Greetings again, Everyone!

We arrive about 75 Minutes into The NYSE Open where the Dow and S&P Indices are varying from largely “Flat” to a bit of early Gains. Bernanke’s continued Testimony today will continue to play a large part in Equity sentiment today, as will the continued Roll-Outs during Earnings Season.

Our Thought on the MPC Minutes out of The Bank of England came to fruition as both Dynamic and Static Support Levels were hit, and Price Appreciation immediately cam back in to secure the same Levels once again.

Here are The Captures of both for a quick Reference, so give them a Click… and Post-Time is 14:45 GMT.

The Queen met and surpassed Lower static Support at the 1.6330’s where Price Appreciation on Prime Minister Brown’s and The BoE’s Rhetoric for a more “positive outlook” on The U.K. Economy provided the Impetus here. Our thoughts on the “decreasing likelihood” of additional Quantitative Easing gave he Pound a boost here… as even several hours later…we still “Anchor” at the 1.6380’s/1.6400 Supportive Areas.

As in our Pre-MPC Post last evening… The Pound Yen is literally taking The Queen’s lead here with a step of Depreciation to the lower 152.30’s Static Support back to the 153.20’s and finding “Safe Harbor” there for now.

In turning to The Euro… in my personal View the most “Directionless” Unit around… a “Catalyst” is surely needed to move Price out of Its Accumulating and Consolidating nature… ( of course, my thought here will be dependent on the Time-Cycles you prefer to work on…)

We still do have a “loose” Correlation of Sentiment with U.S. Equities and Gold and Oil… although the relatively “Flat” Hourly Descending Channel give us extensive Wicks of indecision to work with.

The Month-over-Month Housing Price Index comes in above Consensus, although the weak Year-over-Year Numbers largely negate this… so no real surprises there.

We now see one of my personal favorite Data Point Releases, as most of you know, The EIA Oil Inventory Builds… and those Numbers come in with Inventories slightly down while Gasoline and Distillate Builds are slightly higher than Consensus… and we see no real Market Reaction here concerning The Dollar.

All Eyes are now on Uncle Ben as we move along!…so more Updates to follow as usual!

I would like to point out something I have been aware of for quite a while through my good friend and FXstreet’s Chief Analyst, Valeria Bednarik, and her Work along with Alberto Munoz and Tatsuya Kawanishi of the FXstreet Content Team, on the new revamped FXstreet Tools Section and Area!

Having been around these woods here on FXstreet since early 2005… I have seen many deep improvements and changes come and go to the Content of the whole Site, and this is one of the most exciting!

To have these Tools revised and more effective in their Application will surely benefit all who use them!

Here is The Link so give them a Try!

http://www.fxstreet.com/forex-tools/

Greetings again, Everyone!

We certainly have some Volatility to work with on an IntraDay Basis, with plenty of “Market Noise” and Breaks moving forward.

Perhaps Crude and Gold are the finest Illustrations of this Price Behavior so far, as Clean Breaks have seen Momentum, due perhaps, indirectly to falling Treasuries and a relatively “Flat” Dow and S&P 500 as of this Writing.

Here are the Hourly Views, so give them a Click, as always, for various Levels of Reference.

Post-Time is 15:10 GMT.

Gold looks to a new “Transitive Rollover” of Support and Resistance as Price is “caught” in a $5.00 Range after emerging from the Congestion Zone Upleg from the $912.00 Area. Price will need to see a Clear Momentum-Break of the $940’s to continue on with the overall Hourly Uptrend… otherwise a Retracement of Price to the $920’s is certainly feasible here.

Crude is quite similar in Behavior, with an even “cleaner” Break of the Congestion Area. A potential Hourly Bull Flag is in development here, with “Full Completion” coming in above the $65.00 Handle…. although this may be in the Distant Future as Price may simply begin to consolidate at the “new” Transitive Rollover Area of the $63.30’s.

