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Daily Forex Market by FXCC 20Apr2012

Discussion in 'Market Predictions and Reports' started by alayoua, Apr 20, 2012.

  1. alayoua

    alayoua Banned

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    Daily Forex Market by FXCC 20Apr2012

    EUR/USD capped below 1.3150 ahead of German IFO business climate

    EUR/USD kept on tightening its trading range once again during the Asia-Pacífic session in the last trading day of the week in the region, last at 1.3145, with session highs at 1.3154 and lows at 1.3128. Daily 14 ATR volatility indicator shows a record low reading since early December last year, indicative of the very thin range the pair has trade within this week, ahead of a pretty bussy next week. Local share markets trade with no exception in the red with Nikkei down by -0.39%. The London session ahead has a main risk even in the form of German Ifo Business Climate index, expected to come in line with previous, which will set the pace for EUR/USD at 08:00 GMT, till next key risk event follows thru at 12:30 GMT in the form of US CPI figures. IMF and G20 meetings also start today, with French first round elections to take place Sunday, and Sarkozy starting to feel the pain in the polls.

    The EUR/AUD cross has touched a fresh 7-day high of 1.2736 this Friday in Asia, largely on the back of Aussie weakness after the export price index fell 7.0% in the first quarter versus expectations of a 0.2% decline, adding to views that Australia’s terms of trade are poised to cool in the months ahead. The pair is now at 1.2730 vs. 1.2714 late Thursday in New York, recording a modest 0.1% gain on the day, amid a relatively quiet session in FX. AUD/USD trades at 1.0320 vs 1.0322 before the release.
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    https://support.fxcc.com/email/technical/20042012/

    UPCOMING EVENTS
    2012-04-20 08:00 GMT | Germany IFO - Business Climate (Apr)
    2012-04-20 08:00 GMT | Germany IFO - Current Assessment (Apr)
    2012-04-20 08:30 GMT | United Kingdom Retail Sales (YoY) (Mar)
    2012-04-20 08:30 GMT | United Kingdom Retail Sales ex-Fuel (YoY) (Mar)

    FOREX NEWS
    2012-04-20 04:22 GMT | GBP/USD trades quietly ahead of UK Retail Sales
    2012-04-20 01:31 GMT | Australia Export Price Index (QoQ) -7% in 1Q
    2012-04-20 01:30 GMT | Australia Import Price Index (QoQ) -1.2% in 1Q
    2012-04-20 01:04 GMT | USD/JPY at weekly highs, resistance at 81.80

    ----------------
    EURUSD 1.31530 / 1.31534
    DAILY WEEKLY MONTHLY

    [​IMG]

    1.3314 | 1.3269 | 1.3214 | 1.3153
    1.3057 | 1.3000 | 1.2957 | 1.2905

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


    MARKET ANALYSIS - Intraday Analysis

    EURUSD didn’t made any significant moves yesterday as it traded in a trading range between 1.3153 (R1) and 1.3057 (S1) level. The only difference from the last trading session is that the pair is moving just below the first resistance level. We remain flat on EURUSD until we see a clear break out and in which direction it will move to develop an uptrend or a downtrend with more reliable support and resistance levels. No position.

    GBPUSD : 1.60647 / 1.60658
    DAILY WEEKLY MONTHLY

    [​IMG]

    1.6245 | 1.6178 | 1.6129 | 1.6072
    1.6009 | 1.5963 | 1.5909 | 1.5858

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


    MARKET ANALYSIS - Intraday Analysis

    The GBPUSD formed a top on yesterday’s session at 1.6072 (R1) and then fell forming a new low at 1.6009. Now it seems it is moving away from this level to retest the resistance levels. A break above 1.6072 (R1) would suggest a target of 1.6129 (R2) and a further rise will then focus on the next target at 1.6178 (R3). On the downside, if the price breaks below the first support level of 1.6009 (S1) we can expect retesting of 1.5963 (S2). A further decline will then bring focus to the next support level at 1.5909(S3).

    ---------------
    USDJPY : 81.536 / 81.538
    DAILY WEEKLY MONTHLY

    [​IMG]

    82.67 | 82.13 | 81.87 | 81.69
    81.39 | 81.13 | 80.73 | 80.29

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


    MARKET ANALYSIS - Intraday Analysis

    The USDJPY fell from 81.75 and formed a lower top at 81.69(R1) after which the price rebounded from 81.39 (S1). A break above the first resistance level of 81.69 (R1) would suggest a target of 82.13 (R3). If the price holds its momentum on the upside we can expect a further rise towards 82.67 (R4). On the other hand, if the price does not manage to break above 81.69 (S1) we can expect the pair to retest support at 81.39 (S1) and a further fall will be limited to 81.13 (S2).

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

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