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Daily Forex Market by FXCC 17Jan2012

Discussion in 'Market Predictions and Reports' started by alayoua, Jan 17, 2012.

  1. alayoua

    alayoua Banned

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    Daily Forex Market by FXCC 17Jan2012

    MARKET OVERVIEW – JANUARY 17 2012
    Major currency pair and Commodity currency pair analysis
    Europe’s shared currency was 0.3 percent weaker at 97.30 yen at 11:40 a.m. in London, after falling to 97.04, the least since December 2000. The euro fell 0.1 percent to $1.2673, after dropping to $1.2626. The dollar dipped 0.3 percent to 76.77 yen. U.S. markets are closed today. Sterling is in a range above the psychological level of 1.5300. This looming round number should represent a test, once breached lower support is at circa 1.5320. EUR/GBP extended its decline to 0.8253, where it bottomed out during the European trade. EUR/GBP is quoting at around 0.8270, 0.06% above its opening price. USD/JPY erases Friday’s gains and falls back to 76.75 down 0.22% on the day. The USD/CHF has retraced back to Monday’s opening price, at 0.9540, after falling to a 0.9525 daily low on the European opening.
    NZD/USD is down ahead of NZIER. The pair is flat at 7930, obviously 8000 represents a key level. Improved housing/lending data has helped push up the AUS/USD, the pair is up 0.33% at 10314 with the next resistance levels waiting at 1.0387 followed by key number level of 1.0400. As crude oil rises, the USD/CAD falls. Friday’s gains obtained ahead of the S&P downgrades on European sovereigns have Ben eradicated as price sticks in a range determined by the 200 ma on a 4 hr chart. The pair is below 1.0200, in line with the 200-hourly MA, making this an extremely interesting position to monitor.

    UPCOMING EVENTS
    2012-01-17 09:30 GMT | United Kingdom Core Consumer Price Index (YoY) (Dec)
    2012-01-17 10:00 GMT | United Kingdom BoE's Governor King Speech
    2012-01-17 10:00 GMT | EU - Consumer Price Index - Core (YoY) (Dec)
    2012-01-17 10:00 GMT | EU - ZEW Survey - Economic Sentiment (Jan)

    FOREX NEWS
    2012-01-17 05:21 GMT | Another day, another record low for EUR/AUD
    2012-01-17 02:04 GMT | China: Retail Sales (YoY) (Dec): 18.1%
    2012-01-17 02:04 GMT | China: Industrial Production (YoY) (Dec): 12.8%
    2012-01-17 02:03 GMT | China Gross Domestic Product (YoY) 8.9% in 4Q

    EURUSD 1.27429 / 1.27434
    High: 1.27434 | Low: 1.26489 | Chg: 0.0076 0.06%
    SUMMARY: Down
    INTRADAY TREND: Downtrend
    MA10: Bullish
    MA20: Bullish
    STOCHASTIC: Overbought

    [​IMG]

    Resistance Levels: 1.2944 | 1.2882 | 1.2812 | 1.2763
    Support Levels: 1.2624 | 1.2592 | 1.2560 | 1.2513

    Intraday Analysis: The EURUSD moved upwards and managed to stay above yesterday’s support 1.2624 (S1) and now it is moving towards 1.2763 (R1). A break above that level we suggest further rise towards 1.2812 (R2) and then 1.2882 (R3). On the other hand, if the price manages to hold below 1.2763 (R1) we can expect retest of 1.2624 (S1). The pair is moving downwards since November 2011 and the stochastic is ready to exit downwards to the 80 level. Our recommendation for today’s session is to look for short positions close to 1.2763 (R1) with a stop loss above 1.2812 (R2).



    GBPUSD 1.53819 / 1.53831
    High: 1.53824 | Low: 1.53107 | Chg: 0.006 0.039%
    SUMMARY: Up
    INTRADAY TREND: Uptrend
    MA10: Bullish
    MA20: Bullish
    STOCHASTIC: Overbought

    [​IMG]

    Resistance Levels: 1.5629 | 1.5579 | 1.5487 | 1.5409
    Support Levels: 1.52758 | 1.5233 | 1.5203 | 1.5164

    Intraday Analysis: The GBPUSD is under bearish pressure as it is approaching towards a crucial support level 1.5233 (S2). The pair reached a high at 1.5409 (R1) and then fell back towards 1.5278 (S1). Further fall will test 1.5233 (S2) and decline below this level, suggesting target at 1.5203 (S3). On the other hand, if price manages to stay above 1.5278 (S1) then we expect the price to retest 1.5409 (R1) and then further rise to 1.5487 (R2). We look for long positions in today’s session with a stop loss below 1.5278 (S1).


    USDJPY 76.651/ 76.655
    High: 76.878 | Low: 76.64 | Chg: -0.117 -0.117%
    SUMMARY: Down
    INTRADAY TREND: Downtrend
    MA10: Bearish
    MA20: Bearish
    STOCHASTIC: Oversold

    [​IMG]

    Resistance Levels: 78.03 | 77.56 | 77.33 | 77.05
    Support Levels: 76.60 | 76.03 | 75.54 | 75.13

    Intraday Analysis: USDJPY fell sharply and formed a strong support level at 76.60 (S1) and then we saw is rised up and made a high at 77.05 (R1). A break above that level, 77.05 (R1), we suggest further rise towards 77.33 (R2). Both of our Moving Averages are bearish, so we expect the pair to continue its downward move towards 76.03 (S2). A stop loss should be placed above 77.05 (R1).


    Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)
    URL: https://support.fxcc.com/email/technical/17012012
     

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