Daily Forex Market by FXCC

alayoua · July 3, 2012, 3:49am

[B]Market Overview by FXCC July 3 2012

US Markets closed tomorrow, ECB and BoE rate decision due on Thursday and US Nonfarm Payroll on Friday…

Asian equities have surged drastically and are up by 1.50%, whereas the US markets closed mixed. On the economic front today, we have U.K’s PMI construction and Net Consumer Credit data, which is expected to come in lower than before. From the Eurozone, the PPI data is expected to come in slightly positive. The dollar index, which compares the US unit to a basket of other currencies, was trading at 81.888 on Monday, up from 81.658 in North American trade late Friday.

US manufacturing shrank in June for the first time in nearly 3-years, adding to signs of a slowdown in the recovery but raised hopes for more easing from the Federal Reserve. Iran’s National Security and Foreign Policy Committee has drafted a bill calling for Iran to try to stop oil tankers from shipping crude through the Strait of Hormuz helped curb oil price losses, especially for Brent crude
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UPCOMING EVENTS :
2012-07-03 08:30 GMT | UK - Consumer Credit (May)
2012-07-03 09:00 GMT | EMU - Producer Price Index (May)
2012-07-03 13:45 GMT | US - ISM New York index (Jun)
2012-07-03 14:00 GMT | US - Factory Orders (MoM) (May)

FOREX NEWS :
2012-07-03 04:36 GMT | RBA leaves rates unchanged; monetary policy appropiate
2012-07-03 04:11 GMT | GBP/USD quiet around 1.5700; UK data ahead
2012-07-03 03:33 GMT | USD/JPY jumps to session highs 79.80
2012-07-03 02:20 GMT | EUR/NZD threatening all-time lows

EURUSD : 1.25970 / 1.25973
DAILY WEEKLY MONTHLY

1.2742 | 1.2705 | 1.2642
1.2542 | 1.2505 | 1.2442

SUMMARY : Neutral
TREND : Up trend
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

The euro has managed to sustain above 1.2575 level, and it may test higher levels of 1.2890, which is a 50% Fibonacci retracement level for the 1.3486-1.2286 range, in the near term. The RSI -14 momentum indicator is currently trading at 0.40 and is inching higher, supporting up move in the pair. Expect the euro to continue it’s up move. The supports are at 1.2575 then 1.2477 and resistances are at 1.2742 then 1.2890. The pair tested the 8-period EMA on the weekly charts, but did not manage to close above it.

GBPUSD : 1.56962 / 1.56972
DAILY WEEKLY MONTHLY

1.5808 1.5765 1.5728
1.5648 1.5605 1.5568

SUMMARY : Up
TREND : Up trend
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Oversold

MARKET ANALYSIS - Intraday Analysis

The weekly chart indicates the pair forming a “triple-bottom pattern”. Currently, the GBP is trading above the 38.2% Fibonacci retracement level of the downward rally (1.6301-1.5265). The RSI-14 momentum indicator is hovering at 0.47 with a positive bias. Expect the pound to move higher and test levels of 1.5780. A break above this level will bring forth the next resistance at 1.5910, or 61.8% retracement level. Meanwhile, supports are evident at 1.5583 of a trendline and then at 1.5500

USDJPY : 79.743 / 79.747
DAILY WEEKLY MONTHLY

80.310 | 80.085 | 79.770
79.225 | 79.000 | 78.685

SUMMARY : Neutral
TREND : Sideway
MA10 : Bearish
MA20 : Bullish
STOCHASTIC : Overbought

MARKET ANALYSIS - Intraday Analysis

The charts indicate the support of a trend line drawn connecting the lower bottoms. The RSI-14 has been hovering around 0.50 for the last few weeks and is not indicating a clear trend for the pair. Expect the yen to once again test the lower trend line supports of 79.40-79.50 and to rebound from the same. If the yen manages to sustain above 80.18, which is the 38.2% Fibonacci retracement level for the 84.17-77.66 range, then the pair may test higher levels of 80.95. Supports are at 79.50 then 79.10 and resistances are at 80.17 then 80.94.

Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)[/B]

alayoua · July 5, 2012, 3:57am

[B]Market Overview by FXCC July 5 2012

Central Bank Day… The ECB and the BoE go heads up

This morning Asian share markets are down over 1.5% as they await the ECB decision. Yesterday Asian markets had continued to outperform for the third consecutive day which marked yet another session of consolidation marking marginal gains after clocking large gains post the European summit last week. Broader indices clambered almost a percent. Global indices too witnessed an assorted trading session as investors hoped for an eased monetary stance by the central banks to support the faltering economy. The market is waiting upon the ECB and the Bank of England meetings today which will provide some direction to the markets.

The European Central Bank (ECB) and the Bank of England (BOE) are both meeting on this morning, and the former is likely cut rates by 25 basis points to its record-low. The BOE may introduce more stimuli after keeping the benchmark rate at an all-time low of 0.5% in June. Yesterday, US markets were closed for the 4th of July holiday so it was light volume all around with little on the news front, little in eco data and little on the political front, except some rhetoric from Iran, pushing up crude oil prices.
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UPCOMING EVENTS :
2012-07-05 11:00 GMT UK - BoE Interest Rate Decision
2012-07-05 11:00 GMT UK - BoE Asset Purchase Facility
2012-07-05 11:45 GMT EMU - ECB Interest Rate Decision
2012-07-05 12:15 GMT US - ADP Employment Change

FOREX NEWS :
2012-07-05 04:27 GMT EUR/USD blocked above 1.2500 ahead of ECB
2012-07-05 04:17 GMT GBP/USD consolidates below 1.56, BoE eyed
2012-07-05 03:21 GMT ECB to hold fire; Draghi statement key - UBS
2012-07-05 02:06 GMT USD/JPY breaks above 80.00

EURUSD :
DAILY WEEKLY MONTHLY

1.2679 | 1.2643 | 1.2580
1.2481 | 1.2445 | 1.2382

SUMMARY : Down
TREND : Down trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Overbought

MARKET ANALYSIS - Intraday Analysis

Signals remain mixed, range trading with support at Friday’s open of 1.2443 and resistance at the 50- day MA of 1.2702. Risk/return is better elsewhere. Firm and sustained trading below 1.2550 however, will be a strong sign that the bears have taken control here again.

