD
Date: 9 February 2010, 10:58 am
The USDCHF has stepped lower today using the 100 bar MA on the 5 minute chart as a level to sell against (see blue line in the chart above). The current level comes in at the 1.0684 level and this level will be watched - especially since the price has had a higher high off the low for the day at the 1.0655 level (last lows found buyers at 1.0662).
Keeping the pairs bias down is also the 100 hour MA. The last step down took the pair below this moving average level at the 1.0679 level currently. This the first move below since February 3rd. On that day, the price dipped to the 200 hour MA and bounced sharply higher.
As long as the price can remain below these key technical levels, the price bias remains to the downside. However, watch the 1.0662 level (last low on the 5 minute chart and double bottom). A move below this level is needed to keep the bears in charge and the dip buyers worried.
Source: Forex News and Commentary by FXDD
Date: 9 February 2010, 10:35 am
Including:
Source: Forex News and Commentary by FXDD
Date: 9 February 2010, 10:28 am
Sales rise by an equal 0.8%. The Stocks/Sales ratio falls to 1.12 months from 1.14 months
IBD/TIPP Investor Confidence falls to 46.8 from 48.8 in January. Less than expectations.
Source: Forex News and Commentary by FXDD
Date: 9 February 2010, 10:02 am
Comments from RBA Stevens earlier today whereby he commented that rates may need to be raised to stop bubbles, sent the AUDUSD higher today. The price was able to push above the 100 hour MA (currently at 0.8714) in the NY session, but has come off a bit as the dollar corrects on the EU/Greece on again/off again rollercoaster (see Nowotney Comment). From a technical perspective, however, as long as the price remains above the 100 hour MA, the targets above are the 61.8 of the move down from the Feb 3rd high at the 0.8787 and the 200 hour MA at the 0.8800 level currently. There is also consolidation lows at this area from February 4th which should act as profit taking resistance.
Looking at the longer term daily chart, the price has also moved above the low from December which came in at the 0.8733 level today. Watch this level today. If the price can remain above this level it could lead to a springboard to the upside. The 38.2% retracement of the move down from the January high at 0.9328 comes in at the 0.8864. This would be another upside target as long as the support levels outlined above are maintained *(0.8733 and 0.8712). Be aware.
Source: Forex News and Commentary by FXDD
Date: 9 February 2010, 9:32 am
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Source: Forex News and Commentary by FXDD
Date: 9 February 2010, 9:30 am
Says ECB has a strict no bailout clause. As a result, Greece will have to bail themselves out. The EURUSD is coming under some pressure as a result of the announcement. A break below the 1.3744, the old high from the day is needed and should pressure the pair further. If the pair can not move below, the bias up should be maintained.
Source: Forex News and Commentary by FXDD
Date: 9 February 2010, 8:24 am