Daily Technical Analysis by FXCC

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Market Overview by FXCC Oct 04 2012

Market Overview by FXCC Oct 04 2012

Romney hits first in US debate

Is Mitt Romney breathing new life after the controversial campaign? It appears so after his first debate in front of Barack Obama. Polls show 56% of uncommitted voters say their opinion of Romney has changed for the better, while 13% say that about the President, according to Mark Knoller, CBS News White House Correspondent. According to results of CNN-ORC Post-Debate flash poll who won the debate, Romney 67%, Obama 25%.

A busy trading Thursday for the London session ahead as having plenty of risk events going on, starting with minor data in the form of CPI figures from the Netherlands at 07:00 GMT, followed by Ireland PM Kenny meeting with EU parliament president Schultz at 11:15 GMT, and then going for the long awaited ECB interest rates statement at 11:45 GMT, 45 minutes before ECB press conference starts. BoE will also deliver monetary policy announcement at 11:00 GMT which could add volatility to EUR/GBP cross. IMF will hold press conference at 14:30 GMT.
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UPCOMING EVENTS :
2012-10-04 11:00 GMT | United Kingdom. BoE Interest Rate Decision
2012-10-04 11:45 GMT | European Monetary Union. ECB Interest Rate Decision
2012-10-04 14:00 GMT | United States. Factory Orders
2012-10-04 18:00 GMT | United States. FOMC Minutes


FOREX NEWS :
2012-10-04 04:54 GMT | EUR/USD has a range to break; ECB unlikely to be the catalyst
2012-10-04 04:31 GMT | USD/CAD rally pauses below trend line resistance
2012-10-04 02:36 GMT | EUR/AUD hits stops above 1.2670

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EURUSD : 1.29279 / 1.29282
DAILY WEEKLY MONTHLY

1.3018 | 1.2987 | 1.2955
1.2895 | 1.2863 | 1.2829

SUMMARY : Down
TREND : Sideway
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Neutral


MARKET ANALYSIS - Intraday Analysis

Technical Summary: Markets would be driven today mostly by macroeconomic data releases. In focus ECB Interest rate decision at 11:45 GMT. From the technical side, deviation from its average parameters is low several days in a row and we expect to see volatility increase ahead. Main scenario: Next resistance level for today locates at 1.2955 (R1). Rise above it might lead to the further trend development with next possible targets at 1.2987 (R2) and 1.3018 (R3). Alternative scenario: Downside direction is limited by next support level at 1.2895 (S1), price decrease below it would be targeting next supports at 1.2863 (S2) and 1.2829 (S3).

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GBPUSD : 1.60970 / 1.60977
DAILY WEEKLY MONTHLY

1.6198 | 1.6161 | 1.6127
1.6067 | 1.6034 | 1.6000

SUMMARY : Down
TREND : Downward penetration
MA10 : Bullish
MA20 : Bearish
STOCHASTIC : Neutral


MARKET ANALYSIS - Intraday Analysis

Technical Summary: Instrument continued its weakening on the hourly chart and our indicators clearly state downtrend formation on the short term perspective however in such situation market focus on Bank of England Rate Decision at 11:00 GMT. Main scenario: Price might retest our support at 1.6067 (S1) on the downside. Break here would suggest next target at 1.6034 (S2) and any further fall would then be targeting to 1.6000 (S3). Alternative scenario: Our next resistance stay at 1.6127 (R1), break here is required for market expansion towards to next targets at 1.6161 (R2) and 1.6198 (R3).

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USDJPY : 78.616 / 78.618
DAILY WEEKLY MONTHLY

79.04 | 78.87 | 78.71
78.42 | 78.25 | 78.07

SUMMARY : Up
TREND : Upward penetration
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Neutral


MARKET ANALYSIS - Intraday Analysis

Technical Summary: Technically, USDJPY in uptrend formation and both moving averages acts now as dynamic support level. Fresh high, formed today is our key level for the further uptrend development. Main scenario: Next resistance ahead at 78.71 (R1), break here is required to open way for further appreciation towards to targets at 78.87 (R2) and 79.04 (R3). Alternative scenario: Price decline below the next support levels at 78.42 (S1) might trigger bearish pressure and enable next target at 78.25 (S2). A break below it would suggest last target for today at 78.07 (S3).

Source: FX Central Clearing Ltd,

 

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Market Overview by FXCC Oct 05 2012

Market Overview by FXCC Oct 05 2012

ECB waits for Spain to act; bailout to come over the next month - Standard Chartered

The ECB looks set to keep rates on hold in November too, according to Standard Chartered European Economists Sarah Hewin and Thomas Costerg, while expecting recession "will trigger a cut by year-end" they note. Details on the new bond-buying plan remain thin, "but the ECB is likely to be tough on conditionality" the bank suspects. As per the timing abou the Spanish bailout, Standard Chartered thinks "they will need to ask for support over the next month, despite German reluctance."

"The ECB left its Refi rate unchanged in line with expectations, although market reaction does suggest there were at least some hopes for a rate cut today", says Vassili Serebriakov, Currency Strategist, Wells Fargo Bank. "With the ECB decision out of the way, markets will be looking ahead to US September nonfarm payrolls report", he says. "Judging from recent US data, the jobs numbers should not be particularly weak, which in our view could play into further gains in risk-sensitive commodity and emerging currencies".
https://support.fxcc.com/email/technical/05102012/

UPCOMING EVENTS :
2012-10-05 07:00 GMT | Switzerland. Foreign Currency Reserves
2012-10-05 10:00 GMT | Germany. Factory Orders senectus
2012-10-05 12:30 GMT | United States. Nonfarm Payrolls
2012-10-05 19:00 GMT | United States. Consumer Credit Change

FOREX NEWS :
2012-10-05 05:02 GMT | EUR/USD bulls regain upper-hand ahead of NFP fireworks
2012-10-05 03:40 GMT | USD/JPY drops to session lows post-BoJ
2012-10-05 03:14 GMT | BoJ Interest Rate Decision stays unchanged at 0.1%
2012-10-05 02:07 GMT | EUR/AUD stalling below 1.2720


EURUSD : 1.30154 / 1.30158
DAILY WEEKLY MONTHLY

1.3098 | 1.3065 | 1.3032
1.2998 | 1.2962 | 1.2926

SUMMARY : Up
TREND : Upward penetration
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Neutral


MARKET ANALYSIS - Intraday Analysis

Technical Summary: Bullish market sentiment remains in power today after the appreciation provided yesterday. United States Nonfarm Payrolls would be the main macroeconomic data release at 12:30 GMT. Main scenario: Brake above the resistance at 1.3032 (R1) would suggest next target at 1.3065 (R2) and any further gain would then be limited to 1.3098 (R3). Alternative scenario: Break below the support at 1.2998 (S1) might provide necessary space for retracement development. We suggest next target at 1.2962 (S2) and 1.2926 (S3) in potential.

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GBPUSD : 1.61941 / 1.61945
DAILY WEEKLY MONTHLY

1.6289 | 1.6246 | 1.6204
1.6165 | 1.6123 | 1.6079

SUMMARY : Up
TREND : Upward penetration
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Neutral


MARKET ANALYSIS - Intraday Analysis

Technical Summary: At the moment GBPUSD deviate from its up-trend formation and such stabilization might extend its power to the London session ahead. Stochastic Oscillator is pointing up and both moving averages are bullish, so far we expect further strengthening as main scenario later on today. Main scenario: Next resistance is maintained at 1.6204 (R1), break here might open space for a move to test targets at 1.6246 (R2) and 1.6289 (R3) in potential. Alternative scenario: Decrease below the support at 1.6165 (S1) might expose next targets at 1.6123 (S2) and 1.6079 (S3).

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USDJPY : 78.391 / 78.395
DAILY WEEKLY MONTHLY

79.04 | 78.80 | 78.58
78.25 | 78.02 | 77.79

SUMMARY : Up
TREND : Upward penetration
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Neutral


MARKET ANALYSIS - Intraday Analysis

Technical Summary: Market trapped to the range trading mode after the yesterday gains. Medium term bias is positive and we expect to see retest of yesterday high today. However if the market depreciate below the support level we expect a correction development. Main scenario: Next resistance level lie at 78.58 (R1). Break here is required to enable targets at 78.80 (R2) and 79.04 (R3). Alternative scenario: Risk of price depreciation is seen below the next support level at 78.25 (S1). Price progress below it might expose next targets at 78.02 (S2) and 77.79 (S3) in perspective.

Source: FX Central Clearing Ltd,

 

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Market Overview by FXCC Oct 08 2012

Market Overview by FXCC Oct 08 2012

HSBC Services PMI at 54.3 signals improvement

According to Markit Economics, the HSBC Composite PMI (covering manufacturing and services PMI) signaled a renewed expansion in business activity at 54.3 in September, up from 52.0; below 50.0 signals contraction, while above signals industry expansion.

Hongbin Qu, Chief Economist, China & Co-Head of Asian Economic Research at HSBC said:“Service sector growth picked up in September thanks to rising new business flows. This is likely an indication of a gradual improvement of domestic economic conditions due to the earlier easing measures and the stronger consumption demand in the run-up to the Golden week holiday.”
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https://support.fxcc.com/email/technical/08102012/


UPCOMING EVENTS :
2012-10-08 07:15 GMT | Switzerland. Consumer Price Index
2012-10-08 10:00 GMT | Germany. Industrial Production
2012-10-08 21:45 GMT | New Zealand. Electronic Card Retail Sales
2012-10-08 23:45 GMT | Japan. Trade Balance - BOP Basis

FOREX NEWS :
2012-10-08 04:44 GMT | EUR/USD weekly start below 1.30
2012-10-08 03:52 GMT | AUD/JPY again below 80 round
2012-10-08 03:25 GMT | EUR/JPY dive stalls around 102 round
2012-10-08 01:22 GMT | USD/JPY limited below 100 DMA

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EURUSD : 1.29880 / 1.29885
DAILY WEEKLY MONTHLY

1.3070 | 1.3042 | 1.3013
1.2968 | 1.2942 | 1.2915

SUMMARY : Up
TREND : Upward penetration
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Oversold


MARKET ANALYSIS - Intraday Analysis
Technical Summary: Currently EURUSD trades on the negative side and we expect further consolidation development later on today as main scenario. However medium term tendency remains positive. Main scenario: Next upcoming support holds at 1.2968 (S1), break through here might take the pair towards to eventual targets located at 1.2942 (S2) and 1.2915 (S3) in potential. Alternative scenario: Price level at 1.3013 (R1) is a next attractive point for the uptrend penetration. If a break occur here we suggest gradual targets to be placed at 1.3042 (R2) and 1.3070 (R3).

