BRC Sales

BRC same store sales declined by less than expected at -0.3% in January versus the estimate of -0.8%. Cable had a muted reaction to the release.

usd/cnh trading in a downward channel.

usd/cnh trading in a downward channel.

usd/sgd bounces off Oct-2011 lows.

usd/sgd bounces off Oct-2011 lows.

TRADERS COURSE LESSON 15 FIBONACCIS TUESDAY FEBRUARY 7TH 2012

TRADERS COURSE LESSON 15 FIBONACCIS 4:00PM TUESDAY – Watch the Rebroadcast

Forex Basics Class today- Repeat of the Big Picture Strategy 4PM

Join us for Forex Basics Class today- Repeat of the Big Picture Strategy 4PM TODAY – Register now

Reserve Bank of Australia interest rate decision tonight at 10:30 PM ET

The expectation is for a decline to 4% from 4.25% . The reasons for the change is because of slow employment growth, low inflation, and concerns of the effects of a persistently strong AUD.  Click on the picture below for a visual snap shot of the key economic releases and the recent history (over the last year).   Of note is the job change.  Over the last 12 months a total of only 3,000 jobs have been created, with the last two months shedding 36.8K.  Retail Sales today came out weaker than expected at -0.1%. CPI inflation YoY is down to 3.1% from a peak of 3.6%.  In the 1st quarter, a 1.6% increase from a year ago should be replaced with a much lower reading. This should help to bring inflation down even further.   Consumer Confidence in December reached -8.3 before rebounding in the current month.  A positive is the global growth is improving which should help.

From a technical perspective the price came off the highest level since August 2011 today on the back of the weaker Retail Sales. The 100 hour MA and trendline support comes in at the 1.0700 level. A move below this should lead to further downward pressure in the new trading day. On the topside a move above the 1.0753 targets the high at 1.0792 with a break of that level targeting 1.0844.

EURUSD back down testing the 100 and 200 hour MA at 1.3123

The EURUSD has closed the last 2 hourly bars above the 100 and 200 hour MA level (blue and green line). The price is below the levels now (at 1.3123) and looks toward a break of the midpoint of the move from Friday’s high to the low today for confirmation of more selling interest.  A close on the hour above the 1.3123 will discredit the move lower. Market liquidity is limited in afternoon trading so be aware. Other key levels below include the 1.3094-98 level

EURJPY down and up session

The EURJPY fell for the 1st half of the day, retraced 38.2% but when the 100 hour MA (blue line in the chart above) held, that opened the door for buying. That buying has pushed the price up toward the 200 hour MA where selling against 100.63 has kept a lid on the gain (at 100.59).  The price has since rotated lower and remains between the two moving average levels – the 100 hour MA below at 100.12 and the 200 hour MA at 100.63.

Greek EU Commissioner says Greek can stay in EUR if reforms are implemented

• Idea of budger commissioner for Greece is absurd
• Companies, banks and law firms examining Greek Euro exit.
• An exit would make the crisis worse
• Greek internal devaluation is preferable to Euro exit
• ECB has to ast as lender of last resort

IMF Planchard: Greek haircut will be very large

Greece will not likely be able to return to the debt market for a long time.

Papademos to meet with Troika in 30 minutes: Reports

EURUSD closed Friday at 4 PM at 1.3145. Testing

After testing the 100 and 200 hour MA at the 1.3123 area, the price corrected to a low of 1.3103 befor pushing higher adn through the key resistance area.  The price is now higher and testing the close from Friday at the 1.3145 level.  A break above will open up further upside potential for the pair with 1.3159 and 1.3184 the next targets.

AP reports: Greece accepts demands to cut 15,000 public sector jobs.