Market Overview by FXCC Sep 12 2012
Posted: Wed Sep 12, 2012 2:33 amMarket Overview by FXCC Sep 12 2012
Consensus ESM approved: Will it come with conditions?
“Market consensus for tomorrow's Constitutional Court judgement is overwhelmingly that the Constitutional Court will not block ESM and the Fiscal Pact: 99% of respondents in our Investor poll this week subscribe to this view.” According to a Reuters poll of 20 legal experts, there is unanimous consensus the soon-to-be-established ESM will be approved but with strings as the wildcard. Strings could mean a German limit on contributions, making a case for euro shorts ahead of the court decision, due at 0800 GMT today.
London session ahead will be very busy as the common currency faces one of most important days ahead for its future. There are plenty of risk events in the coming hours, that will presumable pick volatility up. For starters in terms of macro data EUR related France will release CPI figures for Aug at 05:30 GMT, followed by German CPI 30 minutes later, and French current account at 06:45 GMT. Spain CPI will be out at 07:00 GMT, followed by Italian industrial production 1 hour later, and EU industrial production along with Portugal CPI another hour after.
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https://support.fxcc.com/email/technical/12092012/
UPCOMING EVENTS :
2012-09-12 06:00 GMT | Germany. Harmonised Index of Consumer Prices (Aug)
2012-09-12 08:30 GMT | United Kingdom. Claimant Count Change (Aug)
2012-09-12 09:00 GMT | E.M.U. Industrial Production w.d.a. (YoY) (Jul)
2012-09-12 21:00 GMT | New Zealand. RBNZ Interest Rate Decision
FOREX NEWS :
2012-09-12 04:43 GMT | EUR/USD above 1.2850 ahead of a crucial day for the common currency
2012-09-12 03:30 GMT | NZD/USD rally hits 0.8200, highest in 5 weeks
2012-09-12 02:45 GMT | AUD/JPY approaching 50% Fibo res.
2012-09-12 01:54 GMT | USD/JPY rising back toward 78.00 as Asia turns ‘risk-on’
EURUSD : 1.28724 / 1.28727
DAILY WEEKLY MONTHLY
1.3018 | 1.2952 | 1.2885
1.2837 | 1.2767 | 1.2701
SUMMARY : Up
TREND : Up trend
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Neutral
MARKET ANALYSIS - Intraday Analysis
Constitutional court expected to give its preliminary ruling on the ESM and the fiscal compact today, this would be the major market driver for the currency. Our target at 1.2870 was met yesterday and market closed on a positive note. Fresh high, formed today at 1.2885 (R1) is a next attractive point for the uptrend penetration. If a brake occur here we suggest gradual targets to be placed at 1.2952 (R2) and 1.3018 (R3). Next upcoming support holds at 1.2837 (S1), a consolidation development below it might take the pair towards to eventual supports located at 1.2767 (S2) and 1.2701 (S3) in potential.
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GBPUSD : 1.60766 / 1.60774
DAILY WEEKLY MONTHLY
1.6186 | 1.6136 | 1.6085
1.6051 | 1.5997 | 1.5940
SUMMARY : Up
TREND : Up trend
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Neutral
MARKET ANALYSIS - Intraday Analysis
Cable managed to advance above the suggested resistance level at 1.6034 and printed a fresh high during the European session at 1.6085 (R1), which is our next resistance level for today. Rise above it might keep the bearish pressure intact and expose next targets at 1.6136 (R2) and 1.6186 (R3) later on today. We placed our next support level below the both moving averages at 1.6051 (S1). Loss here might enable bearish pressure and downgrade Cable towards to expected targets at 1.5997 (S2) and 1.5940 (S3). United Kingdom Claimant Count Change at 08:30 GMT is the next data release in focus.
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USDJPY : 77.884 / 77.889
DAILY WEEKLY MONTHLY
78.33 | 78.17 | 78.01
77.69 | 77.51 | 77.33
SUMMARY : Down
TREND : Downward penetration
MA10 : Bullish
MA20 : Bearish
STOCHASTIC : Neutral
MARKET ANALYSIS - Intraday Analysis
USDJPY gained momentum yesterday and reached our downside target at 77.81. A medium-term bias is negative now though intraday bullish forces might be activated if the pair penetrates above the resistance level at 78.01 (R1). Next immediate resistance levels holds at 78.17 (R2) and 78.33 (R3). Conversely, next support level stays right below the fresh low, provided yesterday at 77.69 (S1). Brake here would suggest next target at 77.51 (S2) and any further fall would then be limited by last support at 77.33 (S3).