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GBPUSD : 1.61085 / 1.61089
DAILY WEEKLY MONTHLY

1.6174 | 1.6153 | 1.6131
1.6094 | 1.6075 | 1.6053

SUMMARY : Up
TREND : Downward penetration
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Oversold


MARKET ANALYSIS - Intraday Analysis
Technical Summary: Instrument has settled negative bias on the hourly timeframe. We expect gradual decline towards to our support levels as main scenario today. Main scenario: If the market manage to brake next support level at 1.6094 (S1), we might exposure of possible targets at 1.6075 (S2) and 1.6053 (S3) later on today. Alternative scenario: Next resistance ahead is seen at 1.6131 (R1). Rising up above this level would suggest next targets at 1.6153 (R2) and 1.6174 (R3) in potential

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USDJPY : 78.538 / 78.541
DAILY WEEKLY MONTHLY

78.96 | 78.81 | 78.64
78.42 | 78.26 | 78.10

SUMMARY : Up
TREND : Sideway
MA10 : Bearish
MA20 : Bullish
STOCHASTIC : Oversold


MARKET ANALYSIS - Intraday Analysis
Technical Summary: We are not expecting significant volatility increase today and current range mode condition might extend its power for the remaining of the day. Main scenario: Measures of resistance might be activating when the pair approaches the 78.64 (R1), break here would suggest next target at 78.81 (R2). If the price holds its momentum on the upside we can expect a further rise towards to 78.96 (R3). Alternative scenario: Our next support level stay at 78.42 (S1). Loss here might drive market price towards to next targets at 78.26 (S2) and 78.10 (S3) in perspective.

Source: FX Central Clearing Ltd,

 

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Market Overview by FXCC Oct 09 2012

Market Overview by FXCC Oct 09 2012

IMF cuts global GDPs forecast, dowside risks worsen

The IMF has lowered the euro zone GDP outlook for 2012 by -0.1% to -0.4% from -0.3%, while setting a +0.2% in 2013 from +0.7%. Progress toward banking, fiscal union is required for rosier revisions. ECB could cut rates further, the institution says. Japan 2012 growth forecast was also cut to 2.2% from 2.4%, 2013 stands now at 1.2% from 1.5%. The BOJ easing program may help its GDP target, although more is needed to reach 1% inflation goal. China 2012 growth forecast was downgraded to 7.8% from 8.0%, 2013 forecast at 8.2% from 8.5%. On the US front, IMF said “imperative” to avoid year-end fiscal cliff, as it could reduce 4% of GDP in 2013 in the worst case scenario. U.S., Canadian economies GDPs are projected at around 2% in 2012 and 2013, but both face large downside risks. Cuts 2012 global GDP growth forecast to 3.3% from 3.5% in July and 2013 forecast to 3.6% from 3.9%. “General feeling of uncertainty” holding back global growth.

The UK is the focus of the day ahead, "with the August snapshot of industrial- and manufacturing sector output on offer as well as foreign trade data for the same month" Rabobank notes. The bank adds: "A small fall in industrial output is expected but after a pretty strong July reading, the sector is tracking to grow output in 3Q as a whole." The NIESR, a UK Think Tank, will also release their estimate of 3Q GDP growth.
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https://support.fxcc.com/email/technical/09102012/

UPCOMING EVENTS :
Tentative ECOFIN Meetings
2012-10-09 07:30 GMT | ECB President Draghi Speaks
2012-10-09 08:30 GMT | Manufacturing Production
2012-10-09 14:00 GMT | NIESR GDP Estimate

FOREX NEWS :
2012-10-09 05:00 GMT | GBP/USD consolidating ahead of UK data
2012-10-09 03:58 GMT | EUR/USD still below 1.30
2012-10-09 03:56 GMT | Will GBP/JPY’s sell-off extend?
2012-10-09 00:39 GMT | AUD/USD breaks Monday's high, descending trendline

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EURUSD 1.29813 / 1.29817
DAILY WEEKLY MONTHLY

1.3049 | 1.3024 | 1.2999
1.2968 | 1.2942 | 1.2917

SUMMARY : Up
TREND : Upward penetration
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Neutral


MARKET ANALYSIS - Intraday Analysis

Technical Summary: Yesterday pair gained momentum on the downside and close on the negative territory however medium term bias remains positive for EURUSD. Main scenario: Pair is moving towards to our next resistance level at 1.2999 (R1). Clearance here would suggest next targets at 1.3024 (R2) and 1.3049 (R3). Alternative scenario: The downside trend evolvement is limited by next support level at 1.2968 (S1), break here might lead to the targets execution at 1.2942 (S2) and 1.2917 (S3).

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GBPUSD 1.60419 / 1.60426
DAILY WEEKLY MONTHLY

1.6127 | 1.6096 | 1.6066
1.6019 | 1.5990 | 1.5961

SUMMARY : Down
TREND : Downward penetration
MA10 : Bullish
MA20 : Bearish
STOCHASTIC : Neutral


MARKET ANALYSIS - Intraday Analysis

Technical Summary: Market sentiment is negative on GBPUSD as of yesterday sharp fall. We expect to see new lows formation today. Main scenario: Decline below the support level at 1.6019 (S1) would suggest next target at 1.5990 (S2) and any further easing would then be targeting 1.5961 (S3). Alternative scenario: If the price manages to stay above the suggested support at 1.6019 (S1), we expect attack to the resistance level at 1.6066 (R1). Clearance here is required for the instrument strengthening towards to our targets at 1.6096 (R2) and 1.6127 (R3) in potential.

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USDJPY : 78.404 / 78.406
DAILY WEEKLY MONTHLY

78.76 | 78.62 | 78.48
78.28 | 78.14 | 78.00

SUMMARY : Up
TREND : Upward penetration
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Neutral


MARKET ANALYSIS - Intraday Analysis

Technical Summary: USDJPY still is under the bullish pressure on the medium term perspective. Though, possibility of further market decline is high today. Main scenario: Next support level stays at 78.28 (S1). Break here would suggest next target at 78.14 (S2) and any further fall would then be limited by last support at 78.00 (S3). Alternative scenario: A medium-term bias is negative now though intraday bullish forces might be activated if the pair penetrates above the resistance level at 78.48 (R1). Next immediate resistance levels holds at 78.62 (R2) and 78.76 (R3).

Source: FX Central Clearing Ltd,

 

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Market Overview by FXCC Oct 12 2012

Market Overview by FXCC Oct 12 2012

MAS surprises but still room to loosen policy - Capital Economics

The Monetary Authority of Singapore (MAS) left its policy stance unchanged today and it will continue to allow the NEER to trade within a target band of “modest and gradual appreciation”. The slope, mid-point and width of the target band will stay the same. The decision came despite stood at -1.5% q/q on an annualized basis in Q3.

A relatively quiet London session lies ahead, with no EZ sovereign debt auctions as usual on Fridays, and only minor EUR data related coming out, starting with French current account at 06:45 GMT, followed by the Netherlands trade balance at 07:30 GMT, Italy CPI at 08:00 GMT, and EU industrial production 1 hour later. The IMF-WB meetings will keep going throughout Sunday, with BoJ governor Shirakawa to speak at 12:20 GMT. Special attention might come from Spain, as the nation government holds its regularly weekly meeting, and markets expectations are growing on the country asking for the bailout after S&P downgraded Spain's credit ranking to one notch away from junk status.
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https://support.fxcc.com/email/technical/12102012/


All. IMF Meeting
2012-10-12 09:00 GMT European Monetary Union. Industrial Production
2012-10-12 12:30 GMT United States. Producer Price Index
2012-10-12 13:55 GMT United States. Reuters/Michigan Consumer Sentiment Index


2012-10-12 04:42 GMT GBP/USD pressured ahead of Europe
2012-10-12 04:33 GMT EUR/USD clings to range game; time to salute 1.30 again?
2012-10-12 02:34 GMT AUD/JPY threatening offers near 80.80
2012-10-11 23:34 GMT USD/JPY gently bid; further advances ahead?

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EURUSD 1.29291 / 1.29294
DAILY WEEKLY MONTHLY

1.3009 1.2980 1.2951
1.2914 1.2885 1.2854

SUMMARY Up
TREND Upward penetration
MA10 Bullish
MA20 Bullish
STOCHASTIC Neutral


MARKET ANALYSIS - Intraday Analysis

Technical Summary: Medium term bias remains positive and today we expect further appreciation as main scenario. Main scenario: Strengthening above the resistance at 1.2951 (R1) might open way towards to next targets at 1.2980 (R2) and 1.3009 (R3). Alternative scenario: Next support can be found at 1.2914 (S1), clearance here would enable lower targets at 1.2885 (S2) and 1.2854 (S3).

