The Latest in Forex News & Analysis.

USDCAD Unemployment key level. 200 day and 50% . Bullish above. Bearish below

By | July 6, 2012 12:29 pm | 0 Comments

Watch the 200 day and 50% retracement at 1.01215 and 1.0113

Key targets to eye for the GBPUSD

By | 12:25 pm | 0 Comments

The GBPUSD is testing the topside channel trend line at the 1.5546 level as the number is awaited. A break above, and stay above and there should be upside momentum that moves toward the 200 and 100 hour MA level (green and blue lines in the chart above at the 1.5611 and 1.5621 respectively).

A number that moves the price lower wil look toward the 1.54835 and then 1.5472 area (lows from mid June – see chart). A move below these levels should increase the bearish momemtum for the pair.

USDJPY key levels defined by the 100 and 200 day MA levels.

By | 12:14 pm | 0 Comments

The 100 and 200 day MAs have defined the range for the USDJPY for most of the last month and a half (blue line = 100 day MA, green line = 200 day MA.  Those levels come in at the 80.62 and 78.94 respectively.

In between is 80.140 on the topside which is the 38.2% of the move down from the March 15 high to the June 1st low. A move above this level should lead to further upside momentum (and a move to the 100 day MA). A move above the 100 day MA will target 80.91 (50% of move down from March 2012 high) and 81.679 (the 61.8% of the same move down).

On a bearish number, a move below the 79.44 (low close over the last 12 trading days), will be a barometer for a bearish move. Stay below and the price will look toward the 200 day MA at the 78.94 level.  A break below the 200 day MA will next look to 78.28 (high area from November to January 2011),a nd then the low from June 1, 2012 at 77.65.

Key levels for the EURUSD to eye through the employment release

By | 11:48 am | 0 Comments

The EURUSD fell below the trend line support on the daily chart yesterday (see daily chart above). The fall below increases the bearish bias for the pair as we await the US Employment data at 8:30 AM ET.   The level comes in at 1.2443. 

Looking at the hourly chart, the price broke channel support at the 1.2479 level.  The underside of that broken trend line comes in today at 1.2444 today. 

So needless to say, staying below this trend line will be key for the bears on any rally higher off the number today. A move above would be bullish for the pair.

REBROADCAST WEBINAR: The Traders Course with Greg Michalowski

By | July 5, 2012 10:36 pm | 0 Comments

REBROADCAST: The Traders Course with Greg Michalowski

 TOPIC: Preview of the US Unemployment Report.

In this webinar, I took a look at the June US Unemployment Report. What is expected? What might the reaction be and what key levels will I be watching for trading clues in the major currency pairs. Be aware. Be prepared.


WEBINAR @ 4 PM. US Employment Preview

By | 7:46 pm | 0 Comments

To Register: 

See you there.

WEBINAR TODAY: The Traders Course with Greg Michalowski

By | 4:53 pm | 0 Comments

WEBINAR: The Traders Course with Greg Michalowski


TOPIC: Preview of the US Unemployment Report. 

In this webinar, I will take a look at the June US Unemployment Report. What is expected?  What might the reaction be and what key levels will I be watching for trading clues in the major currency pairs.  Be aware. Be prepared. 


See you at 4 PM ET.

GBPUSD below trendline at 1.5540 /other resistance at 1.5545. Keeps bears in control.

By | 4:01 pm | 0 Comments

The GBPUSD fell below bottom trend line support at the 1.5540 level.  The 38.2% of the days trading range comes in at 1.55458.  Stay below this area today and the bears remain in control. Looking at the hourly chart, the price did extend below the bottom trend line support line which should have acccelerated the move down.  However, that move failed and since that time the price action has been more range bound. 

The next target below is the 1.54838 and 1.54747 which are the lows  for the month of June. A movve below this level opens the downside for further selling momentum.

EURUSD update: Stay below 1.2406 keeps bears in charge

By | 3:34 pm | 0 Comments

New lows in the EURUSD and a correction toward the 38.2% of the last move down keeps the bears in control (see chart above).  The 38.2% comes in at the 1.23948 level, the 50% of the last leg comes in at 1.24045 now.  We know the 1.2406 was the low from last week (see hourly chart below) .  Common sense says stay below 1.12406 keeps the bears in control (and the longs worried/concerned).  Move above and the market is a little more balanced at this price level (next key level 1.2438).  For the time being, however, look for sellers against 1.2406 with profit taking potential on a move above. 


EURUSD makes new lows and keeps going

By | 12:43 pm | 0 Comments

Better US Challenger and Initial Claims jobs has moved the price through the low from last week at 1.2406. What now?

For shorts, stick with it until the price/market tells you otherwise. Downside targets now become the lows from May –  1.2360, 1.2335, 1.2286.  The midpoint of the EURUSD all time range comes in at 1.2130. Keep this level in mind as a key target. 

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