We look to some “Quieting” of Price Action as the Day moved on into The Weekend, so be Mindful of Institutional Re-Positioning moving forward as “Covering” will surely be a Factor here.

As always, I will be back with you for more Updates, so please join me soon!

Greetings again, Everyone!

We are seeing The Dollar and Yen continue to Correct across most Currency Units, as well as Gold and Oil, despite continued Macro-Uncertainties about Global Economic Recovery.

Many Units are still finding “Basing” and Consolidating Behavior with Technical Formations such as Flags/Pennants and Horizontal Ranges, although within these Areas clear IntraDay Directionality is being Seen.

Similar to The Euro, Crude Oil is seeing a burst of Bullish Momentum, despite Price simply arriving to clear Static Resistance Levels within a larger Range. The Confluence of the July 2008 Weekly 23.6% Fib Variant and $60.50 Resistance is holding Price to the Upside, and if the Area is Breached, a new “Transitive Rollover” of Resistance-becoming-Support will be in Place, although any true Bullish Momentum in Crude will be considered in a :Counter-Trend” Fashion…even if Price moves beyond the $61.35 Range/Resistance Zone.

Here is The Hourly, so give it a Click for Various Levels.

Post-Time is 7:40 GMT.

The EUR/JPY is indicative of slight Risk Appetite returning to The markets, as we have our Equities Correlations back Intact… not to mention “Cross-Current” Correlations with Global Equity Exchanges such as The FTSE… which is up about 3% at The London Open.

Price looks towards the 130.60’s/80’s Static and Dynamic Resistance Levels, as Price Appreciation pulls out of the 127.80’s to 129.00 Hourly Range. Further Appreciation sees the 131.40’s in the Near-Term, while Failure to Hold the 129.00 Handle of Static Support will see the 127.80’s for multiple Hourly Tests of the Area.

If this Behavior is Seen, the Tests will weaken Support and a potential Breach towards the 127.00 Handle in the Mid-Term would be plausible.

The  “Currency Majors Technical Perspective” Report  has been published for Immediate-Term Details on The Majors, as well as the new Installments of The Fundamental Forex Foundations Section for Data Point Releases today and tomorrow of PPI and CPI.

The Retail Sales and Business Inventories Reports will be published as soon as possible, and I will have those Links for you as soon as possible!

Please join me for more Updates moving forward, especially as we move towards Data Point Releases at 12:30 GMT.

In the Interim, keep a Mindful Eye on CPI out of the U.K. in about one hour’s time!

Greetings again, Everyone!

We arrive at The NYSE Close with Equities and The indices in slightly Positive Territory.

Gold and Oil still remain “Key Market Drivers” here concerning The Dollar… as Inflationary Concerns ease back just a bit. Mixed Price Action is Seen across most markets overall, albeit the relatively “Noisy” and “Heavy” Volatility and Whipsaw Behavior today.

The Queen illustrates the larger wide Swings quite well from an IntraDay perspective… as does The Swissy… which shows perhaps the most “Solid” Dollar Strength around The Units.

Give these two Captures a Click for Levels and Commentary above, and Post-Time is 21:00 GMT.

Cable gives us the “Spotlight” Unit for Volatility and really shows no signs of Easement in The near-Term. The Swings of 200-Pip Margins back and forth surely provided Opportunity and perhaps Frustration for IntraDay Traders moving within the constant 1.6211-1.6400 Range.

Slightly Bullish Sentiment coming off of the recent Swing-High from Support has Impetus to move through 1.6400 Resistance on the slight Hourly Pullback we are seeing as of Writing-Time.

The Asian Bourses picking up on the relatively positive U.S. Session Activity may be the Short-Term “Catalyst” needed here to see Fruition.

The Swissy, on the “Other Side of the Fence”, is our “Spotlight” Unit for Dollar Strength… and NOT because The Dollar is inherently Strong of Its own Merit.