GBPUSD : 1.56058 / 1.56067
DAILY WEEKLY MONTHLY

1.5772 | 1.5731 | 1.5657
1.5542 | 1.5501 | 1.5427

SUMMARY : Down
TREND : Down trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Oversold

MARKET ANALYSIS - Intraday Analysis

Signals are mixed although indicators show that the upward momentum has ended with a strong potential for decline. Expect further weakness today to the next important support level at 1.5545/40. Below this support will confirm that the larger degree downtrend on daily chart has likely resumed and strong weakness should follow.

USDJPY : 79.766 / 79.770
DAILY WEEKLY MONTHLY

80.455 | 80.215 | 80.081
79.705 | 79.465 | 79.340

SUMMARY : Up
TREND : Up trend
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

Signals are bullish - indicators all point to upward movement; support is at 21 day MA 79.55. The pair has been trading sideways between 79.60 and 80.00 but a break out of this range is likely to occur soon. There is strong favor the upside here. A move above 80.00 should be enough to signal that a rally toward 83.80 level has begun.

Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)[/B]

alayoua · July 6, 2012, 3:33am

[B]Market Overview by FXCC July 6 2012

Central Banks are the focus of the markets.

The euro fell against a range of currencies in European trading hours Thursday as investors sold the common currency on expectations that the European Central Bank will cut its key interest rate to record lows. Markets had already factored in the rate cut, but it was the decision of the ECB to change its deposit rate to 0 and then the pessimistic statement issued by the ECB President. The Bank of England decision to increase asset purchase by 50 billion pounds, which was a widely expected pushed dollar index lower.

China surprised the markets by lowering its rate and now the markets are focused on the US Nonfarm report due later today. A poor report might for the Fed to action, or a strong report will see the USD gain against its partners.
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UPCOMING EVENTS :
2012-07-06 08:30 GMT | UK - Producer Price Index - (Jun)
2012-07-06 10:00 GMT | GERMANY - Industrial Production - (May)
2012-07-06 12:30 GMT | US - Nonfarm Payrolls - (Jun)
2012-07-06 12:30 GMT | CANADA - Unemployment Rate - (Jun)

FOREX NEWS :
2012-07-06 04:34 GMT | GBP/USD directionless, hovers above 1.55
2012-07-06 04:03 GMT | EUR/USD frozen ahead of NFP
2012-07-06 03:14 GMT | Japan may run out of money in October, Azumi warns
2012-07-06 02:31 GMT | AUD will push towards USD1.07 by mid next year - ANZ

EURUSD : 1.23848 / 1.23854
DAILY WEEKLY MONTHLY

1.2694 | 1.2620 | 1.2565
1.2481 | 1.2452 | 1.2397

SUMMARY : Neutral
TREND : Sideway
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

Technicals are mixed, range trading with support 1.2343 and resistance at the 50-day MA of 1.2687. Risk/return is better elsewhere. The might be an early correction to move back to Friday’s close at 1.2443 but this pair is moving randomly. The overall downtrend is back on line. The outlook remains on the daily charts to trend downwards toward the1.2285. A break above 1.25 could change to a bullish scenario.

GBPUSD : 1.55305 / 1.55315
DAILY WEEKLY MONTHLY

1.5734 | 1.5699 | 1.5639
1.5544 | 1.5509 | 1.5449

SUMMARY : Neutral
TREND : Sideway
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

Technicals remain bearish and most indicators suggest downward movement, support seen at 1.5500. The implications are for weakness below 1.5484. On the verge of taking out 1.5484 Resistance at 1.5700-1.5730 is vital for the movement of the currency pair. Supports are seen at 1.5485 and then at 1.5454. The long term outlook continues to be bearish with a target of 1.5450

USDJPY : 79.906 / 79.912
DAILY WEEKLY MONTHLY

80.515 | 80.300 | 79.980
79.450 | 79.235 | 78.915

SUMMARY : Down
TREND : Down trend
MA10 : Bearish
MA20 : Bullish
STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

Technicals are reading bullish as the ranging upward movement continues; support is at 21 day MA (79.57). The USDJPY did indeed exceed 80 but conviction on the move is lacking, it will need to break above 80.61 with conviction. Supports are seen at 79.55 and then at 79.12 where as resistance levels are seen at 80.63, 81.15 and then at 81.45.

Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)[/B]

alayoua · July 9, 2012, 5:53am

[B]Market Overview by FXCC July 9 2012

Euro tumbles below 1.23, USD strong on hopes of stimulus

This was an eventful week in terms of expectations and its resultant outcome. Starting with the American markets, stocks gave mixed endings as US added just 80,000 jobs in June, darkening the outlook for the US recovery and dashing some of the political momentum President Obama gained after the Supreme Court upheld his healthcare law last week. The lackluster pace of job creation, which left the unemployment rate unchanged at 8.2%, adds to mounting evidence that the American economy is feeling the effects of both the Euro-zone debt crisis and slower growth in large emerging markets such as China. The benchmark index is less than 0.1% above where it was two months ago. Among the marquee indices, NASDAQ remained the only index that gained weekly by 0.1%. However, Dow got lower by 0.8%, followed by S&P 500 (-0.6%). On the European side, stocks extended declines for a third day as payrolls in the world’s biggest economy increased less than forecast in June. German industrial output rebounded more than economists forecast in May as construction buttressed Europe’s largest economy against the sovereign debt crisis. The price of goods leaving UK factories fell the most in more than 3 1/2 years. The FTSE 100 rose by 1.6%. However, DAX and CAC 40 fell by 0.1% and 0.9% respectively. Asian stocks rose this week, with the indices capping its fourth advance in five weeks, on anticipation central banks would ease monetary policy to spur growth. Hang Seng rose by 1.8%, followed by Nikkei, which rose by 0.2%.

