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The move below the 100 hour MA and floor support at the 83.49 level targeted the 83.12 level (SEE PRIOR POST BY CLICKING HERE). The low has reached the 83.14 and is finding the bids. Look for dip buyers against the level with additional support at the 200 hour MA at the 83.04 level
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USDJPY reaches target level at the 38.2% Fibo support.
The U.S. Dollar Index slid to a 1-week low in Asian trading today as investor concerns over escalating Middle East tensions, as well as lackluster economic data from the U.S., held back the recent rise in U.S. Treasury bond yields
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Middle East Tensions Mount, Push US Dollar Index Lower
The better/great Philly Fed index (highest since Jan 2004) is not really impressing the dollar. The EURUSD sold off but has rebounded back higher toward the high. The USDJPY rallied but is back down and making new lows.
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Dollar not impressed with better data
The EURUSD has moved through the 1.3585 level (50% of the move down from the Feb 9th high) and approaches the high for the day at 1.3609. A move above this target will look toward the 1.3623 level and the 1.3630 level (See chart above). This is the 61.8% and the trendline resistance.
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EURUSD moves higher toward next target
In the Morning video commentary I take a look at the USDCHF, Gold, EURUSD, GBPUSD, USDJPY and USDCAD. What are the levels to watch as the NY morning progresses.
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The NY Morning Forex Commentary
Wholesale sales increased for a fifth straight month in December, rising 0.8 per cent to $45.9-billion. Statistics Canada reports six of the seven subsectors registered gains, representing almost all of wholesale sales.
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Canada Wholesale sales up for fifth straight month
The USD rally of recent days was partially rejected yesterday, but the sell-off is having a hard time finding legs today with ugly US data and a bout of risk aversion thoroughly confusing the picture once again ahead of the NY equity session.
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FX Update: A messy market searches for direction
News from the European Central Bank that overnight lending at the 1.75% penalty rate spiked 15.8 billion ($21.4 billion), the highest since June 2009, pressured the Euros overnight. Reports circulating suggest that this spike may be related to renewed problems in the Euro-Zone periphery.
Continued here:
Euro Sells Off after Reaching Minor Retracement Zone
Gold has also moved higher on the back of Iranian ship moving toward the Suex Canal. The price is above the $1379.56 level and looks toward $1383.50 trendline resistance as the next target (see hourly chart below).
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Gold moves higher on Mideast tensions
The outlook for Europe and the U.S. remains mixed but on one thing all pundits can agree; 2011 will be Australia’s year
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Australia to Lead the Way in 2011
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