FXDD Today and Tomorrow: Weekend Edition for July 6th to July 10th

FXDD Today and Tomorrow -Weekend Edition, combines end of day prices, a graphical preview of the major economic releases for the next week, and a Market Recap of the current days key activities in a concise one page format.  It is designed to be used through the trading day and also as a historical record for review. We hope you find it to be useful and helps you become more informed, so you can be a better trader. 

  FXDD Today and Tomorrow Weekend Edition (63.7 KiB, 135 hits)

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Greg Michalowski

Trading forex is risky and should only be done with risk capital that will not change your lifestyle. Traders could lose all of their risk capital trading forex. FXDD does not guarantee any recommendation made within this commentary. Traders should make market assessments and take trading positions based on their own personal market analysis, risk tolerance and financial condition. In addition, care should be…

July 3rd 2009 Forex Weekend Technical Commentary

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The FXDD NY Weekend Technical commentary is available for viewing.  In it, Greg Michalowski, looks at the major currency pairs from a technical perspective and on a longer term basis.

Have a great weekend and thank you for choosing FXDD.

Canadian Finance Minister on newswire

Canadian Finance Minister Flaherty is on the wires.  He has said the “CAD$ can appreciate as part of global realignment of currencies”.  The USDCAD has sold off on the comment (see chart above).

GBPUSD tests low closing level since June 10th

Since June 10th the low price on the above candlestick chart comes in at the 1.6187 level.  With the price at 1.6333 there is a ways to go before a test of the level occurs.

Note, however that although true, each time the price has moved lower since June 10th, the market has been able to bounce off the lows and close much higher on the day.  In fact the lowest closing level has been all the way up at 1.6317.  Conversely, the highest close is at 1.6589, well below the highs reached at 1.6620, 1.6661 and 1.6743 from the candlestick chart.

So from a traders perspective, when looking for market clues, a close below the 1.6317 level is somewhat significant.  In addition, the level may also provide support as well.    The low just reached in the GBPUSD - albeit in quiet trading - extended to 1.6309.  The market was only able…

GBPUSD breaks trendline support giving a potential bearish clue

The GBPUSD broke below trendline support yesterday and has been able to stay below the level today.  The trendline has provided support on 4 separate occasions during GBPUSD’s move higher from the April 22nd low of 1.4396 to the high reached June 30th at 1.6743 (see chart above). 

The trendline was broken at the 1.6435 level yesterday. Today the trendline comes in at around the 1.6460 level.  Should momentum continue to the downside, the longer term target could extend down to 1.5846 initially.  Note, however, that progression down, must overcome hurdles including the low floor that has contained the downside at the 1.6187 to 1.6200 level (see daily chart above).  That level has been a rock.  In fact the low close since June 15th has been 1.6317  suggesting good support at any level in the 1.6200 region. 

On the hourly chart, the pair broke below the 200 hour moving average at the 1.6452 level. …

July 3rd FXDD Morning Forex Report

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Greg Michalowski looks at the major currency pairs and gives an assessment of what traders should look for in today’s trade.  Included in his analysis are the EURUSD, the GBPUSD and the AUDUSD along with others.  To watch the report click on the video below.

SNB Hildebrand comments and fear of intervention help USDCHF/EURCHF rebound

SNBs Hildebrand commented that the global economy was no longer in a free fall.  However, he warned that the Swiss economy could be slower than other regions.   Later some worries about possible intervention was enough to scare the pairs higher in Europe trade.

The USDCHF has had an down and up day. The high for the day was reached in the 1st hour of trading reaching 1.0896.  From that level, the market, followed the market (i.e. selling dollars) and the move down took the pair toward the 200 hour MA.  Both the 200 and 100 hour MA are moving sideways suggesting a neutral market.  Yesterday in the NY the market did use the 100 hour moving average as support, however. 

In the EURCHF, the action has been largely to the upside.  In our evening commentary last night, we warned of the risk of intervention since the pair had moved below the midpoint…

EURUSD moves down overnight but rebounds

The EURUSD had a late sharp move down at the start of  the new trading day, moving through the next target support level at the 1.3974 level, on its way to the 61.8% retracement support at the 1.3921 (low reached 1.3928 - see chart above).  The market started to rebound from the key technical support level.  EUROZONE PMI Services came out at 44.7, slightly higher than expectations at 44.5, but Retail Sales for the region fell by a greater than expected -0.4% for the month. Later some rumblings about Russia’s interest in discussing reserve currency ideas at the next G8 summit next week, reminded the market about that risk and helped the dollar bear sentiment. 

The pair corrected up toward the 200 hour moving average at the 1.4035 level (high reached 1.4027).  The moving average contained the upside moves in the NY session yesterday as well.  Currently, the moving average is at…

Bobbys Corner-Open Markets-July 3, 2009

Good Morning:

The dollar headed for a weekly gain-as speculation throughout the markets increased that the worldwide economic recovery is faltering-thus boosting demand for the greenback.

Asian and European equity markets-as lower commodity prices.  US markets are closed for the July 4th holiday.

HAVE A GREAT DAY-GREAT WEEKEND & GOOD LUCK
for those in the US- HAVE A HAPPY JULY 4TH holiday.

UK PMI Services and Housing Equity Withdrawl

Uk PMI Services came in at 51.6, weaker than the 51.8 expected. Housing Equity Withdrawl came in at -8.1B , better than the -8.9B that was expected.

Gbp/Usd trading at low end of session range at 1.6342.

Sterling giving back gains

Gbp/Usd is retracing from earlier highs on concerns the APF would be increased from the £125B level

- Dealers noting that there are certainly encouraging signs of a U.K. economic recovery

- Credit conditions remain tight

- Little evidence the Asset Purchase Facility has yet had an impact.

Gbp/Usd currently trading at 1.6345, Gbp/Jpy at 156.90 and Eur/Gbp at .8562

Euro-Zone Final Services PMI

Euro-Zone Final Services PMI came in at 44.7 , slightly better than the 44.5 forecasted and prior reading of 44.5.

Eur/Usd got a small lift off of news , trading 10 pips higher at 1.4012.

Swiss CPI

Swiss CPI m/m came in at 0.2% , better than the 0.1% expected. Y/y came in at -1.0%, better than the -1.1% expected.

Usd/Chf and Eur/Chf relatively unchanged trading at 1.0840 and 1.5190 respectively.