Wall Street has been running in circles for the past two months, and the pattern may continue despite the upcoming start of the earnings seasons. After three major central banks eased monetary policy this week, investors will comb through the minutes of the latest Federal Reserve policy meeting, which will be released on Wednesday, to see what officials said about a further round of asset purchases. Europe remains on traders’ minds despite an agreement last week that opens the door for troubled banks to receive rescue funds. In Asia, China is set to report YoY GDP growth. Other Chinese data next week include inflation, loan growth, trade balance and retail sales.
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UPCOMING EVENTS :
2012-07-09 N/A | UK - BOE Deputy Governor Paul Tucker speaks
2012-07-09 12:30 GMT | EMU - ECB President Draghi’s Speech
2012-07-09 15:55 GMT | US - FOMC Member Williams speech
2012-07-09 19:00 GMT | US - Consumer Credit Change (May)

FOREX NEWS :
2012-07-09 04:38 GMT | GBP/USD unchanged after 1% drop, starting week at 5-week lows
2012-07-09 03:30 GMT | China CPI hints more PBoC cuts to come - UBS
2012-07-09 03:16 GMT | BoJ easing expansion unlikely this week - UBS
2012-07-09 01:37 GMT | China: CPI increased only 2.2% in June

EURUSD : 1.22863 / 1.22869
DAILY WEEKLY MONTHLY

1.2496 | 1.2439 | 1.2360
1.2250 | 1.2175 | 1.2095

SUMMARY : Neutral
TREND : Sideway
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

Technicals remain bearish as additional downside momentum is building. Risk/return is better elsewhere. There is support at 1.2150 which was a pivot in June 2010 and is joined by the 161.8% extension at 12142. The 61.8% extension comes in at 12068. On the near term charts we see supports at 1.2288, 1.2190 and then at 1.2132 whereas resistance levels are seen at 1.2365, 1.2401 and then at 1.2450.

GBPUSD : 1.54909 / 1.54919
DAILY WEEKLY MONTHLY

1.5584 | 1.5552 | 1.5517
1.5457 | 1.5420 | 1.5384

SUMMARY : Neutral
TREND : Sideway
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

Technicals are bearish and indicators suggest a decline, 1.5485 (June 28 low) is key level to watch as the GBP found new resistance levels at 1.5563, if the price moves below these levels it supports a new downward trend. Supports are seen at 1.5500, 1.5485 and then at 1.5473, whereas resistance levels are seen at 1.5598, which is the 21-DMA line and then at 1.5601, which is the 10-DMA.

USDJPY : 79.692 / 79.697
DAILY WEEKLY MONTHLY

80.22 | 80.02 | 79.80
79.42 | 79.23 | 79.04

SUMMARY : Down
TREND : Down trend
MA10 : Bearish
MA20 : Bullish
STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

Technicals are bullish with the uptrend set to continue as support from 21 day MA (79.59) is solid. The pair settled the week little changed, supports are seen at 79.60/41 and then at 79.23. On the other hand, resistance levels are seen at 80.02/10 and then at 80.56.

Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)[/B]

alayoua · July 10, 2012, 6:19am

[B]Market Overview by FXCC July 10 2012

Chinese Economic Data continues to disappoint as trade balance widens.

This morning’s Chinese Trade Balance is making headlines in all the news. Imports grew 6.3% in June, versus expectations for an 11.3% rise, and below a 12.7% gain in May, according to official data. Export shipments grew 11.3% for the month, ahead of the 9% rise expected but down from May’s 15.3% rise. Markets are all ready registering disappointment. Yesterday, China released a good deal of data with lackluster results.

Also, the Eurogroup issued a statement towards the close of their meeting stating that they were agreeing to an extension of Spain’s budget targets and moving closer to providing financial assistance to Spanish banks, they also noted that they were continuing to move ahead on the ESM and the banking plan introduced on June 29th by the EU Ministers, but otherwise very little occurred. Markets were disappointed. As earning season arrives, Alcoa kicked off with news of a loss which will also weigh heavily on the markets today.
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UPCOMING EVENTS :
2012-07-10 08:30 GMT | UK - Industrial & Manufacturing Production
2012-07-10 12:15 GMT | CAD - Housing Starts s.a (YoY) (Jun)
2012-07-10 14:00 GMT | UK - NIESR GDP Estimate (3M) (Jun)
2012-07-10 23:00 GMT | AUD - RBA Deputy Governor Lowe Speaks

FOREX NEWS :
2012-07-10 04:35 GMT | GBP/USD slips to 1.55; UK data eyed
2012-07-10 04:17 GMT | EUR/USD back to square for the week
2012-07-10 02:03 GMT | China Jun Trade Balance 31.73B
2012-07-10 02:03 GMT | China Imports (YoY) 6.3% in Jun

EURUSD : 1.22937 / 1.22941
DAILY WEEKLY MONTHLY

1.2392 | 1.2358 | 1.2338
1.2284 | 1.2250 | 1.2230

SUMMARY : Down
TREND : Down trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Overbought

MARKET ANALYSIS - Intraday Analysis

The pair has breached the previous low of 1.2332 and the key supports currently are at 1.2180 (50% of the Fibonacci retracement level for the 0.82 to 1.60 range) then 1.1880 in the near term. RSI-14 momentum indicator is also tending towards the downside and is currently reading 0.33. Supports are at 1.2150 then 1.2080 and resistances are at 1.2392 then 1.2450. - Technicals show that a bearish downside momentum is building.

GBPUSD : 1.55086 / 1.55096
DAILY WEEKLY MONTHLY

1.5616 | 1.5575 | 1.5552
1.5488 | 1.5447 | 1.5424

SUMMARY : Down
TREND : Down trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Overbought

MARKET ANALYSIS - Intraday Analysis

The pair has breached the trend line support of 1.5540 and closed below it. RSI is reading 0.43 and is tending towards the downside. The charts show a minor pullback can be expected shortly and may test the trend line resistance of 1.5560 and may sell at these levels. At present, the support is at 1.5453, and a breach of this level will see the next support coming in at 1.5360. The near-term scenario will remain weak; if it continues to decline further, then it may test lower levels of 1.5250. Meanwhile, the resistance is evident at 1.5560 then 1.5640. Technicals are bearish look for a breach of the June 28 low 1.5485 leaves 1.5450 as the next key level.

