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Daily Forex Market by FXCC 12Mar2012

Discussion in 'Market Predictions and Reports' started by alayoua, Mar 12, 2012.

  1. alayoua

    alayoua Banned

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    Daily Forex Market by FXCC 12Mar2012

    EUR/USD at 3-week lows in late Asia

    EUR/USD is currently at 1.3100 level,right after Japanese confidence data has come out bit worse than expected, pushing USD higher across the board, along with yen, and sending equities lower. The day ahead includes EU Finance Ministers meeting, Germany Wholesale Price Index (Feb) month on month, and year on year, Italy GDP (Q4 final) at 09:00, Greek industrial production at 10.00 and Portugal Trade Balance at 11:00 GMT. GBP/USD traded sideways above the 1.5650 level for the whole of the Asia-Pacific session, having dipped to as low as 1.5656 from its opening price and session high of 1.5674, last at 1.5660. USD/JPY has begun to retreat from recent 11-month highs during the Asian session Monday, having dipped to as low as 82.10 from an earlier session high of 82.51 as the yen jumped slightly against the greenback on risk-off trading, ignoring further easing rumors by the BoJ in tomorrow's policiy meeting.

    The aussie dollar is trading below the 1.0600 mark on Monday after China, main destination of Australian exports, has registered a deficit of CYN 31.5bn in the trade balance, below the CYN -4.9 bn expected and down from CYN 27.3 surplus in the previous print. USD/CHF is breaking higher above the 0.9200 level on broad greenback strength following Friday's positive jobs report in the US, peaking at 0.9213 so far in Asia as it extends its rebound from last week's 0.9069 low.
    Read More
    https://support.fxcc.com/email/technical/12032012

    UPCOMING EVENTS
    2012-03-12 09:00 GMT | Italy Gross Domestic Product (YoY) (Q4)
    2012-03-12 10:00 GMT | Greece Industrial Production (YoY) (Jan)
    2012-03-12 11:00 GMT | Portugal Global Trade Balance (Nov)
    2012-03-12 N/A GMT | European Monetary Union EU Finance Ministers meeting

    FOREX NEWS
    2012-03-12 07:31 GMT | Asian markets fall on Greek default
    2012-03-12 07:01 GMT | Germany: Wholesale Price Index (MoM) increases 1% in Feb; (YoY) up 2.6%
    2012-03-12 05:01 GMT | Japan Consumer Confidence Index decreases to 39.5
    2012-03-12 01:13 GMT | EUR/USD dips below 1.3100

    ---------------
    EURUSD : 1.31143 / 1.31151
    DAILY WEEKLY MONTHLY

    [​IMG]

    1.3485 | 1.3362 | 1.3291 | 1.3159
    1.3078 | 1.3026 | 1.2974 | 1.2928

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


    MARKET ANALYSIS - Intraday Analysis

    EURUSD made a sharp move downwards from 1.3291 (R2) on Friday’s trading session forming a new low just below our support level at 1.3078 (S1). Now the price has found a strong support at 1.3078 (S1) if it falls below this level we can expect the price to continue its downward move as it is under bearish pressure and it seems to be heading towards our support levels. This bearish pressure can also be confirmed by the moving averages that have turned bearish. A break below that level would suggest a target of 1.3026 (S2). If price holds its momentum on the downside we can expect a further decline towards 1.2974 (S3). On the other hand, if the price does not manage to break below 1.3078 (S1) we can expect the pair to retest resistance at 1.3159 (S1) and a further rise will be limited to 1.3291 (R2).

    --------------
    GBPUSD : 1.56807 / 1.56817
    DAILY WEEKLY MONTHLY

    [​IMG]

    1.5882 | 1.5834 | 1.5778 | 1.5724
    1.5655 | 1.5578 | 1.5531 | 1.5491

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


    MARKET ANALYSIS - Intraday Analysis

    GBPUSD fell on Friday and was supported at 1.5655 (S1) a strong technical level .The price then rose and was able to break above Friday’s support and now it seems that the price is gaining momentum to the upside. A break above 1.5724 (R1) would suggest a target at 1.5778 (R2) and further rise will be limited to 1.5834 (R3). On the other hand a break below 1.5655 (S1) would suggest target at 1.5587 (S2).

    -------------
    USDJPY : 82.220 / 82.229
    DAILY WEEKLY MONTHLY

    [​IMG]

    83.97 | 83.69 | 83.25 | 82.63
    81.90 | 81.31 | 80.94 | 80.58

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


    MARKET ANALYSIS - Intraday Analysis

    USDJPY moved upwards and formed a new high at 82.63 and after that the price fell retesting Friday’s support level. A break below 81.90 (S1) we expect the price to retest 81.31 (S2) and further fall will then be limited at 80.94 (S3). On the other hand if the pair finds a strong momentum to the upwards we expect the price to retest 82.63 (R1) a significant level for the bulls as a break above that level will then focus on 83.25 (R2).

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

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