Market Overview by FXCC Sep 13 2012
Posted: Thu Sep 13, 2012 6:04 amMarket Overview by FXCC Sep 13 2012
QE3 done deal or coinflip?
An overwhelming majority, as reflected by recent USD selling, sees it obvious that the economy in the US is weak, and with Bernanke reminding how well past QEs have worked in his speech at Jackson Hole, not to forget the last straw being the big miss in last Friday's NFP reports, talking about a fresh wave of money printing announced today seems logical. On the other hand, there is a case that points towards 'disappointment' being a prospect not that distant. With Europe having kicked the can down the road yet again thru new stimulus policies by the ECB – subject to Spain bailout request and the economic data in the US modestly upbeat in general in early September, one may also make the case for another month of 'wait-and-see” by the Fed. Not to forget is election time in the US, and any new 'money printing' may be controversial.
London session ahead will be a quite one data related waiting for the key event for the day in the form of FOMC Fed fund rates at 16:30 GMT. During the European hours, few major risk events will be coming from Switzerland, so some volatility could be expected around EUR/CHF cross given latest moves, while for EUR macro data related the EU will publish ECB monthly bulletin at 08:00 GMT at the same time than Italy CPI, followed 1 hour later by EU labor costs index.
Read More
https://support.fxcc.com/email/technical/13092012/
UPCOMING EVENTS :
2012-09-13 07:30 GMT | Switzerland. SNB Interest Rate Decision
2012-09-13 08:00 GMT | E.M.U. ECB Monthly Report
2012-09-13 18:15 GMT | United States. Fed's Monetary Policy Statement and press conference
2012-09-13 16:30 GMT | United States. Fed Interest Rate Decision
FOREX NEWS :
2012-09-13 04:34 GMT | GBP/USD moving sideways above 1.61
2012-09-13 04:33 GMT | EUR/USD threatening recent 4-month highs
2012-09-13 01:16 GMT | EUR/AUD prints “Pin,” set for bullish continuation?
2012-09-13 00:54 GMT | Potential for further USDJPY selling post FOMC - UBS
EURUSD : 1.29249 / 1.29254
DAILY WEEKLY MONTHLY
1.3086 | 1.3018 | 1.2952
1.2876 | 1.2817 | 1.2748
SUMMARY : Up
TREND : Up trend
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Neutral
MARKET ANALYSIS - Intraday Analysis
Following the German ratification of the ESM, EURUSD bounced though closed trading session on the positive tone. The Focus will now shift to Thursday's FOMC meeting at 18:15 GMT. Currently pair is moving towards to our next resistance level at 1.2952 (R1). Clearance here would suggest next targets at 1.3018 (R2) and 1.3086 (R3). The downside trend evolvement is limited by next support level at 1.2876 (S1), brake here might lead to the next targets execution at 1.2817 (S2) and 1.2748 (S3).
----------------
GBPUSD : 1.61173 / 1.61182
DAILY WEEKLY MONTHLY
1.6235 | 1.6186 | 1.6136
1.6079 | 1.6035 | 1.5985
SUMMARY : Up
TREND : Up trend
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Neutral
MARKET ANALYSIS - Intraday Analysis
Pair has settled positive bias on the hourly timeframe but recently looks overbought. From the technical side, upside pressure might force the market to test next resistance level at 1.6136 (R1). Successful penetration above it might provide sufficient space for the price increase towards to our next targets at 1.6186 (R2) and 1.6235 (R3). On the flip side, depreciation below the support level at 1.6079 (S1) would enable our targets at 1.6035 (S2) and 1.5985 (S3) in potential.
----------------
USDJPY : 77.717 / 77.721
DAILY WEEKLY MONTHLY
78.17 | 78.01 | 77.86
77.69 | 77.51 | 77.33
SUMMARY : Down
TREND : Downward penetration
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Neutral
MARKET ANALYSIS - Intraday Analysis
Current installation might suggest us about the bearish market sentiment. Morning decline below the key support level at 77.69 (S1) might open the road towards to lower targets, located at the same levels as yesterday for the downside penetration: 77.51 (S2) and 77.33 (S3).A move above the resistance level at 77.86 (R1) might drive price towards to the next target at 78.01 (R2) and any further rise would then be limited by last resistance at 78.17 (R3).