USDJPY : 79.498 / 79.502
DAILY WEEKLY MONTHLY

80.015 | 79.890 | 79.730
79.445 | 79.315 | 79.155

SUMMARY : Down
TREND : Down trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

The pair traded sideways to close on a negative note. Although the pair breached the major EMAs (8-day, 21-day and 34-day), it failed to sustain above those levels. RSI has been hovering in the same range of 0.50, and, therefore, is not indicating a clear direction for the pair. In the near term, the yen may trade slightly lower before witnessing some buying pressure at lower levels. Supports are seen at 79.17 then 78.70 while resistances are at 80.13 then 80.90. Technicals are mixed - recent uptrend has slowed, though support remains near 21 DMA (79.59)

Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)[/B]

alayoua · July 11, 2012, 4:51am

[B]Market Overview by FXCC July 11 2012

China the main focus, with thin eco data as the EUR remains under pressure

Wall Street shares traded with a negative bias as they reviewed Chinese international trade data that implied that the Chinese economy is slowing. Energy prices fell, with WTI crude for delivery in August closing just under USD 84 per barrel and the August natural gas was trading at USD 2.73. CAD while USDCAD closed above 1.02 while EURUSD also sold off, closing at 1.2250. Equities were lower, with the S&P 500 down by 0.75% after being down as much as 1.2%. The TSX closed down by a steeper 1% amidst the selloff in basic resources and oil and gas names. Bonds were fairly flat.

It was a thin day in terms of economic data, with Canadian housing starts the only event on the docket. Canadian housing starts came in quite strong at 222.7 (that’s a seasonally adjusted annualized rate – not the actual amount of housing starts). The skew was radically tilted towards ‘multis’, which accounted for the lion’s share of the housing starts and all of the growth. It should be a fairly quiet in terms of economic data releases. This is the week during which China releases its main economic indicators, and while there are no measures from the real side of the economy due to be released; there is a chance that the credit and money market metrics could come out
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UPCOMING EVENTS :
2012-07-11 12:30 GMT | US - Trade Balance (May)
2012-07-11 14:00 GMT | US - Wholesale Inventories (May)
2012-07-11 17:00 GMT | US - 10-Year Note Auction
2012-07-11 18:00 GMT | US - FOMC Minutes

FOREX NEWS :
2012-07-11 04:19 GMT | EUR/USD choppiness ahead of FOMC minutes
2012-07-11 03:49 GMT | Market smells disappointment from the BOJ - Nomura
2012-07-11 03:21 GMT | AUD/USD oscilates ahead of Aus jobs data
2012-07-11 02:22 GMT | EUR/GBP dips to fresh 3-1/2 year low under 0.7900

EURUSD : 1.22651 / 1.22652
DAILY WEEKLY MONTHLY

1.2412 | 1.2373 | 1.2314
1.2216 | 1.2177 | 1.2118

SUMMARY : Down
TREND : Down trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Overbought

MARKET ANALYSIS - Intraday Analysis

Technicals remain bearish with RSI at 32 indicates that decline has not yet reached oversold levels. The EUR continues to consolidated just above the recent lows and it seems it is preparing for the next leg lower and should bring us close to 1.2145. That bearish outlook is valid as long as the prices stay below the important 1.2345 Fibonacci level. Supports are seen at 1.2230, 1.2190 and then at 1.2151. Whereas resistance levels are seen at 1.2365, 1.2401 and then at the 10-DMA line at 1.2456.

GBPUSD : 1.55359 / 1.55369
DAILY WEEKLY MONTHLY

1.5621 | 1.5585 | 1.5550
1.5479 | 1.5443 | 1.5408

SUMMARY : Down
TREND : Down trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Oversold

MARKET ANALYSIS - Intraday Analysis

Technicals continue to read bearish - consolidation seen around 1.5500, with limited range. The outlook remains bearish and expects weakness near 1.5260 Fibo level. On the upside, a break above 1.5550 will negate this view and will suggest larger recovery near 1.5620Supports are seen at 1.5470 and then at 1.5448. Whereas, resistance levels are seen at 1.5551 and then at the 10-DMA line at 1.5580, followed by the 21-DMA line at 1.5601.

USDJPY : 79.363 / 79.369
DAILY WEEKLY MONTHLY

79.915 | 79.745 | 79.550
79.190 | 79.020 | 78.825

SUMMARY : Down
TREND : Down trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Overbought

MARKET ANALYSIS - Intraday Analysis

Technicals are reading bearish as the uptrend appears to have stalled, look to support at 200 day MA 78.99. At present the pressure is on the downside though and there is a greater risk for a downside break. But until such a break is seen, it is more reasonable to assume that the current consolidation will remain intact. Although some kind of a recovery can be expected in the short term. Supports are seen at 79.22 and then at 78.97. Whereas, resistance levels are seen at 79.62 and then at 79.78.

Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)[/B]

alayoua · July 12, 2012, 6:05am

[B]Market Overview by FXCC July 12 2012

Not much in the FOMC Minutes … BoJ decision today

Markets sold off following the release of the minutes from the FOMC’s June 19-20 meeting (i.e. the meeting at which the Fed extended and increased its maturity extension program or ‘Operation Twist’). The S&P 500 closed flat at 1340, the NASDAQ was lower by 0.5%, and the TSX closed marginally higher. Government bonds were essentially flat and while EURUSD briefly traded below 1.22 it closed trading near 1.2243, close to where it started today’s European trading session.

Crude rebounded strongly today: Brent closed above USD 100 per barrel and WTI closed above USD 86 after data released by the Energy Information Administration showed that US crude stockpiles were drawn down by 4.7m barrels during the week ended July 6 (vs. expectations for a draw in the 1.5m barrels neighborhood).
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UPCOMING EVENTS :
2012-07-12 08:00 GMT | EMU - ECB Monthly Report
2012-07-12 09:00 GMT | EMU - Industrial Production (May)
2012-07-12 12:30 GMT | US - Initial Jobless Claims (Jun)
2012-07-12 12:30 GMT | CAD - New Housing Price Index (May)

FOREX NEWS :
2012-07-12 04:33 GMT | GBP/USD consolidates around 1.5500
2012-07-12 04:29 GMT | EUR/USD quiet below 1.2250 amid a busy Asian session
2012-07-12 04:10 GMT | USD/JPY spikes after Y45t APP increase
2012-07-12 03:58 GMT | BoJ increases asset purchases 45 trillion yen

EURUSD : 1.22300 / 1.22304
DAILY WEEKLY MONTHLY

1.2372 | 1.2334 | 1.2289
1.2206 | 1.2168 | 1.2123

SUMMARY : Down
TREND : Down trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Oversold