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GBPUSD 1.60289 / 1.60296
DAILY WEEKLY MONTHLY

1.6109 1.6082 1.6057
1.6020 1.5993 1.5966

SUMMARY Up
TREND Upward penetration
MA10 Bearish
MA20 Bullish
STOCHASTIC Neutral


MARKET ANALYSIS - Intraday Analysis

Technical Summary: GBPUSD deviate from last week losses and current consolidation might extend its power above the suggested resistance levels today. Main scenario: Rise above the resistance at 1.6057 (R1) would suggest next target at 1.6082 (R2) and then final resistance can be found at 1.6109 (R3). Alternative scenario: Next support level holds at 1.6020 (S1), break here would suggest next target at 1.5993 (S2) and any further fall would then be limited to 1.5966 (S3).

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USDJPY 78.341 / 78.343
DAILY WEEKLY MONTHLY

78.79 78.67 78.54
78.27 78.13 77.99

SUMMARY Up
TREND Upward penetration
MA10 Bullish
MA20 Bullish
STOCHASTIC Neutral


MARKET ANALYSIS - Intraday Analysis

Technical Summary: Fresh high provided today is our key point for further instrument appreciation however penetration below the suggested support level might enable bearish force on the short term perspective. Main scenario: Next resistance is placed at 78.54 (R1), break here might expose next target at 78.67 (R2) and any further rise would then be targeting 78.79 (R3). Alternative scenario: Our now bullish short term outlook will remain in place while USDJPY trades above the support at 78.27 (S1). A downside move below it might expose our next targets at 78.13 (S2) and 77.99 (S3) in potential.

Source: FX Central Clearing Ltd,

 

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Market Overview by FXCC Oct 15 2012

Market Overview by FXCC Oct 15 2012

Case for an RBNZ rate cut mounts - BNZ

The Reserve Bank of New Zealand may start to find it harder and harder to maintain its cash rate steady in the foreseeable future, according to BNZ economist Stephen Toplis. From Mr. Toplis: "A very weak PMI, followed by today’s weak PSI, intimates that Q3 GDP might print very poorly indeed. Consensus forecasts for global growth remain under pressure. The Australian economy is looking demonstrably shaky, resulting in grief for domestic manufacturers, and the RBA is easing. The NZD TWI sits stubbornly 1.4% above the RBNZ’s assumed Q4-average. And the annual CPI is about to print below the bottom edge of the RBNZ’s 1-3% target range. We, thus, now put the probability of an easing as high as 35%."

The BNZ Analyt adds: "We stick with our view that rates are on hold for some time to come but warn that the downside risk should not be ignored. The market is now pricing in around an 85% chance of a cut over the coming 12 months. It’s been pricing in a reduction in rates consistently for much of the last year and we have railed against it. While we think the odds are overdone, the situation has certainly changed sufficiently for us to be much less aggressive in our dissension. For us the catalyst for an easing will be continued appreciation in the NZD accompanied by a stalling in the domestic housing market."
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https://support.fxcc.com/email/technical/15102012/


UPCOMING EVENTS :
2012-10-15 12:30 GMT | United States. Retail Sales
2012-10-15 14:30 GMT | Canada. Bank of Canada Business Outlook Survey
2012-10-15 19:00 GMT | Canada. BoC Governor Mark Carney Speech
2012-10-15 21:45 GMT | New Zealand. Consumer Price Index

FOREX NEWS :
2012-10-15 04:49 GMT | GBP/USD maintains bearish tendencies
2012-10-15 04:43 GMT | EUR/USD new week, same range
2012-10-15 04:14 GMT | AUD/NZD choppy below 1.2550
2012-10-15 03:13 GMT | EUR/JPY slide supported by trendline

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EURUSD : 1.29080 / 1.29085
DAILY WEEKLY MONTHLY

1.2954 | 1.2937 | 1.2922
1.2890 | 1.2875 | 1.2860

SUMMARY : Up
TREND : Upward penetration
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Neutral


MARKET ANALYSIS - Intraday Analysis

Technical Summary: Today Instrument gained momentum on the negative side and formed correction from its initial uptrend formation. If it manages to break above the suggested resistance level we expect to see new step of uptrend development, otherwise depreciation below the support would lead to the deeper correction. Main scenario: Possible strengthening might arise above the next resistance level at 1.2922 (R1). Next targets holds at 1.2937 (R2) and 1.2954 (R3) levels. Alternative scenario: Downside development remains for now limited by next support level at 1.2890 (S1), clear break here would be a signal of market weakening, targeting 1.2875 (S2) and 1.2860 (S3) in potential.

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GBPUSD : 1.60385 / 1.60394
DAILY WEEKLY MONTHLY

1.6132 | 1.6096 | 1.6059
1.6024 | 1.5983 | 1.5944

SUMMARY : Down
TREND : Downward penetration
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Neutral


MARKET ANALYSIS - Intraday Analysis

Technical Summary: The medium term tendency is Bearish as both moving averages are pointing down and we expect that GBPUSD remains on the negative side today. Main scenario: Decrease below the expected support at 1.6024 (S1) might push price lower and enable our targets at 1.5983 (S2) and 1.5944 (S3). Alternative scenario: Upside formation is limited by next resistance level at 1.6059 (R1). If market manage to break it, further targets locates at 1.6096 (R2) and 1.6132 (R3).

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USDJPY : 78.564 / 78.565
DAILY WEEKLY MONTHLY

78.95 | 78.79 | 78.63
78.43 | 78.26 | 78.09

SUMMARY : Up
TREND : Sideway
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Neutral


MARKET ANALYSIS - Intraday Analysis

Technical Summary: Pair has settled positive bias on the hourly timeframe and fresh high, formed today is our reference point for the instrument appreciation. Main scenario: Our next resistance level for today stay at 78.63 (R1), break here would enable next targets at 78.79 (R2) and 78.95 (R3). Alternative scenario: Possible depreciation below the support level at 78.43 (S1) would suggest next targets at 78.26 (S2) and 78.09 (S3).

Source: FX Central Clearing Ltd,( What Is Forex Trading | Forex Trading Signals | ECN Forex Trading Online | FXCC )

 

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Market Overview by FXCC Oct 17 2012

Market Overview by FXCC Oct 17 2012

Moody’s confirms Spain’s government bond rating at Baa3, negative outlook

Moody’s issued the following statement in downgrading Spain’s sovereign credit rating outlook to negative: Moody’s Investors Service yesterday confirmed the Kingdom of Spain’s Baa3 government bond rating and assigned a negative outlook to the rating. In addition, Moody’s has confirmed Spain’s short-term rating at (P)Prime-3. Rating action concludes the review for possible further downgrade of Spain’s rating that Moody’s had initiated on 13 June 2012.

In summary, Moody’s believes that the combination of euro area and ECB support and the Spanish government’s own efforts should allow the government to maintain capital market access at reasonable rates, providing it with the time it needs to stabilise public debt over the next few years. In Moody’s view, the maintenance of market access is critical because the risk that some form of burden-sharing will be imposed on bondholders is material for those countries that rely entirely or to a very large extent on official-sector funding for an extended period of time.
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https://support.fxcc.com/email/technical/17102012/

UPCOMING EVENTS :
2012-10-16 08:30 GMT | United Kingdom. Bank of England Minutes
2012-10-16 09:00 GMT | Switzerland. ZEW Survey - Expectations
2012-10-16 09:15 GMT | United Kingdom. BOE Deputy Governor Paul Tucker speech
2012-10-16 12:30 GMT | United States. Housing Starts

FOREX NEWS :
2012-10-17 02:55 GMT | GBP/USD at key 61.8 fibo; awaits BoE minutes
2012-10-17 01:26 GMT | USD/JPY ranges ahead of 79.00 sellers
2012-10-17 00:26 GMT | AUD/USD follows Euro tail; 1.0330/35 next hurdle
2012-10-16 21:32 GMT | EUR/USD tests 1.3100 on Moddy's Spanish rating

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EURUSD : 1.30944 / 1.30947
DAILY WEEKLY MONTHLY

1.3199 | 1.3160 | 1.3125
1.3064 | 1.3027 | 1.2992

SUMMARY : Up
TREND : Up trend
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Overbought


MARKET ANALYSIS - Intraday Analysis

Technical Summary: Moody’s confirms Spain’s government bond rating at Baa3 with the negative outlook yesterday and that drives market price towards to new levels. Market sentiment is clearly bullish. Main scenario: In terms of technical levels next resistance level could be found at 1.3125 (R1). Appreciation above it might enable next targets at 1.3160 (R2) and 1.3199 (R3) in potential. Alternative scenario: Our next support level holds at 1.3064 (S1). Price penetration below it might open way towards to next targets at 1.3027 (S2) and 1.2992 (S3).

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GBPUSD : 1.61262 / 1.61266
DAILY WEEKLY MONTHLY

1.6192 | 1.6163 | 1.6135
1.6101 | 1.6074 | 1.6045

SUMMARY : Up
TREND : Upward penetration
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Neutral


MARKET ANALYSIS - Intraday Analysis

Technical Summary: Market is waiting for Bank of England Minutes at 08:30 GMT. Technically, further market rise is more likely scenario for today while both moving averages are pointing up. Main scenario: If the price manages to progress above the next resistance at 1.6133 (R1) we suggest next targets at 1.6154 (R2) and 1.6177 (R3) in potential. Alternative scenario: Next support level locates 1.6107 (S1) today, possible pushdown of the price below it would suggest next targets at 1.6085 (S2) and 1.6062 (S3).

-----------------
USDJPY : 78.632 / 78.636
DAILY WEEKLY MONTHLY

79.03 | 78.91 | 78.78
78.61 | 78.50 | 78.38

SUMMARY : Down
TREND : Downward penetration
MA10 : Bearish
MA20 : Bullish
STOCHASTIC : Oversold


MARKET ANALYSIS - Intraday Analysis

Technical Summary: USDJPY still trades under the bullish pressure on the medium term perspective. Though, possibility of further market decline is high today as a part of correction development. Main scenario: We expect to see retest of our support at 78.61 (S1) today. Easing below it would suggest next targets at 78.50 (S2) and 78.38 (S3) in potential. Alternative scenario: Our next resistance level is placed at 78.78 (R1). Break above it might open initial targets at 78.91 (R2) and 79.03 (R3) in potential.

