Update - Daily Technical Levels from FXCC - page 23
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Daily Forex Market by FXCC 02Mai2012
Daily Forex Market by FXCC 02Mai2012
EUR/USD stuck in the middle with 1.3235
EUR/USD is recovering at 1.3228 part of today's Asia-Pacific session losses, bouncing from lows at 1.3205, after falling from session highs around 1.3240. The pair is marginally lower by -0.09% from yesterday's open, with local share markets on the rise overall Nikkei +0.33% and Hang Seng +1.15%. The London session ahead brings different EU countries PMI and job figures, starting with Italy, France and Germany PMI figures around 07:45 GMT, Germany unemployment at 07:55 GMT, followed by EU PMI at 08:00 GMT and Italy unemployment at same hour, Italy PPI at 09:00 GMT and UE unemployment at same hour. No major sovereign debt auctions will take place today, while Ecofin is scheduled for all morning long.
GBP/JPY is marginally higher in Asia-Pacific at 130.09 from an open around 129.90, though retreating from session highs at 130.26. The cross is still lower for the week by -0.36%. AUD/USD is currently at session highs 1.0343, bouncing from session lows 1.0327. The pair found support this Tuesday at 1.0305 after the massive sell-off following the RBA 50bps rate cut yesterday sending AUD/USD from above 1.0400 to mentioned day lows. It is down by -0.79% from yesterday's Asia-Pacific open price.
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https://support.fxcc.com/email/technical/02052012/
UPCOMING EVENTS :
2012-05-02 07:30 GMT Switzerland SVME - Purchasing Managers' Index (Apr)
2012-05-02 08:00 GMT Germany Purchasing Manager Index Manufacturing (Apr)
2012-05-02 08:00 GMT Germany Unemployment Change (May)
2012-05-02 08:00 GMT European Monetary Union Purchasing Manager Index Manufacturing (Apr)
FOREX NEWS :
2012-05-02 02:38 GMT China: HSBC PMI up at 49.3 vs 48.3
2012-05-02 01:11 GMT USD/JPY can't break above 80.30
2012-05-02 01:03 GMT New Zealand Apr ANZ Commodity Price -4.5%
2012-05-02 00:20 GMT AUD/USD capped below 1.0350
----------------
EURUSD 1.32155 / 1.32161
DAILY WEEKLY MONTHLY
1.3443 | 1.3381 | 1.3347 | 1.3283
1.3203 | 1.3156 | 1.3104 | 1.3051
SUMMARY : Neutral
TREND : Sideway
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Neutral
MARKET ANALYSIS - Intraday Analysis
The EURUSD didn’t made any significant moves yesterday as it traded in a consolidation mode between the 1.3203 (S1) and 1.3283 (R1) levels. A break below 1.3203 would suggest a target at 1.3156 (S2) and further fall will then focus on 1.3104 (S3) a strong technical and psychological level. On the other hand if the price manages to stay above the first support (S1) level we expect the price to retest 1.3283 (R1) and a break above that level will concentrate our focus on 1.3381(R3).
---------------
GBPUSD : 1.62275 / 1.62282
DAILY WEEKLY MONTHLY
1.6392 | 1.6349 | 1.6301 | 1.6247
1.6186 | 1.6134 | 1.6078 | 1.6009
SUMMARY : Up
TREND : Up trend
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Neutral
MARKET ANALYSIS - Intraday Analysis
The GBPUSD fell yesterday and was supported at 1.6186 (S1) a strong technical level (correction). The price then rose and was able to break above yesterday's resistance completing a close just above our Fibonacci level 38.2%. We expect the price to move upwards and to retest our resistance levels at 1.6247 (R1) and 1.6301 (R2). A stop loss should be placed at 1.6186 (S1).
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USDJPY : 80.364 / 80.369
DAILY WEEKLY MONTHLY
81.89 | 81.45 | 81.04 | 80.65
80.05 | 79.65 | 79.13 | 78.67
SUMMARY : Up
TREND : Up trend
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Oversold
MARKET ANALYSIS - Intraday Analysis
The USDJPY moved closer to support levels at 79.65, retested it twice but didn’t manage to break below it. After that, the price rise and was supported at that level. If price will be able to break above today’s first resistance level at 80.65 (R1) would suggest target at 81.04 (R2). On the downside, a break below 80.05 (S1) would suggest target at 79.65 (S2) and further fall will then be limited at 79.13 (S3).
Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)
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Daily Forex Market by FXCC 03Mai2012
Daily Forex Market by FXCC 03Mai2012
EUR/USD below 1.3150 ahead of ECB
EUR/USD is currently at 1.3145 off session lows at 1.3137, coming lower from NY session highs 1.3167, in a relatively quiet Asia-Pacific session with Tokyo closed for holiday. Local open share markets trade in the red over all, with Shanghai index leading the way lower with some -1.85%. The London session ahead shows a busy agenda though not because of many risk events but because of very key ones, including ECB interest rate statement at 11:45 GMT this time extraordinarily coming from Barcelona, followed by press conference at 12:30 GMT. Also at 09:00 GMT will come EU monthly PPI, but more importantly, two major bond auctions will take place along the European morning, from Spain and France at 08:30 and 08:50 GMT respectively.
Cable is quietly trading within a tight range 1.6207/1.6188 since early NY, last at 1.6195, lower by -0.15% since yesterday's Asia-Pacific open. The pair is down for the week some -0.43% after hitting fresh 7-month highs Monday at 1.6301, now retreating from there with weekly lows yesterday at 1.6162.
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https://support.fxcc.com/email/technical/03052012/
UPCOMING EVENTS :
2012-05-03 08:30 GMT | United Kingdom Purchasing Manager Index Services (Apr)
2012-05-03 09:00 GMT | European Monetary Union Producer Price Index (YoY)
2012-05-03 09:00 GMT | European Monetary Union Producer Price Index (MoM)
2012-05-03 11:45 GMT | European Monetary Union ECB Interest Rate Decision
FOREX NEWS :
2012-05-03 04:00 GMT | EUR/USD below 1.3150 ahead of ECB
2012-05-03 03:33 GMT | AUD/CAD hits fresh 5-month low 1.0146
2012-05-03 00:57 GMT | GBP/USD quietly trading below 1.6200
2012-05-03 00:27 GMT | USD/JPY frozen above 80.00
---------------------
EURUSD : 1.31412 / 1.31415
1.3283 | 1.3241 | 1.3203 | 1.3168
1.3123 | 1.3104 | 1.3057 | 1.3000
SUMMARY : Down
TREND : Down trend
MA10 : Neutral
MA20 : Bearish
STOCHASTIC : Neutral
MARKET ANALYSIS - Intraday Analysis
The EURUSD fell and formed a bottom at 1.3123 (S1). After that the price rebounded and was able to break above yesterday’s support at 1.3168. A break above the first resistance would suggest a target of 1.3203 (R2). If price holds its momentum on the upside we can expect a further rise towards 1.3241 (R3). On the other hand, if the price does not manage to break above 1.3168 (R1) we can expect the pair to retest support at 1.3104 (S2). A break below that level would suggest target at 1.3057 (S3).
--------------
GBPUSD : 1.61897 / 1.61905
DAILY WEEKLY MONTHLY
1.6374 | 1.6301 | 1.6248 | 1.6209
1.6160 | 1.6128 | 1.6075 | 1.6013
SUMMARY : Down
TREND : Down trend
MA10 : Neutral
MA20 : Neutral
STOCHASTIC : Neutral
MARKET ANALYSIS - Intraday Analysis
The GBPUSD rebounded from 1.6301 (R3) yearly high and then fell, forming a bottom at 1.6160 (S1). A break below the first support level (S1) would suggest a target of 1.6128 (S2) and a further fall will be limited at 1.6075 (S3). On the other hand, if price holds its momentum on the upside we can expect a rise and retest towards 1.6209 (R1). A break above that level will then bring focus to the next resistance level at 1.6248 (R2).
------------
USDJPY : 80.202 / 80.207
DAILY WEEKLY MONTHLY
81.94 | 81.43 | 81.04 | 80.65
80.05 | 79.65 | 79.08 | 78.67
SUMMARY : Neutral
TREND : Sideway
MA10 : Neutral
MA20 : Neutral
STOCHASTIC : Neutral
MARKET ANALYSIS - Intraday Analysis
The USDJPY didn’t made any significant moves in yesterday’s session as it traded in a consolidation mode between the 80.05 (S1) and 80.65 (R1) levels. A break below 80.05 would suggest a target at 79.65 (S2) and further fall will then focus on 79.08 (S3) a strong technical and psychological level. On the other hand if the price manages to stay above the first support (S1) level we expect the price to retest 80.65 (R1) and a break above that level will concentrate our focus on 81.43(R3).
Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)
Daily Forex Market by FXCC 10Mai2012
Daily Forex Market by FXCC 10Mai2012
Greece expected to leave the Eurozone
Global markets continued to fall, including equities, and commodities as investors were in full risk aversion mode. Traders are moving in droves to the safe harbor, of the US dollar and the Japanese Yen. Political turmoil ranging from France to Greece has upset markets. The EU had stated that they will without the rest of the bailout money from Greece until political issues are resolved. In Spain, the government has had to step in and take over the largest bank, Bankia. Economic worries have spooked markets and forced Spain’s borrowing costs to skyrocket.Gold continues to decline along with oil. Yesterday the EIA release crude oil inventory reports showing that crude oil inventories had continued to rise. In early morning Asian news, equity markets continued to decline, as data released in China showed a continued slowdown, while Australia reported a better the forecast unemployment report.
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https://support.fxcc.com/email/technical/10052012/
UPCOMING EVENTS :
12:00 : GBP Interest Rate Decision
13:30 : CAD Trade Balance
13:30 : USD Trade Balance
13:30 : USD Initial Jobless Claims
FOREX NEWS :
Trade surplus wider than expected in April
AUD/USD dives on worse than expected China data, back below 1.0100
GBP/AUD off from fresh yearly highs 1.6074 back below 1.6000
EUR/AUD slips after upbeat Aus. jobs data
---------------
EURUSD 1.29611 / 1.29614
DAILY WEEKLY MONTHLY
1.2804 | 1.2858 | 1.2896
1.2988 | 1.3042 | 1.308
SUMMARY : Bearish
TREND : Down trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Bearish
MARKET ANALYSIS - Intraday Analysis
The euro is weak, having lost close to 0.2% against the USD, but still trading within Wednesdays range. The inability to break below 1.2955 was reassuring for EUR bulls in an environment where most drivers are turning rapidly bearish. Having broken the 1.2955 in yesterday, we will see the bears continue to gain strength. The markets are taking a breather this morning as the euro has recovered to 1.2951 after opening at 1.2927 It seems to be moving down again now and if there is a break below 1.2922 that could lead to an acceleration of the move lower, with support at 1.2818 targeted from both a monthly and a weekly pivot. A recovery on the other hand would most likely see the exchange rate struggle higher to fill the gap at 1.3080.
------------------
GBPUSD 1.61460 / 1.61469
DAILY WEEKLY MONTHLY
1.5996 | 1.6032 | 1.6084
1.6172 | 1.6208 | 1.626
SUMMARY : Neutral
TREND : Down trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Bearish
MARKET ANALYSIS - Intraday Analysis
The 1.6142 line is now fluid, after providing support for the past two weeks. This is followed by the psychologically important support level of 1.60, which could be tested if the dollar continues to rally. Next, 1.5930, which saw a lot of movement by the pair in April, has been providing strong support for the pair. Below, there is support at 1.5805, which also was tested in April. The next support level is 1.5750, which has provided support since mid-March. The final line for now is 1.5648, which was last tested in March. Overall technicals are mixed ‐ indicators that remain bullish are waning, though near term support is found at the 21 day MA-1.6098. Resistance remains at the 9 day MA -1.6189
----------------
USDJPY : 79.702 / 79.707
DAILY WEEKLY MONTHLY
78.9506 | 79.1933 | 79.4551
79.9596 | 80.2023 | 80.4641
SUMMARY : Bearish
TREND : Down trend
MA10 : Bullish
MA20 : Bearish
STOCHASTIC : Bearish
MARKET ANALYSIS - Intraday Analysis
Technical are showing bearish ‐ the value of the RSI indicator is negative and declining, MACD is thinly negative and steady, while CCI has crossed down the 100 line on the 1-hour chart, giving over all short signals. A break above yesterday's top and nearest resistance 80.08 would encourage further recovery of the dollar. Immediate support is today's bottom at 79.60, and consistent break below it could strengthen the yen further down towards next target 78.76.
Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)
Daily Forex Market by FXCC 11Mai2012
Daily Forex Market by FXCC 11Mai2012
Eco Calendar thin keep an eye on Politics
Global equities continue to retreat despite a decent round of overnight fundamentals, as Greece's high stakes election drama weighs on market sentiment. European equity benchmarks are lower and Dow futures are suggesting a tiny drop at the market open. Global currency markets are divided with the A$, NZ$, pound sterling and CAD all up against the USD while the won, Scandinavian currencies and the rand are all lower and the euro is flat. Most European debt markets are rallying or are flat across 10s except for UK 10s that were disappointed by flat stimulus from the BoE.