MARKET ANALYSIS - Intraday Analysis

Technicals remain bearish - expecting to test further lows as indicators are not yet bearish enough but continuing to consolidating below the key 1.2330 resistance, which should limit intraday upside attempts. Expect a break of the support here then a move initially to the support at 1.2216. A break of that targets the .50% Fibo at 1.2176 and then at 1.2135. Supports are seen at 1.2230, 1.2190 and then at 1.2132 where as resistance levels are seen at 1.2334 and then at 1.2401. Stochastic has just moved to oversold, giving a hint of what we might expect today, although MACD and RSI are centered in sell territory

GBPUSD : 1.54891 / 1.54900
DAILY WEEKLY MONTHLY

1.5654 | 1.5616 | 1.5563
1.5472 | 1.5434 | 1.5381

SUMMARY : Down
TREND : Down trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Oversold

MARKET ANALYSIS - Intraday Analysis

Technicals continue to be mixed moving quickly towards bearish with congestion seen at current levels and resistance expected at 1.5600. The pair surpassed the 1.5550 resistance, but could not sustain. Our outlook remains bearish. Supports are seen at 1.5461 and then at 1.5445 whereas, resistance levels are seen at the 10-DMA line at 1.5582 and then at the 21-DMA line at 1.5601.

USDJPY : 79.488 / 79.491
DAILY WEEKLY MONTHLY

80.540 | 80.165 | 79.885
79.235 | 78.860 | 78.580

SUMMARY : Down
TREND : Down trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Oversold

MARKET ANALYSIS - Intraday Analysis

Technicals are bearish with a continued decline expected in the near term, given a breach of 50 day MA 79.52. The pair is gradually pushing to the downside, approaching the awaited support level at 79.10. In general the longer term overall bullish setup remains intact, and therefore the long term outlook remains bullish. Supports are seen at 79.08, 78.94 and then at 78.79 whereas, resistance levels are seen at 79.78 and then at 80.02.

Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)[/B]

alayoua · July 16, 2012, 4:04am

[B]Market Overview by FXCC July 16 2012

US to face huge eco data risks this week

Asian markets will be exceptionally quiet next week. Only a pair of central bank minutes are due out - one from the RBA on Monday and the other from the BoJ on Tuesday — and will be parsed for clues regarding recent and future expected policy actions in the wake of stimulus measures provided by both central banks.

European markets will be relatively more subdued in terms of risk influences upon markets in comparison to developments in the US. Italy is expected to approve the ESM apparatus and fiscal pact. US markets will face enormous risk on each of the corporate earnings, policy, and economic fundamentals calendars next week. Data risk will kick off the week with retail sales expected to come in largely flat on Monday.
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2012-07-16 09:00 GMT | EMU - Consumer Price Index (June)
2012-07-16 12:30 GMT | Canadian portfolio investment in foreign securities
2012-07-16 12:30 GMT | US - Retail Sales (Jun)
2012-07-16 14:00 GMT | US - Business Inventories (May)

2012-07-15 22:42 GMT | Market response to Bernanke could be savage - NAB
2012-07-15 22:22 GMT | AUD/USD quiet around 1.0250, eyes 0.618 Fibo resistance
2012-07-15 22:16 GMT | ECB views on bondholders losses makes a ‘risk-off’ turn
2012-07-15 22:02 GMT | China has ‘relatively big’ room to cut RRR - Xinhua

EURUSD : 1.22412 / 1.22417
DAILY WEEKLY MONTHLY

1.2293 : 1.2283 : 1.2265
1.2237 : 1.2227 : 1.2209

MARKET ANALYSIS - Intraday Analysis

Technicals continue to read bearish, with a new 2-year low and all signals in sell territory. However, the RSI at 36 warns of EUR approaching oversold levels. Stochastic has crossed over into oversold territory, indicating that this pair could see an upward correction in the near future. The pair has reached its minimum in the last two years, having fallen from a peak of 1.2247 reaching its lowest level at 1.2165. If today the pair is able to break the key support at 1.2165, the next level is 1.2150, while breaking the 1.2250 resistance may postpone the attainment of these expectations. If it is successfully pushed back down then it could fall to the 1.2125; if, however, it breaks out higher than it would rally to 1.2300.

GBPUSD 1.55717 / 1.55727
DAILY WEEKLY MONTHLY

1.5639 : 1.5607 : 1.5590
1.5563 : 1.5526 : 1.5403

MARKET ANALYSIS - Intraday Analysis

Technicals are neutral and confused after Friday’s surges in prices expect a rally to the.382 Fibonacci at 1.5595 and then a move back to the S5 at 1.5400. A break up would target the 1.5700. Most long-term technical indicators place this pair in neutral territory, meaning that at present there is no defined trend. Most likely the pair will try to test support at 1.5570, while breaking the level of 1.5575 would delay the realization of these expectations.

USDJPY : 79.126 / 79.131
DAILY WEEKLY MONTHLY

79.735 : 79.435 : 79.270
79.035 : 78.845 : 78.655

MARKET ANALYSIS - Intraday Analysis

Technicals are bearish - trading towards the lower end of recent range, with support at 200 day MA 79.03, Price is currently at 79.10 sitting right on the support line, just below the .500 Fibonacci at 79.17 in a sideways choppy move. A break of this will confirm the move to 79.00. A breakdown there looks for the double bottom at 77.67 but before we could see a move toward 78.80. While the daily chart’s MACD/MA has formed a bearish cross, indicating that this pair could see downward movement in the near future, most other technical indicators show this pair range-trading. Just a reminder, Japanese markets are on holiday today.

Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)[/B]

alayoua · July 17, 2012, 5:47am

[B]Market Overview by FXCC July 17 2012

Fed Chairman Bernanke begins his testimony before congress today.

Asian markets started off mixed today, after Wall Street tumbled over an unexpected fall in retail sales in June.The Nikkei opened 0.19 %, or 16.86 points, higher at 8,740.98 this morning, but soon dropped into negative territory. In Hong Kong, shares climbed 1.39 %. The Hang Seng Index added 266.29 points to 19,387.63. Investors will continue to be cautious before a slew of US high risk eco data, including June industrial output as well as Fed Chairman Ben Bernanke’s two-day testimony in Congress due today.