In my personal View… We always are dealing with various Levels of Strong-vs. Weak in The Currency Markets, and in this case… The Swissy Itself is Weak due to The SNB and B.I.S. Interventions we saw earlier in the Day.

We see Price forming a New “Transitive Rollover” Area at the 1.0850’s as relatively Bullish Sentiment is still In Favor at the moment. Any Corrective Behavior sees a “Pause” at the 50% Fib Variant of the June 11th Daily Upleg… on the way to Static 1.0760 Support.

Please join me in a few Hours for our “Big Post” for Friday… as we observe hoe The Asian-Pacific Sectors pick up on the U.S. Activity today!

Please join me Soon!

Greetings, Everyone and Welcome to Wednesday!

Our “Traditional” Commodity Day here on The Blog… with EIA Crude Inventories… always gives us a nice chance to look outside of our Currency World and into a little InterMarket Analysis.

( Those of you who have been with me for a while know how essential  I think InterMarket Analysis and Concepts are…     

The Equities losing a bit of Steam on Tuesday is bleeding out” as of Writing-Time into Asia as we speak… and The Correlations with Gold and Crude are largely “In Line”, and following along.

Despite the “Buoyancy” we saw in Gold Tuesday… We see potential for further Weakness moving forward, as Gold still has not been able to maintain Its $990 Highs from a couple weeks back.

We are still largely Bullish in The Mid-Term and Price Action supports this View with the Macro-Uptrend… current Price Behavior looks toward the $900 Handle with Probability.

The $940.50’s Area is acting as larger Static Resistance in the Immediate-Term…and a Clean Clip of the $970’s Area is needed for overall Trend Resumption in my personal View.

Here is the Daily, so give it a Click for various Levels… and Post-Time is early evening for me at 1:00 GMT.

Crude Oil is seeing more “General” Strength than Gold is…as Gold is co tied yup in “Inflationary Sentiment Concerns”.

Crude has some Buoyancy from The Euro as well… as relatively decent Economic Data Points over the last month, in general, have provided increased Confidence in EuroZone Consumption… as well as in The U.S., where the Summer Driving Season is upon us fueled by Driving as a “cheaper” form of Transportation for Holidays in this Economic Climate.

Crude is in Consolidation on the IntraDay Perspective, but is clearly “Anchored” in Its Uptrend S.D. Channel out on the Daily Time-Cycle. While Crude is becoming Overbought with various Oscillators such as RSI… any Corrections seen will be most likely to bring in Bullish Builds as Price moves ever-closer to the “Coveted” $80 Level for OPEC.

We get back to Currencies with The Majors at 6:30/7:0 GMT for the “Currency Majors Technical Perspective” Report, so please join me then for some Immediate-Term Details on “The Four Siblings”!

As always… an Update to follow, so please come by for a visit as we prepare for the London/EuroZone Activity!

Greetings, Everyone and Welcome to Tuesday!

With the Asian-Pacific Sectors in swing now coming off of a relatively “Flat” U.S. Day in Equities and Indices despite the Late Session Rally… we see The Dollar and Yen beginning to Yield a bit… after a largely “Risk-Averse’ Rangebound Day on Monday.

On the Macro-Level, we still hear the incessant Rhetoric of the “Bottoming” in the Economic Crisis with such “Better-Than-Expected” NFP Numbers from Friday… and of course my own personal Thoughts came from Saturday’s Blog Entry … so I will not revisit this Topic here.

Let’s take a little “Tour”, and check on some Units that exhibit potential Formations and Key Levels as we move forward.

We touch base with the AUD/USD, Gold, and the elusive CHF/JPY to cover a Glimpse into The Yen Crosses.

These will give us a “Broader Cross-Section of Sentiments” than say, simply looking at The Majors.

Give the Captures a Click for various Reference Levels, and Post-Time is the “ominous” 00:00 GMT !

