Daily Forex Market by FXCC 10Apr2012

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Daily Forex Market by FXCC 10Apr2012

EUR/USD printing new weekly highs

After sporting a much firmer profile across the board, the USD is showing its weakest version in early HK trade, with the EUR/USD currently extending gains past the 1.3133 mark, yesterday's high. The origin of the latest bull run comes after a recovery off 1.3030 support, forming a double bottom in the process. The rate has been able to establish a new weekly peak after a brief drive through 1.3141. From a fundamental perspective, Spain and Italy remain on the spotlight with bond yields on the rise, undermining the allure towards the EUR. On the other side of the pond, Bernanke is yet to pull off the hat stronger easing rhetoric after today's uneventful speech.

AUD/USD is currently inching higher in Asia with Hong-Kong opening pushing higher, though Hang-Seng index is lower near -1%, and Nikkei is up around +0.5% bouncing in the 9500 points level after falling more than -5% in recent days. Aussie is trading at 1.3026 rising from session lows 1.0295.
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https://support.fxcc.com/email/technical/10042012/

UPCOMING EVENTS
2012-04-10 08:00 GMT | Norway Consumer Price Index (MoM) (Mar)
2012-04-10 08:00 GMT | Norway Core Inflation (MoM) (Mar)
2012-04-10 08:30 GMT | United Kingdom DCLG House Price Index (YoY) (Feb)
2012-04-10 08:30 GMT | European Monetary Union Sentix Investor Confidence (Apr)

FOREX NEWS
2012-04-10 03:10 GMT | Japan BoJ Interest Rate Decision steadies at 0.1%
2012-04-10 03:07 GMT | China Trade Balance up to 5.347B in Mar
2012-04-10 01:30 GMT | Australia Mar ANZ Job Advertisements falls to 1% vs 3.3%
2012-04-10 01:30 GMT | Australia National Australia Bank's Business Confidence rises to 3 in Mar

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EURUSD 1.31227 / 1.31232
DAILY WEEKLY MONTHLY

EURUSD.gif


1.3387 | 1.3341 | 1.3248 | 1.3163
1.3035 | 1.3000 | 1.2951 | 1.2903

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


MARKET ANALYSIS - Intraday Analysis

The EURUSD moved upwards and managed to stay above yesterday’s support 1.3035 (S1) and now it is moving towards 1.3163 (R1). A break above that level we suggest further rise towards 1.3248 (R2) and then 1.3341 (R3). On the other hand, if the price manages to hold below 1.3163 (R1) we can expect retest of 1.3035 (S1) and further fall will then be limited at 1.2951 (S3).

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GBPUSD 1.59201 / 1.59213
DAILY WEEKLY MONTHLY

GBPUSD.gif


1.6112 | 1.6063 | 1.6016 | 1.5956
1.5884 | 1.5804 | 1.5763 | 1.5729

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


MARKET ANALYSIS - Intraday Analysis

GBPUSD is forming higher tops, as it rise for 3 consecutive days after forming a high at 1.6063 (R3), formed a strong support level at 1.5804 (S1). Following that we saw a correction towards 1.5884 and it seems the pair will re-test our resistance levels soon. A break above 15956 (R1) would suggest a target of 1.6016 (R2) and a further rise will then focus on the next target at 1.6063 (R3) a technical and psychological level. A stop loss should be placed below 1.5884 (S1).

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USDJPY : 81.364 / 81.368
DAILY WEEKLY MONTHLY

USDJPY.gif


83.31 | 82.98 | 82.43 | 81.82
81.19 | 80.55 | 79.98 | 79.48

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


MARKET ANALYSIS - Intraday Analysis

The USDJPY rise and formed a new high (intraday) at 81.82 (R1) and after that fell towards yesterday’s first support. A break below 81.19 will confirm our short positions targeting 80.55 (S2) and further fall will then be limited at 79.98 (S3). A stop loss should be placed at 81.82 (R1).

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