USDJPY rebounds off support. Watching intraday resistance levels

The 100 and  200 bar MA comes in at 90.22 and 90.26 on the 5 minute chart.  The 100 day MA comes in at 90.24 (CLICK HERE TO SEE PRIOR POST).  These levels should attract sellers, with stops on a move above the 90.36 level for the pair (see chart above).   The stock market is opening up but marginally.  There are some good earnings reports which have helped a bit.  This has offset the weaker economic data released earlier.  If the level holds  a move back to test the 100 hour MA at 89.92 may be in the cards for the pair.

USDCAD watching 100 hour MA now, after 100 day MA was tested below and held

The 100 day MA in the USDCAD was tested this morning at 1.0565 (low extended to 1.0554 but bounced). The price is now up testing the 100 hour MA at 1.0597.  Watch this level and look for initial sellers against the level.  The pair will need to move back below 1.0585 to solicit another test of the 1.0565 level.  However, a move above should lead to further upside move in the pair.  The 1.6011 level is a key level to get through on a break back higher.   The pair is at a key level.  Be on alert.

Jobless Claims are worse than expected. Durable Goods mixed. USDJPY gets hit to support.

The Jobless claims fell to 470K but was higher than expectation at 450K

The Durable Goods came in at +0.3 which was less than expected (+2.0%) but ex Transportation came out better at +0.9% vs expectations of +0.5%.

USDJPY and Yen crosses have fallen on the higher jobless claims numbers and has moved the pair below the 90.00 level. Yesterdays 5 PM close came in at 89.98.    There is also support against the 100 hour MA at 89.93 (see chart above – blue line). The price is finding buyers against this key level as it is a low risk trade for them.  Stops are likely on a move below the level.

On the topside there is resistance at 90.17 now.  Also above is the 100 day MA at the 90.24 level and earlier today we created at triple top at 90.55 which will be a key level to watch going forward should the market move above the other resistance levels.

GBPUSD watching support at intraday MA levels at 1.6232/34

The GBPUSD has been tracking the 100 bar MA on the 5 minute chart currently at the 1.6232 level.  At the ares is also the 200 hour MA which is currently at the 1.6234 level.  This will be key support for the pair today.  The bias remains up for the pair above these two key moving average levels with 1.6282 and 1.6311 upside targets.

Durable Goods and Initial Claims due at 8:30 AM

Initial Claims are expected to improve to 450K from a surprising increase to 488K last week.   The move back down would bring the level back down to where it has been congregating.  Continuing Claims are expected to remain steady at 4593k vs 4599K last week.

Durable Goods are expected to rebound by 2.0% for the headline and by 0.5% ex Transportation.  The Durable Goods was revised lower along with Factory Orders yesterday on the back of a calculation error.  The data is a volatile series as it includes high ticket items which can skew month on month figures. 

Bobbys Corner-Open Market-Jan.28.2010

Good Morning:

The EUR/USD pair fell below 1.40 , trading at 1.3936  during the overnight hours. Comments from China’s central bank that they should not purchase Greece’s debt-added pressure on the Euro.
Yesterday the FOMC’s statement commented that the US economy is in “recovery”, and that they will continue to keep interest rates at record lows.

World equity markets were higher-and US Futures are pointing to a higher opening this morning.
Ford and Procter & Gamble reported better that expected Q4 earnings.

Oil:$74.25                                      Gold:$1092.40

HAVE A GREAT DAY & GOOD LUCK

January 28th 2010 NY Opening Forex Commentary is available for viewing

Eurozone Economic and Business Climate

Eurozone Business Climate Indicator came in at -1.12, weaker than the -1.10 expected but stronger than the -1.22 prior reading and this is the highest reading since October 2008.

Industry Confidence came in at -14, stronger than the -15 expected and -16 prior reading.

Consumer Confidence came in at -16, weaker than the -15 expected.

Economic Confidence came in at 95.7, stronger than the 92.3 expected and prior reading of 94.1.

Overall positive data for the Euro although Eur/Usd relatively unchanged at 1.4030.