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Daily Forex Market by FXCC 21Mar2012

Discussion in 'Market Predictions and Reports' started by alayoua, Mar 21, 2012.

  1. alayoua

    alayoua Banned

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    Daily Forex Market by FXCC 21Mar2012

    EUR/USD ends Asian trade above Monday highs

    EUR/USD is currently at 1.3267 retreating from session highs at 1.3283, highest since March 08, still up for the session +0.30% and +0.71% for the week. European futures point for a higher open following the run up in US futures in after hours, and the rise in commodities during the Asian trade, although local share markets have traded in a mixed way with mostly all indexes in the red, Nikkei lower near session lows by -0.59%.At the start of trading this Wednesday, USD/JPY is trading a tight 83.52-83.72 range, last at 83.60 with support levels noted at 83.30, 83.10 and 82.80, while resistance is seen at 83.80, 84.15 and 84.45.

    AUD/USD has given up all of its earlier gains this Wednesday in Asia, coming off hard from its 1.0525 intraday high to levels back near its starting price at 1.0477.After consolidating above the 0.8300 handle for the last week, EUR/GBP has recently broken to the upside and has risen to a 6-day high of 0.8358 this Wednesday in Asia, last quoted at 0.8355, up 20 pips above its opening price.
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    https://support.fxcc.com/email/technical/21032012/

    UPCOMING EVENTS
    2012-03-21 09:30 GMT | United Kingdom Bank of England Minutes
    2012-03-21 09:30 GMT | United Kingdom Public Sector Net Borrowing (Feb)
    2012-03-21 12:00 GMT | Canada Leading Indicators (MoM) (Feb)
    2012-03-21 13:30 GMT | United States Fed's Bernanke Speech

    FOREX NEWS
    2012-03-21 05:45 GMT | EUR/USD ends Asian trade above Monday highs
    2012-03-21 05:36 GMT | GBP/USD limited below 1.5900 ahead of Europe
    2012-03-21 02:50 GMT | EUR/GBP climbs to 6-day high near 0.8360
    2012-03-21 02:09 GMT | EUR/JPY limited below 111.00 figure

    -------------
    EURUSD : 1.32737 / 1.32747
    DAILY WEEKLY MONTHLY

    [​IMG]

    1.3421 | 1.3378 | 1.3324 | 1.3283
    1.3235 | 1.3189 | 1.3119 | 1.3048

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


    MARKET ANALYSIS - Intraday Analysis

    EURUSD gained momentum and formed a higher top, successfully penetrating yesterday's resistance making a new high at 1.3283 (R1). The pair is moving upwards and we expect the price to continue its uptrend but only a break above 1.3283 (R1) will give as a confirmation for long positions targeting 1.3324 (R2). As far as the price is below 1.3283 (R1) we remain flat.

    --------------
    GBPUSD : 1.58827 / 1.58836
    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 : Bullish
    MA20 : Bullish
    STOCHASTIC : Overbought


    MARKET ANALYSIS - Intraday Analysis

    GBPUSD fell on yesterday’s trading session and was supported at 1.5819 (S1) a strong technical level. The price then rose and was able to close in the middle of first support and resistance level and now it seems that the price is gaining momentum. A break above 1.5913 (R1) would suggest a target at 1.5967 (R2) and further rise will be limited at 1.5997 (R3). Look for long positions at 1.5913 targeting recommended resistance levels.

    -------------
    USDJPY : 83.682 / 83.689
    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 : Neutral
    MA20 : Bullish
    STOCHASTIC : Neutral


    MARKET ANALYSIS - Intraday Analysis

    The USDJPY didn’t made any significant moves in yesterday’s trading session and is still 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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