While the Aussie Dollar is certainly the “Triple Crown” Winner lately with Its High Interest Rate Carry Factor, Commodity Metals and Wheat Momentum, and relatively positive and stable GDP from Continual Buying from China… the Corrections of Dollar Strength should be “Cause for Pause”, correct???

Not so fast, Sydney Surfers!        

It is this exact “Textbook” Scenario that the Aussie Bulls look for… as the Deeper the Corrections will attract Deeper Levels of Buying Builds.

In the Mid-Term if Price continues with Dollar Strength, The .7475 Area of Static Support is not out of the question… as The Level is full of Strength being the 38.2% Weekly Downleg Level of the July 2008 Highs.

In the more Near to Immediate-Term for our IntraDay Friends, The Hourly View sees several potential Levels to build Buying Positions moving forward.

Gold correlated beautifully with The Aussie, as Its Decline is really the first significant Depreciation we have seen in about 5 Weeks or so…

The $940 Area is Static Support for now, although a Continuation of Depreciation sees $925 bringing Price back into Daily Congestion.

The Swissy Yen sees the “Commonality” among most Yen Units right now… and that is Channel Consolidation.

Price looks to Appreciated in the Immediate-Term, and simply follow the various Channels and Trendlines we are seeing in the Yen Crosses.

Be sure to join me in a few Hours at 6:30/7:00 GMT for the “Currency Majors Technical Perspective” Report as we open the European Session… to be followed, as always, by a Blog Update as we check in and see where Asia takes us!

I hope to see You then!

Greetings, Everyone and Welcome to a New Week!

We have seen significant Trending Environments around the Currency Markets as a Wave of Risk Appetite has all but swallowed our ” Low-Yielding Safe Haven Friends”, The Dollar and The Yen lately.

A stronger Dow and Equities Climate are currently correlating… as well as stronger Gold, Oil, and most Major Commodity Complexes.

On the Treasuries/Yields Front… the deep Sell-Off here must have awakened someone in Washington… the question remains if any action will be taken there.

The 10-Year Note is almost at 4%, which certainly should wake up The Fed… since Yields at these levels make Mortgage Rates rise and halt Refinancing… hence will keep away the Consumer from the Housing Market, relatively speaking.

Along with this “InterMarket” Behavior in picking up from our Conversation from our last Post… we have The Queen and the Swissy in “Corrective Mode” in early Sydney Trading as well.

Let’s have a look and see where we are… and here are the Captures of GBP/USD and USD/CHF, so give them a Click for Commentary and Levels of Reference.

Post-Time is 00:45 GMT.

 The “Weight and Magnitude” of these Corrections ( if they truly materialize…) will be Key to the overall Continuation of these Trends.

( My personal Longer-Term Viewssee 1.6400 on The Queen and 1.0500 on The Swissy… but you know me and my Love to the Weeklies…      

We will certainly check on these as we move forward, and in our next Blog Update immediately after the “Currency Majors Technical Perspective” Report around 6:30/7:00 GMT.

It will be Key to see if these “Corrective Sentiments” really have any “Legs”… or if we are simply working through more Accumulation and Continuation.

Greetings Again, to All !

Crude Oil clocks in on the NYMEX with EIA Inventories down 5.4M Barrels, as the Gasoline Inventories “fall off the cliff” by 600K Barrels for the week…. even so… The Black Gold is still at a 6-Month High… and shows no real signs of Deep Correction until the “Coveted” $70.00 Handle is reached.

Our July Futures Contract comes in with a slight 50-Cent Fall… as Bullish Builds will more than likely come in after a bit of Accumulation at Static Resistance of the $64.90’s.

Our Fib Variant Projection remains “On Target” with Accuracy from an IntraDay View… as a “normal” Correction looks to the 63.00/15 “Transitive Rollover” in the Interim.

OPEC has no plans to alter and differentiate Production in the Near-Term… as in Their View… the $70.00 Handle is “Fair Value” at this point.