Solid European manufacturing data didn’t much help the global market tone. French manufacturing production climbed 1.4% m/m and far surpassed consensus expectations for a small drop, even as total industrial production fell thanks to lower electricity and gas production following the prior month’s massive gain in this category. Italian manufacturing also climbed 0.5% and surpassed expectations. UK manufacturing production climbed 0.9% m/m which nearly doubled consensus. German Chancellor Angela Merkel is sticking to her guns and good for her. She reiterated this morning that deficit financed stimulus to growth is a misguided path, and that austerity is the only solution. This continues to put the Franco-German partnership on a collision course over the summer. In the US yesterday data was received with mixed sentiment. Chairman Bernanke’s speech was market neutral. Chinese data has been lackluster, but not market movers.
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https://support.fxcc.com/email/technical/11052012/
UPCOMING EVENTS :
2012-05-11 8:30 GMT | GBP - Producer Price Index - Input / output
2012-05-11 11:00 GMT | CAD - Net Change in Employment (Apr)
2012-05-11 12:30 GMT | USD - Producer Price Index (YoY) & (MoM)
2012-05-11 12:30 GMT | CAD - Unemployment Rate
FOREX NEWS :
2012-05-11 06:12 GMT | Germany: Annual Inflation unchanged at 2.1% in April
2012-05-11 06:11 GMT | China Apr Urban investment (YTD) (YoY) down to 20.2%
2012-05-11 06:08 GMT | China Retail Sales (YoY) declines to 14.1% vs 15.2%
2012-05-11 06:03 GMT | Germany: CPI (YoY) unchanged at 2.1% in Apr; (MoM) rises 0.2%
--------------
EURUSD :1.29171 / 1.29175
1.2859 | 1.2892 | 1.2913
1.2967 | 1.3 | 1.3021
SUMMARY : Bearish
TREND : Down trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Oversold
MARKET ANALYSIS - Intraday Analysis
Major bearish reversal pattern has broken psychological support at 1.3000. A sustained close below 1.3000 unlocks the important multi-month reversal pattern for a fast move into 1.2626 (16 January). Only a sustained daily close back above 1.3284 puts this scenario on hold for a potential recovery into our upside target zone at 1.3430/60 (200-day average). Signals all continue to remain bearish
-----------------
GBPUSD :1.61105 / 1.61115
DAILY WEEKLY MONTHLY
1.6001 | 1.6047 | 1.609
1.6179 | 1.6225 | 1.6268
SUMMARY : Bearish
TREND : Down trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Bearish
MARKET ANALYSIS - Intraday Analysis
Watch for more choppy activity over the short-term the overall tone remains positive. A return to 1.6199 would suggest completion of the correction, setting the stage for an attack on 1.6302 then 1.6500/1.6618 (psychological) as the bull run extends. A close back below 1.6063 from here would suggest stalling upside momentum, with support at 1.5805 watch for key support at 1.5603.
----------------
USDJPY :79.841 / 79.847
DAILY WEEKLY MONTHLY
79.2439 | 79.4252 | 79.6549
80.0659 | 80.2472 | 80.4769
SUMMARY : Bearish
TREND : Up trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Bearish
MARKET ANALYSIS - Intraday Analysis
The yen continues to trade within a multi-week bear channel, only a snap back above the upper ceiling near 80.50 signals a potential recovery higher into 82.00. This may offer renewed buying opportunities. A sustained weakness beneath 80.00-80.12 (38.2% Fibonacci retrace/January advance), will lead to further setbacks into critical support at 79.16 (61.8% Fibonacci).
Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)
Daily Forex Market by FXCC 14Mai2012
Daily Forex Market by FXCC 14Mai2012
EU Finance Ministers call for Emergency Meeting.
Markets continue to reel over European uncertainties as they open the week in risk-aversion mode. Greece was unable to form a government over the weekend, and will go back to the polls to try to elect new parties. Spain’s ongoing financial woes and growing worries over the banks in Spain also weigh on the markets. The US dollar and the Japanese Yen, continue to maintain strength as investor’s park funds in safe havens. Gold and crude oil continue to fall, as most USD denominated currencies cannot support the high dollar at present. Even gold trading under the 1600 price is too expensive with the current dollar value. The early part of the week, is thin on eco data, but should be big in political drama as the EU Finance Ministers have called an Emergency meeting today to discuss the future of Greece.
Read More
https://support.fxcc.com/email/technical/14052012/
UPCOMING EVENTS :
2012-05-14 08:00 GMT | Italy - Consumer Price Index (EU Norm) (MoM)
2012-05-14 08:00 GMT | Italy - Consumer Price Index (EU Norm) (YoY)
2012-05-14 09:00 GMT | European Monetary Union - Industrial Production w.d.a.