Markets stressed over global growth worries after the International Monetary Fund on Monday trimmed its 2012 global growth forecast to 3.5 % from its 3.6 % forecast three months ago. US retail sales fell by 0.5 % last month, the Commerce Department reported. Most analysts estimated an increase 0.2 %. The Dow Jones fell 49.88 points (0.39 %), closing at 12,727.21. The US dollar spent the day on a rollercoaster; bring its trading partners up and down throughout the trading day, the euro dipped as low as 1.2167
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UPCOMING EVENTS :
2012-07-17 08:30 GMT UK - Consumer Price Index (Jun)
2012-07-17 09:00 GMT UK - BoE’s Governor King Speech
2012-07-17 09:00 GMT EMU - ZEW Survey - Economic Sentiment (Jul)
2012-07-17 09:15 GMT All - G7 Meeting

FOREX NEWS :
2012-07-17 04:24 GMT GBP/USD trades at 2-wk highs, UK data ahead
2012-07-17 04:19 GMT EUR/USD around 1.2300 ahead of ZEW
2012-07-17 03:50 GMT Forecast UK CPI inflation to fall to 2.7% in June - RBS
2012-07-17 03:27 GMT EURJPY continues at risk; three month target at 94 - UBS

EURUSD : 1.22843 / 1.22845
DAILY WEEKLY MONTHLY

1.2426 | 1.2358 | 1.2312
1.2244 | 1.2198 | 1.2130

SUMMARY : Down
TREND : Down trend
MA10 : Bullish
MA20 : Bearish
STOCHASTIC : Oversold

MARKET ANALYSIS - Intraday Analysis

Long term technicals remain bearish, with all signals in sell territory. Prices rose to take out resistance at 1.2249 after breaking above key support at 1.2177, a level dating to 2010. The bulls now aim to challenge upside barriers at 1.2333 and 1.2433. Near term signals are all reading bullish. The 1.2249 level has been recast as near-term support. Back to our daily charts, RSI remains below 60 after tagging 30, showing maintenance of a bearish momentum. And we can see a negative reversal signal with the RSI where price high was lower, while the RSI high was higher. Supports are seen at 1.2162 and then at 1.2100 whereas resistance levels are seen at 1.2314 and then at 1.2330, which is the 10-DMA line.

GBPUSD : 1.56544 / 1.56554
DAILY WEEKLY MONTHLY

1.5816 | 1.5735 | 1.5680
1.5599 | 1.5544 | 1.5463

SUMMARY : Up
TREND : Up trend
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Overbought

MARKET ANALYSIS - Intraday Analysis

Technicals all support a bullish move today between the 9 & 21 day MA’s 1.5622 and 1.5689, respectively, The late strong rally has negated the bearish signals, however bias remains to the downside given the bearish bias of indicators. As for the key levels - there aren’t any significant key levels now. The immediate intra-day bias is now on the upside above 1.5550. Break below 1.5500 may bring re-test on the last week’s low near 1.5390. Supports are seen at 1.5518 and then at 1.5427 whereas resistance levels are seen at 1.5713 and then at 1.5734.

USDJPY : 78.922 / 78.928
DAILY WEEKLY MONTHLY

79.645 | 79.425 | 79.140
78.620 | 78.400 | 78.105

SUMMARY : Down
TREND : Down trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Oversold

MARKET ANALYSIS - Intraday Analysis

Technicals remain bearish and the pair has breached of 200 day MA at 79.04 which should allow for further decline. As the pair broke the 79.00 level nothing significant has happened. The move down remains extremely choppy and the decline is so slow, that this can hardly be said to be a downtrend. A move above 79.10 will simply turn the hourly chart neutral. Supports are seen at 78.65/61 and then at 78.10 whereas resistance levels are seen at the 200-DMA line at 79.02 and then at 79.40.

Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)[/B]

alayoua · July 18, 2012, 6:38am

Market Overview by FXCC July 18 2012

Fed Bernanke Keeps Mum… no additional clues

Asian markets have started the day off mixed after US markets rebounded amid hopes for further monetary easing in the United States. The comeback was triggered after Federal Reserve Chief Ben Bernanke gave a gloomy assessment of the economy to Congress and said the Fed would act if the situation worsened, exactly as he had stated after the June FOMC meeting and as stated in the FOMC minutes. In New York, the Dow Jones Industrial Average closed at 12,805.54 on Tuesday, gaining 78.33 points (0.62 per cent) and more than erasing Monday’s losses.

The Nikkei 225 index at the Tokyo Stock Exchange opened up 41.15 points at 8,796.15 this morning. The Hang Seng Index was off by 77.12 points, or 0.4 per cent, to 19,378.21in early trading. Market focus will shift back to the eurozone as we should see Spain and Italy back in the spotlight. Commodities and currencies ended pretty much where they had begun the day.
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UPCOMING EVENTS :
2012-07-18 08:30 GMT UK - Bank of England Minutes
2012-07-18 09:00 GMT EMU - Construction Output s.a (May)
2012-07-18 12:30 GMT US - Building Permits (Jun)
2012-07-18 14:00 GMT US - Fed’s Bernanke testifies

FOREX NEWS :
2012-07-18 04:40 GMT NZD/USD may enter fresh 0.8005-0.8075 range soon
2012-07-18 04:29 GMT GBP/USD steady around 1.5650 ahead of BoE
2012-07-18 04:17 GMT EUR/USD failing to break above 1.2300
2012-07-18 04:11 GMT China House Price Index flat at -1.5% in Jun

EURUSD : 1.22836 / 1.22842
DAILY WEEKLY MONTHLY

1.2472 | 1.2394 | 1.2345
1.2218 | 1.2140 | 1.2091

SUMMARY : Down
TREND : Down trend
MA10 : Bullish
MA20 : Bearish
STOCHASTIC : Oversold

MARKET ANALYSIS - Intraday Analysis

Technicals remain bearish, but a breach above last week’s high of 1.2336 could change the outlook. The EURUSD rally from 12161 is corrective which can often be a choppy, sideways affair. The initial stop is above 12440. This rally extended to above 1.23 by the today’s Asian session. The 1.2320-1.2330 area is the resistance of a previous near-term consolidation. RSI in the four-hour chart is almost 60. If the market is to retain the bearish momentum in this time-frame, the RSI reading tends to find resistance at 60. The one-hour RSI is showing some bearish divergence. A break above 1.2330 exposes the 1.24 key resistance level.