Source: FX Central Clearing Ltd,( Learn Forex Trading | ECN Forex Online Trading | Forex Trading Tips | FXCC )

 

[alayoua]

Market Overview by FXCC Oct 18 2012

Market Overview by FXCC Oct 18 2012

China's Q3 GDP in line with estimates at 7.4%; Q3 print slightly better-than-expected

Chinese Real GDP for 3Q came as expected, printing 7.4% y/y growth - previously 7.6% y/y , hich had been the lowest reading since March 09. The Q3 seasonally adjusted number, however, came above expectations at 2.2% vs 1.8% consensus. While China's economy slows, data can be perceived as slightly better-than-expected, with QoQ numbers strengthening above cooling calls. Adds to signs China economy is bottoming. Ind Production came upbeat at 9.2% vs 9.0% exp, Fixed Investment better stood at 20.5% vs 20.2% expected, while retail sales were much better at 14.2 vs 13.2%.

Chinese Premier Wen noted that China's Q3 economic situation was 'relatively good' and that economic growth was stabilising. A better than expect GDP print will be positive for risk appetite, particularly given how far Chinese growth expectations have fallen over recent months. AUD, NZD and Asian currencies would push through recent highs on such an outcome.
Read More
https://support.fxcc.com/email/technical/18102012/

UPCOMING EVENTS :
2012-10-18 08:30 GMT | United Kingdom. Retail Sales
2012-10-18 12:30 GMT | United States. Unemployment Claims
2012-10-18 14:00 GMT | United States. Philadelphia Fed Manufacturing Survey
2012-10-18 | Spanish 10-y Bond Auction

FOREX NEWS :
2012-10-18 04:39 | GMT EUR/AUD dip stalls at 1.26 as Asia turns ‘risk on’
2012-10-18 01:38 | GMT AUD/JPY staying bid above 82.00
2012-10-18 00:36 | GMT EUR/JPY consolidates at 4-wk highs
2012-10-17 23:14 | GMT USD/JPY surges above 79.00

-----------------
EURUSD : 1.30964 / 1.30969
DAILY WEEKLY MONTHLY

1.3199 | 1.3163 | 1.3125
1.3064 | 1.3027 | 1.2992

SUMMARY : Down
TREND : Downward penetration
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Oversold


MARKET ANALYSIS - Intraday Analysis

Technical Summary: The pull back from yesterday’s high might be considered as price retracement from major uptrend formation. Pair is quoting roughly -0.17 % below its opening price and our short term outlook is negative today. Main scenario: Current downside formation is limited by next support level at 1.3064 (S1). Break here is required for further depreciation towards to our targets at 1.3027 (S2) and 1.2992 (S3) in potential. Alternative scenario: We see potential for further appreciation towards to next targets at 1.3163 (R2) and 1.3199 (R3) if it manage to overcome our next resistance level at 1.3125 (R1).

--------------
GBPUSD : 1.61294 / 1.61303
DAILY WEEKLY MONTHLY

1.6172 | 1.6157 | 1.6142
1.6114 | 1.6099 | 1.6083

SUMMARY : Down
TREND : Downward penetration
MA10 : Bearish
MA20 : Bearish
STOCHASTIC: Neutral


MARKET ANALYSIS - Intraday Analysis

Technical Summary: GBPUSD tested negative side today and we are not expecting major changes in current tendency. Not many macroeconomic data releases expected today however UK Retail Sales announcement at 08:30 GMT might bring additional volatility. Main scenario: Next support could be found at 1.6114 (S1), clearance here is required to attack lower targets at 1.6099 (S2) and 1.6083 (S3). Alternative scenario: If the pair can breach our next resistance at 1.6142 (R1), we suggest next target at 1.6157 (R2) and any further rise would then be limited by last resistance at 1.6172 (R3) intraday.

------------------
USDJPY : 79.161 / 79.164
DAILY WEEKLY MONTHLY

79.43 | 79.32 | 79.20
79.08 | 78.97 | 78.86

SUMMARY : Up
TREND : Up trend
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Neutral


MARKET ANALYSIS - Intraday Analysis

Technical Summary: The pair is under the bullish pressure, as both of our Moving Averages are aggressive towards the price trading above it. Fresh high, formed today is our next reference point for further market appreciation. Main scenario: Key resistance is seen at 79.20 (R1). Clearance here would suggest next targets at 79.32 (R2) and 79.43 (R3). Alternative scenario: The downside trend evolvement is limited by next support level at 79.08 (S1), break here might lead to the targets execution at 78.97 (S2) and 78.86 (S3).

Source: FX Central Clearing Ltd,( Forex Trading Course | Forex Trading Blog | ECN Forex Trading Training | FXCC )

 

[alayoua]

Market Overview by FXCC Oct 19 2012

Market Overview by FXCC Oct 19 2012

Framework for banking union by end of 2012

European Union leaders, according reports from Reuters, have agreed on a legal roadmap to establish a single bank supervisor for the union. A text of draft conclusions on the first day of talks in the ongoing EU summit in Brussels said leaders struck a deal on "the objective of completing the legal framework by the end of the year" with implementation "in the course of 2013", Reuters said. EU Economic and Monetary Affairs Commissioner Olli Rehn commented, cited by Reuters, that reaching such deal is key "to break the vicious circle between sovereigns and banks". Framework for banking union by end of 2012, completion by early 2014, and is to cover 6,000 banks, according to a French official.

They added that potential for direct bank recapitalization from bailout funds in 2013. However, the German counterparts have denied that bank recapitalization can take place in early 2013. From German government source cited by Reuters: "Direct recapitalization of banks in first qtr of 2013 is ‘very unlikely’. Can only begin once an effective single banking supervisor is in place. ECB will be responsible for systemically important banks, but will oversee other banks if necessary. There will be a mix of supervision between ECB and national supervisors." Frictions between Germany and France on how to go about the banking supervisor authority had been a troubling sticking point, with German Chancellor Angela Merkel demanding stronger authority to veto national budgets that breach EU rules, while French President Francois Hollande had been more supportive of moving towards a European banking union.
Read More
https://support.fxcc.com/email/technical/19102012/


UPCOMING EVENTS :
2012-10-19 06:00 GMT | Germany. Producer Price Index
2012-10-19 12:30 GMT | Canada. Consumer Price Index
2012-10-19 14:00 GMT | United States. Existing Home Sales Change
2012-10-19 N/A | E.M.U. European Council meeting

FOREX NEWS :
2012-10-19 02:57 GMT | GBP/JPY bears still defending 128.00 fig.
2012-10-19 01:54 GMT | GBP/USD bearish while below 1.6065
2012-10-19 00:30 GMT | AUD/USD has double failure above 1.04
2012-10-19 00:17 GMT | USD/JPY maintains positive bias, resistance at 79.65

-------------
EURUSD : 1.30715 / 1.30719
DAILY WEEKLY MONTHLY

1.3133 | 1.3107 | 1.3084
1.3055 | 1.3031 | 1.3007

SUMMARY : Down
TREND : Downward penetration
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Neutral


MARKET ANALYSIS - Intraday Analysis

Technical Summary: Both moving averages are pointing down and we see potential of further depreciation later on today as main scenario though medium term tone remains positive. Main scenario: Next attractive support level locates at 1.3055 (S1). Break here is required to put in focus lower target at 1.3031 (S2) and 1.3007 (S3). Alternative scenario: Appreciation above the resistance level at 1.3084 (R1) would suggest higher targets at 1.3107 (R2) and 1.3133 (R3).

-------------------
GBPUSD : 1.60617 / 1.60625
DAILY WEEKLY MONTHLY

1.6112 | 1.6091 | 1.6072
1.6041 | 1.6021 | 1.6001

SUMMARY : Down
TREND : Downward penetration
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Neutral


MARKET ANALYSIS - Intraday Analysis

Technical Summary: Yesterday market depreciation has determined negative market sentiment for the trading session ahead.Main scenario: Downtrend resuming is possible below the next support level at 1.6041 (S1). Clearance of this level might expose next targets at 1.6021 (S2) and 1.6001 (S3) during the day. Alternative scenario: Next resistance level holds at 1.6072 (R1), break here would suggest next targets at 1.6091 (R2) and 1.6112 (R3) in potential.

----------------
USDJPY : 79.299 / 79.303
DAILY WEEKLY MONTHLY

79.66 | 79.53 | 79.41
79.25 | 79.13 | 79.00

SUMMARY : Up
TREND : Up trend
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Neutral


MARKET ANALYSIS - Intraday Analysis

Technical Summary: Upside formation remains in power on the medium term perspective however market looks overbought on the hourly chart and today we expect an attack to our support levels. Main scenario: Bearish penetration below the support level at 79.25 (S1) would then targeting 79.13 (S2) and 79.00 (S3) intraday. Alternative scenario: Appreciation above the next resistance level at 79.41 (R1) would suggest next targets at 79.53 (R2) and 79.66 (R3) in perspective.

Source: FX Central Clearing Ltd

 

[alayoua]

Market Overview by FXCC Oct 22 2012

Market Overview by FXCC Oct 22 2012

Rajoy gets landslide victory in Galicia

El PaÍs reported a landslide victory by Rajoy in Galicia. In Europe, things seem to be progressing. Reuters is reporting that the Troika deal is 90% complete, according to the Greek Finance Minister, and that the Greek Prime Minister expects his nation to receive the next tranche of loans by the end of November; the November timeline is key, given that Greece will reportedly run out of adequate reserves by the 16th of that month.

