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The GBPUSD is up testing the 50% retracement of the move up from the January 25th low to the February high, and the underside of the trendline which was broken today (trendline from the same low on January 25th). The market is at a crossroad. Staying below keeps the bearish bias. A move above will [...]
With Mabarek’s resignation, a reversal in Gold would be expected on the idea of less tension should lead to less demand for safe haven assets like gold. The price has indeed fallen, but the price remains above the 100 hour MA at the 1359.50 level. As a result, the technicals are still fighting between the 100 [...]
The USDCHF broke above the 100 day MA today. If the price can close above this level today (0.9685), this will be the first close above the MA level since June 25th 2010. That is signficant and the price action has reacted accordingly today with prices moving steadily higher. Of coures, breaks higher (or lower) [...]
If you would like the PDF report of “The Week Ahead” used to create this video, you can opt in to the Daily FXDD Forex commentary email distribution list by sending me an email at greg@fxdd.com Have a great weekend, Greg Michalowski
The FXDD Weekend Forex Technical Commentary takes a look at the major currency pairs and outlines the key technical levels that should shape the directional bias in the new trading week. Traders can use it as the basis for their strategy for the new trading week. The currency pairs covered in the report (in the [...]
FRANKFURT -(Dow Jones)- Banks lowered their use of the European Central Bank’s overnight deposit facility, ECB data showed Friday, but excess liquidity remains high going into 2011. At the same time, banks borrowed sharply less from the ECB’s emergency 1.75% marginal lending facility, following the ECB’s special 13-day refinancing operation Thursday, the data showed. Financial [...]
TOKYO -(Dow Jones)- Japan’s government on Friday approved a record level of spending in its budget proposal for the next fiscal year, but still managed to adhere to its self-imposed fiscal reform targets for spending and new bond issuance. The government’s initial budget for the fiscal year beginning April 2011 contains Y92.412 trillion in total [...]
TOKYO (Kyodo)–Prime Minister Naoto Kan said Friday that Japan’s efforts for fiscal reconstruction so far haven’t been sufficient, so he wants to develop a vision for the next two or three years, possibly from the beginning of 2011. “Regarding fiscal consolidation, I don’t think it is anywhere near enough,” Kan said in a group interview [...]
LOS ANGELES (MarketWatch) — With many Asian markets on a shortened holiday week, action is expected to remain quiet as 2010 winds down, with a few data points and central-bank decisions providing the only cues for traders. On Tuesday, Japan will unleash a pack of economic data, including November consumer inflation and the unemployment rate. [...]
SHANGHAI -(Dow Jones)- Chinese Premier Wen Jiabao said the country can keep its inflation at reasonable level and the inflationary growth has slowed down since November, state radio reported Sunday. Wen also said he’s confident to curb China’s property prices to reasonable levels and the country will build more houses for low-income earners, according to [...]