Market Overview by FXCC Sep 19 2012
Posted: Wed Sep 19, 2012 2:29 amMarket Overview by FXCC Sep 19 2012
BOJ eases more than expected
The BOJ left the overnight call rate range unchanged between 0.0% and 0.1%. Amid much anticipated expectations of the BoJ following the Fed and ECB with further easing, the bank decided to increase the APP program by 10 trillion yen. The increase in the size corresponds to additional increases of treasury disccount bills by 5trillion yen and purchases in JGBs by another 5 trillion. BOJ keeps monthly JGB purchases at 1.8 trillion yen. As John Noonan, Head of IFR Markets, notes: "BOJ has eased a bit more than most were expecting. Market likes it and USD/JPY testing 79.00 level from 78.70 before announcment."
Lack of macro economic EUR related data for the London session ahead will be the news, with only ECB Governing Council 2 day Meeting starting today, while in the sovereign debt auctions front Germany will sell up to € 5B in 2 year federal notes, and Portugal trying to sell up to € 1.75 in short term T-bills at 09:30 GMT. Portugal 10 year bonds reached past week record 1 ½ year-lows around 8% coming from as high as 17% from Feb 2012, last at 8.72%, while Germany is dealing with 4-month highs touched on Monday at 1.74%, last at 1.65%.
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https://support.fxcc.com/email/technical/19092012/
UPCOMING EVENTS :
2012-09-19 08:30 GMT | United Kingdom. Bank of England Minutes
2012-09-19 09:00 GMT | Switzerland. ZEW Survey - Expectations (Sep)
2012-09-19 14:00 GMT | United States. Existing Home Sales Change (Aug)
2012-09-19 22:45 GMT | New Zealand. Gross Domestic Product (YoY) (Q2)
FOREX NEWS :
2012-09-19 04:48 GMT | GBP/JPY, blue sky until 130.00?
2012-09-19 04:14 GMT | EUR/USD spikes after BoJ
2012-09-19 04:03 GMT | JPY weakens across the board post-BoJ
2012-09-19 02:43 GMT | AUD/JPY peels back below 82.00
EURUSD : 1.30706 / 1.30711
DAILY WEEKLY MONTHLY
1.3227 | 1.3172 | 1.3116
1.2995 | 1.2941 | 1.2888
SUMMARY : Up
TREND : Upward penetration
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Overbought
MARKET ANALYSIS - Intraday Analysis
EURUSD penetrated below the suggested support level at 1.3085 yesterday but failed to go much lower and reach any of our targets. Medium term bias remains positive and today we expect further appreciation if it manage to overcome next resistance level at 1.3116 (R1). Strengthening above it might open way towards to next targets at 1.3172 (R2) and 1.3227 (R3). Current retracement formation might face next support levels at 1.2995 (S1), 1.2941 and 1.2888 (S3) in potential. ZEW Survey - Expectations from Switzerland is the next macroeconomic data release in focus at 09:00 GMT.
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GBPUSD 1.62525 / 1.62534
DAILY WEEKLY MONTHLY
1.6348 | 1.6308 | 1.6273
1.6218 | 1.6181 | 1.6144
SUMMARY : Up
TREND : Up trend
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Neutral
MARKET ANALYSIS - Intraday Analysis
The GBPUSD trades in a sideways channel between our next support level at 1.6218 (S1) and resistance at 1.6273 (R1). A break in either direction might determine the trading bias for the medium term perspective. Bank of England Minutes at 08:30 GMT might provide sufficient impulse for the market move. Penetration above the 1.6273 (R1) would suggest next targets at 1.6308 (R2) and 1.6348 (R3) in potential. On the other side, loss of 1.6218 (S1) would enable targets at 1.6181 (S2) and 1.6144 (S3). We suggest waiting for a clear directional signal prior taking any positions
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USDJPY : 79.164 / 79.167
DAILY WEEKLY MONTHLY
79.84 | 79.63 | 79.42
79.93 | 78.72 | 78.51
SUMMARY : Up
TREND : Up trend
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Overbought
MARKET ANALYSIS - Intraday Analysis
After the BoJ Interest Rate Decision stays unchanged at 0.1%, USDJPY gained momentum and reached our target at 79.17 today. Technically, current bullish market sentiment will remain in place while USDJPY trades above the support level at 79.93 (S1). Our upwards targets locates at 79.42 (R1), 79.63 (R2) and 79.84 (R3) in potential. Conversely, decline below the suggested support level at 79.93 (S1) might initiate protective orders execution and expose next targets at 78.72 (S2) and 78.51 (S3).