Source: FX Central Clearing Ltd,( Forex Practice Account | ECN Broker | ECN Forex | FXCC )
QE3 done deal or coinflip?
An overwhelming majority, as reflected by recent USD selling, sees it obvious that the economy in the US is weak, and with Bernanke reminding how well past QEs have worked in his speech at Jackson Hole, not to forget the last straw being the big miss in last Friday's NFP reports, talking about a fresh wave of money printing announced today seems logical. On the other hand, there is a case that points towards 'disappointment' being a prospect not that distant. With Europe having kicked the can down the road yet again thru new stimulus policies by the ECB – subject to Spain bailout request and the economic data in the US modestly upbeat in general in early September, one may also make the case for another month of 'wait-and-see” by the Fed. Not to forget is election time in the US, and any new 'money printing' may be controversial.
London session ahead will be a quite one data related waiting for the key event for the day in the form of FOMC Fed fund rates at 16:30 GMT. During the European hours, few major risk events will be coming from Switzerland, so some volatility could be expected around EUR/CHF cross given latest moves, while for EUR macro data related the EU will publish ECB monthly bulletin at 08:00 GMT at the same time than Italy CPI, followed 1 hour later by EU labor costs index.
Read More
https://support.fxcc.com/email/technical/13092012/
UPCOMING EVENTS :
2012-09-13 07:30 GMT | Switzerland. SNB Interest Rate Decision
2012-09-13 08:00 GMT | E.M.U. ECB Monthly Report
2012-09-13 18:15 GMT | United States. Fed's Monetary Policy Statement and press conference
2012-09-13 16:30 GMT | United States. Fed Interest Rate Decision
FOREX NEWS :
2012-09-13 04:34 GMT | GBP/USD moving sideways above 1.61
2012-09-13 04:33 GMT | EUR/USD threatening recent 4-month highs
2012-09-13 01:16 GMT | EUR/AUD prints “Pin,” set for bullish continuation?
2012-09-13 00:54 GMT | Potential for further USDJPY selling post FOMC - UBS
EURUSD : 1.29249 / 1.29254
DAILY WEEKLY MONTHLY
1.3086 | 1.3018 | 1.2952
1.2876 | 1.2817 | 1.2748
SUMMARY : Up
TREND : Up trend
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Neutral
MARKET ANALYSIS - Intraday Analysis
Following the German ratification of the ESM, EURUSD bounced though closed trading session on the positive tone. The Focus will now shift to Thursday's FOMC meeting at 18:15 GMT. Currently pair is moving towards to our next resistance level at 1.2952 (R1). Clearance here would suggest next targets at 1.3018 (R2) and 1.3086 (R3). The downside trend evolvement is limited by next support level at 1.2876 (S1), brake here might lead to the next targets execution at 1.2817 (S2) and 1.2748 (S3).
----------------
GBPUSD : 1.61173 / 1.61182
DAILY WEEKLY MONTHLY
1.6235 | 1.6186 | 1.6136
1.6079 | 1.6035 | 1.5985
SUMMARY : Up
TREND : Up trend
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Neutral
MARKET ANALYSIS - Intraday Analysis
Pair has settled positive bias on the hourly timeframe but recently looks overbought. From the technical side, upside pressure might force the market to test next resistance level at 1.6136 (R1). Successful penetration above it might provide sufficient space for the price increase towards to our next targets at 1.6186 (R2) and 1.6235 (R3). On the flip side, depreciation below the support level at 1.6079 (S1) would enable our targets at 1.6035 (S2) and 1.5985 (S3) in potential.
----------------
USDJPY : 77.717 / 77.721
DAILY WEEKLY MONTHLY
78.17 | 78.01 | 77.86
77.69 | 77.51 | 77.33
SUMMARY : Down
TREND : Downward penetration
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Neutral
MARKET ANALYSIS - Intraday Analysis
Current installation might suggest us about the bearish market sentiment. Morning decline below the key support level at 77.69 (S1) might open the road towards to lower targets, located at the same levels as yesterday for the downside penetration: 77.51 (S2) and 77.33 (S3).A move above the resistance level at 77.86 (R1) might drive price towards to the next target at 78.01 (R2) and any further rise would then be limited by last resistance at 78.17 (R3).
Source: FX Central Clearing Ltd,( Forex Practice Account | ECN Broker | ECN Forex | FXCC )