Daily Forex Analysis from FXCC Dec 06 2012

Daily Forex Analysis from FXCC Dec 06 2012

Postby alayoua » Thu Dec 06, 2012 6:50 am

Daily Forex Analysis from FXCC Dec 06 2012

S&P downgrades Greece to selective default

In an unsurprising headline, reflected by the marginal losses in EUR/USD since the news broke, the rating agency S&P has downgraded Greece's long-term debt rating to selective default from CCC. Greece is technically default. The Greek government invitation to private sector bondholders involvement to participate in the debt buybacks program triggered the decision by S&P. However, according to Jamie McGeever, Editor and presenter at Reuters TV, "once Greek buyback is done, probably on or around Dec 17, selective default will be over, so S&P will likely lift Greece back to CCC rating."

British Chancellor George Osborne delivered his Autumn Budget Statement before the parliament on Wednesday. He emphasized that the Eurozone debt crisis had been weighing on the UK economy and informed that the Office of Budget Responsibility slashed its GDP forecast to -0.1% in 2012 from +0.8%. The predictions for 2012 and 2013 are 1.2% and 2.0%, respectively. - FXstreet.com
https://support.fxcc.com/email/technical/06122012/

UPCOMING EVENTS :
2012-12-06 10:00 GMT | European Union. Gross Domestic Product s.a. (QoQ) (Q3)
2012-12-06 10:00 GMT | European Union. Gross Domestic Product s.a. (YoY) (Q3)
2012-12-06 12:00 GMT | UK. BoE Interest Rate Decision (Dec 6)
2012-12-06 12:45 GMT | ECB Interest Rate Decision

FOREX NEWS :
2012-12-06 06:01 GMT | GBP/USD below 1.61 ahead of BoE
2012-12-06 03:59 GMT | EUR/JPY in tight range below 108, ahead of ECB
2012-12-06 03:04 GMT | GBP/JPY pressing on fresh 8-month highs above 132.50
2012-12-06 00:40 GMT | AUD/USD on the rise after better than expected Aus jobs data

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EURUSD :
HIGH 1.30769 LOW 1.30453 BID 1.30568 ASK 1.30572 CHANGE -0.06% TIME 08:12:20

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OUTLOOK SUMMARY : Up
TREND CONDITION : Up trend
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : High

MARKET ANALYSIS - Intraday Analysis

We expect resuming of the uptrend formation if the price manages to overcome next resistance level at 1.3085 (R1). Immediate focus comes on 1.3104 (R1) and 1.3126 (R3) in such scenario.

Resistance Levels: 1.3085, 1.3104, 1.3126
Support Levels: 1.3045, 1.3027, 1.3008

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GBPUSD :
HIGH 1.61002 LOW 1.60859 BID 1.60882 ASK 1.60892 CHANGE -0.02% TIME 08:12:21

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OUTLOOK SUMMARY : Up
TREND CONDITION : Sideway
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : High

A medium-term bias is negative now though intraday bullish forces might be activated if the pair penetrates above the resistance level at 1.6115 (R1). Next immediate resistance levels holds at 1.6121 (R2) and 1.6129 (R3).

Resistance Levels: 1.6115, 1.6121, 1.6129
Support Levels: 1.6085, 1.6073, 1.6062

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USDJPY :
HIGH 82.617 LOW 82.358 BID 82.442 ASK 82.445 CHANGE -0.03% TIME 08:12:22

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OUTLOOK SUMMARY : Sideway
TREND CONDITION : Sideway
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : High

We are not expecting significant price deviation later on today, though risk of positive tone establishment is seen above the next resistance level at 82.65 (R1). Any penetration above this level would put in focus higher targets at 82.77 (R2) and 92.97 (R3).

Resistance Levels: 82.65, 82.77, 82.97
Support Levels: 82.04, 81.92, 81.81


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alayoua
 
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Joined: Tue Jul 19, 2011 1:26 pm

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