Source: FX Central Clearing Ltd,( Forex Rate | Forex News | ECN Forex Broker | FXCC )
BOJ eases more than expected
The BOJ left the overnight call rate range unchanged between 0.0% and 0.1%. Amid much anticipated expectations of the BoJ following the Fed and ECB with further easing, the bank decided to increase the APP program by 10 trillion yen. The increase in the size corresponds to additional increases of treasury disccount bills by 5trillion yen and purchases in JGBs by another 5 trillion. BOJ keeps monthly JGB purchases at 1.8 trillion yen. As John Noonan, Head of IFR Markets, notes: "BOJ has eased a bit more than most were expecting. Market likes it and USD/JPY testing 79.00 level from 78.70 before announcment."
Lack of macro economic EUR related data for the London session ahead will be the news, with only ECB Governing Council 2 day Meeting starting today, while in the sovereign debt auctions front Germany will sell up to € 5B in 2 year federal notes, and Portugal trying to sell up to € 1.75 in short term T-bills at 09:30 GMT. Portugal 10 year bonds reached past week record 1 ½ year-lows around 8% coming from as high as 17% from Feb 2012, last at 8.72%, while Germany is dealing with 4-month highs touched on Monday at 1.74%, last at 1.65%.
Read More
https://support.fxcc.com/email/technical/19092012/
UPCOMING EVENTS :
2012-09-19 08:30 GMT | United Kingdom. Bank of England Minutes
2012-09-19 09:00 GMT | Switzerland. ZEW Survey - Expectations (Sep)
2012-09-19 14:00 GMT | United States. Existing Home Sales Change (Aug)
2012-09-19 22:45 GMT | New Zealand. Gross Domestic Product (YoY) (Q2)
FOREX NEWS :
2012-09-19 04:48 GMT | GBP/JPY, blue sky until 130.00?
2012-09-19 04:14 GMT | EUR/USD spikes after BoJ
2012-09-19 04:03 GMT | JPY weakens across the board post-BoJ
2012-09-19 02:43 GMT | AUD/JPY peels back below 82.00
EURUSD : 1.30706 / 1.30711
DAILY WEEKLY MONTHLY
1.3227 | 1.3172 | 1.3116
1.2995 | 1.2941 | 1.2888
SUMMARY : Up
TREND : Upward penetration
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Overbought
MARKET ANALYSIS - Intraday Analysis
EURUSD penetrated below the suggested support level at 1.3085 yesterday but failed to go much lower and reach any of our targets. Medium term bias remains positive and today we expect further appreciation if it manage to overcome next resistance level at 1.3116 (R1). Strengthening above it might open way towards to next targets at 1.3172 (R2) and 1.3227 (R3). Current retracement formation might face next support levels at 1.2995 (S1), 1.2941 and 1.2888 (S3) in potential. ZEW Survey - Expectations from Switzerland is the next macroeconomic data release in focus at 09:00 GMT.
-----------------
GBPUSD 1.62525 / 1.62534
DAILY WEEKLY MONTHLY
1.6348 | 1.6308 | 1.6273
1.6218 | 1.6181 | 1.6144
SUMMARY : Up
TREND : Up trend
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Neutral
MARKET ANALYSIS - Intraday Analysis
The GBPUSD trades in a sideways channel between our next support level at 1.6218 (S1) and resistance at 1.6273 (R1). A break in either direction might determine the trading bias for the medium term perspective. Bank of England Minutes at 08:30 GMT might provide sufficient impulse for the market move. Penetration above the 1.6273 (R1) would suggest next targets at 1.6308 (R2) and 1.6348 (R3) in potential. On the other side, loss of 1.6218 (S1) would enable targets at 1.6181 (S2) and 1.6144 (S3). We suggest waiting for a clear directional signal prior taking any positions
---------------
USDJPY : 79.164 / 79.167
DAILY WEEKLY MONTHLY
79.84 | 79.63 | 79.42
79.93 | 78.72 | 78.51
SUMMARY : Up
TREND : Up trend
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Overbought
MARKET ANALYSIS - Intraday Analysis
After the BoJ Interest Rate Decision stays unchanged at 0.1%, USDJPY gained momentum and reached our target at 79.17 today. Technically, current bullish market sentiment will remain in place while USDJPY trades above the support level at 79.93 (S1). Our upwards targets locates at 79.42 (R1), 79.63 (R2) and 79.84 (R3) in potential. Conversely, decline below the suggested support level at 79.93 (S1) might initiate protective orders execution and expose next targets at 78.72 (S2) and 78.51 (S3).
Source: FX Central Clearing Ltd,( Forex Rate | Forex News | ECN Forex Broker | FXCC )