Elsewhere in the region, eyes are on Spain as the Spanish province of Galicia becomes a focus for global investors, with a key election underway today; Mariano Rajoy's ruling People's Party is in the lead according to early exit polls. Economists continue to expect that Spain will do what is needed to secure ECB help in November, and a bailout would certainly help to soothe persistent fears about the breakup of the European Union.
Read More
https://support.fxcc.com/email/technical/22102012/

UPCOMING EVENTS :
2012-10-22 06:00 GMT | United Kingdom. Nationwide Housing Prices
2012-10-22 07:00 GMT | Switzerland. Monthly Statistical Bulletin
2012-10-22 07:00 GMT | Australia. RBA Assist Gov Debelle Speech

FOREX NEWS :
2012-10-22 04:15 GMT | EUR/AUD consolidation a continuation pattern?
2012-10-22 01:51 GMT | EUR/JPY, post '4-yr trendline' era; 104.00 still tough
2012-10-22 00:19 GMT | AUD/USD tests bids through 1.3000

--------------
EURUSD : 1.30560 / 1.30565
DAILY WEEKLY MONTHLY

1.3111 | 1.3089 | 1.3066
1.3031 | 1.3007 | 1.2983

SUMMARY : Up
TREND : Upward penetration
MA10 : Bullish
MA20 : Bearish
STOCHASTIC : Overbought


MARKET ANALYSIS - Intraday Analysis

Technical Summary: Technically, EURUSD is under the uptrend formation on the medium term perspective and appreciation above the expected resistance levels might open road towards to new targets. Main scenario: Our next resistance level could be found at 1.3066 (R1). Appreciation above it might enable next targets at 1.3089 (R2) and 1.3111(R3) in potential. Alternative scenario: We expect to see retest of our support at 1.3031 (S1) today. Easing below it would suggest next targets at 1.3007 (S2) and 1.2983 (S3) in potential.

------------------
GBPUSD : 1.60303 / 1.60311
DAILY WEEKLY MONTHLY

1.6089 | 1.6068 | 1.6046
1.6011 | 1.5989 | 1.5965

SUMMARY : Down
TREND : Down trend
MA10 : Bullish
MA20 : Bearish
STOCHASTIC : Overbought


MARKET ANALYSIS - Intraday Analysis

Technical Summary: GBPUSD aimed to recover previous day’s losses by trading most of the time on the positive side today. We expect further appreciation towards to our resistance levels today however medium term bias remains negative. Main scenario: If the pair manages to overcome our next resistance level at 1.6046(R1), we expect further progress towards to new targets at 1.6068 (R2) and 1.6089 (R3) in potential. Alternative scenario: Next support level locates at 1.6011 (S1). Decline below it might resume weakness towards to 1.5989 (S2). Selling pressure might face final support at 1.5965 (S3) intraday.

----------------
USDJPY : 79.619 / 79.621
DAILY WEEKLY MONTHLY

79.93 | 79.82 | 79.66
79.46 | 79.30 | 79.13

SUMMARY : Up
TREND : Up trend
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Overbought


MARKET ANALYSIS - Intraday Analysis

Technical Summary: USDJPY gained momentum on the positive side today and our main scenario is bullish on the short term perspective, though further market decline is possible later on today. Main scenario: Climb above the resistance level at 79.66 (R1) might open way for the price appreciation towards to the target at 79.82 (R2). Last target for today locates at 79.93 (R3). Alternative scenario: If the price manage to stabilize on current levels and clearly brake our next support level at 79.46 (S1) we expect correction development with next targets at 79.30 (S2) and 79.13 (S3).

Source: FX Central Clearing Ltd, (http://www.fxcc.com)

 

[alayoua]

Market Overview by FXCC Oct 23 2012

Market Overview by FXCC Oct 23 2012

Spain is now where Greece was three years ago.

Steen Jakobsen, Chief Investment Officer at Saxo Bank, on an attempt to emphasize the dire financial picture in Spain, and what may come further down the road, notes Spain is now where Greece was three years ago. Mr. Jakobsen notes: "Spain is facing negative fiscal multipliers as any move toward austerity will aggravate the negative economic spiral. Even the IMF has now admitted that fiscal multipliers are far higher than previously assumed (0.9 to 1.7 vs. previous 0.5), meaning the end is not near to this crisis. The problem for Spain is the same as for Greece: a mandate for change forced on the population by unelected and non-accountable officials in offices in Brussels or Frankfurt is never going to last for long. "

Moody's Investors Service announced downgrades by one or two notches the ratings in five Spanish regions, including Andalucia, Extremadura, Castilla-La Mancha, Catalunya, and Murcia. In the statement, Moody's also confirms the ratings of the Basque Country and the Diputacion Foral de Bizkaia at Baa2. In addition, the ratings of the regions of Madrid, Castilla y Leon and Galicia have also been confirmed at Baa3. The ratings of Valencia were also confirmed at B1.
Read More
https://support.fxcc.com/email/technical/23102012/

UPCOMING EVENTS :
2012-10-23 12:30 GMT | Canada. Retail Sales
2012-10-23 13:00 GMT | Canada. BoC Interest Rate Decision
2012-10-23 14:00 GMT | E.M.U. Consumer Confidence
2012-10-23 17:00 GMT | United Kingdom. BoE's Governor King Speech

FOREX NEWS :
2012-10-23 04:50 GMT | GBP/USD flat above 1.6000, bearish below 1.5970
2012-10-23 02:52 GMT | EUR/AUD set for breakout, but in which direction?
2012-10-22 23:52 GMT | USD/JPY threatening 80.00
2012-10-22 21:26 GMT | EUR/JPY surges toward 61.8% Fibo resistance

----------------------
EURUSD : 1.30580 / 1.30583
DAILY WEEKLY MONTHLY

1.3099 1.3087 1.3075
1.3048 1.3037 1.3025

SUMMARY : Down
TREND : Downward penetration
MA10 : Bearish
MA20 : Bullish
STOCHASTIC : Oversold


MARKET ANALYSIS - Intraday Analysis

Technical Summary: Instrument tested negative side today and we see possibility of further market decline later on today. Main scenario: A short-term neutral bias might face immediate support at 1.3048 (S1). Lower targets are placed at 1.3037 (S2) and 1.3025 (S3) in case of successful penetration here. Alternative scenario: Next resistance is placed above the fresh high at 1.3075 (R1), a break above it would extend gains towards to next targets at 1.3087 (R2) and 1.3099 (R3).

-----------------
GBPUSD : 1.60146 / 1.60154
DAILY WEEKLY MONTHLY

1.6052 1.6038 1.6024
1.6006 1.5992 1.5977

SUMMARY : Down
TREND : Downward penetration
MA10 : Bullish
MA20 : Bearish
STOCHASTIC : Neutral


MARKET ANALYSIS - Intraday Analysis

Technical Summary: Both moving averages now are pointing down and we expect further easing today below the expected support levels. Main tendency on the medium term remains negative. Main scenario: Downside direction is limited by next support level at 1.6006 (S1), price decrease below it would be targeting next supports at 1.5992 (S2) and 1.5977 (S3). Alternative scenario: Our next resistance locates at 1.6024 (R1). Successful attack here would put in focus next target at 1.6038 (R2) and any further rise would then be targeting to 1.6052 (R3).

----------------
USDJPY : 79.909 / 79.913
DAILY WEEKLY MONTHLY

80.31 80.15 80.01
79.78 79.64 79.49

SUMMARY : Up
TREND : Up trend
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Neutral


MARKET ANALYSIS - Intraday Analysis

Technical Summary: Positive tendency remains in power today however in near future we expect to see some consolidation and possibly pull back from its initial price increase. Main scenario: Our next resistance stay at 80.01 (R1), break here is required for market expansion towards to next targets at 80.15 (R2) and 80.31 (R3). Alternative scenario: If the marked decline below the support at 79.78 (S1), we expect price downgrade towards to our targets at 79.64 (S2) and 79.49 (S3) as a part of consolidation.

Source: FX Central Clearing Ltd,

 

[Alan58]

Hi alayoua,
I really appreciate your work by providing these analysis, but when i take a look at them it makes me wondering whenever i can be like you.It makes me say that i still have a lot to learn out about it, and for the time being i'm just watching.Thank you for sharing.

 

[alayoua]

Market Overview by FXCC Oct 24 2012

Market Overview by FXCC Oct 24 2012

Euro searching for catalyst strong enough to break its range, FOMC eyed

Looking ahead, the Federal Reserve's policy setting committee began a two-day meeting, with a policy statement to be released Wednesday.According to Marc Chandler, Global Head of Currency Strategy at BBH, given the proximity of the election and the fact that an open-ended asset purchase plan was announced last month (QE3 or QE+), there will be a great deal more talk than action at the FOMC meeting.

"There are two issues that market expects the Fed to discuss. The first may fall under communication, but is really more substantive", says BBH. "Currently the Fed uses a calendar date approach, now mid-2015 to guide expectations of the minimum amount of time the Fed will keep interest rates low. There has been some talk…that perhaps the Fed should provide numerical targets". The second issue addresses the amount of securities the Fed is purchasing, says BBH analyst. "The question here is whether the Fed should roll the $45 bln a month in Treasuries it is buying under Operation Twist (and selling short-end holdings) and roll them into QE3+", he explains. "This would mean buying $85 bln a month in MBS and Treasuries a month".
https://support.fxcc.com/email/technical/24102012/

UPCOMING EVENTS :
2012-10-24 14:00 GMT | United States. New Home Sales
2012-10-24 15:15 GMT | Canada. BoC Press Conference
2012-10-24 18:15 GMT | United States. Fed's Monetary Policy Statement and press conference
2012-10-24 | European Monetary Union. ECB President Mario Draghi Visits Germany

FOREX NEWS :
2012-10-24 05:02 GMT | EUR/USD looking ahead to EZ PMI, FOMC
2012-10-24 00:43 GMT | AUD/USD spike hits 1.0300 post-AU CPI
2012-10-23 23:23 GMT | Buy dips on gold towards a $1775 target - Nomura
2012-10-23 21:24 GMT | AUD/JPY bears protecting 82.70


EURUSD : 1.29865 / 1.29869
DAILY WEEKLY MONTHLY

1.3037 | 1.3013 | 1.2994
1.2971 | 1.2951 | 1.2930

SUMMARY : Down
TREND : Down trend
MA10 : Bullish
MA20 : Bearish
STOCHASTIC : Neutral


MARKET ANALYSIS - Intraday Analysis

Technical Summary: Plenty of macroeconomic data releases ahead. Today in focus ECB President Mario Draghi speech at 14:00 GMT and Fed's Monetary Policy Statement and press conference at 18:15 GMT. Technically, instrument extended its weakening and determined negative bias on the medium term perspective. Main scenario: Risk of further depreciation is seen below the next support level at 1.2971 (S1). Clearance here might put selling pressure to the pair and enable next targets at 1.2951 (S2) and 1.2930 (S3). Alternative scenario: Our next resistance level is placed above the fresh high, provided today at 1.2994 (R1). Strengthening above it would suggest higher targets at 1.3013(R2) and 1.3037 (R3).