2012-05-14 09:00 GMT | European Monetary Union - Industrial Production s.a.
FOREX NEWS :
2012-05-14 06:10 GMT | Germany: Wholesale Price Index rises 0.5% in April
2012-05-14 06:00 GMT | Germany: Wholesale Price Index (MoM) grows 0.5% in Apr; (YoY) up 2.4%
2012-05-14 01:41 GMT | Australia: Housing finance rises 0.3% in March
2012-05-14 01:31 GMT | Australia Mar Investment Lending for Homes declines to -1%
---------------
EURUSD : 1.28887 / 1.28891
DAILY WEEKLY MONTHLY
1.2842 | 1.2874 | 1.2887
1.2905 | 1.2936 | 1.2978
SUMMARY : Bearish
TREND : Bearish
MA10 : Bullish
MA20 : Bearish
STOCHASTIC : Overbought
MARKET ANALYSIS - Intraday Analysis
The sustained close below 1.3000 unlocked the important multi-month reversal pattern for a fast move into 1.2626 (16 January swing low). This morning MA 10 -20 all read sell, technical indicators are all reading sell, although the 5day MA is a buy signal. This might be an opportunity to buy on the dips below the 1.29 price. Support is found at the 1.28 level. Meanwhile, only a sustained daily close back above 1.3284 (01st May high), puts this scenario on hold for a potential recovery into our upside target zone at 1.3430/60 (200-day average).
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GBPUSD 1.60754 / 1.60759
DAILY WEEKLY MONTHLY
1.6026 | 1.6040 | 1.6053
1.6080 | 1.6094 | 1.6107
SUMMARY : Up
TREND : Upward penetration
MA10 : Bullish
MA20 : Bearish
STOCHASTIC : Bearish
MARKET ANALYSIS - Intraday Analysis
The sterling should see further choppy activity over the short-term the overall tone remains positive and we look for 1.6063 to more or less contain current weakness. The pair will most likely recapture of 1.6199 suggesting completion of the correction, setting the stage for an attack on 1.6302 then 1.6500/1.6618 (psychological/August reaction high) as the bull run extends.
---------------
USDJPY : 80.050 / 80.056
DAILY WEEKLY MONTHLY
79.62 | 79.74 | 79.90
80.64 | 80.32 | 80.15
SUMMARY : Neutral
TREND : Sideway
MA10 : Bearish
MA20 : Bullish
STOCHASTIC : Bearish
MARKET ANALYSIS - Intraday Analysis
The yen’s bearish pullback remains weak beneath but has pushed through the key psychological level at 80.00. We are looking at weakness beneath 80.00-80.12 (38.2% Fibonacci retrace/January advance), which will lead to further setbacks into critical support at 79.16 (61.8% Fibonacci). Today’s momentum pushes within a multi-week bear channel. Only a snap back above the upper ceiling near 80.50 signals a potential recovery higher into 82.00.
Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)
Daily Forex Market by FXCC 15Mai2012
Daily Forex Market by FXCC 15Mai2012
Hollande Sworn in as President of France Today
Today, French President elect Hollande will be sworn into office. Over the next few weeks he will build a government, in the meantime he will appoint an temporary government. These appointments should give us some insight into his economic and financial plans and thoughts.The negative sentiment from the eurozone colors the global markets, as risk aversion remains the mode. With the leadership and the direction of the EU in question and the ongoing turmoil in Greece and increasing debt problems in Spain, markets are worried about who and how the eurozone will attempt to control and turn around the future of Europe. Data out this week might show that the eurozone has slipped back into recession. The overflow of the eurozone declining economic situation is harming its neighbors around the globe from China to the US. Commodities continue to fall, especially those that are USD denominated. The yen is reaching historical highs, which is a difficult situation for Japan. The USD still remains strong. Greece either leaving or being ousted from the euro becomes more likely each passing day.
