Feds Evans on the newswires

Says jobless drop with momentum before accomodative stance ends.

AUDUSD moves above the key resistance

The 0.9194 level has been a ceiling level for the AUDUSD. The price has moved above this level and remained above for the last 7 hours.  This is key support today.

Looking at the 5 minute chart the price has been using the 100 bar MA as support since the opening on Sunday night (with a couple small dips).  The current level comes in at the 0.9197.    SO far, support is holding. However, a break below these key levels at 0.9197 and 0.9194, should lead to some profit taking.

Confirmation of further downside momentum would come on a break of the 200 bar MA on the 5 minute chart (green line below) . That level comes in at the 0.9184 level.

On the topside the resistance comes in at the 92.29 level where the trendline on the daily chart is found.

GBPUSD tests midpoint resistance at NY open

The GBPUSD has been testing the 50% retracement level at the 1.5090 level. NY took it briefly above as they entered for the day.  The high reached 1.5100 and came off.  The current price remains near the key resistance level.  

I expect sellers against the level with stops above the key level.  On the downside, the 1.5051 is the target support. This is the 38.2% of the days range and where the 100 bar MA on the 5 minute chart is moving towards.

The March 30th 2010 NY Opening Forex Commentary is available for viewing

Sterling testing high from 3/23

Gbp/Usd, which was boosted by positive GDP data a bit earlier, is now testing resistance at 1.5086. Since breaking above 1.5052 the pair has failed twice to trade below. A break above 1.5086 should bring the pair to 1.5115-20. If Gbp/Usd fails to break above then a pullback to 1.5050-60 is likely.

UK GDP and Current Account

UK Final GDP q/q came in at 0.4%, stronger than the 0.3% expected. Y/y came in at -3.1%, stronger than the -3.3% expected.

Current account came in at -1.7B, stronger than the -5.1B expected.

More strong data out of the UK with Gbp trading near best levels vs Usd and Eur. Currently Gbp/Usd trades at 1.5060 and Eur/Gbp at .8940.

Gbp/Usd trades above 200 hour M/A

Gbp/Usd currently trades above its 200 hour M/A on the heels of postive Nationwide HPI data out of the U.K. If the pair can hold above it may meet some resistance at 1.5052, an area of some old hourly highs. A stronger resistance should be at the 1.5085-90 level. Keep in mid that final quarterly GDP figures come out at 4:30 EST.

UK Nationwide House Price Index

Nationwide HPI m/m came in at 0.7%, stronger than the 0.2% expected and prior reading of -1.0%.

Y/y came in at 9.0%, stronger than the 8.2% expected and slightly off the prior reading of 9.2%.

Good numbers for GBP as Gbp/Usd trades at 1.5038, just off the session high of 1.5047.