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Daily Forex Market by FXCC 08Mar2012

Discussion in 'Market Predictions and Reports' started by alayoua, Mar 8, 2012.

  1. alayoua

    alayoua Banned

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    Daily Forex Market by FXCC 08Mar2012

    The ECB is expected to leave the interest rate unchanged at 1.0%

    EUR/USD is currently dealing with session highs last at 1.3178, capped below descending trend line coming from 1.3485 double top Feb 29, and also below past Friday's lows and weekly close. Local share markets have been on the bounce today after three consecutive days falling, with US futures pointing higher and Nikkei index up by +1.51% above the 9700 points mark. GBP/USD opened the day at 1.5738 and spent the Asia-Pacific session trading in a 1.5722/45 range before breaking to a session high of 1.5755 as Asian stocks were lifted on a rumor that the PBoC may cut the RRR by 50bps today. USD/JPY has extended the bounce from its weekly low at 80.57 to 81.35 so far in the Asia-Pacific, last at 81.23 from 81.07 at the end of trade late Wednesday.

    AUD/USD has just shot up to a session high of 1.0605 mid-day in Asia-Pacific trading, having rallied from an earlier post- Aussie unemployment rate session low of 1.0530 to 1.0606 on rumors the PBOC might cut the RRR 50 BPS later today. The EUR/JPY cross is currently retracing losses made earlier in the week and is pushing up against psychological resistance at the 107.00 mark after briefly peaking at 107.04.
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    https://support.fxcc.com/email/technical/08032012

    UPCOMING EVENTS
    2012-03-08 08:15 GMT | Switzerland Consumer Price Index (MoM) (Feb)
    2012-03-08 12:00 GMT | United Kingdom BoE Interest Rate Decision (Mar 8)
    2012-03-08 12:00 GMT | United Kingdom BoE Asset Purchase Facility (Mar)
    2012-03-08 12:30 GMT | European Monetary Union ECB Interest Rate Decision

    FOREX NEWS
    2012-03-08 05:06 GMT | Japan Feb Eco Watchers Survey: Outlook up to 50.1
    2012-03-08 04:25 GMT | EUR/JPY testing offers above 107.00
    2012-03-08 00:31 GMT | Australia Unemployment Rate s.a. 5.2% in Feb
    2012-03-08 00:05 GMT | Japan: Q4 GDP at an unsurprising -0.2%; record Jan current account deficit

    ---------
    EURUSD : 1.31771 / 1.31781
    DAILY WEEKLY MONTHLY

    [​IMG]

    1.3424 | 1.3362 | 1.3280 | 1.3240
    1.3096 | 1.3053 | 1.3023 | 1.2985

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


    MARKET ANALYSIS - Intraday Analysis

    EURUSD fell and found a strong support at 1.3096 (S1) a significant technical and psychological level. As we can see on the chart the pair is at a crucial point, as a break below 1.3096 (S1) will confirm a new trend – downtrend. On the other hand if the price manages to break above 1.3240 (R1) it will move above the uptrend trend line and it will indicate a continuation of the uptrend. As we are at a crucial point that it establish if we are in a turning point or if we are still in an uptrend, our recommendations for today’s trading session is no position until one of the above scenarios take place.

    ---------
    GBPUSD : 1.57674 / 1.57683
    DAILY WEEKLY MONTHLY

    [​IMG]

    1.5991 | 1.5943 | 1.5895 | 1.5847
    1.5695 | 1.5633 | 1.5580 | 1.5537

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


    MARKET ANALYSIS - Intraday Analysis

    GBPUSD rally continued to push lower as yesterday the price retested 1.5695 (S1) level twice and failed to break lower as a result of an upwards move just below yesterday’s resistance. A break below 1.5695 (S1) will confirm our short positions targeting 1.5633 (S2) a level that has been retested a couple of times in the last two months but without succeeding to break below it, turning this into a strong technical level. On the other hand, if the pair retests and breaks above the first resistance level of 1.5782 (R1), we would expect the price to retest 1.5847 (R2) and a further rise will be limited at 1.5895 (R3).

    ---------
    USDJPY : 81.312 / 81.320
    DAILY WEEKLY MONTHLY

    [​IMG]

    83.14 | 82.79 | 82.30 | 81.87
    80.96 | 80.58 | 80.24 | 79.85

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


    MARKET ANALYSIS - Intraday Analysis

    USDJPY fell and formed a strong support at 80.58 (S1). After that the price made 3 attempts to break below it but without any success. Following that the price rose and successfully broke above yesterday resistance 81.14 and now it seems that is heading towards 81.87 (R1) a year high, for a retest. Both of our Moving Averages 10 and 20 turned bullish and as we can see the pair is gaining strong upwards momentum. Look for long positions at the current price targeting 81.87 (R1). A stop loss should be placed between 80.96 (S1) and 80.58 (S2).

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

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