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https://support.fxcc.com/email/technical/15052012/
UPCOMING EVENTS :
2012-05-15 07:00 GMT | EUR German GDP
2012-05-15 09:00 GMT | EUR German ZEW Economic Sentiment
2012-05-15 12:30 GMT | USD Core CPI
2012-05-15 12:30 GMT | USD Core Retail Sales
FOREX NEWS :
2012-05-15 05:00 GMT | Japan Apr Consumer Confidence Index declines to 40
2012-05-15 04:40 GMT | EUR/USD above 1.2800 ahead of a very busy morning in London
2012-05-15 04:23 GMT | GBP/USD within tight 20-pip range ahead of UK trade data
2012-05-15 03:32 GMT | AUD/JPY off 4-month lows, still below 80.00
EURUSD : 1.28478 / 1.28481
DAILY WEEKLY MONTHLY
1.270 | 1.276 | 1.279
1.288 | 1.293 | 1.2973
SUMMARY : Bearish
TREND : Down trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Oversold
MARKET ANALYSIS - Intraday Analysis
The risk adverse sentiment saw the pair march right through boundary at the 1.2875 and 1.2850 levels. In terms of technical levels, supports are seen at 1.2800, 1.2700 and then at 1.2624 (2012 low). On the other hand, resistance levels are seen at 1.2935/58 and then at 1.2979. The sustained closes below 1.3000 unlocks the important multi-month reversal pattern for a fast move into 1.2626. Daily indicators are all showing strong sell supported by MACD, RSI and ADX. MA 5-200 all read sell. Stochastic is deep in an oversold situation.
---------------
GBPUSD : 1.61051 / 1.61058
DAILY WEEKLY MONTHLY
1.598 | 1.602 | 1.605
1.613 | 1.616 | 1.620
SUMMARY : Neutral
TREND : Up trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Bearish
MARKET ANALYSIS - Intraday Analysis
There is still no indication of a trend reversal, even as the pace of the decline is halted. At this time the pair is at 1.6085 and bouncing on the S4. This appears to have corrected the last up move. We should see an initial bounce to go to 1.6125. We are bullish above 1.6125 to the R5 at 1.6199 with the lower target at the support at 1.6014.
---------------
USDJPY : 79.875 / 79.880
DAILY WEEKLY MONTHLY
79.141 | 79.4135 | 79.641
80.140 | 80.412 | 80.64
SUMMARY : Bearish
TREND : Up trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Bearish
MARKET ANALYSIS - Intraday Analysis
The U.S. dollar/yen is currently testing the 100-day simple moving average (SMA) which is around 79.70/79.75, and has acted as support on recent tests,. The pair remains within a bearish medium-term channel with resistance around the 21-day SMA and weekly cloud top that converge around 80.45.
Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)
Daily Forex Market by FXCC 16Mai2012
Daily Forex Market by FXCC 16Mai2012
The euro continues to plunge
While the broad sentiments prevailing in the market continue to be bearish, commodities and shares were seen rising following a rebound in euro. Recovery in Euro from a four month low after a surprisingly strong German GDP data took the pressure off the market and slightly lifted the sentiments. German economy grew 0.5 per cent in the first quarter against the expectation of 0.1 per cent. Euro Zone GDP data indicated that the region avoided recession though the economy continued to remain fragile. However, the overall sentiments were feeble on deepening worries over euro zone crisis and political uncertainty in Greece. Shortly after the exhilaration wore off the euro began to plummet hitting new recent lows to trade at this time at 1.2724.
Market mood continue to remain skeptical as investors fretted about the possibility of a Greek exit from the Euro zone. Financial markets would be fervently watching out for political events in Europe for further cues. With Europe reeling under both financial and political strain, all eyes are on today’s meet between German Chancellor Angela Merkel and new French president Francois Hollande. US eco data was neutral, with retail sales coming in soft.
Read More
https://support.fxcc.com/email/technical/16052012/
UPCOMING EVENTS :
2012-05-16 08:30 GMT | GBP Claimant Count Change
2012-05-16 09:30 GMT | GBP BoE Inflation Report
2012-05-16 09:30 GMT | GBP BoE Gov King Speaks
2012-05-16 18:00 GMT | USD FOMC Minutes
FOREX NEWS :
2012-05-16 04:42 GMT | EUR/GBP awaiting further cues from European session
2012-05-16 04:38 GMT | EUR/USD breaks below 1.2700 barriers with Asian share markets selling-off
2012-05-16 03:56 GMT | NZD trades top-heavy on poor dairy auction
2012-05-16 02:52 GMT | GBP/USD at session lows ahead of key UK data
EURUSD : 1.27133 / 1.27136
DAILY WEEKLY MONTHLY
1.253 | 1.262 | 1.268
1.282 | 1.292 | 1.297
SUMMARY : Bearish
TREND : Down trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Bearish
MARKET ANALYSIS - Intraday Analysis
The Euro fell to quickly in Asian trading to validate the downtrend it also has pushed indicators and oscillators to their maximum reading, Current reading are miscued. We will have to re-evaluate numbers and movement later today. The price action on Monday was negative, and the fact that the 1.29 level finally gave way we showed support had been broken. The 1.29 was the last remnant of the support level in our view. The 1.26 level looks to be the next major support level, and although there will be bounces along the way, the headlines should continue to punish the Euro going forward. However, this pair will more than likely continue to be choppy. We would sell rallies on signs of failure, and a break below the Monday lows.
