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Daily Forex Market by FXCC 14Mar2012

Discussion in 'Market Predictions and Reports' started by alayoua, Mar 14, 2012.

  1. alayoua

    alayoua Banned

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    Daily Forex Market by FXCC 14Mar2012

    EUR/USD weak in Asia below 1.3080

    EUR/USD has been accelerating lower ahead of the London opening to just hit fresh weekly lows stalling its fall ahead of solid support area at 1.3030, lows from the first week of Feb.Support at 1.3050 failed to hold a fourth attempt at testing the area, triggering in the process an option barrier and stops clustered just underneath. If the next downside hurdle at 1.3030 is taken out, psychological round number 1.3000 will come into play ahead of 1.2975, Feb 16 low.

    EUR/GBP sold off aggressively overnight, and is sitting above 0.8320 support at the moment, trading within a tight 0.8322-0.8332 intraday range so far this Wednesday after erasing nearly all of last week's gains in a singe day, losing around 1%.GBP/JPY is at 130.50 now, just 9 pips below session and weekly highs, little changed since Asian open, despite the fact USD/JPY is hitting yearly highs and highest since April 2011, because at the same time Cable is deep in the red around Tokyo and NY lows. The cross climbs +1.15% for the week so far, highest since August last year.
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    https://support.fxcc.com/email/technical/14032012/

    UPCOMING EVENTS
    2012-03-14 09:30 GMT | United Kingdom ILO Unemployment Rate (3M) (Jan)
    2012-03-14 09:30 GMT | United Kingdom Claimant Count Change (Feb)
    2012-03-14 10:00 GMT | European Monetary Union Consumer Price Index (MoM)
    2012-03-14 10:00 GMT | European Monetary Union Industrial Production w.d.a.

    FOREX NEWS
    2012-03-14 04:33 GMT | Japan Industrial Production (YoY) -1.3% in Jan
    2012-03-14 04:32 GMT | Japan Jan Capacity Utilization 3.4%
    2012-03-14 01:08 GMT | USD/JPY at yearly highs above 83.00
    2012-03-14 00:36 GMT | Australia 4Q Housing Starts (QoQ) -6.9%

    ---------
    EURUSD : 1.30410 / 1.30419
    DAILY WEEKLY MONTHLY

    [​IMG]

    1.3325 | 1.3291 | 1.3192 | 1.3078
    1.3025 | 1.2978 | 1.2951 | 1.2913

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


    MARKET ANALYSIS - Intraday Analysis

    EURUSD fell below our yesterday’s support and the traders that didn’t close their positions last night made a profit of 36 pips! The traders that closed their positions last night they broke even. The pair is under bearish pressure, this is very clear, as both of our Moving Averages are aggressive towards the price trading above it. Our recommendation for today’s trading session is short at 1.3025 (S1) targeting second support level at 1.2978 (S2) and further decline will then focus on 1.2951 (S3). A stop loss should be placed at 1.3078 (R1).

    ---------
    GBPUSD : 1.56532 / 1.56549
    DAILY WEEKLY MONTHLY

    [​IMG]

    1.5943 | 1.5882 | 1.5769 | 1.5695
    1.5601 | 1.5575 | 1.5523 | 1.5478

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


    MARKET ANALYSIS - Intraday Analysis

    The GBPUSD rose on Tuesday and closed above yesterday’s resistance giving us a small profit of 19 pips. After that the price fell sharply and formed a bottom around 1.5660. We expect the price to continue its downward move as it is under bearish pressure (daily). This is also supported by the fact that both of our Moving Averages turned bearish and are moving above the price. Look for short positions in today’s trading session targeting 1.5601 (S1) and 1.5575 (S2). A stop loss should be placed above 1.5695 (R1).

    ---------
    USDJPY : 83.169 / 83.178
    DAILY WEEKLY MONTHLY

    [​IMG]

    84.91 | 84.69 | 84.15 | 83.61
    82.63 | 81.95 | 81.46 | 81.14

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


    MARKET ANALYSIS - Intraday Analysis

    USDJPY rise in yesterday’s trading session and broke upwards from the intraday trading range and gained a small profit of 39 pips! After that the price continued to rise towards our second resistance level. If we take a look on the intraday chart we can see that the pair is gaining strong momentum to the upside as we can also observe that the Moving Averages are providing a strong support to the pair. We remain long on our positions targeting 83.61 (R1) and further rise will then focus on 84.15 (R2). A stop loss should be placed at 82.63 (S1).

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

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