Source: FX Central Clearing Ltd,( Best Forex Trading Software | ECN Forex News Trading | Forex Options Trading | FXCC )
Consensus ESM approved: Will it come with conditions?
“Market consensus for tomorrow's Constitutional Court judgement is overwhelmingly that the Constitutional Court will not block ESM and the Fiscal Pact: 99% of respondents in our Investor poll this week subscribe to this view.” According to a Reuters poll of 20 legal experts, there is unanimous consensus the soon-to-be-established ESM will be approved but with strings as the wildcard. Strings could mean a German limit on contributions, making a case for euro shorts ahead of the court decision, due at 0800 GMT today.
London session ahead will be very busy as the common currency faces one of most important days ahead for its future. There are plenty of risk events in the coming hours, that will presumable pick volatility up. For starters in terms of macro data EUR related France will release CPI figures for Aug at 05:30 GMT, followed by German CPI 30 minutes later, and French current account at 06:45 GMT. Spain CPI will be out at 07:00 GMT, followed by Italian industrial production 1 hour later, and EU industrial production along with Portugal CPI another hour after.
Read More
https://support.fxcc.com/email/technical/12092012/
UPCOMING EVENTS :
2012-09-12 06:00 GMT | Germany. Harmonised Index of Consumer Prices (Aug)
2012-09-12 08:30 GMT | United Kingdom. Claimant Count Change (Aug)
2012-09-12 09:00 GMT | E.M.U. Industrial Production w.d.a. (YoY) (Jul)
2012-09-12 21:00 GMT | New Zealand. RBNZ Interest Rate Decision
FOREX NEWS :
2012-09-12 04:43 GMT | EUR/USD above 1.2850 ahead of a crucial day for the common currency
2012-09-12 03:30 GMT | NZD/USD rally hits 0.8200, highest in 5 weeks
2012-09-12 02:45 GMT | AUD/JPY approaching 50% Fibo res.
2012-09-12 01:54 GMT | USD/JPY rising back toward 78.00 as Asia turns ‘risk-on’
EURUSD : 1.28724 / 1.28727
DAILY WEEKLY MONTHLY
1.3018 | 1.2952 | 1.2885
1.2837 | 1.2767 | 1.2701
SUMMARY : Up
TREND : Up trend
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Neutral
MARKET ANALYSIS - Intraday Analysis
Constitutional court expected to give its preliminary ruling on the ESM and the fiscal compact today, this would be the major market driver for the currency. Our target at 1.2870 was met yesterday and market closed on a positive note. Fresh high, formed today at 1.2885 (R1) is a next attractive point for the uptrend penetration. If a brake occur here we suggest gradual targets to be placed at 1.2952 (R2) and 1.3018 (R3). Next upcoming support holds at 1.2837 (S1), a consolidation development below it might take the pair towards to eventual supports located at 1.2767 (S2) and 1.2701 (S3) in potential.
--------------
GBPUSD : 1.60766 / 1.60774
DAILY WEEKLY MONTHLY
1.6186 | 1.6136 | 1.6085
1.6051 | 1.5997 | 1.5940
SUMMARY : Up
TREND : Up trend
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Neutral
MARKET ANALYSIS - Intraday Analysis
Cable managed to advance above the suggested resistance level at 1.6034 and printed a fresh high during the European session at 1.6085 (R1), which is our next resistance level for today. Rise above it might keep the bearish pressure intact and expose next targets at 1.6136 (R2) and 1.6186 (R3) later on today. We placed our next support level below the both moving averages at 1.6051 (S1). Loss here might enable bearish pressure and downgrade Cable towards to expected targets at 1.5997 (S2) and 1.5940 (S3). United Kingdom Claimant Count Change at 08:30 GMT is the next data release in focus.
---------------
USDJPY : 77.884 / 77.889
DAILY WEEKLY MONTHLY
78.33 | 78.17 | 78.01
77.69 | 77.51 | 77.33
SUMMARY : Down
TREND : Downward penetration
MA10 : Bullish
MA20 : Bearish
STOCHASTIC : Neutral
MARKET ANALYSIS - Intraday Analysis
USDJPY gained momentum yesterday and reached our downside target at 77.81. A medium-term bias is negative now though intraday bullish forces might be activated if the pair penetrates above the resistance level at 78.01 (R1). Next immediate resistance levels holds at 78.17 (R2) and 78.33 (R3). Conversely, next support level stays right below the fresh low, provided yesterday at 77.69 (S1). Brake here would suggest next target at 77.51 (S2) and any further fall would then be limited by last support at 77.33 (S3).
Source: FX Central Clearing Ltd,( Best Forex Trading Software | ECN Forex News Trading | Forex Options Trading | FXCC )