Greetings again, Everyone!

The positive importance of The U.K. Retails Sales Data is showing “slight” sign of Stabilization as Actuals of a 1.3% rise clipped the 0.3% Consensus with ease. While this translated into a nice Break of The Queen and Her Major Cross into Appreciation… we would really need to see stronger and stronger Purchasing “Evidence” coming out of the U.K. Consumer over a several-month period to really see Retail Sales as a Bellwether of positive Sentiment and Growth.

Let’s check in briefly with The GBP/USD and The GBP/JPY, and here are our same Hourly Views.

Give The Captures a Click, and Post-Time is 10:45 GMT.

 The Magenta Dynamic Support Line did, in fact, Hold for us and become a “new” Transitive Rollover Area of Static Support. Price now clips the 1.6510 Resistance Area, and if we do not see an Impulsive Correction back to the 1.6440’s Levels, then the 1.6600 Handle is on the way via 1.6555 Dynamic Resistance.

A Correction at 1.6600 then has a rather High-Probability of occurring, as Static Resistance at this Level is solid.

The Pound Yen show similar Price Action that is even more “extended” on the IntraDay View as we see a “potential” Double-Top Behavior if Price can fall on the Yen Strength, and bring the Corrective Sentiment further along. Solid Confluence is seen here with the Transitive Rollover Support Area and the Weekly 38.2% Fib Variant that we have held for months now.

The Daily Lower Channel Line may hinder this, and act as Dynamic Support… in the same fashion it acted as Dynamic Resistance over the last two Days of Hourly Candles.

While both of these Units are Overbought on the Hourly Views… taking a “Clue” from the U.S. Jobless Claims and Existing Home Sales Data will be relevant as we see to what “Degree” The Dollar is affected in a couple of hours!

Be sure and check back in for more Updates to follow, so I hope to see All of you soon!

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 look to an IntraDay “Reversal” Day of Sentiment, as all of “The Basing” around the Units gives strong Momentum and Appreciation with slight Risk Appetite for the Day.

Crude Oil still languishes a bit, although Price did manage to pull out of the $58.00/50’s Consolidation Area… although we are under the $60.00 Handle again. 

Gold pulls a Break out of the Accumulation Range between $907.80’s Static Support and $914.00 Dynamic Resistance, with an $8.00 Appreciation as of Post-Time.

The Pound Yen pulls a clear “V” Reversal on The Hourly, as the entire 150.60’s Downleg is literally negated, as Price works through Dynamic Support Confluence at the 150.00 Handle with the July ‘08 50% Weekly Fib Variant.

Here is The Hourly View, so give it a Click for Levels, as we retain our Bear Flag Example for Reference.

Post-Time is 18:45 GMT.

We can say that our Hourly Bear Flag is still Valid and Intact, as Price breaks The Apex to the Downside… and simply Consolidates without reaching the Highs of The Apex at the 151.30’s Dynamic Resistance Levels.

This keeps Bias clearly to The Downside, with Bearish Views simply looking to sell into this Rally from the IntraDay View.

Stronger Bearish Views will look to maintain Patience here as we work through The Consolidation, and any Break of the 146.70’s will entice Selling Sentiment.

The Dow Correlation with the weaker Yen and Dollar is currently In Place, as The Dow is well-bid about 148 Points in Positive Territory.

Watch the Macro-Correlation moving into The Close, and I will be back with you then for another Update, as always!

Please join me then!

Greetings once again, Everyone!

In The Near-Term, we are seeing “Digestion” in most Currency Units of today’s Macro-Data as The BoE Holds their Overnight Rate and also keeps their Q.E. Program unchanged for now, U.S. Jobless Claims beat Consensus but Continuing Jobless Claims kills that Sentiment, and our “Back-and-Forth” Friend, China, returns to the World with more Rhetoric on Diversification of the World’s Global Currency situation.

The Dollar and The Yen retreat a bit and in my personal View… would have taken place from a Technical  Perspective irregardless of any Macro-Data or Rhetoric in the first place.Currently, we are once-again seeing IntraDay Reversals as U.S. Equities and Indices flatten a bit and lose Momentum… and The Yen returns to pick up a little Strength.

Confused?… Do not be.

One word explains it all!… Consolidation.

As we discussed last night and in many instances in the past, when we see such intense Price Volatility and Momentum, we realize Price cannot operate in this fashion indefinitely.

Just like you and I climbing the mountains, Price needs to “Rest and Reprieve”… have a snack… grab a drink… whatever!

This is still fairly evident across most Units with Bear Flag Patterns on various Time-Cycles…. and now that we have spent some time in the actual “Flag Forming Progress”, we can see these types of Behaviors with more clarity.

