EUR/USD rally a bluff until Spain bailout request?
Spanish Prime Minister Rajoy affirmed on Monday, in a RTVE Spanish TV interview, that his team is "studying bailout conditions." On the contrary, he also said he will refuse outside conditions over a possible bailout, a contradictory statement that sooner or later will see the harsh reality slashing in his face, Either in coming weeks/monhts.
London session ahead will be a soft one again in terms of EUR macro data related, with only some French jobs data at 05:30 GMT, followed by German whole price index 30 minutes later, and Dutch trade balance at 07:30 GMT. No major EZ sovereign debt auction either taking place but some Dutch bond selling at 08:00 GMT
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UPCOMING EVENTS :
2012-09-11 08:30 GMT United Kingdom. Goods Trade Balance (Jul)
2012-09-11 12:00 GMT United States. Trade Balance (Jul)
2012-09-11 17:00 GMT United States. 3-Year Note Auction
2012-09-11 23:50 GMT Japan. Machinery Orders (YoY) (Jul)
FOREX NEWS :
2012-09-11 04:47 GMT EUR/USD capped below 1.2800
2012-09-11 04:31 GMT GBP/USD bid above 1.6000
2012-09-11 04:48 GMT AUD to underperform – UBS
2012-09-10 23:20 GMT AUD/USD within tight range around 1.0330
EURUSD : 1.27699 / 1.27702
DAILY WEEKLY MONTHLY
1.2920 | 1.2870 | 1.2817
1.2754 | 1.2700 | 1.2652
SUMMARY : Up
TREND : Up trend
MA10 : Bullish
MA20 : Bearish
STOCHASTIC : Neutral
MARKET ANALYSIS - Intraday Analysis
Despite the consolidation provided yesterday, EURUSD still under the bullish pressure on the medium term perspective. All of our supports and resistance levels remain at the same levels. Brake above the resistance at 1.2817 (R1) would suggest next target at 1.2870 (R2) and any further gain would then be limited to 1.2920 (R3). However break below the support at 1.2754 (S1) might provide necessary space for further retracement development. We suggest next target at 1.2700 (S2), brake here is required to enable final target at 1.2652 (S3).
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GBPUSD : 1.60091 / 1.60098
DAILY WEEKLY MONTHLY
1.6103 | 1.6069 | 1.6034
1.5976 | 1.5942 | 1.5909
SUMMARY : Up
TREND : Up trend
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Neutral
MARKET ANALYSIS - Intraday Analysis
Pair dropped below the suggested support level at 1.5976 but failed to establish significant move. We expect a new attack for that level today. Decline below the support level at 1.5976 (S1) would suggest next target at 1.5942 (S2), further easing might face last support for today at 1.5909 (S3). If the price manages to stay above the suggested support at 1.5976 (S1), we expect market to retest our next resistance level at 1.6034 (R1). Clearance here is required for the instrument strengthening towards to our targets at 1.6069 (R2) and 1.6103 (R3) in potential. In focus is the Goods Trade Balance (Jul) release at 08:30 GMT.
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USDJPY : 78.218 / 78.223
DAILY WEEKLY MONTHLY
78.74 | 78.54 | 78.36
78.01 | 77.81 | 77.62
SUMMARY : Down
TREND : Sideway
MA10 : Bearish
MA20 : Bullish
STOCHASTIC : Neutral
MARKET ANALYSIS - Intraday Analysis
We are not expecting significant volatility increase today however Japan Machinery Orders (release at 23:50 GMT might assist to the trend development. Measures of resistance might be activating when the pair approaches the 78.36 (R1), brake here would suggest next target at 78.54 (R2). If the price holds its momentum on the upside we can expect a further rise towards to 78.74 (R3). Fresh low is acting as support level for the pair at 78.01 (S1). Loss here might drive market price towards to our next target at 77.81 (S2) and any further easing would then be focus on last support at 77.62 (S3).
Source: FX Central Clearing Ltd, (http://www.fxcc.com)