--------------
GBPUSD : 1.59487 / 1.59488
DAILY WEEKLY MONTHLY

1.5993 | 1.5975 | 1.5956
1.5931 | 1.5913 | 1.5894

SUMMARY : Down
TREND : Down trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Neutral


MARKET ANALYSIS - Intraday Analysis

Technical Summary: Technically, picture is negative for GBPUSD. We expect gradual market decline later on today however possibility of consolidation development is seen above our resistance levels. Main scenario: Next support level in focus at 1.5931 (S1), if it manages to break our support here we suggest next targets at 1.5913 (S2) and 1.5894 (S3). Alternative scenario: Successful attack to the next resistance level at 1.5956 (R1) might establish retracement formation with next targets at 1.5975 (R2) and 1.5993 (R3) in focus.

----------------
USDJPY : 79.807 / 79.809
DAILY WEEKLY MONTHLY

80.22 | 80.08 | 79.94
79.78 | 79.64 | 79.49

SUMMARY : Up
TREND : Up trend
MA10 : Bullish
MA20 : Bearish
STOCHASTIC : Neutral


MARKET ANALYSIS - Intraday Analysis

Technical Summary: Yesterday USDJPY continued its consolidation and now is settled for a move. We expect retest of our resistance level today. If it fails to establish positive bias likely we will see a correction development on the hourly timeframe. Main scenario: Next resistance at 79.94 (R1) comes ahead. The break here is required for the price appreciation towards to next target at 80.08 (R2) and any further rise would then be targeting to 80.22 (R3). Alternative scenario: Downside fluctuations remains for now limited by next support level at 79.78 (S1), only clear break here would be a signal of market easing, targeting 79.64 (S2) and 79.49 (S3) in potential.

Source: FX Central Clearing Ltd,

 

[alayoua]

Market Overview by FXCC Oct 25 2012

Market Overview by FXCC Oct 25 2012

RBNZ rate cut expected ‘next few months'

As expected, the Reserve Bank of New Zealand (RBNZ) kept its cash rate on hold at 2.5% today, with Gov. Wheeler noting that market sentiment has improved, that the risks to the global outlook have become more balanced, that a strong NZD undermines the fundamentals of the NZ’s economy, which, he says, is expected to continue growing at a modest pace.

Daniel Martin, economist at Capital Economics (Asia) notes: “Recent data suggest that GDP stabilised or even picked up slightly in Q3, after a slowdown in Q2. However, we expect subdued global growth and currency strength to prompt the RBNZ into a rate cut over the next few months.”
Read More
https://support.fxcc.com/email/technical/25102012/


UPCOMING EVENTS :
2012-10-25 08:30 GMT | United Kingdom. Gross Domestic Product
2012-10-25 12:30 GMT | United States. Durable Goods Orders
2012-10-25 21:00 GMT | New Zealand. Trade Balance
2012-10-25 23:30 GMT | Japan. National Consumer Price Index

FOREX NEWS :
2012-10-25 05:29 GMT | EUR/USD stops come first, technicals later
2012-10-25 04:41 GMT | GBP/USD in tight range ahead of UK GDP data
2012-10-25 03:28 GMT | AUD/JPY retesting 83.00 range resistance
2012-10-25 01:32 GMT | AUD/USD slowly inching higher; key Fibo nearby

---------------
EURUSD : 1.29861 / 1.29864
DAILY WEEKLY MONTHLY

1.3029 | 1.3013 | 1.2997
1.2977 | 1.2961 | 1.2945

SUMMARY : Down
TREND : Upward penetration
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Neutral


MARKET ANALYSIS - Intraday Analysis

Technical Summary: EURUSD stabilized on the positive side today and attempt to reach yesterday high. If it fails to overcome it we expect further market decline as main scenario for today. Main scenario: Risk of further market weakening is seen below the next support level at 1.2977 (S1). Break here is required to expose next targets at 1.2961 (S2) and 1.2945 (S3). Alternative scenario: In case of market appreciation above the next resistance at 1.2997 (R1), we suggest next target at 1.3013 (R2) and any further rise would then be targeting 1.3029 (R3).

-----------------
GBPUSD : 1.60472 / 1.60479
DAILY WEEKLY MONTHLY

1.6095 | 1.6081 | 1.6067
1.6048 | 1.6033 | 1.6019

SUMMARY : Up
TREND : Up trend
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Overbought


MARKET ANALYSIS - Intraday Analysis

Technical Summary: GBPUSD gained momentum on the positive side and currently trades on its high. We expect further price appreciation later on today towards to our resistance levels. Main scenario: Our next resistance level is placed at 1.6067(R1). Clearance here would suggest next targets at 1.6081(R2) and 1.6095 (R3). Alternative scenario: Fall below the support level at 1.6048 (S1) would provide us with a signal of further downtrend formation. We expect next targets at 1.6033 (S2) and 1.6019 (S3) in such scenario.

-------------------
USDJPY : 80.054 / 80.058
DAILY WEEKLY MONTHLY

80.50 : 80.34 : 80.17
79.95 : 79.79 : 79.63

SUMMARY | Up
TREND | Up trend
MA10 | Bullish
MA20 | Bullish
STOCHASTIC | Overbought


MARKET ANALYSIS - Intraday Analysis

Technical Summary: Instrument has settled correction on the hourly timeframe and currently trades under the bullish pressure. Further rise is likely scenario for today. Main scenario: We expect attack to the next resistance level at 80.17 (R1). Clearance here is required for the instrument strengthening towards to our next targets at 80.34 (R2) and 80.50 (R3) in potential. Alternative scenario: The downside trend evolvement is limited by next support level 79.95 (S1), break here might lead to the targets execution at 79.79 (S2) and 79.63 (S3).

Source: FX Central Clearing Ltd,( Forex Trading Account | ECN Forex Trading Courses | Forex Currency Trading System )

 

[alayoua]

Market Overview by FXCC Nov 05 2012

Market Overview by FXCC Nov 05 2012

Greece to present new austerity package today

FXstreet.com (Barcelona) - The Greece government, still in despair trying to find new ways to cut public spending, will present a new austerity proposal to parliament on Monday. In the proposal, it will be key to win enough acceptance if the country is to comply with the Troika requirements and not put at risk a still 'doubtful' next aid tranche worth over EUR 31.5 billion. The country faces a new week with tensions in the street escalating fast, with plans of strikes and protests. A 2-day strike against the next austerity bill is expected on Tuesday, with marches through Athens' city centre taking place. Greek parliament will be voting on an austerity package mounting 13.5 billion euros, mainly aimed at tax hikes and more flexibility for firms to enroll people on temporary labour contracts and make them redundant.

"These will be the last cuts in wages and pensions," Samaras said on Sunday, cited by Reuters. "We promised to avert the country's exit from the euro and this is what we are doing. We have given absolute priority to this because if we do not achieve this everything else will be meaningless" Samaras added. As Richard Lee, FXstreet contributor, notes: "A dead vote on the austerity measure would place significant pressure on the single currency, as a delay of disbursement by the EU’s Troika could technically place Greece in a sovereign default. Greek benchmark 10-year bonds are reflective of the sentiment, with the yield rising a little over 40 basis point to 18.18% in the last two days."
https://support.fxcc.com/email/technical/05112012/

UPCOMING EVENTS :
2012-11-05 00:00 GMT | All. G20 Meeting
2012-11-05 09:28 GMT | United Kingdom. Markit Services PMI
2012-11-05 09:30 GMT | European Monetary Union. Sentix Investor Confidence
2012-11-05 15:30 GMT | United States ISM Non-Manufacturing PMI

FOREX NEWS :
2012-11-05 05:14 GMT | Short EUR/USD, target around 1.26 - Saxo Bank
2012-11-05 04:50 GMT | GBP/USD holding above 1.60 on low volatility
2012-11-05 03:12 GMT | EUR/AUD gaping below 1.2400
2012-11-05 01:30 GMT | USD/JPY capped below 80.50


EURUSD HIGH 1.28393 LOW 1.28159 BID 1.28305 ASK 1.28310 CHANGE -0.06% TIME 08 : 31

OUTLOOK SUMMARY : Down
TREND CONDITION : Down trend
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Medium

MARKET ANALYSIS - Intraday Analysis

Long direction: Market formed fresh low today and currently deviates from its initial downtrend formation. Next resistance level ahead is seen at 1.2844 (R1), break here is required to enable next target at 1.2868 (R2) and any further rise would then be limited to 1.2892 (R3). Short direction: Market sentiment is negative on EURUSD as of Friday sharp fall. If EURUSD gains momentum today and overcome our next support level at 1.2814 (S1), we suggest next targets at 1.2791 (S2) and 1.2767 (S3).

