Forex News “FXDD Today” gives a recap of today and preview of tomorrow (Nov 27th)
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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 made to only use leverage which is congruent with your personal risk tolerance. Although care was taken in creating this report, FXDD does not guarantee the accuracy of the information
Forex News NZD Trade Balance Out at -942M
Forecast -1000M
Previous -1183M
Actual -942M
Forex News Preview: Asian Session November 26th
1st Number Denotes Forecast
Second Prior
Forex Trading USDCHF finds the resistance at 50% and 100 hour moving average
The USDCHF found that the 50% retracement level and the 100 hour moving average was too much to push through – at least for now. The pair has moved lower off the levels which come in at 1.2074 and 1.2063 respectively.
Forex Trading EURUSD tests 38.2% retracement. Looks toward the midpoint and 200 hour moving average below
The EURUSD is testing the 38.2% retracement level of the recent move higher at 1.2830 A break of this level has the next support come in against the midpoint of the same move and the 200 hour moving average. That level comes in at the 1.2751 level (see chart above).
Forex News ECBs Weber on the wires
- CAN’T SAY WHEN CRISIS WILL END
- GERMAN ECONOMY LIKELY TO CONTRACT NEXT YEAR
- GERMAN INFLATION WILL INCREASE IN 2009
- NO SIGNS OF CREDIT CRUNCH IN GERMANY
- BENEFITS OF EURO’S DECLINE SHOWING WITH A LAG
- GERMAN ECONOMY LIKELY TO CONTRACT IN 4Q 2008
- EXPECTS GERMAN ECONOMY TO CONTRACT IN 2H 2008
- GERMAN ECONOMIC OUTLOOK GOT WORSE RECENTLY
- EASING INFLATION GIVES ECB SUFFICIENT ROOM TO MOVE
- ECB WILL MAKE USE OF ROOM TO MOVE ON INTEREST RATES
- INFLATION MAY DROP SIGNIFICANTLY BELOW 2% NEXT YEAR
- EXPECTS SIGNIFCANT DROP IN EUR0-AREA INFLATION RATE
- WORLD ECONOMIC OUTLOOK WORSENED CONSIDERABLY
Forex Trading USDCHF continues the trend day higher
The USDCHF has continued its move higher on the day. The pair has been rallying from the open of trading today and has been able to continually make new higher highs and new higher lows. This is positive for the pair going forward until that point where lower highs and lower lows are made. The pair is testing the 38.2% retracement of the recent move lower at the 1.2009 area. A break will target a test of the 200 hour moving average at the 1.2043 level and above that the 50% retracement level which is at 1.2063.
Forex Trading As the EURUSD gets hit, the EURGBP gets hit as well
EURGBP helped push the EURUSD down as well. The pair fell sharply at the same time the EURUSD moved sharply lower. The EURGBP overall has been moving in a volatile fashion up and down. The 100 and 200 hour moving average (blue and green lines in the chart) have converged suggesting consolidation phase for the currency pair.
Nevertheless, the move down is material as it could lead to a new trend to the downside. However, the lows on November 20th at 0.8339 will need to broken to confirm that the consolidation is over and a new move lower is in the cards. Otherwise, we will likely see buyers come in on the dips and sellers on the rallies.
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