FXDD Weekend Forex Report
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THE GBPUSD marches on but runs into 2009 high target
The GBPUSD held the 1.6637 support (low 1.6643) and have marched on above the 1.6700 level. THE 1.6743 was the next target. This was the high price at the end of June. When the price reached this level back then, it sold off sharply – closing the day at 1.6457 for the day.
Today seems to be different. The high today reached 1.6731 which may be close to the top for today. The sharp decline does not seem likely, however.
The convincing move above the 1.6589 level today (high closing price for 2009) and the ability to hold the gains puts the upside certainly in focus going forward. However, expect to see the ascent slow down for a while, with sellers against the highs at 1.6731 and 1.6743 (2009 high).
Where can a correction go? With a move of 260 pips in 3 hours, a move down to 1.6632 area can not be ruled out (38.2% of the move higher). However, there should be some support against the 1.6684 level and 1.6661. If those levels can hold, this may lead to further buying back toward the high.
Note Fridays PMs can be full of all sorts of surprises, so watch these key levels.
July 31 2009 Midday Report
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Big movements in the Euro vs the US dollar. How will this affect your trading. Watch this video to find out. Special note: Greg Michalowski will be speaking in Las Vegas on Monday at 1pm at the Forex Traders Expo.
AUDUSD moves toward upside target
The dollar decline has led to a move higher in the AUDUSD. Higher industrial commodities like copper are also helping. Copper is up 4.25 to 260.65 today.
The upside resistance comes in at the 0.8380 level. A break higher brings into focus even higher levels with 85.18 the next target.
Watch for GBPUSD support at the 1.6637 level now
The 1.6637 level was a high price in June. Look for support against this level on the correction down. A move above 1.6661 should lead to further upside excitement.
USDJPY moved below our key support and sold off hard
The key 95.12 level in the USDJPY (200 day MA) was breached to the downside and the selling intensified. The price has moved through the 100 hour MA at 95.03 - it has fallen through the 200 hour MA at the 94.66 level. The low reached 94.49 so far.
Stops hit in GBPUSD above 1.6589
Market surges. Price tests 1.6637 level. The high price from June 11th . 1.6661 is the high from June 3rd. Support against the 1.6600 level now.
GBPUSD approaches 2009 high close price at 1.6589
The high close for 2009 is 1.6589. The GBPUSD is approaching the key level. I would expect sellers against the level with buyers on a break higher as the market eyes the 1.6600 and above tops reached in June. Those levels come in at 1.6600, 1.6638, 1.6661 and 1.6743 is the years high price.
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