Daily Forex Market by FXCC 29Mar2012

Daily Forex Market by FXCC 29Mar2012

Postby alayoua » Thu Mar 29, 2012 4:27 am

Daily Forex Market by FXCC 29Mar2012

EUR/USD flat in Asia

EUR/USD is trading now at 1.3319 exactly same opening price started Asian session, in the middle of a 25 pip range 1.3307/1.3332. With not much change since late NY, there is a clear ask line at 1.3332 limiting the upside, while downside has been pretty much contained as well despite risk-off mode during the Asian trade, with local share markets overall in the red, Nikkei losing -0.67%. GBP/USD has so far traded up to a session high of 1.5907 in Asia, extending the overnight bounce from ascending trendline support at 1.5840 - taken from the 1.5700 and 1.5800 troughs - and is now hovering around the 1.5900 handle, up 15 pips on the day.

The combination of Yen shorts bailing themselves out of stale long positions coupled with an acceleration in Aussie bears continues to damage the AUD/JPY, which has seen the rate dive from 86.06 NY close all the way down to currently approach 85.63, yesterday's low. Current price stays at 85.76, day lows.
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UPCOMING EVENTS
2012-03-29 07:55 GMT | Germany Unemployment Rate s.a. (Mar)
2012-03-29 08:30 GMT | United Kingdom Mortgage Approvals (Feb)
2012-03-29 09:00 GMT | European Monetary Union Economic Confidence (Mar)
2012-03-29 09:00 GMT | European Monetary Union Industrial Confidence (Mar)

FOREX NEWS
2012-03-29 04:31 GMT | GBP/USD hovers around 1.5900
2012-03-29 01:11 GMT | AUD/JPY long squeeze picks up, 85.63 low in sight
2012-03-29 00:58 GMT | AUD/USD drops, finds support at 1.0360
2012-03-29 00:01 GMT | New Zealand Business Confidence increase to 33.8 in Mar

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EURUSD : 1.33192 / 1.33199
DAILY WEEKLY MONTHLY

Image

1.3550 | 1.3493 | 1.3441 | 1.3382
1.3276 | 1.3220 | 1.3177 | 1.3133

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


MARKET ANALYSIS - Intraday Analysis

The EURUSD formed a high at 1.3382 (R1) retesting for second time the upper level without managing to break above it as a result the price to trap in a trading range between 1.3382 (R1) and 1.3276 (S1). Yesterday the price retested and bounced from the lower boundary and now it seems that is trading in the middle of the channel. As far as the price is moving between these levels we remain flat. Our recommendation for today’s trading session is no position as we do not have a clear trend direction.

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GBPUSD : 1.59134 / 1.59150
DAILY WEEKLY MONTHLY

Image

1.6098 | 1.6051 | 1.6000 | 1.5940
1.5842 | 1.5805 | 1.5769 | 1.5703

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


MARKET ANALYSIS - Intraday Analysis

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GBPUSD fell and formed a bottom at 1.5842 (S1) and now it seems that is heading towards 1.5940 (R1). A break above that level, would suggest target at 1.6000 (R2) a strong technical level for the bulls as a break above it will then focus on 1.6051 (R3). A stop loss should be placed at 1.5878.

USDJPY : 82.663 / 82.670
DAILY WEEKLY MONTHLY

Image

84.57 | 84.09 | 83.55 | 82.97
82.54 | 81.97 | 81.41 | 80.91

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


MARKET ANALYSIS - Intraday Analysis

The USDJPY formed a new low at 82.54 and it is moving downwards. A break below 82.54 (S1) would suggest target at 81.97 (S2) and further fall will then be limited at 81.41 (S3). Look for short positions in today’s trading session as both of our Moving Averages 10 - 20 turned bearish and the pair is under bearish pressure.

Source: FX Central Clearing Ltd, (http://www.fxcc.com)
alayoua
 
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Joined: Tue Jul 19, 2011 1:26 pm

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