Let’s bring in The Queen and Her Cousin, Pound Yen again… since it was BoE Day today… 

Give The Captures a Click, as always, with Commentary above, and Post-Time is right about 15:15 GMT.

The Bear Flag Formation is clearly evident on the Hourly now, as we see the BoE and QE Data providing Impetus for some Pound Strength.  

The Daily Uptrend that we initiated from March is still Valid and “anchoring” Price, as we push through Initial 1.6200 Static Resistance forming a “Transitive Rollover” Area.

Now, “Full Completion” of The Flag will see the 1.5250’s obviously in The Mid-Term… so The Key here will be to see if Price can Clip back through The Flag, and at least Breach the Dynamic Confluence Fib Variant Support @ 1.6085. The Flag will be on Its way again as we then Breach the Daily Lower Uptrend Channel Line.

In this Case for The Pound Yen, we have a more “Subjective” Bear Flag here that is foreshortened, albeit with the same “Function and Behavior”. Full Completion here sees  The 137 Area… surely possible… but Continued Yen Strength in this Sense will assuredly provoke a Response from The Bank of Japan concerning Intervention.

In any event… The Breaching of The Daily Lower Uptrend Channel Line ( also acting as our Flag Top here)  calls for a “Re-Test” of the 146.70’s Lows yesterday in The Immediate-Term…. where then the 146.00 Handle is surely In View.

So let us see how these Patterns fair, and also if we see any sort of Recovery in Sight towards’ Today’s Closes here on these Units… so more Updates to come!

Of course… there is One Caveat moving forward…

As long as Crude Oil continues to get slammed, and adding fuel to The Risk-Aversion Fire… our Two Friends, The Dollar and Yen are not going on Holiday anytime soon.

Greetings again, Everyone!

While we are at The NYSE Open with The Dow and S&P opening a bit “Flat” inching up at a Fractional pace… we can still look to The Indices for our Correlations over these last few days of Risk-Averse Behavior.

We may even see some of what I call “Typical Tuesday Corrections” that we have seen over the past several months…where we have significant Depreciation across many Currency Units and Commodities… ( although as we have discussed, The Major Comms are still under a great deal of Heat…)

Testing various Levels across most Markets are still “The Plays of the Day”, and our two Major Yen Crosses are no different.

( Just as an Indication of this thought… we are already down after 30 minutes of The Open… )

So we check in with EUR/JPY and GBP/JPY on The Hourly Views, as it will be interesting to see where we end up later in the Day concerning our Macro-Correlations.

Here are The Captures for a Click with Commentary above, and Post-Time is 14:00 GMT.

While very Short-Term Corrective Appreciation may be seen across most Yen Crosses, we are still in Risk-Aversion Mode, so be sure to watch those Counter-Positions that you may favor. The Yen has been a bit more “Elusive” than The Dollar in this Area.

The EUR/JPY gives us an IntraDay Wedge Pattern to work with here, capped by out Longer-Term Channel Line. The Key in my personal View, will be to see if Price can Breach the Lower Trendline and move South through the 132.40’s. If this is the Case, than it open up the Mid-131’s in The near-Term as we monitor The Indices for Correlation.

The GBP/JPY also presents a little Continuation Wedge-Like Behavior here, where the 154.40’s “Transitive Rollover” will be The “Make or Break” Scenario IntraDay for the next few hours. 

The Weekly 38.2% Fibonaci Confluence with Static Resistance will be a Key Area to Breach out of the current Depreciation., although Price is already Negating our Lower “Wedge” Trendline as the 153.00 Handle becomes attractive in The Immediate-Term.

As always, more Updates to follow as we move around in our still large Macro-Ranges for all of you Longer-Time Cycle Viewers ( like myself ), and as always, check in with the IntraDay Views for our Shorter-Term Friends!

It is once again going to be an interesting Day, so please join me soon!

Greetings again, Everyone!

As expected, we continue to see Accumulation as we move closer and closer the The FOMC Decision, as well as Durable Goods, New Home Sales, and the EIA Oil Inventories.

( We will check in with these Topics in our next couple of Updates, as Price will need to “digest” and see New Areas of Reference moving into The FOMC… )

We are seeing Key Levels of Support and Resistance being respected across most Units as of this Writing, as Price is already defining Its Ranges and Areas ahead of Data-Risk Events.

Here is the GBP/JPY, for example… which is Illustrative of clear Reference Levels.

Give The Capture a Click for Levels, and Commentary above… Post-Time is 7:30 GMT.

Price holds firmly at the “Transitive Rollover” Area of  the 157.60’s with Weekly 61.8% Fib Variant Downleg Confluence.

A Breach sees the 158.80 Daily Resistance Resistance Area… while a Rejection sees a return to Dynamic Suport at the 156.30’s Level. Whiel slight Upside Appreciation is favored, Consolidation through “Muted” Action may beseen leading into Risk-Events moving forward, as Price works the defined Range here.