GBPUSD : 1.56427 / 1.56434
DAILY WEEKLY MONTHLY

1.5834 | 1.5756 | 1.5710
1.5586 | 1.5508 | 1.5462

SUMMARY : Up
TREND : Up trend
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Overbought

MARKET ANALYSIS - Intraday Analysis

Technicals remain bullish with a shift to neutral with strong resistance at 50 day MA 1.5647 could limit further gain. The sterling rally has carried price into channel resistance. Resistance is reinforced by the low at 15641 and channel that defines the rally from 15392. The pair continued to struggle around SMA 50 but the bullish sign on Stochastic remains intact. Our outlook keeps the bullish scenario for the rest of the day; noting that a break above 1.5680 will confirm and accelerate the bullish direction towards 1.5780.

USDJPY : 78.993 / 78.999
DAILY WEEKLY MONTHLY

79.585 | 79.380 | 79.230
78.880 | 78.675 | 78.525

SUMMARY : Down
TREND : Down trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Oversold

MARKET ANALYSIS - Intraday Analysis

Technicals remain mixed and are hovering close to key 200 day MA 79.05 and declines are limited below 78.80. The pair has reached the -2nd Bollinger band for the first time since early June. The pair has been trapped within a very narrow range since attempting to stabilize at the 79.00 levels. Meanwhile, RSI 14 continued to stabilize below the value of 50.00 suggesting further losses over intraday basis. 7890 is the important support line, if price breaks through we could see a decline to the wide support zones between 78.20 and 77.95. The current trading range is between the key support at 77.60 and key resistance at 80.30.

Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)

alayoua · July 20, 2012, 3:46am

[B]Market Overview by FXCC July 20 2012

The USD is weakened by lackluster jobs data as earnings soar.

Asian stocks are trading mixed early this morning with gains in China and Japan whereas the Kospi and Hang Seng indices show slight declines. The euro has also given up its overnight gains as it trades below the 1.23$ mark. Weaker jobs data from the US has increased pressure for the world’s largest economy. European shares soared to a four month high on Thursday as another string of estimate-beating corporate results surprised investors who had braced for a weak show. U.S. Stocks closed higher for a third-straight session in choppy trading Thursday, with the S&P 500 hitting its best level since May, but gains were limited following some disappointing economic reports that underscored ongoing weakness in the recovery.

On the economic front, German PPI is to be closely watched. These are expected to come in higher at -0.20%, versus the -0.30% previously. This could provide affect support to the euro in the European session. There are no major data releases from the U.S. Crude oil and gold continued to climb in yesterday’s session with tensions in the mid east rising pressurizing prices
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UPCOMING EVENTS :
2012-07-20 06:00 | GMT Germany - Producer Price Index (Jun)
2012-07-20 08:30 | GMT UK - Public Sector Net Borrowing (Jun)
2012-07-20 n/a | EMU - European Council meeting
2012-07-20 12:30 GMT | CAD - Consumer Price Index (Jun)

FOREX NEWS :
2012-07-20 04:26 GMT | EUR/USD waiting for Eurogroup below 1.2300
2012-07-20 02:35 GMT | USD/JPY at session lows, bear trend intact
2012-07-20 02:32 GMT | EUR/JPY at session lows below 96.50
2012-07-20 01:45 GMT | EUR/USD set to end week unchanged

EURUSD: 1.22628 / 1.22632
DAILY WEEKLY MONTHLY

1.2417 | 1.2370 | 1.2324
1.2231 | 1.2184 | 1.2138

SUMMARY : Down
TREND : Down trend
MA10 : Bullish
MA20 : Bearish
STOCHASTIC : Overbought

MARKET ANALYSIS - Intraday Analysis

The pair has worked out the Flag figure and declined to 1.21813. Despite the attempt above 1.2316, there is nothing about the action to suggest that this is an important turn. It’s possible that a high is already in place at 1.2316 but any additional strength should be capped by 1.2333. The pair managed to move above the middle resistance. It retested the level and is now trying to recapture 1.23. This upward move is probably a correction and the downtrend will resume toward 1.20. Support lies at 1.2210 and 1.2160.

GBPUSD : 1.57021 / 1.57026
DAILY WEEKLY MONTHLY

1.5856 | 1.5796 | 1.5756
1.5656 | 1.5596 | 1.5556

SUMMARY : [/B]Up
[B] TREND : Up trend
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Overbought

MARKET ANALYSIS - Intraday Analysis

Signals are bullish as near term resistance at the 50 day MA 1.5629 has been broken, the pair is aiming to the MA 100 at 1.57071. The technical pattern is being reinforced by resistance created by the 1.5740 June 17th high. Further barriers above are likely to compound the sentiment, at the 1.5750 figure. MACD is additionally supportive of a short term retracement, showing a sharp bearish divergence in the hourly time frame. Supports are seen at the 21-DMA line at 1.5585 and then at the 10-DMA line at 1.5563. On the other hand, resistance levels are seen at 1.5722 and then at 1.5731 which is the 21-DMA upper Bollinger level.

USDJPY: 78.614 / 78.619
DAILY WEEKLY MONTHLY

79.245 | 79.025 | 78.885
78.525 | 78.300 | 78.165

SUMMARY : Down
TREND : Down trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Oversold

MARKET ANALYSIS - Intraday Analysis

Technicals remain bearish and the decline continues following breach of 200 day MA 79.07 but signals are moving to the overbought zone. The pair is completing a Head and Shoulders, the first aim was 79.070 which is has broken and the 2nd aim is at 78.345 to complete the move. It has breached temporary support from the lower channel line of the move down and it is possible it may rebound from here although there is not strong reversal pattern yet. A move above the 76.4% Fibonacci line at 79.02 would encourage an upward reaction.

Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)[/B]

alayoua · July 23, 2012, 3:26am

[B]Market Overview by FXCC July 23 2012

Spain Weighs On Global Markets

US markets closed down after worries about Spain continued to flourish. After positive earnings reports all week, markets slumped on Friday. This morning Asian markets are tumbling following Wall Street’s lead. Global markets are not in such a positive mood this Monday morning, and the catalysts behind this mood swing are fairly thin but rooted in intensifying concerns about funding pressures affecting stressed European sovereign credits and China’s persistent bias in favor of tight property lending conditions.

