Market Overview by FXCC Sep 28 2012

Market Overview by FXCC Sep 28 2012

Postby alayoua » Fri Sep 28, 2012 4:58 am

Market Overview by FXCC Sep 28 2012

First Spanish banks stress test leaks

According to James Glynn, Senior Economics Reporter Dow Jones/Wall Street Journal, "6 Spanish banks have been found to hold sufficient capital levels, while the remaining 8 that were stress tested will need more." Majors are unchanged 90m into the Japan open, with HK opening now, which should bring some wider moves.

Friday's London session will see Spanish current account being published, along with French GDP final at 05:30 GMT, followed by German retail sales 30 minutes later, French consumer spending and PPI 45 minutes after, Spanish CPI at 07:00 GMT, Italian PPI 1 hour later, EU and Italy CPI at 09:00 GMT, and ECB governing council member Asmussen to give a speech in Berlin at 11:00 GMT.
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https://support.fxcc.com/email/technical/28092012/

UPCOMING EVENTS :
2012-09-28 07:00 GMT | Switzerland. KOF Leading Indicator
2012-09-28 12:30 GMT | Canada. Gross Domestic Product
2012-09-28 12:30 GMT | United States. Core Personal Consumption Expenditure - Prices Index
2012-09-28 13:55 GMT | United States. Reuters/Michigan Consumer Sentiment Index

FOREX NEWS :
2012-09-28 04:39 GMT | EUR/USD above 1.29 ahead of Spanish banking sector stress test results
2012-09-28 03:55 GMT | NZD/USD triggers stops above 0.8350
2012-09-28 02:35 GMT | USD selling off across the board
2012-09-28 01:54 GMT | USD/JPY on a dovish gradient - OCBC

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EURUSD : 1.29338 / 1.29342
DAILY WEEKLY MONTHLY

Image

1.2995 | 1.2969 | 1.2944
1.2907 | 1.2884 | 1.2858

SUMMARY : Down
TREND : Upward penetration
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Neutral


MARKET ANALYSIS - Intraday Analysis

Technical Summary: It seems that gradual decline from the major upside move expressed in correction formation comes to the end soon. Our next resistance level is the key point for the further uptrend development, if the market failed to break it today we expect to see decline below the suggested support level.Main scenario: Appreciation above the next resistance level at 1.2944 (R1) would suggest next targets at 1.2969 (R2) and 1.2995 (R3) for today and determine medium term bias. Alternative scenario: Bearish penetration below the support at 1.2907 (S1) would then targeting 1.2884 (S2) and 1.2858 (S3) intraday.

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GBPUSD : 1.62613 / 1.62623
DAILY WEEKLY MONTHLY

Image

1.6294 | 1.6281 | 1.6269
1.6243 | 1.6231 | 1.6217

SUMMARY : Down
TREND : Upward penetration
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Overbought


MARKET ANALYSIS - Intraday Analysis

Technical Summary: Yesterday positive tendency remains in power with the significant strengthening for the morning hours today. In near future we expect to see some consolidation and possibly pull back. However if it manage to stabilize above the next resistance level, market sentiment would be clearly bullish. Main scenario: Potential is seen for break above the 1.6269 level (R1) and open initial targets at 1.6281 (R2) and 1.6294 (R3) levels. Alternative scenario: Downside development remains for now limited by next support level at 1.6243 (S1), with only clear break here would be a signal of market weakening with next targets at 1.6231 (S2) and 1.6217(S3).

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USDJPY : 77.533 / 77.538
DAILY WEEKLY MONTHLY

Image

77.89 | 77.76 | 77.63
77.45 | 77.31 | 77.17

SUMMARY : Sideway
TREND : Downward penetration
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Oversold


MARKET ANALYSIS - Intraday Analysis

Technical Summary: USDJPY almost reached our target at 77.45 and we expect further decline today as main scenario. It is clearly seen that pair broke sideways channel and volatility start gaining momentum on the hourly chart. Stochastic Oscillator is oversold and this is a good signal for the bearish market participants under the trend market conditions. Main scenario: Our next support locates at yesterday target – 77.45 (S1). Break here would open route towards to our next targets at 77.31 (S2) and 77.17 (S3). Alternative scenario: Appreciation above the next resistance level at 77.63 (R1) would suggest next targets at 77.76 (R2) and 77.89 (R3) on the upside part.

Source: FX Central Clearing Ltd,( ECN Forex Trading System | What Is Forex | Forex Live | FXCC )
alayoua
 
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