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Daily Forex Market by FXCC 20Mar2012

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

  1. alayoua

    alayoua Banned

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    Daily Forex Market by FXCC 20Mar2012

    GBP/USD pressured ahead of key CPI data

    EUR/USD has been on corrective mode all Asian trade long, printing lows at 1.3225 and highs at 1.3243, last at 1.3231. Local share markets are mostly in the red, with Japan on holiday, following gas prices rising in China, and comments from BHP on slowing iron demand from China, which has sent Aussie lowest for the week, triggering some USD rally across the board. Oil and gold also trade at session lows while these lines are being written.GBP/USD traded down to 1.5865 during the Asia-Pacific session Tuesday, as risk appetite waned and investors favored the safety of the US dollar as Asian stocks traded in red.

    AUD/USD has come under renewed selling pressure in Asia as traders react negatively to comments from an executive at BHP, sliding sharply from it session high of 1.0623 to a fresh session low of 1.0575 and threatening to edge lower.
    Read More
    https://support.fxcc.com/email/technical/20032012/

    UPCOMING EVENTS
    2012-03-20 07:00 GMT | Germany Producer Price Index (YoY) (Feb)
    2012-03-20 07:00 GMT | Germany Producer Price Index (MoM) (Feb)
    2012-03-20 09:30 GMT | United Kingdom Consumer Price Index (YoY) (Feb)
    2012-03-20 09:30 GMT | United Kingdom Retail Price Index (YoY) (Feb)

    FOREX NEWS
    2012-03-20 05:31 GMT | EUR/USD in corrective mode above 1.3220 in Asia
    2012-03-20 05:25 GMT | GBP/USD pressured ahead of key CPI data
    2012-03-20 02:31 GMT | EUR/AUD hit fresh 5-day highs above 1.2510
    2012-03-20 02:11 GMT | AUD/USD back under pressure on BHP comments

    ---------
    EURUSD : 1.32332 / 1.32343
    DAILY WEEKLY MONTHLY

    [​IMG]

    1.3421 | 1.3378 | 1.3324 | 1.3264
    1.3189 | 1.3119 | 1.3048 | 1.3003

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


    MARKET ANALYSIS - Intraday Analysis

    EURUSD rise from 1.3150 and made a sharp move upwards breaking above our yesterday’s resistance level and closing just below of our recommended target ending our day with profits (+48 pips)!! After the price formed a top at 1.3264 (R1), the price fell and now is moving above our first support level. We expect the price to move upwards and retest the March high at 1.3264 (R1). Look for long positions at 1.3264 targeting 1.3291 (R2). A stop loss should be placed at 1.3224.

    ---------
    GBPUSD : 1.58690 / 1.58706
    DAILY WEEKLY MONTHLY

    [​IMG]

    1.6034 | 1.5997 | 1.5967 | 1.5913
    1.5819 | 1.5734 | 1.5654 | 1.5605

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


    MARKET ANALYSIS - Intraday Analysis

    GBPUSD gained momentum in yesterday’s session and formed a higher bottom and top, successfully penetrating yesterday's target ending our day with 36 pips of profit! After that the price found a strong resistance at 1.5913 (R1), a yearly high. We expect the price to move upwards but only a break above 1.5913 (R1) will give as a confirmation for long positions targeting 1.5967 (R2).

    ---------
    USDJPY : 83.434 / 83.442
    DAILY WEEKLY MONTHLY

    [​IMG]

    84.92 | 84.57 | 84.18 | 83.81
    83.00 | 82.58 | 81.94 | 81.14

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


    MARKET ANALYSIS - Intraday Analysis

    The USDJPY trapped in the 83.00 – 83.81 range. A break in either direction will determine the trading bias in today`s session. A break below 83.00 will confirm our short positions targeting 82.58 (S2) and a further fall will be limited to 81.94 (S3). On the other hand, if the pair breaks above the first resistance level of 83.81 (R1), we would expect the price to retest 84.18 (R2) a year high and further rise will then focus at 84.57 (R3).

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

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