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Daily Forex Market by FXCC 29Feb2012

Discussion in 'Market Predictions and Reports' started by alayoua, Feb 29, 2012.

  1. alayoua

    alayoua Banned

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    Daily Forex Market by FXCC 29Feb2012

    Euro could rise on LTRO expectation

    The euro rose 0.5 percent to $1.3458 at 5 p.m. in New York. It added 0.3 percent to 108.29 yen. The dollar weakened 0.2 percent to 80.46 yen. The pound rose 0.5 percent to $1.5901 after reaching $1.5908, the strongest level since Feb. 8. The U.K. currency was little changed at 84.64 pence per euro. USD/CHF consolidated around the 0.8950 zone, cutting back from an earlier high of 0.9000 on Tuesday reaching a session low of 0.8947, recording a 0.45% loss on the day as nearing the end of trading in the New York session.

    Canada’s dollar, the loonie, appreciated 0.4 percent to 99.53 cents per U.S. dollar at 5 p.m. in Toronto. The currency, which reached 99.42 cents, the most since Feb. 21, has appreciated 2.6 percent this year. One Canadian dollar buys $1.0047. The Aussie dollar climbed to a new weekly high of 1.0785 on Tuesday, stopping below that level stalling at 1.0764 in New York, circa 10 pips above the previous day’s close, ahead of the much-anticipated liquidity injection (LTRO) in Europe scheduled for announcement on Wednesday.
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    URL: https://support.fxcc.com/email/technical/29022012


    UPCOMING EVENTS
    2012-02-29 08:55 GMT | Germany Unemployment Change (Feb)
    2012-02-29 09:30 GMT | United Kingdom Consumer Credit (Jan)
    2012-02-29 10:00 GMT | EU - Consumer Price Index (YoY) (Jan)
    2012-02-29 10:15 GMT | EU - ECB LTRO auction

    FOREX NEWS
    2012-02-29 05:02 GMT | Japan Housing Starts (YoY) -1.1% in Jan
    2012-02-29 00:37 GMT | Australia: Jan Retail Sales +0.3%, as expected
    2012-02-29 00:18 GMT | Australia: New Homes Sales disappoint at -7.3%
    2012-02-29 00:02 GMT | UK - Gfk Consumer Confidence steadies at -29 in Feb


    EURUSD : 1.34731 / 1.34742
    DAILY WEEKLY MONTHLY

    [​IMG]

    1.3613 | 1.3586 | 1.3542 | 1.3486
    1.3366 | 1.3293 | 1.3211 | 1.3139

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


    MARKET ANALYSIS - Intraday Analysis

    EURUSD after price formed top at 1.3486 (R1), price continued in sideways move between 1.3366 support and resistance at 1.3486. Right now it seems EURUSD is gaining momentum and we can expect probably price will be breaking above first resistance at 1.3486 (R1). Further rise above this level will then focus on 1.3542 (R2) resistance and if EURUSD holds its momentum, rise might be limited at 1.3586 (R3). On the other hand if the price manages to stay below 1.3486 we expect the pair to retest first support and then continue its sideways move.

    GBPUSD : 1.59321 / 1.59340
    DAILY WEEKLY MONTHLY

    [​IMG]

    1.6029 | 1.5998 | 1.5969 | 1.5937
    1.5899 | 1.5809 | 1.5762 | 1.5700

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


    MARKET ANALYSIS - Intraday Analysis

    GBPUSD made a sharp move upwards and confirmed our recommendations for long positions hitting successfully the second resistance level ending the day with 40 pips profit. We except the price to continue its upward move as it is under bullish pressure at the moment (both of our MA are bullish) and it seems to be breaking above 1.5937 (R1) a strong technical and psychological level as this level has been retested again in the past (beginning of February) without succeeding to break above it. A proper confirmation for the long positions will be when the price manages to break above the first resistance level of 1.5937 (R1). A stop loss should be placed above 1.5809 (S2).

    USDJPY : 80.430 / 80.438
    DAILY WEEKLY MONTHLY

    [​IMG]

    82.50 | 81.97 | 81.66 | 80.78
    80.00 | 79.35 | 78.97 | 78.19

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


    MARKET ANALYSIS - Intraday Analysis

    The USDJPY fell from 81.66 (R2) and formed a lower top at 80.78 (R1) after which the price rebounded from 80.00 (S1). A break above the first resistance level of 80.78 (R1) would suggest a target and retest of 81.66 (R2). If the price holds its momentum on the upside we can expect a further rise towards 81.97 (R3). On the other hand, if the price does not manage to break above 80.78 (S1) we can expect the pair to retest support at 80.00 (S1) and a further fall will be limited to 79.35 (S2).


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

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