Resistance Levels: 1.2844, 1.2868, 1.2892
Support Levels: 1.2814, 1.2791, 1.2767

GBPUSD HIGH 1.60358 LOW 1.60085 BID 1.60288 ASK 1.60296 CHANGE 0.04% TIME 08 : 32

OUTLOOK SUMMARY : Down
TREND CONDITION : Down trend
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Medium

Long direction: If we take a look on the hourly chart we can see that medium-term bias is clearly negative however today instrument intend to provide retracement formation. Break above the next resistance level at 1.6039 (R1) would suggest next targets at 1.6054 (R2) and 1.6070 (R3) in potential. Short direction: Fresh low, formed on Friday is our key point for today. Next support level lie at 1.6007 (S1), below here opens the road towards to next targets at 1.5993 (S2) and 1.5978 (S3).

Resistance Levels: 1.6039, 1.6054, 1.6070
Support Levels: 1.6007, 1.5993, 1.5978

USDJPY HIGH 80.562 LOW 80.337 BID 80.353 ASK 80.357 CHANGE -0.15% TIME 08 : 33

OUTLOOK SUMMARY : Down
TREND CONDITION : Downward penetration
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Low

Long direction: Technically, medium term tendency on USDJPY is positive and current pull back might be considered as a correction. If USDJPY gains momentum and rose above the resistance at 80.47 (R1) we expect next targets at 80.55 (R2) and 80.63 (R3). Short direction: Both moving averages is acting now as dynamic resistance levels and while price is quoted below them we expect further market decline. Downside direction is limited by next support level at 80.31 (S1), price decrease below it would be targeting next supports at 80.24 (S2) and 80.15 (S3).

Resistance Levels: 80.47, 80.55, 80.63
Support Levels: 80.31, 80.24, 80.15

Source: FX Central Clearing Ltd,

 

[broKurt]

Will be interesting t watch this weeks charts

 

[alayoua]

Daily Forex Market Analysis from FXCC Nov 06 2012

Daily Forex Market Analysis from FXCC Nov 06 2012

Greece submits austerity bill to parliament; narrow win expected

The Greece government submitted on Monday the €13.5bn austerity bill to parliament. Now the next step is to vote for it, first to be considered by parliamentary committees on Tuesday and a full vote on Wednesday. Despite there has been some defectors the ruling coalition, expectations are pointing for a narrow win, thought to be enough to not jeopardize the next aid tranche worth over EUR 31.5 billion. According to James Coleman, Founder at Forexlive: "A failure to pass the austerity law would send the entire bailout process into chaos and rise the prospect of Greece defaulting later this month. A much weaker euro would result."

As the Guardian UK notes: "Democratic Left, the junior partner in the coalition, tells us it will abstain on the vote and predicts a narrow win for Antonis Samaras's government." A Reuters report raised concerns earlier on Monday, after it suggested that eurozone leaders will hold out any decision on the next disbursement to Greece until the last minute, that is, the next November 12 EU official meeting may yet again disappoint on this front as no guarantee of a decision seems in sight.- FXstreet.com
https://support.fxcc.com/email/technical/06112012/


UPCOMING EVENTS :
2012-11-06 **:** GMT | United Kingdom. 10-y Bond Auction
2012-11-06 08:58 GMT | European Monetary Union. Markit Services PMI
2012-11-06 10:00 GMT | European Monetary Union. Producer Price Index
2012-11-06 20:00 GMT | New Zealand. RBNZ Financial Stability Report

FOREX NEWS :
2012-11-06 05:09 GMT | USD/JPY drags down to 80.00
2012-11-06 05:02 GMT | AUD/USD wins +1.04 battle; scope for further gains
2012-11-06 04:24 GMT | AUD/NZD penetrates into new 1.2580-1.2670 range
2012-11-06 04:23 GMT | GBP/AUD dip stalls ahead of 50% Fibo

--------------------------------------
EURUSD :
HIGH 1.28032 LOW 1.27818 BID 1.27886 ASK 1.27892 CHANGE -0.05% TIME 08 : 09 : 24

OUTLOOK SUMMARY : Down
TREND CONDITION : Upward penetration
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : Medium

MARKET ANALYSIS - Intraday Analysis

Long direction: EURUSD refreshed its low yesterday and currently deviates from its initial downtrend formation. Next resistance is seen at 1.2807 (R1). Break here is required to enable bullish power with next possible targets at 1.2837 (R2) and 1.2868 (R3). Short direction: Pair has settled negative bias on the hourly timeframe and decline below the support level at 1.2767 (S1) would suggest further downtrend development with possible targets at 1.2740 (S2) and 1.2711 (S3).

Resistance Levels: 1.2807, 1.2837, 1.2868
Support Levels: 1.2767, 1.2740, 1.2711

------------------------------
GBPUSD :
HIGH 1.59908 LOW 1.59709 BID 1.59852 ASK 1.59857 CHANGE 0.04% TIME 08 : 09 : 25

OUTLOOK SUMMARY : Down
TREND CONDITION : Upward penetration
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : Medium

Long direction: Downside formation remains in power however today we expect to see attack to our resistance levels. Upwards penetration is limited by next resistance level at 1.6009 (R1) today. Surpassing of this level would suggest next targets at 1.6029 (R2) and 1.6048 (R3) in potential. Short direction: Medium term market sentiment remains negative for GBPUSD. If the pair gains momentum on the downside today and overcome our next support level at 1.5970 (S1), we suggest next targets at 1.5951 (S2) and 1.5932 (S3).

Resistance Levels: 1.6009, 1.6029, 1.6048
Support Levels: 1.5970, 1.5951, 1.5932

----------------------------------
USDJPY :
HIGH 80.298 LOW 79.962 BID 80.019 ASK 80.022 CHANGE -0.34% TIME 08 : 09 : 26

OUTLOOK SUMMARY : Down
TREND CONDITION : Downward penetration
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Medium

Long direction: Market corrected from previous week gains and looks set to establish upwards development on the longer term. Our next resistance is placed at 80.13 (R1). Rise above it might push price towards to next targets at 80.26 (R2) and 80.39 (R3) intradayShort direction: Current market depreciation has determined negative market sentiment for the remaining of the day. Risk of further market depreciation is seen below the next support level at 79.95 (S1). Loss here would suggest intraday targets at 79.83 (S2) and 79.70 (S3).

Resistance Levels: 80.13, 80.26, 80.39
Support Levels: 79.95, 79.83, 79.70


FX Central Clearing Ltd,

 

[alayoua]

Daily Forex Market Analysis from FXCC Nov 07 2012

Daily Forex Market Analysis from FXCC Nov 07 2012

Obama re-elected as US President

Barack Obama's second four year term in the White House is a reality, with semi-official confirmations given just minutes after 4GMT when most media outlets, including NBC, CBS, SKY,AP, Bloomberg, projected Obama's victory in Ohio, a key state for Obama in order to guarantee another second four year mandate. Mel Know, Editor at FXstreet.com, reports: "there were people somewhat surprised of the early confirmation of victory, but Obama has been picking off key swing states one by one. With 73% of the vote in, Ohio is projected to go to the president – no republican has ever won the presidency without winning Ohio. The president has also won in Wisconsin and Pennsylvania, leaving Romney required to win all three battleground states of Ohio, Florida and Virginia, where the race is too close to call. But the president has already reached the magical 270 Electoral College mark. Game over."

The USD was sold-off aggressively as soon as the news of an Obama win came in, with markets pricing in an extended term from the president that has brought the US debt to GDP to uncharted territories by enjoying at the helm of the Fed ultra-dovish Federal Reserve Chairman Ben Bernanke and his quest for QE to infinity.According to John J Hardy, Head of FX Strategy at Saxo Bank, the Obama victory, "is more risk positive, USD negative as immediate reaction, but any further reaction in this direction could quickly fade as uncertainty over fiscal cliff settles, which would be USD positive and risk negative." - FXstreet.com
https://support.fxcc.com/email/technical/07112012/


UPCOMING EVENTS :
2012-11-07 08:15 GMT Switzerland. Consumer Price Index
2012-11-07 10:00 GMT European Monetary Union. Retail Sales
2012-11-07 15:30 GMT United States. EIA Crude Oil Stocks change
2012-11-07 21:45 GMT New Zealand. Unemployment Rate

FOREX NEWS :
2012-11-07 05:34 GMT GBP/USD advances on projected Obama victory
2012-11-07 04:46 GMT AUD/USD prints fresh 5-week highs above 1.0450
2012-11-07 04:32 GMT EUR/USD attacking 1.2880; Obama edges closer to victory
2012-11-07 03:37 GMT USD/JPY slides as election results flow in


-------------------------
EURUSD
HIGH 1.28748 LOW 1.27833 BID 1.28626 ASK 1.28632 CHANGE 0.39% TIME 07: 56 : 59

OUTLOOK SUMMARY : Up
TREND CONDITION : Upward penetration
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : High

MARKET ANALYSIS - Intraday Analysis

Long direction: EURUSD gained momentum on the positive side after the Obama become re-elected US President. Break out of our resistance level at 1.2875 (R1) is required to enable route towards to next suggested targets at 1.2896 (R2) and 1.2917 (R3).Short direction: Possibility of pull back is seen below the support at 1.2842 (S1). Loss here might take the pair towards to eventual targets, located at 1.2821 (S2) and 1.2799 (S3) in potential.

Resistance Levels: 1.2875, 1.2896, 1.2917
Support Levels: 1.2842, 1.2821, 1.2799

-------------------------
GBPUSD
HIGH 1.60363 LOW 1.59682 BID 1.60338 ASK 1.60345 CHANGE 0.23% TIME 07: 57: 00

OUTLOOK SUMMARY : Up
TREND CONDITION : Upward penetration
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : High

Long direction: Intraday market sentiment is clearly Bullish. Protective measures for the upside development is seen at 1.6040 (R1). Break here would suggest next intraday targets at 1.6054 (R2) and 1.6067 (R3). Short direction: Our targets at 1.6005 (S2) and 1.5991 (S3) might be exposed if the downside extension below the support level at 1.6020(S1) occur later on today.

