Daily Forex Analysis from FXCC Nov 21 2012
Posted: Wed Nov 21, 2012 4:45 amDaily Forex Analysis from FXCC Nov 21 2012
EU Finance Ministers fail to agree on Greece; Talks to resume on Monday
The European finance ministers failed to reach any conclusive decision on Greece after a 10+ hours meeting in Brussels, which came to a conclusion well into the night at around 4am. Details will not be released and the press conference was canceled. Luke Baker, Reuters bureau chief in Brussels, notes: "After more than 10 hours of meeting, German Finance Minister Schaeuble said euro zone finance ministers couldn't reach an agreement on Greece. Euro Finance Chiefs will continue talks on Monday..."
Earlier on the Asian session, Reuters was out reporting on a Eurogroup document laying out details on Greek debt, which is seen at debt to GDP of 144% in 2020, 133% in 2022, 111% in 2030, noted Mr. Baker. Current Greek debt level stands at 170% of GDP. Bloomberg reported that target of reaching debt sustainability may be postponed to 2022. One of the measures under discussion is suspending for 10 years interest payments on loans provided to Greece by the European Financial Stability Facility (EFSF), Reuters reported citing an unnamed official. It is thought that even combined elements "would still fail to reduce the overall debt-to-GDP ratio to 120% by 2020, the level the IMF has deemed as 'sustainable' " Bloomberg notes. Speculation is that IMF may remove itself from any Greek bailout programs if the 120% threshold can not be reached.-Fxstreet.com
https://support.fxcc.com/email/technical/21112012/
UPCOMING EVENTS :
2012-11-21 09:30 GMT | United Kingdom. Bank of England Minutes
2012-11-21 13:30 GMT | United States. Initial Jobless Claims
2012-11-21 14:55 GMT | United States. Reuters/Michigan Consumer Sentiment Index
2012-11-21 15:00 GMT | United States. Leading Indicator
FOREX NEWS :
2012-11-21 05:46 GMT | GBP/USD peels back to 1.59 ahead of BoE Minutes
2012-11-21 05:32 GMT | EUR/GBP; 1-month already dealing around the 0.80 figure
2012-11-21 05:08 GMT | EUR/AUD turns lower toward 1.2300
2012-11-21 04:18 GMT | AUD/USD sinks on Eurogroup dissapointment
EURUSD :
HIGH 1.2822 LOW 1.27364 BID 1.27527 ASK 1.27533 CHANGE -0.5% TIME 08 : 01 : 43
OUTLOOK SUMMARY : Down
TREND CONDITION : Downward penetration
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Medium
MARKET ANALYSIS - Intraday Analysis
Upwards scenario: EURUSD formed retracement formation today, turning intraday bias to the negative side. Our next resistance level for today is hold at 1.2774 (R1). Rise above it might open route towards to next targets at 1.2788 (R2) and 1.2803 (R3). Downwards scenario: A break below the fresh low at 1.2736 (S1) would allow bears remaining in play on the medium-term perspective. Next targets could be found at 1.2720 (S2) and 1.2705 (S3).
Resistance Levels: 1.2774, 1.2788, 1.2803
Support Levels: 1.2736, 1.2720, 1.2705
----------------------------
GBPUSD :
HIGH 1.59285 LOW 1.58998 BID 1.59046 ASK 1.59051 CHANGE -0.12% TIME 08 : 01 : 44
OUTLOOK SUMMARY : Down
TREND CONDITION : Downward penetration
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : Medium
Upwards scenario: A move above the resistance level at 1.5912 (R1) might drive market price towards to next target at 1.5921 (R2) and any further rise would then be limited to resistance at 1.5930 (R3). Downwards scenario: Hourly chart correction remains in power today. Next barrier locates at 1.5894 (S1). Loss here might enable further bearish pressure and downgrade Cable towards to expected targets at 1.5886 (S2) and 1.5877 (S3).
Resistance Levels: 1.5912, 1.5921, 1.5930
Support Levels: 1.5894, 1.5886, 1.5877
-----------------------
USDJPY :
HIGH 81.974 LOW 81.654 BID 81.913 ASK 81.917 CHANGE 0.29% TIME 08 : 01 : 46
OUTLOOK SUMMARY : Up
TREND CONDITION : Up trend
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : Medium
Upwards scenario: USDJPY gained momentum on the positive side and formed fresh high today, which is our key point for further market gains. Strengthening above the resistance at 81.97 (R1) would enable expected targets at 82.14 (R2) and 82.29 (R3). Downwards scenario: Retracement development is limited to the next support level at 81.70 (S1). Clearance here would open road towards to possible targets, located at 81.53 (S2) and 81.35 (S3).
