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Daily Forex Market by FXCC 31Jan2012

Discussion in 'Market Predictions and Reports' started by alayoua, Jan 31, 2012.

  1. alayoua

    alayoua Banned

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    Daily Forex Market by FXCC 31Jan2012

    MARKET OVERVIEW – JANUARY 31 2012
    Futures traders increase net shorts on the euro-dollar
    The yen appreciated by 1% to 100.34 per euro by 5 p.m. New York time on Monday evening having earlier touched 99.99, the lowest level witnessed since Jan. 23. The Japanese currency strengthened 0.5 percent to 76.35 per dollar, reaching 76.22. Traders will recall that the yen touched 75.35 yen on Oct. 31st, this set a post World War II record low. After falling below 76.50 and reaching a 3-month low at 76.20, USD/JPY was unable to bounce above the 76.30 level and has been trading trapped in a tight range between 76.25 and 76.30. Price is currently printing at circa 76.30. The euro declined 0.1 percent to 1.20528 Swiss francs after sliding to 1.20405, the weakest level seen since Sept. 19th. The EUR/CHF did then recover after hitting the 4-month low. The Euro rose up after reaching its lowest level in 4 months versus the Franc, climbing back above the 1.2050 level as investors awaited positive news from the EU summit. After gaining ground for ten successive days, GBP/USD finally managed to end it's secular bullish run trading in New York at 1.5707 on Monday where it remains in consolidation, having lost a moderate 0.13% on the day.
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    UPCOMING EVENTS
    2012-01-31 00:01 GMT | United Kingdom Gfk Consumer Confidence (Jan)
    2012-01-31 07:00 GMT | Germany Retail Sales (YoY) (Dec)
    2012-01-31 08:55 GMT | Germany Unemployment Rate s.a. (Jan)
    2012-01-31 10:00 GMT | European Monetary Union Unemployment Rate (Dec)

    FOREX NEWS
    2012-01-31 05:02 GMT | Japan Dec Housing Starts (YoY) -7.3%
    2012-01-31 00:31 GMT | Australia National Australia Bank's Business Confidence increase to 3 in Dec.
    2012-01-31 00:04 GMT | Japan: Industrial production flat, 2.5% increase predicted in January
    2012-01-31 00:02 GMT | UK - Jan Gfk Consumer Confidence rises to -29

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    EURUSD 1.31764 / 1.31769
    DAILY WEEKLY MONTHLY
    High: 1.31985 | Low: 1.31334 | Chg: 0.0034 0.25%

    [​IMG]

    Resistance Levels : 1.3347 | 1.3313 | 1.3275 | 1.3234
    Support Levels : 1.3133 | 1.3075 | 1.3024 | 1.2962

    SUMMARY : up
    TREND : up trend
    MA10 : Bullish
    MA20 : bullish
    STOCHASTIC : overbought


    MARKET ANALYSIS - Intraday Analysis

    The EURUSD moved upwards and managed to stay above yesterday’s support 1.3075 (S2) and now it is moving towards 1.3234 (R1). A break above that level, we are suggesting a further rise towards 1.3275 (R2) and then 1.3313 (R3). On the other hand, if the price manages to hold below 1.3234 (R1) then we can expect retest of 1.3133 (S1) and then we will focus on 1.3075 (R2).

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    GBPUSD 1.57359 / 1.57368
    DAILY WEEKLY MONTHLY
    High: 1.57423 | Low: 1.56979 | Chg: 0.0026 0.17%

    [​IMG]

    Resistance Levels : 1.5879 | 1.5845 | 1.5813 | 1.5742
    Support Levels : 1.5658 | 1.5626 | 1.5579 | 1.5535

    SUMMARY : up
    TREND : up trend
    MA10 : Bullish
    MA20 : bullish
    STOCHASTIC : Overbought


    MARKET ANALYSIS - Intraday Analysis

    GBPUSD found a strong support at 1.5658 (S1) level and this morning the price formed a top at 1.5742.Now it seems to be heading towards level 1.5742 (R1). A break above that level would suggest a target of 1.5813 (R2) and a further rise will then focus on the next target at 1.5845 (R3). On the downside, if the price rebounds from the first resistance level we can expect retesting of 1.5658 (S1), a technical and psychological level. A further decline will then bring focus to the next support level at 1.5626 (S2).

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    USDJPY 76.322 / 76.327
    DAILY WEEKLY MONTHLY
    High: 76.413 | Low: 76.175 | Chg: -0.009 -0.01%

    [​IMG]

    Resistance Levels : 78.28 | 77.55 | 76.89 | 76.42
    Support Levels : 75.45 | 75.06 | 74.63 | 74.16

    SUMMARY : Down
    TREND : down trend
    MA10 : bearish
    MA20 : Bearish
    STOCHASTIC : neutral


    MARKET ANALYSIS - Intraday Analysis

    USDJPY lost momentum yesterday and it is moving downwards towards our support levels. (R1). A break below 76.00 level will give us a proper confirmation for short positions targeting 75.45 (S1) and 75.06 (S2), as we expect the pair to continue its downwards pressure. A stop loss should be placed above 76.89 (S1).

    Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)
    URL: https://support.fxcc.com/email/technical/31012012
     

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