Several more Updates will be on the way today, in consideration of the several Risk-Events we mentioned!

In the Interim, please have a look at The 7:00 GMT “Currency Majors Technical Perspective” Report  for more Immediate-Term Detail.

I also invite you to have a look at the new Special Section I have developed with FXstreet for Fundamental Analysis is under the Education Tab of the FXstreet Home Page.

The Section is called ”Fundamental Forex Foundations”, which will be a Series of Topics focused on the Majors Data Points we see that directly “Affect” Currency Traders and those in the Foreign Exchange World.

The First Two Installments are there…  “The Federal Reserve and The FOMC Committee”…  a timely Topic we are dealing with right now, and then  “The Non-Farm Payrolls Data”  released a bit early for NFP in a couple of weeks!

Please join me soon for more Updates as we continue with our Active Day!

Greetings, Everyone and Welcome to Tuesday!

We closed the U.S. Session with no real “remarkable” Data, Behavior, or Events to speak of ( hence no U.S. Close Post from me … ), and we are simply still working with Risk Aversion on the back of Strengthening Dollar and Yen Tendencies at this point.

The Negativity “bleeding out” from Wall Street is seeing Depreciation in the Yen Crosses, especially, as of this Writing. While the IntraDay Behavior may look “extreme”, we are still adhering to Support and Resistance Levels as most Units see Downtrend Channel Behavior in the Immediate-Term.

We check in with the GBP/JPY again, as well as bring in The USD/CHF to check on the “Dollar Strength” of this Risk-Averse Equation.

Here are the Hourly Views, so give them a Click for Various Levels  with Commentary above, and Post-Time is 1:30 GMT.

The Pound Yen sees Continuation of the Right-Shoulder Depreciation we spoke of in the 15:00 GMT Post yesterday, as the Daily Head and Shoulders Formation continues.

Price is resting on the 38.2% Fib Variant with Dynamic Support at the 155.80’s Area.  A Correction “north”should see the 157.30’s Resistance and if Rejected… Price sees a Bear Flag Hourly Formation from the 159.60’s Highs.

If Violated, the “loose” Hourly Triple-Bottom Formation may see Price climbing back to those said Highs in the Near-Term.

Flag Continuation sees the 155/154.80’s Clipped to the Downside as Bearish Sentiment continues.

The Swissy sees Bullish Sentiment on the Hourly View in a Clear Uptrend Channel, albeit somewhat “Mixed” with the Ranging Consolidation from the Hourly Double-Bottom Formation.

Fib Variant Confluence Areas are providing Dynamic Support and Resistance, while Bullish Sentiment will remain out of the 1.0760’s-1.0890’s Range if the 1.0920’s Resistance is Seen and Held in the Near-Term.

Please come by for a visit for the 6:30/7:00 GMT “Currency Majors Technical Perspective” Report, for some Immediate-Term Techs on the Four Majors. A Blog Update will follow, as usual, so I hope Everyone will come by as we move into The Day!

Greetings again, Everyone!

As The Euro and other Majors work with slight Dollar Strength to begin the Week, most Yen Crosses are finding the same Behavior with The strengthening Yen.

Despite rather “Negative” Data Points out of Japan last night, we can recognize that the Strength in both of our “Risk Appetite/Risk Averse Brothers” is due NOT to their inherent healthy Strength… but perhaps more to the Unhealthy Uncertainty of their Base Units.

Of course, Euro Yen would fits this Descriptor, with all that ‘weighs” on the Euro today, but it is more of a Curiosity with say, the “Stronger” Base Currencies such as the Aussie in AUD/JOY and even The Queen in GBP/JPY.

Let’s pull up the Hourlies and see where we are, as The U.S. Equity Futures are bidding lower which may hold Its Correlation to The Crosses as we open in about 10 Minutes time.

Give The Captures a Click, and I have Commentary above for you… Post-Time is 13:20 GMT.

The Aussie Yen finds a clear Corrective Bounce from the 76.00 Daily Static Support Area, which certainly may be Breached in favor of the Dynamic Supporting Area with the Magenta 75.30’s Level. A resurgence through the 76.80’s will find, perhaps, some Bullish Builds coming in from the initial 76.00 Support, and continuing through to 78.20’s Dynamic Resistance in the Near-Term.

Pound Yen sees solid Bearish Hourly Momentum, as the Daily Head and Shoulders Formation is coming to Fruition as Price heads to the 154.80’s “Neckline” of the Formation for Static Support.

Please join me again for more Updates as we move through this somewhat “quiet” Day… where we are already seeing some “Muted” activity in expectation of this Weeks Fed Meeting.

See You Soon!