Resistance Levels: 81.97, 82.14, 82.29
Support Levels: 81.70, 81.53, 81.35
Source: FX Central Clearing Ltd,( ECN Platform | Forex Broker Reviews | Online Forex Broker | FXCC )
EU Finance Ministers fail to agree on Greece; Talks to resume on Monday
The European finance ministers failed to reach any conclusive decision on Greece after a 10+ hours meeting in Brussels, which came to a conclusion well into the night at around 4am. Details will not be released and the press conference was canceled. Luke Baker, Reuters bureau chief in Brussels, notes: "After more than 10 hours of meeting, German Finance Minister Schaeuble said euro zone finance ministers couldn't reach an agreement on Greece. Euro Finance Chiefs will continue talks on Monday..."
Earlier on the Asian session, Reuters was out reporting on a Eurogroup document laying out details on Greek debt, which is seen at debt to GDP of 144% in 2020, 133% in 2022, 111% in 2030, noted Mr. Baker. Current Greek debt level stands at 170% of GDP. Bloomberg reported that target of reaching debt sustainability may be postponed to 2022. One of the measures under discussion is suspending for 10 years interest payments on loans provided to Greece by the European Financial Stability Facility (EFSF), Reuters reported citing an unnamed official. It is thought that even combined elements "would still fail to reduce the overall debt-to-GDP ratio to 120% by 2020, the level the IMF has deemed as 'sustainable' " Bloomberg notes. Speculation is that IMF may remove itself from any Greek bailout programs if the 120% threshold can not be reached.-Fxstreet.com
https://support.fxcc.com/email/technical/21112012/
UPCOMING EVENTS :
2012-11-21 09:30 GMT | United Kingdom. Bank of England Minutes
2012-11-21 13:30 GMT | United States. Initial Jobless Claims
2012-11-21 14:55 GMT | United States. Reuters/Michigan Consumer Sentiment Index
2012-11-21 15:00 GMT | United States. Leading Indicator
FOREX NEWS :
2012-11-21 05:46 GMT | GBP/USD peels back to 1.59 ahead of BoE Minutes
2012-11-21 05:32 GMT | EUR/GBP; 1-month already dealing around the 0.80 figure
2012-11-21 05:08 GMT | EUR/AUD turns lower toward 1.2300
2012-11-21 04:18 GMT | AUD/USD sinks on Eurogroup dissapointment
EURUSD :
HIGH 1.2822 LOW 1.27364 BID 1.27527 ASK 1.27533 CHANGE -0.5% TIME 08 : 01 : 43
OUTLOOK SUMMARY : Down
TREND CONDITION : Downward penetration
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Medium
MARKET ANALYSIS - Intraday Analysis
Upwards scenario: EURUSD formed retracement formation today, turning intraday bias to the negative side. Our next resistance level for today is hold at 1.2774 (R1). Rise above it might open route towards to next targets at 1.2788 (R2) and 1.2803 (R3). Downwards scenario: A break below the fresh low at 1.2736 (S1) would allow bears remaining in play on the medium-term perspective. Next targets could be found at 1.2720 (S2) and 1.2705 (S3).
Resistance Levels: 1.2774, 1.2788, 1.2803
Support Levels: 1.2736, 1.2720, 1.2705
----------------------------
GBPUSD :
HIGH 1.59285 LOW 1.58998 BID 1.59046 ASK 1.59051 CHANGE -0.12% TIME 08 : 01 : 44
OUTLOOK SUMMARY : Down
TREND CONDITION : Downward penetration
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : Medium
Upwards scenario: A move above the resistance level at 1.5912 (R1) might drive market price towards to next target at 1.5921 (R2) and any further rise would then be limited to resistance at 1.5930 (R3). Downwards scenario: Hourly chart correction remains in power today. Next barrier locates at 1.5894 (S1). Loss here might enable further bearish pressure and downgrade Cable towards to expected targets at 1.5886 (S2) and 1.5877 (S3).
Resistance Levels: 1.5912, 1.5921, 1.5930
Support Levels: 1.5894, 1.5886, 1.5877
-----------------------
USDJPY :
HIGH 81.974 LOW 81.654 BID 81.913 ASK 81.917 CHANGE 0.29% TIME 08 : 01 : 46
OUTLOOK SUMMARY : Up
TREND CONDITION : Up trend
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : Medium
Upwards scenario: USDJPY gained momentum on the positive side and formed fresh high today, which is our key point for further market gains. Strengthening above the resistance at 81.97 (R1) would enable expected targets at 82.14 (R2) and 82.29 (R3). Downwards scenario: Retracement development is limited to the next support level at 81.70 (S1). Clearance here would open road towards to possible targets, located at 81.53 (S2) and 81.35 (S3).
Resistance Levels: 81.97, 82.14, 82.29
Support Levels: 81.70, 81.53, 81.35
Source: FX Central Clearing Ltd,( ECN Platform | Forex Broker Reviews | Online Forex Broker | FXCC )