- Feds Kockerlakota expects unemployment near 8%-8.5% at end of 2012
- GBPUSD trends higher but runs into 38.2 retracement level. Intraday support at 1.5654-63
- Greek Finance minister says main choice for Greeks is Euro inclusion
- Fitch says Eurozone crisis dominates global sovereign credit outlook
- EUR/USD bangs against key resistance level at 1.3131-37.
- USDCHF moves below trendline on the daily chart
- EUR/USD triggers stops and move toward 200 hour MA/38.2% retracement
- US Housing Starts and Building Permits Look Strong
- Risk pairs benefit from the better data. AUDUSD move above trendline resistance
- Housing surges by 9.3%. Building Permits also surge.
- The dolllar declines today as better tone in the Eurozone helps the risk pairs
- US Building Permits & Housing Starts Data Due at 8:30
- NY Forex Review and Preview
- Canadian CPI (m/m) 0.1% vs. 0.2% forecast.
- Fitch says that the AAA rating of the EFSF depends on France remaining AAA rated.
Posted: 20 Dec 2011 07:14 AM PST
Posted: 20 Dec 2011 07:03 AM PST
The GBPUSD has enjoyed its own trend move higher with two legs to the upside. The last leg higher has the 1.5654 to 1.5663 area as support now. If the price can hold above this level, the bulls remain in control and there should be futher upside potential.
Despite the bullishness, there is cause for pause as the price is testing the 38.2% of the move down from the end of October high to the low reach in December. That level comes in at the 1.5696 level. The high for the day comes in at the 1.5692 level. This level will need to be broken to keep the bulls happy. A failure to break could lead to more profit taking/selling as traders reevaluate the overall longer term trend.
Posted: 20 Dec 2011 06:59 AM PST
Posted: 20 Dec 2011 06:58 AM PST
Posted: 20 Dec 2011 06:29 AM PST
The EURUSD is testing key topside resistance at the 1.3131-37 level. The level is the underside of a broken trendline (1.3137), the 38.2% of the trend move down (at 1.31315) and the 200 hour MA (1.3134) . For a closer look at the resistance area see chart below.
The downside support is now found at the 1.3095-03 area. This is the 38.2%/50% retracement of the last leg higher. Typically, a trend day (which is what we are seeing now), will hold support against the 38.2%/50% of the last leg higher. This is indicative of strong buying interest.
A move above the 1.3131/37 area should not be ignored.
Posted: 20 Dec 2011 06:22 AM PST
The USDCHF has broken below one trendline at 0.9318, but found support against bottom channel trendline support at the 0.9260 level. The low for the day has come in at 0.9268. Look for buyers against the level with stops on a move below.
On the topside now, the price has some intraday retracement resistance at the 0.92897 to 0.92965 area. This is the retracement of the last leg to the downside and if the correction can hold this level, it is likely that the sellers are still in control and are looking for lower levels.
Posted: 20 Dec 2011 05:50 AM PST
The EURUSD moved above the topside channel trendline resistance at the 1.3187 level and this helped ignite stops that has pushed the EURUSD sharply higher. The pair is moving toward key target resistance at the 1.3131/35 area where the 38.2% retracement of the move down from the December 8th high to the December 14th low is found. The 200 hour MA (green line) is also in the area at the 1.3135 level currently.
I would expect that longs would be willing to take profit against the level on the 1st test. A move above however, would be indicative of stronger overall buying and should lead to further upside momentum.
On the downside now, I will look for support against the 1.3087-98 area now. Stay above the area, and the longs/bulls remain in control. Conversely, w move back below the 1.3087 level would not be welcomed and should lead to some further liquidation.
Posted: 20 Dec 2011 05:44 AM PST
Housing Starts: Survey: 635K Actual: 685K Prior: 628K Revised: 627K
Housing Starts (MoM)%: Survey: 1.1% Actual: 9.3% Prior: -0.3% Revised: -2.9%
Building Permits: Survey: 635K Actual: 681K Prior: 653K Revised: 644K
Building Permits (MoM)%: Survey: -1.4% Actual: 5.7% Prior: 10.9% Revised: 9.3%
Posted: 20 Dec 2011 05:43 AM PST
Posted: 20 Dec 2011 05:35 AM PST
Housing starts rose to 685K from 627K last month. The number was the highest since April of 2010.
Multi-family units led the way as rental market improves.
Multi Family rose by 25.3% for the month
Versus a year ago, housing starts are up 24.3% with Multi-family dwellings increasing by 145.4%. Single family homes decreased by -1.5%.
Building Permits rose to 681K from 644K last month. This was the highest level since March 2010. Single family permits increased to 435K from 428K (a 1.6% increase), while multi-family permits increased to 246k from 216k (a 13.9% increase).
The data is a good sign. Later this week, Existing Home Sales and New Home Sales data will be released.
Posted: 20 Dec 2011 05:06 AM PST
Posted: 20 Dec 2011 04:54 AM PST
Posted: 20 Dec 2011 04:35 AM PST
Stocks and Commodities
Key events and releases pre NY
Key Events and Releases in NY Session
FXDD Scheduled Webinar’s for today
12:30 PM ET
4 PM ET:
Posted: 20 Dec 2011 04:06 AM PST
Core CPI also 0.1%.
Posted: 20 Dec 2011 03:32 AM PST
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