Forex news for February 19, 2011
In other markets:
- Spot gold fell -$6.30 or -0.48% at $1308.20. A higher dollar helped to send the price of the precious metal lower. The price fell below both the 100 and 200 hour MAs turning the bias back to the downside. The $1300 level will be eyed. CLICK HERE
- WTI crude oil futures are tradingdown $.30 or -0.57% at $52.42. The high price reached $52.78 while the low extended to $51.23. The price of crude oil has not been below the $50 level since January 8th.
In the US stock market today, the major indices ended little changed and mixed with the S&P and Nasdaq up marginally, while the Dow fell by -0.21%. European shares did well with most indices up over 1% on the day.
As mentioned, technicals played a role in trading. The economic calendar was bare at the start of the week.
GBPUSD: The GBPUSD moved and close below the 100 day MA for the first time since January 21. The 100 day MA comes in at 1.2888 in the new day (closed at 1.2857). Stay below is more bearish. ON the downside, the 50% of the move up from the January low comes in at 1.28346.
EURUSD: The EURUSD fell and closed near the lows for the day. The low reached 1.1267. The price closed at 1.12747. The low today stalled just above the November 28 low at 1.1266 and just below the swing low on December 14 at 1.12688. With three lows now within 2 or so pips, gettting below that level will now be eyed. On the topside, the 1.12885 was the low from the year before today. It is now resistance.
The NZDUSD stalled at last Thursdays high twice today at the 0.6773 area. On the downside the low reached 0.67267. That was just below the Friday low at 0.67288. In the new day getting and staying below the 0.6726-28 area will put the sellers in firm control. On the topside, the 200 day MA at 0.67524 has seen the lawst three days trade both above and below. If there is a rally off the floor, traders will look at the 200 day MA as the next barometer for bulls/bears. Stay below is more bearish. Move above is more bullish.