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Daily Forex Market by FXCC 22Mar2012

Discussion in 'Market Predictions and Reports' started by alayoua, Mar 22, 2012.

  1. alayoua

    alayoua Banned

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    Daily Forex Market by FXCC 22Mar2012

    GBP/USD bracketed between 1.5855/82 ahead of key UK data

    EUR/USD is currently at 1.3230 slightly off session highs, before worse than expected Chinese PMI figures came out at 48.1. The Euro has been relatively well supported specially against AUD given the risk-off round in the Asia-Pacific market after the PMI data, lifting EUR/AUD to fresh 2012 highs at 1.2737. The pair holds onto +0.19% gains since session started, still below 0.618 retrace of yesterday's leg down 1.3285/1.3178. GBP/USD traded a limited range between 1.5855 and 1.5882 during the Asia-Pacific session, last quoted just a few pips below its starting price this Thursday at 1.5867.In the European session ahead, risk event for the Pound will be February UK Retail Sales data due for release at 0930 GMT, considered one of the most important consumer indicators.

    The Australian dollar (AUDJPY) is sliding across the board this Thursday in Asia after a surprisingly weak reading of China's HSBC Flash PMI, reigniting concerns of a sharp slowdown in the world's second largest economy, shrinking in March for a fifth successive month to 48.1. The EURJPY after remaining well on course for the 111.57 intervention high, the pair had a violent turnaround on Wednesday, courtesy of heavy yen buying across the board, taking the rate as low as 110.03 post NY close and even extending to new lows at 109.87 post trade balance results in Japan, which came better than expected due to an increase in US car sales and steel exports.
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    https://support.fxcc.com/email/technical/22032012/

    UPCOMING EVENTS
    2012-03-22 09:00 GMT | EU Purchasing Manager Index Manufacturing (Mar) Preliminar
    2012-03-22 09:00 GMT | EU Purchasing Manager Index Services (Mar) Preliminar
    2012-03-22 09:30 GMT | United Kingdom Retail Sales (YoY) (Feb)
    2012-03-22 09:30 GMT | United Kingdom Retail Sales ex-Fuel (YoY) (Feb)

    FOREX NEWS
    2012-03-22 06:01 GMT | EUR/USD at session highs in late Asia
    2012-03-22 04:14 GMT | USD/JPY still above 83.00
    2012-03-22 02:30 GMT | China HSBC Manufacturing PMI declines to 48.1 in Mar
    2012-03-22 00:03 GMT | Japan: Feb Merchandise Trade Balance surprisingly srtong at Y32.9B

    ----------------
    EURUSD : 1.32450 / 1.32459
    DAILY WEEKLY MONTHLY

    [​IMG]

    1.3343 | 1.3371 | 1.3325 | 1.3284
    1.3177 | 1.3119 | 1.3048 | 1.3003

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


    MARKET ANALYSIS - Intraday Analysis

    EURUSD has been moving upwards since the middle of March and the bulls face a major hurdle at the 1.3284 level (resistance), a level that is significant both psychologically and technically. A break above 1.3284 (R1) would suggest a target at 1.3325 (R2) and further rise will then be limited at 1.3371 (R3). On the other hand if the price manages to stay below our first resistance level then we expect the price to retest 1.3177 (S1) and a break below that level the expected target is at 1.3119 (S2).

    -----------------
    GBPUSD : 1.58725 / 1.58738
    DAILY WEEKLY MONTHLY

    [​IMG]

    1.6048 | 1.5995 | 1.5968 | 1.5913
    1.5816 | 1.5734 | 1.5654 | 1.5605

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


    MARKET ANALYSIS - Intraday Analysis

    The GBPUSD rise and find a strong resistance at 1.5913 (R1) and after that it trapped in a trading range between this level and 1.5816 (S1). A break in either direction will determine our trading bias for today. A break below 1.5816 (S1), the expected target is at 1.5734 (S2). On the other hand if the pair gain momentum to the upwards and breaks above 1.5913 (R1) would suggest target at 1.5968 (R2).

    ------------
    USDJPY : 83.300 / 83.306
    DAILY WEEKLY MONTHLY

    [​IMG]

    85.72 | 85.21 | 84.67 | 84.18
    83.00 | 82.58 | 81.94 | 81.51

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


    MARKET ANALYSIS - Intraday Analysis

    The USDJPY retested the 84.18 twice without succeeding to break above it with a result to trapped in a trading range between 84.18 (R1) and 83.00 (S1). A break below 83.00 (S1) would suggest target at 82.58 (S2) and further fall will then be limited at 81.94 (S3). On the other hand if the price rises from the current level we expect to retest first resistance for third time. Look for short positions at 83.00 level targeting support levels.

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

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