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Daily Forex Market by FXCC 23Mar2012

Discussion in 'Market Predictions and Reports' started by alayoua, Mar 23, 2012.

  1. alayoua

    alayoua Banned

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    Daily Forex Market by FXCC 23Mar2012

    EUR/USD little changed in Asia holds at 1.3200

    EUR/USD is trading at 1.3200 as last, entering the final hours of the Asia-Pacific session slightly off from highs around 1.3211/13 and still limited below 0.5 retrace of yesterday's European morning sell off. The pair has seen little movement in current session with less than 20 pips range from bottom to top. Local share markets trade mostly in the big red, with US futures slightly above yesterday's highs pointing for a modest recovery in European equity markets.The pound took a massive hit on risk aversion on Thursday following the release of weaker-than-expected UK retail sales data, suggesting continued weakness from consumers.GBP/USD reached 1.5770 before bouncing higher, ending the NA session at 1.5819, down from 1.5871.

    After a sharp drop to a 2-week low of 85.35 overnight, AUD/JPY has been relatively bid this Friday, climbing to a session high of 86.23 from 85.70 at the Asian open.AUD/USD holds a bid tone this Friday in early Asia following its drop to a two-month low of 1.0335 overnight, having fell alongside stocks and commodities. The bull pressure suggests that a correction is underway, and the pair has risen to levels above 1.0400.
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    https://support.fxcc.com/email/technical/23032012/

    UPCOMING EVENTS
    2012-03-23 09:30 GMT | United Kingdom BBA Mortgage Approvals (Feb)
    2012-03-23 11:00 GMT | Canada Consumer Price Index (MoM) (Feb)
    2012-03-23 11:00 GMT | Canada Bank of Canada Consumer Price Index Core
    2012-03-23 11:00 GMT | Canada Consumer Price Index (YoY) (Feb)

    FOREX NEWS
    2012-03-23 04:54 GMT | EUR/USD little changed in Asia holds above 1.3200
    2012-03-23 03:40 GMT | AUD/JPY climbs above 86.00
    2012-03-23 00:28 GMT | AUD/USD back above 1.0400
    2012-03-23 00:01 GMT | UK Nationwide Consumer Confidence falls to 44 in Feb


    EURUSD : 1.31981 / 1.31990
    DAILY WEEKLY MONTHLY

    [​IMG]

    1.3371 | 1.3325 | 1.3284 | 1.3213
    1.3177 | 1.3133 | 1.3048 | 1.3003

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


    MARKET ANALYSIS - Intraday Analysis

    The EURUSD fell and formed a new bottom at 1.3133 (S2). After that the price rebounded and was able to break above yesterday’s resistance and it seems it will re-test a high soon. A break above the first resistance at 1.3213 (R1) would suggest a target of 1.3284 (R2). If price holds its momentum on the upside we can expect a further rise towards 1.3325 (R3). On the other hand, if the price does not manage to break above 1.3213 (R1) we can expect the pair to retest support at 1.3177 (S1) and a break below that level would suggest target at 1.3133 (S2).

    GBPUSD : 1.58144 / 1.58163
    DAILY WEEKLY MONTHLY

    [​IMG]

    1.6013 | 1.5968 | 1.5913 | 1.5831
    1.5784 | 1.5734 | 1.5654 | 1.5605

    SUMMARY : Down
    TREND: Down trend
    MA10 : Neutral
    MA20 : Neutral
    STOCHASTIC : Neutral


    MARKET ANALYSIS - Intraday Analysis

    GBPUSD made a high at 1.5913(R2) as it continued its move upwards since middle of March. A break above 1.5831 (R1) would suggest March high at 1.5913 (R1) a level that has been retested twice but without managing to break above it. On the other hand a break below 1.5784 (S1) would suggest target at 1.5734 (S2) and further fall will then be limited at 1.5654 (S3).

    USDJPY : 82.761 / 82.769
    DAILY WEEKLY MONTHLY

    [​IMG]

    84.57 | 84.18| 83.44 | 83.00
    82.32 | 81.94 | 81.51 | 81.00

    SUMMARY : Down
    TREND : Down trend
    MA10 : Neutral
    MA20 : Bullish
    STOCHASTIC : Overbought


    MARKET ANALYSIS - Intraday Analysis

    USDJPY moved downwards and successfully penetrated our yesterday’s support forming a new low at 82.32 (S1) and after that rise and closed below of our first resistance. The pair is under bearish pressure since the price made a high at 84.15 (R3) and retested it twice without succeeding to break above it with a resulting reversal and downwards move. A break below the 82.32 (S1) level would suggest a target at 81.94 (S2) and a further fall will then focus on 81.51 (S3). We believe the pair will continue the downward move and will find a strong support at 81.00 (S4) a significant technical and psychological level.

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

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