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GBPUSD : 1.59630 / 1.59640
DAILY WEEKLY MONTHLY
1.581 | 1.589 | 1.594
1.607 | 1.615 | 1.62
SUMMARY : Bearish
TREND : Down trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Bearish
MARKET ANALYSIS - Intraday Analysis
The current bout of risk aversion this week does not turn into panic; the GBP/USD has a chance to pop up toward the 1.6160 pivot in any short-term bout of risk appetite or stabilization. The next resistance above 1.6160 is a declining trend line which should meet price in the 1.6250-1.6280 area. Technicals all remain bearish with support at 1.6000, though downside set to continue. This morning’s surge has pushed the GBP below the psychological 1.60 price level. Support can be found at 1.58543 and 1.56722
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USDJPY : 80.377 / 80.382
DAILY WEEKLY MONTHLY
79.453 | 79.634 | 79.973
80.493 | 80.674 | 81.013
SUMMARY : Bullish
TREND : Up trend
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Bullish
MARKET ANALYSIS - Intraday Analysis
The pair is trading between two moving averages (100 and 200). If the pair breaks 79.707, the pair will decline to 79.070. In terms of technical levels, supports are seen at 79.68/61 and then at 79.43. On the other hand, resistance levels are seen at 80.30/40 and 80.61 Indicators read a strong buy, although RSI has moved to neutral and MACD is in the sell range. MA 10 and 20 both show buy signals.
Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)
Daily Forex Market by FXCC 17Mai2012
Daily Forex Market by FXCC 17Mai2012
Negative Sentiment and Risk Aversion Continue
Positive US economic data failed to lift markets. While US April housing starts were higher and industrial production rebounded, US markets sold off as the trading session continued, slipping on news that the ECB might cut funding to Greek banks. US equity indices were down by roughly 0.5% while Canadian equities performed somewhat more strongly. WTI fell by US$1.30 to close at $92.68 and the DXY was up moderately on the session. For a full write-up of today’s US and Canada economic data releases, please see the Economic Data Recap section below.
The Fed released the minutes from its April 24-25 meeting today, and they are making headlines for reasons that we find hard to discern. The minutes included the sentence “several members indicated that additional monetary policy accommodation could be necessary if the economic recovery lost momentum or the downside risks to the forecast became great.” Minutes from the March 13 meeting said “A couple of members indicated that the initiation of additional stimulus could become necessary if the economy lost momentum or if inflation seemed likely to remain below its mandate-consistent rate of 2 percent over the medium run.” Market sentiment will remain negative towards Europe and the continued sell off of European assets is ongoing. Without some positive news or results in Greece, with lack of overall guidance by the EU and continued worries about Spain, the current situation is expected to hold.
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UPCOMING EVENTS :
2012-05-17 12:30 GMT | USD Initial Jobless Claims
2012-05-17 12:30 GMT | CAD Wholesale Sales
2012-05-17 12:30 GMT | CAD Foreign Securities Purchases
2012-05-17 14:00 GMT | USD Leading Indicators
FOREX NEWS :
2012-05-17 04:34 GMT | GBP/USD: 1.5830 support zone in sight
2012-05-17 03:50 GMT | AUD/CAD bounces above 1.0050
2012-05-17 03:43 GMT | NZD/USD fall below 0.7607 gives way to 0.7469
2012-05-17 03:33 GMT | GBP/JPY quiet above key support 127.00
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EURUSD : 1.27432 / 1.27436
DAILY WEEKLY MONTHLY
1.261 | 1.264 | 1.268
1.276 | 1.280 | 1.284
SUMMARY : Bearish
TREND : Down trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Bearish
MARKET ANALYSIS - Intraday Analysis
Technicals are moving to the oversold zone. The bearish trend is clear over weekly charts supported by the negativity on momentum and trend indicators. A break below 1.2625 will be a very negative indication for short and medium-term traders. Today is among key support at 1.2500 and key resistance at 1.2915. The general trend over short-term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact. Although we might see a bounce to the 1.29 level as bulls try to break the 1.30 price
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GBPUSD : 1.59154 / 1.59162
DAILY WEEKLY MONTHLY
1.577 | 1.583 | 1.587
1.597 | 1.603 | 1.607
SUMMARY : Bearish
TREND : Down trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Bearish
MARKET ANALYSIS - Intraday Analysis
After breaching the psychological level of 1.6000, the pair has dropped violently, reinforcing the bearish outlook. The technical target should be at 1.5820-1.5810 followed by 1.5780 zones. Stochastic remains negative adding further confirmation for the bearish tone. The trading range for today is among key support at 1.5730 and key resistance at 1.6165.