Both Gold and Crude technically pull out of their Consolidating Ranges, and Gold looks to Accumulate at the Daily Static Resistance at the $963.00 Handle in the Immediate-Term.

For all My Friends out there who know me well by this time, here are the Hourly Views of both, so we can see these Major InterMarket Correlations….    

Our “Inverse” Correlation with both of these is still Back in “Favor”…as The Dollar continues Its Weakness in the Near-Term.

Give the Captures a Click for Levels of Reference here, and Post-Time is right at 15:25 GMT.

Of course… back with you again soon on this “Heavy Data Catalyst” Day!… as we look to U.S. Equities to continue their Correlating Behavior… and as we look to watch my Fingers fall off from all of this Typing today!

Greetings once again to All !

As we progress through the U.S. Session, some Data Points to consider concerning The Dollar… as well as The Yen losing The “Risk-Aversion Battle” with Its Brother-In-Arms… The Dollar!

U.S. Existing Home Sales came in slightly “Better-Than-Expected” but largely “In Line” with Consensus… as The Euro had relatively “Muted” reaction to The Data.

We still have massive Inventory of “Low-Housing”… meaning Short Sales and Foreclosure Issues to contend with… and this is still only one Aspect of The Economy that needs significant Consistency and Improvement.

This is not a Surprise since The Fiber is still “locked” into that Weight of Consolidation and Range.

The Queen, on the other Hand, can now be said to have “Unlocked” Her Correlation with the EUR/USD, as Dollar Weakness continues with the Trending and Appreciating Cable!

( This is certainly an Important Note… as we so often assume the EUR/USD and the GBP/USD Correlation to always be Constant…. hence… we may take this For Granted as we must realize these are Two Separate Entities… )

Crude Oil does find Correlation with most Commodities and U.S. Indices… as The Dow and S&P 500 are under nice Appreciation… and we just may see  the 8800’s on The Dow, and The 930’s on the S&P… although in the Mid-Term as our Current Climate continues.

Here is the Hourly of Crude July Contract… and let’s pull in The Loonie as well.

( We already know the Strength and Directionality of The Queen…so we will visit Her again later !…  She is still having a Fine Time in The Battle of The Channel with the Euro… so we will, indeed, bring it up for our next Update!… )

Give the Captures a Click for Commentary, and Post-Time is 15:30 GMT.

Of course, I will be back with you later for more Updates…as we see how far The Equities and Indices can “pull” Major Currencies along today!

Of Course… The Queen would say She relies on Her Own Sovereign Power in any Market Conditions!

Hee heee…. Cheers, Queen!

Greetings and Welcome to a Busy Wednesday!

We have plenty of “Heavyweight” Data coming today with the EU Consumer Confidence, FMOC and the Fed Interest Rate… as well as U.S. GDP, Crude and Energy Inventories, and plenty of Data later on in Japan. The RBNZ is also “on Base” for their Interest Rate Decision as well…

In my personal opinion… the True “Bellwether” of all of this Macro-Data will be the U.S. Dollar itself!

Risk-Aversion and Uncertainty and fear are still largely looming over us… as well as the ever-present possibility for “Counter-Intuitive” Price action with a stronger Dollar and Yen reaction in the face of “poor” U.S. Data and a “surprise” in Action and Rhetoric out of GDP and the FOMC.

Gold and Crude will be very interesting to observe from the Immediate-Term… as our Correlations have been largely “Absent” of late…

We bring in the Euro, Gold, and Crude to see where we are, and we will certainly re-visit these Three at the “Close of Event Business” later in the Day.

Here are the Hourlies of Fiber and Gold… and we stay with the Daily View on the June Crude Contract in observance of the large Ranging Area.

Give the Captures a Click for Commentary as always… and Post-Time is 3:30 GMT.

Please join me for the “Currency Majors Technical Perspective”, as always, right around 7:00 GMT, and of course… continued Updates throughout the Day as we move along!