Greetings, Everyone and Welcome to Friday!

We have had an Event-Filled and Volatile Week of Work this Week… especially if you Working Style is on the IntraDay Levels!

While in the very-near Immediate-Term, we should see, and are seeing,  some Dollar and Yen Strength as Prices move to break various minor Levels of Consolidation and Mixed Sentiment… we can step out a little bit and see Corrective Retracements now setting up for potential Bullish Builds to come back into The Markets over the next few Sessions.

The Yen Itself looks to a little more Weakness of Late than Its “Partner” in Risk-Aversion and Appetite…The Dollar.

We still look to these Two Currencies on their own Individual Merit as a “Bellwether” for out Strength Vs. Weakness Ideas, and the varying “Degrees” that we may see…

We check in with one Yen Cross as a Measurement of this Idea, so here we have the AUD/JPY on the Daily, Weekly, and Hourly Views.

This Cross is rather Illustrative of current Yen Weakness with the heavy U.S. Treasury Bonds selling off yesterday, and the subsequent weakening of The Dollar off of Support Areas, with The Yen weakening as “Collateral Damage” in this case.

Give The Captures a Click for Levels preceded by Commentary, as always… and Post-Time is 8:15 GMT.

The Aussie Yen still finds Buoyancy with Its Long-Term Uptrend Channel from January on the Daily View, as Price is “Anchored” quite nicely through the entire Macro-Upleg.

( I must say this Unit has been a Position Trader’s Dream… as has The Aussie Dollar… for those of you out there who subscribe to these Longer-Term Views… 

On the Larger Weekly level… we can say  this entire Upleg is simply a “Wide” Flag coming out of a Bear Flag Formation, as the “Textbook Case” is evident with a Hold at Major 50% Fib Variant/Static Resistance that we currently see.

The Hourly View sees the IntraDay Range rather clearly… as Price looks to Clip the 78.20’s Dynamic Resistance Level to see the 79.50’s Static Resistance, and 50% Weekly Downleg Fib Variant Areas.

Please have a look at The “Currency Majors Technical Perspective” Report  recently published for some Immediate-Term Views on where all of the still-continuing Macro-Consolidation and Ranges may be taking us leading into The Weekend!

Of course… I will have several more Updates for You as we move along in the Trading Day, so please come back for a Visit!

Greetings once again, Everyone!

We are about 10 Minutes into The NYSE Open, where Equities and Indices are bidding slightly higher on overall Accumulation that has Clipped Immediate-Term Risk Aversion carrying over from Asia into The London/EU Sessions and into The U.S.

The BRICS Summit is underway in dealing with what may be considered “The True Foundation” of World Economic Hierarchy”… as Brazil, Russia, India, and China surely are viewed from a Long-Term Perspective and in The Near-Term… largely have massive Impact on The “Parallel Markets” of Commodities Markets moving ahead.

The Fiber finally sees a bit of Weight off of Its Back as German ZEW gives it a much-needed Boost, but still… overall…in my Personal View… The Risk-Averse Dollar Rally is somewhat “Transparent”.

While we have seen Dollar-Positive Rhetoric out of China and Russia within the past Week, we must also realize how “Shallow” it can be being a Major Factor in Yesterday’s “Corrective Day”.

Russian President Medvedev and Its Finance Minister Kudrin seemingly have a different “View” of The Dollar as the World’s Reserve Currency overall as Medvedev’s Rhetoric seeks to “downplay” The Dollar while Kudrin has no Issues with it.

In my View… China is the Real Key hereat the BRIC Summit… since It is the “Economic Powerhouse” with whom the most “Weight” carries concerning Dollar Sentiment.

Even so… ALL of this Rhetoric is providing an Unstable Foundation for Dollar Sentiment since The Rhetoric is in the Spotlight in the first place… hence… the overall Trend Resumptions we are seeing/may be seeing with most Units moving forward.

Here are The Hourly Views of The Fiber and The Pound Yen with Commentary above… so give the Captures a Click for Various Levels of Reference, and Post-Time is 14:00 GMT.

The Fiber looks to an IntraDay Hourly Uptrend Correction, as Price sees 1.3850’s Dynamic Resistance in the Immediate-Term now. Clearance of the 1.3630’s Resistance is need and if maintained… Price sees the 1.400 Handle easily In Sight.

Pound Yen sees The Risk-Averse Status holding more Validity as most of The Yen Crosses are still seeing Yen Strength on the general sense. Continuation here sees the Static Daily Support at 158.54 being Breached with the 156.50’s/60’s clearly In Sight if Momentum continues.

Equity and Index Correlations are “In Check” with these Crosses, so keep a Mindful Eye on them as we move along.

Of course… back with more Updates as we move ahead so please join me as all of You are always deeply Welcome!