Daily Forex Market by FXCC 30Mar2012

Daily Forex Market by FXCC 30Mar2012

EUR/USD above 1.3350 in late Asia

EUR/USD is currently at 1.3350 near Asian session highs at 1.3359, bouncing from as low as 100 pips below, where the NY session started. The pair resumed the rebound in Asia with almost no retrace in the middle, clearing out stop losses previously reported by ForexLive in the 1.3340 area, in what it seems a massive stops hunting action, rapidly sending price above yesterday's highs. USD also had a big sell off against yen taking USD/JPY to multi week lows.

AUD/USD has traded in range between 1.0365 and 1.0412 so far this Friday, last at 1.0390 from 1.0381 at the Asian opening. AUD is generally weak given speculation over a potentially dovish stance from the RBA’s decision on monetary policy next week, having slid to a 2-month low of 1.0303 versus the greenback overnight.GBP/JPY is currently at 131.16 slightly below Asian opening prices, in an overall pretty volatile session, specially coming from JPY and its final day in the fiscal year in Japan. The cross has reached session lows at 130.62, before recovering sharply matching again opening prices around 131.48 for then retreating again to current levels.
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UPCOMING EVENTS
2012-03-30 09:02 GMT | European Monetary Union Consumer Price Index (YoY)
2012-03-30 12:30 GMT | Canada Gross Domestic Product (MoM) (Jan)
2012-03-30 12:30 GMT | United States Personal Income (MoM) (Feb)
2012-03-30 12:30 GMT | United States Core Personal Consumption Expenditure - Price Index (MoM) (Feb)

FOREX NEWS
2012-03-30 05:02 GMT | Japan Construction Orders (YoY) -1.8% in Feb
2012-03-30 05:01 GMT | Japan Feb Housing Starts (YoY) 7.5%
2012-03-30 00:01 GMT | USD/JPY trades softer post Japanese CPI data
2012-03-30 00:01 GMT | Japan Feb Industrial Production (MoM) -1.2%

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EURUSD : 1.33477 / 1.33486
DAILY WEEKLY MONTHLY



1.3549 | 1.3489 | 1.3451 | 1.3381
1.3277 | 1.3220 | 1.3177 | 1.3133

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


MARKET ANALYSIS - Intraday Analysis

The EURUSD fell from 1.3350 and formed a lower bottom at 1.3250 after which the price rebounded from that level and rise above yesterday’s support closing just above it. A break above the first resistance level of 1.3381 (R1) would suggest a target of 1.3451 (R2). If the price holds its momentum on the upside we can expect a further rise towards 1.3489 (R3). On the other hand, if the price does not manage to break above 1.3382 (R1) we can expect the pair to retest support at 1.3277 (S1) and a further fall will be limited to 1.3220 (S2).

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GBPUSD : 1.59801 / 1.59819
DAILY WEEKLY MONTHLY



1.6145 | 1.6098 | 1.6051 | 1.6000
1.5933 | 1.5842 | 1.5805 | 1.5769

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


MARKET ANALYSIS - Intraday Analysis

GBPUSD rise from 1.5842(S2) and made a sharp move upwards breaking above our yesterday’s resistance levels and closing just below of our recommended target ending our day with profits. After the price formed a top at 1.6000 (R1) level, the price fell and now the price is moving upwards again to retest that level. A break above 1.6000 would suggest target at 1.6051 (R2) and further rise will then be limited at 1.6098 (R3).

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USDJPY : 82.005 / 82.013
DAILY WEEKLY MONTHLY



84.09 | 83.55 | 82.97 | 82.54
81.83 | 81.21 | 80.56 | 80.11

SUMMARY : Down
TREND : Down trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Overbought


MARKET ANALYSIS - Intraday Analysis

After the USDJPY retested 82.54 (R1) it could not break above that level and fell, penetrating successfully our support levels and forming a new low at 81.83 (S1) ending our day with a good profit!!. A break below that level would suggest a target at 81.21 (S2) and a further fall will then be limited at 80.56 (S3). On the other hand if the price manages to stay above 81.83 (S1) we expect the price to retest 82.54 (R1). If a break occurs above that level we suggest a target at 82.97 (R2).

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