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USDJPY : 80.305 / 80.309
DAILY WEEKLY MONTHLY
79.847 | 80.025 | 80.195
80.543 | 80.721 | 80.891
SUMMARY : Bullish
TREND : Down trend
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Bullish
MARKET ANALYSIS - Intraday Analysis
The pair continued consolidating above the psychological level of 80.00 and at the key support level of 80.30 while RSI 14 is on its way to attack the momentum resistance level reading a 50.A breakout above the resistance line of the descending channel is the main reason that supports the bullish expectations for today. Ultimately, a break above 80.50 will confirm and accelerate. The trading range for today is among key support at 78.80 and key resistance now at 81.75.
Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)
Daily Forex Market by FXCC 18Mai2012
Daily Forex Market by FXCC 18Mai2012
Asian Markets Tumble on worries over Greece
Asian stocks are getting hammered in this morning’s session as they react to Greece’s debt downgrade and the Spanish banks’ downgrade by rating agencies Fitch and Moody’s. The euro has also given up all of its gains from Thursday and is lower by 0.20% in the morning trade.
On the economic front, we have the Producer Prices from Germany, which are expected to decline to 0.30% and could be slightly negative for the euro. There are no major data releases from the U.S. Today’s market fluctuations will be in response to Greece, Spain and the EU, with little on the eco front worldwide, the press and media will be digging for news and events. Watch for rumors and misquotes on days like today.
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https://support.fxcc.com/email/technical/18052012/
UPCOMING EVENTS :
2012-05-18 12:30 GMT | CAD Core CPI (MoM)
2012-05-18 12:30 GMT | CAD CPI (MoM)
2012-05-18 12:30 GMT | CAD CPI (YoY)
2012-05-18 19:00 GMT | ARS Argentinian Economic Activity (YoY)
FOREX NEWS :
2012-05-18 04:23 GMT | GBP/USD could fall to 1.57 by early London - 2ndSkies
2012-05-18 04:19 GMT | EUR/USD below 1.2700 ahead of London, G-8 meeting and options expirations
2012-05-18 03:31 GMT | AUD/NZD regains the upside
2012-05-18 02:37 GMT | GBP/JPY hovering above 125.00 after sharp drop
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EURUSD : 1.26623 / 1.26627
DAILY WEEKLY MONTHLY
1.258 | 1.262 | 1.266
1.274 | 1.278 | 1.2823
SUMMARY : Bearish
TREND : Down trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Bearish
MARKET ANALYSIS - Intraday Analysis
The euro continues neglecting the oversold reading appearing on daily studies due to the strong bearish trend on weekly studies. It is currently re-attacking yesterday’s low around 1.2680 and a break of which will weaken 1.2625 support and may extended towards 1.2530 areas. The bearish picture remains valid for the rest of the day as there is no sign of starting a corrective wave. Key support at 1.2500 and key resistance at 1.2915.
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GBPUSD : 1.57533 / 1.57539
DAILY WEEKLY MONTHLY
1.558 | 1.568 | 1.573
1.588 | 1.598 | 1.603
SUMMARY : Bearish
TREND : Down trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Bearish
MARKET ANALYSIS - Intraday Analysis
Sterling has entered free-fall territory after achieving a sustained breakout below the uptrend line that carried the movements from 1.5230.Price is being controlled by fundamentals and the strength of the USD. Stochastic are negative which encourages us to keep our bearish scenario intact for the rest of the day while a break below 1.5810 will accelerate. The trading range for today is among key support at 1.5730 and key resistance at 1.6165.
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USDJPY : 79.218 / 79.219
DAILY WEEKLY MONTHLY
78.917 | 78.412 | 77.683
80.151 | 80.880 | 81.385
SUMMARY : Bearish
TREND : Down trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Neutral
MARKET ANALYSIS - Intraday Analysis
The Japanese yen didn’t show any big move since overnight or during the Asian session. Technicals show a bullish scenario for the rest of the day; reaching the 80.50 zones will confirm and accelerate and also will assist RSI to clear the pivotal momentum resistance at the point of 50.00. The trading range for today is among key support at 78.80 and key resistance now at 81.75.
Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)