Resistance Levels: 1.6040, 1.6054, 1.6067
Support Levels: 1.6020, 1.6005, 1.5991

-------------------------------
USDJPY
HIGH 80.413 LOW 79.811 BID 80.112 ASK 80.116 CHANGE -0.3% TIME 07: 57: 02

OUTLOOK SUMMARY : Down
TREND CONDITION : Downward penetration
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : High

Long direction: Possibility to change market sentiment to positive is seen above the 20 SMA, we placed our next resistance level at 80.21 (R1). Break here is required to turn in focus higher target at 80.31 (R2) and any further increase would then be targeting to 80.40 (R3). Short direction: Technically, further market decline is more likely scenario for today while both moving averages are pointing down. Decrease below the next support level at 79.96 (S1) might enable bearish forces, targeting 79.87 (S2) and 79.78 (S3) in potential.

Resistance Levels: 80.21, 80.31, 80.40
Support Levels: 79.96, 79.87, 79.78

Source: FX Central Clearing Ltd

 

[alayoua]

Daily Forex Market Analysis from FXCC Nov 08 2012

Daily Forex Market Analysis from FXCC Nov 08 2012

Small chance of a ECB rate cut in November; BoE might introduce additional QE

Market experts' views on the ECB and the BoE November monetary policy meetings are rather mixed, as recent economic data and the developments in the European debt crisis as well as the implications of the central banks' latest decisions leaves them with options for action this month. Almost all of the analysts contributing to the special forecast report agree that there is a very slight possibility of the ECB carrying out an interest rate cut at the upcoming meeting because, as Ilian Yotov writes, "with the OMT bond buying program plan already in place" the central bank can afford to wait for another month." Only Yohay Elam believes that "there is a good chance that the ECB will cut the rates by 0.25%" in November, in the light of "a small slide in inflation, the worsening economic situation, and fear of another credit crunch."

As far as the BoE monetary policy meeting is concerned, the experts' projections range from "it should be interesting" to "as usual, a non event." The majority believes that there is a possibility of an extension of the asset purchase program by an additional 50 billion pounds. The upcoming BoE and ECB monetary policy decisions will be announced today at 12:00 and 12:45 GMT, respectively - FXstreet.com

UPCOMING EVENTS :
2012-11-08 **:00 GMT : United Kingdom. BoE Monetary Policy Statement
2012-11-08 12:00 GMT : United Kingdom. BoE Asset Purchase Facility
2012-11-08 13:30 GMT : European Monetary Union. ECB Monetary policy statement and press conference
2012-11-08 13:30 GMT : United States. Trade Balance

FOREX NEWS :
2012-11-08 05:59 GMT : GBP/USD unchanged ahead of BoE meeting
2012-11-08 05:13 GMT : EUR/JPY still under bear pressure; risk weighs
2012-11-08 03:15 GMT : GBP/JPY breaks and holds below 128
2012-11-08 03:02 GMT : Top-heavy NZD/JPY rests around 65.30

------------------------
EURUSD
HIGH 1.27802 LOW 1.27428 BID 1.27625 ASK 1.27631 CHANGE -0.07% TIME 08 : 18 : 29

OUTLOOK SUMMARY : Down
TREND CONDITION : Downward penetration
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : High

MARKET ANALYSIS - Intraday Analysis

Long direction: Today in focus ECB Monetary policy statement and press conference at 13:30 GMT. If the market manage to climb above the resistance level at 1.2783 (R1) we expect next target to be achieved at 1.2803 (R2) and any further rise would then be targeting to 1.2824 (R3). Short direction: The low, formed yesterday is our reference point for further downtrend formation. Decline below the support level at 1.2736 (S1) might open road towards to lower targets, located at 1.2717 (S2) and 1.2698 (S3).

Resistance Levels: 1.2783, 1.2803, 1.2824
Support Levels: 1.2736, 1.2717, 1.2698

---------------------
GBPUSD
HIGH 1.59921 LOW 1.59697 BID 1.59819 ASK 1.59826 CHANGE -0.02% TIME 08 : 18 : 30

OUTLOOK SUMMARY : Sideway
TREND CONDITION : Sideway
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : High

Long direction: Important macroeconomic data release might push the market in any direction today as it is not stable. Next announcement in focus 12:00 GMT- BoE Asset Purchase Facility. If the pair manages to penetrate above the resistance level at 1.5994 (R1), we suggest next targets at 1.6009 (R2) and 1.6024 (R3). Short direction: We placed our next support level at 1.5963 (S1). Loss here might enable further bearish pressure and downgrade Cable towards to expected targets at 1.5949 (S2) and 1.5935 (S3).

Resistance Levels: 1.5994, 1.6009, 1.6024
Support Levels: 1.5963, 1.5949, 1.5935

------------------
USDJPY
HIGH 80.003 LOW 79.775 BID 79.905 ASK 79.908 CHANGE -0.11% TIME 08 : 18 : 31

OUTLOOK SUMMARY : Down
TREND CONDITION : Sideway
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Medium

Long direction: USDJPY trades in gradual descending channel on the hourly chart. Climb above the next resistance level at 80.03 (R1) might provide market with sufficient power to attack next target at 80.11(R2) and any further rise would then be limited to 80.20 (R3). Short direction: Today instrument tested negative side and formed fresh low, which is our next support level at 79.77 (S1). Break here is required to enable next targets at 79.68 (S2) and 79.60 (S3).

Resistance Levels: 80.03, 80.11, 80.20
Support Levels: 79.77, 79.68, 79.60

Source: FX Central Clearing Ltd,

 

[alayoua]

Daily Forex Market Analysis from FXCC Nov 09 2012

Daily Forex Market Analysis from FXCC Nov 09 2012

ECB's Draghi: Growth momentum to remain weak in 2013

As expected, the ECB Governing Council decided to keep the main interest rate unchanged at a record low of 0.75% at their November monetary policy meeting. Speaking at the press conference following the meeting ECB head Mario Draghi commented on the considerations underlying the decision. The president suggested that inflation should stay above 2% throughout the rest of 2012 and fall below 2% in the course of of 2013, adding that “over the policy-relevant horizon, in an environment of modest growth in the euro area and well-anchored long-term inflation expectations, underlying price pressures should remain moderate.”

Mario Draghi said that growth momentum in the Eurozone would remain weak in 2013. He assured however that ECB's monetary policy was directed at stimulating growth in the area and that its readiness to activate the OMT program was boosting market confidence. He urged EU governments to continue reducing fiscal imbalances and applying structural reforms to strengthen growth potential in the area. He said that positive effects of the fiscal consolidation efforts so far could already be seen and that a quick implementation of the fiscal compact would further reassure markets - FXstreet.com
https://support.fxcc.com/email/technical/09112012/

UPCOMING EVENTS :
2012-11-09 07:00 GMT : Germany. Harmonised Index of Consumer Prices
2012-11-09 09:30 GMT : United Kingdom. Total Trade Balance
2012-11-09 14:55 GMT : United States. Reuters/Michigan Consumer Sentiment Index
2012-11-09 15:00 GMT : United States. Wholesale Inventories

FOREX NEWS :
2012-11-09 05:52 GMT : EUR/USD needs break of key fibo to resume bear's party
2012-11-09 05:27 GMT : GBP/USD finding buyers above 1.6000
2012-11-09 04:56 GMT : EUR/NZD stalling around 38.2% Fibo retrace at 1.5650
2012-11-09 03:50 GMT : AUD/CAD near 3-month highs above 1.04

--------------------------
EURUSD :
HIGH 1.279 LOW 1.27334 BID 1.27758 ASK 1.27762 CHANGE 0.23% TIME 08:18:01

OUTLOOK SUMMARY : Up
TREND CONDITION : Upward penetration
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Low

MARKET ANALYSIS - Intraday Analysis

Long direction: We are not expecting significant moves today however current market installation might extend its power towards to our resistance levels later on today. Our next resistance level holds at 1.2803 (R1). A break here might expose next targets 1.2828 (R2) and 1.2852 (R3). Short direction: If it fails to establish intraday positive bias we expect retest of our next support level at 1.2761 (S1). Price penetration below it might open way towards to next targets at 1.2735 (S2) and 1.2708 (S3).

Resistance Levels: 1.2803, 1.2828, 1.2852
Support Levels: 1.2761, 1.2735, 1.2708

--------------------------
GBPUSD :
HIGH 1.60192 LOW 1.59692 BID 1.60073 ASK 1.60079 CHANGE 0.16% TIME 08:18:02



OUTLOOK SUMMARY : Neutral
TREND CONDITION : Sideway
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Medium

Long direction: Technically, instrument moves without priority in direction on the hourly chart. In such situation we suggest waiting for a clear signal of market sentiment change. Possible strengthening might arise above the next resistance level at 1.6020 (R1). Next targets holds at 1.6035 (R2) and 1.6048 (R3) levels. Short direction: A break of next support level at 1.5983 (S1) might extend easing towards to expected targets at 1.5969 (S2) and 1.5955 (S3) levels.

Resistance Levels: 1.6020, 1.6034, 1.6048
Support Levels: 1.5983, 1.5969, 1.5955

------------------------
USDJPY :
HIGH 79.61 LOW 79.424 BID 79.560 ASK 79.563 CHANGE 0.11% TIME 08:18:03



OUTLOOK SUMMARY : Down
TREND CONDITION : Upward penetration
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : Low

Long direction: Instrument stabilized after the fresh low provided yesterday. If it manages to stay above it we expect retracement development towards to resistance level at 79.62 (R1). Clearance here would suggest next targets at 79.71 (R2) and 79.82 (R3). Short direction: Decrease below the support level at 79.45 (S1) might open route towards to next targets at 79.35 (S2) and 79.25 (S3) and extends its bearish pressure on the medium term perspective.

Resistance Levels: 79.62, 79.71, 79.82
Support Levels: 79.45, 79.35, 79.25

Source: FX Central Clearing Ltd