TJ Marta's  Instablog

TJ Marta
Send Message
  • Daily FX View: USD Starting Trend Rebounds Vs EUR, GBP, JPY 0 comments
    Oct 9, 2013 6:43 AM

    Movement in debt ceiling standoff would provide clear fundamental reason for USD rise.

    • President Obama yday said he would accept short-term increase in debt ceiling w/out policy conditions

    • USD/JPY: Higher overnight with JPY underperforming 20 of 23 peers; JPY weighed by BoJ minutes noting moderate economic recovery, Nikkei gains 1%
    • Daily chart: Rebounding from test below ~97, late-Aug. lows, 76.4% Fibo retracement of Aug.-Sept. rally
    • MACD stabilizing near Aug. low; RSI up from low since Aug.; stochastics losing downward momentum around June, Aug. lows
    • Support: ~97, 96.57 Oct. 8 low
    • Resistance: 97.76 Sept. 18 low, 99.67 Sept. 20 high

    • GBP/USD: Lower overnight; GBP down vs 22 of 23 major FX; weighed by unexpected decline in Aug. industrial production -1.1% M/m vs est. +0.4%
    • Daily chart: Testing uptrending channel from July
    • MACD, RSI, stochastics all heading lower
    • Support: 1.5978 bottom of channel, 1.5956 Sept. 24 low, 1.5892 Jan. 23 low
    • Resistance: 1.6260 Oct. 1 high; ~1.63 general resistance since 2012, 1.6335 top of channel

    • EUR/USD: Lower vs 17 of 23 counterparts, off session lows on Aug. industrial production 1.4% M/m vs est. 1.0%, prior revised to -1.1% from -1.7%
    • Daily chart: Breaching uptrend from Sept.
    • MACD overbought, near to crossing lower; RSI falling from high since June; stochastics crossing lower from high since Aug.
    • Support: 1.3462 Sept. 25 low, 1.3452 Aug. 20 high, 1.3417 June 19 high
    • Resistance: 1.3646 Oct. 3 high, 1.3711 Feb. 1 high

    • NOTE: TJ Marta is an FX strategist who writes for First Word. The observations he makes are his own. To contact TJ Marta, click here.

Back To TJ Marta's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers


More »

Latest Comments

Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.