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Daily Forex Market by FXCC 07Mar2012

Discussion in 'Market Predictions and Reports' started by alayoua, Mar 7, 2012.

  1. alayoua

    alayoua Banned

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    Daily Forex Market by FXCC 07Mar2012

    AUD/USD off 5-week lows above 1.0520

    EUR/USD is currently at 1.3137 retreating from session highs at 1.3150. Up +0.16% for the session, bounces from fresh 2-week lows at 1.3103 late NY, accelerating to the upside moments after worse than expected Australian 4Q GDP came out at 00:30 GMT. GBP/USD is trading a tight 40-pip range between 1.5698 and 1.5738 so far this Wednesday following a sharp overnight drop to current levels on the back of broad-based USD strength.

    EUR/JPY has so far traded a tight 105.69- 106.40 range this Wednesday following a sustained break of the 107.00 handle overnight, sliding 1.6% to 106.05.Along with the dollar, the Japanese yen was the benefactor of a significant flight to safety on global growth and Greek PSI concerns, as investors sought refuge in safe-haven assets. Aussie is back above previous daily lows now around 1.0540, after falling to fresh 5-week lows at 1.0509. With much worse than expected Australian 4Q GDP rising half of expected +0.8%, AUD/USD dropped from session highs around 1.0570, to mentioned lows in a blink of an eye.
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    URL: https://support.fxcc.com/email/technical/07032012

    UPCOMING EVENTS
    2012-03-07 00:30 GMT | Australia Gross Domestic Product (YoY) (Q4)
    2012-03-07 06:45 GMT | Switzerland Unemployment Rate n.s.a (MoM) (Feb)
    2012-03-07 11:00 GMT | Germany Factory Orders s.a. (MoM) (Jan)
    2012-03-07 11:00 GMT | Germany Factory Orders n.s.a. (YoY) (Jan)

    FOREX NEWS
    2012-03-07 05:08 GMT | Japan Leading Economic Index 94.9 in Jan
    2012-03-07 00:32 GMT | Australia 4Q Gross Domestic Product (YoY) 2.3%
    2012-03-07 00:31 GMT | Australia 4Q Gross Domestic Product (QoQ) 0.4%
    2012-03-07 00:01 GMT | United Kingdom: BRC Shop Price Index (MoM) (Feb): 1.2%

    -------------
    EURUSD : 1.31382 / 1.31391
    DAILY WEEKLY MONTHLY

    [​IMG]

    1.3424 | 1.3362 | 1.3280 | 1.3240
    1.3103 | 1.3053 | 1.3023 | 1.2985

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


    MARKET ANALYSIS - Intraday Analysis

    EURUSD moved downwards and successfully penetrated our second support forming a new low at 1.3103 (S1) profiting on our target recommended in yesterday’s analysis gaining a total of 51 pips!! The pair is under bearish pressure since the price made a high at 1.3480 and retested it twice without succeeding to break above it with a resulting reversal and downwards move. A break below the 1.3103 (S1) level would suggest a target at 1.3053 (S2) and a further fall will then focus on 1.3023 (S3). We believe the pair will continue the downward move and will find a strong support at 1.2985 (S4) a significant technical and psychological level.

    --------------
    GBPUSD : 1.57272 / 1.57283
    DAILY WEEKLY MONTHLY

    [​IMG]

    1.5992 | 1.5962 | 1.5896 | 1.5782
    1.5695 | 1.5633 | 1.5580 | 1.5537

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


    MARKET ANALYSIS - Intraday Analysis

    GBPUSD made a sharp move downwards and confirmed our recommendations for short positions below 1.5782 successfully hitting the second support level ending the day with 52 pips profit!!! We expect the price to continue its downward move as it is under bearish pressure at the moment (both of our MA 10 - 20 are bearish). Watch for a further correction upwards towards first resistance. So, our recommendation for today’s trading session is look for short positions close to our first resistance 1.5782 (R1) targeting 1.5633 (S2) with a stop loss below 1.5896 (R2).

    ----------------
    USDJPY : 80.743 / 80.751
    DAILY WEEKLY MONTHLY

    [​IMG]

    82.79 | 82.30 | 81.87 | 81.14
    80.58 | 80.24 | 79.85 | 79.43

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


    MARKET ANALYSIS - Intraday Analysis

    The USDJPY fell on yesterday’s trading session and found a strong support below yesterday’s first recommended target giving us a small profit of 36 pips! After that that price rose and is now moving above 80.58 (S1). If the USDJPY made a top (daily chart) at 81.72 (R2), we should expect further correction downwards (Fibonacci levels) but if the price completes its correction to the current level then it should continue its upwards move. Our recommendation for today’s trading session is no position as we are in a crucial point of the market and it is very important to see a break above 81.14 or below 80.58 to determine the current trend of the market.

    Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)
     

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