Currency markets are reinforcing the negative mood with almost all of the major crosses pushing lower against the USD except for the yen. The commodities complex is also correcting lower with oil and gold off and mixed performances being put in across the metals and agricultural commodities. Spain’s funding costs are getting are surging with the 10 year note back up above 7% at the time of writing.
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UPCOMING EVENTS :
2012-07-23 07:00 GMT | Switzerland - Monthly Statistical Bulletin (Jul)
2012-07-23 12:30 GMT | US - Chicago Fed National Activity Index (Jun)
2012-07-23 14:00 GMT | EMU - Consumer Confidence (Jul)
2012-07-24 02:30 GMT | China - HSBC Manufacturing PMI (Jul)

FOREX NEWS :
2012-07-23 04:42 GMT | GBP/USD down 0.3%, support at 1.5550
2012-07-23 04:22 GMT | EUR/USD trading at fresh 2-year lows above 1.2100
2012-07-23 03:54 GMT | GBP/JPY hits fresh 6-week low sub-122.00
2012-07-23 03:45 GMT | EUR/JPY drops below 95.00, MoF watching closely

EURUSD : 1.20996 / 1.21001
DAILY WEEKLY MONTHLY

1.2216 | 1.2159 | 1.2136
1.2080 | 1.2026 | 1.1969

SUMMARY : Down
TREND : Down trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Oversold

MARKET ANALYSIS - Intraday Analysis

Technicals are bearish- 1.22 is key psychological level to watch as movement declines from congestion near 1.2150. Price is currently holding at 1.2113, with strong resistance at 1.2100. Short term and long signals are all aligned with strong sell signals. Our outlook remains bearish. MA’s are all in the red, Stochastic is reading sell and MACD and ADX support the bearish bias. The question is how far can the euro fall? 1.21 is going to be a difficult number to break through. There is a strong chance that the pair will be rangebound between the 1.21 to 1.22 level today.

GBPUSD : 1.55666 / 1.55672
DAILY WEEKLY MONTHLY

1.5694 | 1.5653 | 1.5616
1.5552 | 1.5515 | 1.5480

SUMMARY : Neutral
TREND : Up trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Overbought

MARKET ANALYSIS - Intraday Analysis

Technicals remain neutral - unable to breach 200 day MA 1.5751 suggests limited upside potential; with downside support is at 50 day MA 1.5622 which was shattered in early trading. The pair just fell right through the support line and continued to decline. This does not change our outlook for today, we remain neutral. Short term signals are reading bearish, but when we move out to near term and long term, signals are mixed and confused.

USDJPY : 78.067 / 78.069
DAILY WEEKLY MONTHLY

78.810 | 78.605 | 78.425
77.985 | 77.800 | 77.645

SUMMARY : Down
TREND : Down trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Oversold

MARKET ANALYSIS - Intraday Analysis

Technicals are bearish with RSI at 38 indicates potential for continued decline. Congestion at 78.20 - 78.00 is likely, with significant support expected at 78.00. If the pair breach the 78.00 then a run to 77.15 is likely. Short term and long term are all in the red and our bias is bullish. The pair at this writing is close to the 78.15 mark, keep an eye on the 78.00, it will tell the story.

Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)[/B]

alayoua · July 24, 2012, 5:39am

[B]Market Overview by FXCC July 24 2012

Eurozone problems finally come to rest in Germany.

As if the markets could not take one more blow, yesterday, Moody’s Investor Service took the first step toward stripping Germany of its coveted AAA credit rating, cutting the outlook for Europe’s largest and most pivotal economy to “negative”.Delivering a stark warning on Monday that no one is immune from the eurozone’s rolling crisis, the ratings agency lowered Germany’s credit outlook from “stable” to “negative”. A similar move was announced for fellow AAA ranked economies, the Netherlands and Luxembourg. US stocks have skidded amid a global sell-off on renewed eurozone sovereign debt concerns that Spain was headed for a bailout and Greece could exit the eurozone. Spain’s borrowing costs on Monday struck highs considered unsustainable, sparking fears that the eurozone’s fourth-largest economy may require a bailout.

The Dow Jones Industrial Average recovered from a loss of over 200 points to close at 12,721.46, down 101.11 points, or 0.79 per cent, putting in a second straight day in negative territory. Asian equities this morning have opened down, but seem to be on hold as investors digest yesterday’s Wall Street action and try to interpret the Moody’s downgrade.
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UPCOMING EVENTS :
2012-07-24 07:58 GMT | EMU - Markit Manufacturing PMI (Jul)
2012-07-24 08:30 GMT | UK - BBA Mortgage Approvals (Jun)
2012-07-24 12:30 GMT | CANADA - Retail Sales (May)
2012-07-24 12:58 GMT | US - Markit Manufacturing PMI (Jul)

FOREX NEWS :
2012-07-24 04:59 GMT | Yen poised to outperform in general - BBH
2012-07-24 04:30 GMT | EUR/USD below 1.2150 ahead of Spanish auction
2012-07-24 04:21 GMT | GBP/USD stagnant above 1.55 ahead of Europe
2012-07-24 03:25 GMT | AUD/USD, 1.03 proves tough; RBA speech underway

EURUSD : 1.21226 / 1.21232
DAILY WEEKLY MONTHLY

1.2233 | 1.2189 | 1.2156
1.2079 | 1.2035 | 1.2002

SUMMARY : Down
TREND : Down trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Oversold

MARKET ANALYSIS - Intraday Analysis

Technicals are bearish, all signals point same direction; RSI at 31 still has some downside room. But we see a choppy sideways rally from the 1.2160 area to the 1.2320 area. The euro’s strong downtrend continues to be in place as the prices have remained firmly below the declining 21-day moving average. Below 1.2145 we have the next Fibonacci level at 1.1820 and this is now the next downside target. Supports are seen at the 21-DMA lower Bollinger line 1.2055, followed by 1.1985 and 1.1957 with resistance levels at the 10-DMA line at 1.2231 and then at 1.2282.

GBPUSD : 1.55254 / 1.55262
DAILY WEEKLY MONTHLY

1.5715 | 1.5663 | 1.5590
1.5465 | 1.5416 | 1.5340

SUMMARY : Down
TREND : Down trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Overbought

MARKET ANALYSIS - Intraday Analysis

Technicals remain bearish breaching support at 50 day MA 1.5540 leaves 1.5450 as next important level for support; bullish MACD stands in contrast to other bearish indicators. The daily trend remains sideways but our outlook continues to point lower. A move below 1.5390 will virtually confirm the bearish bias and should lead to the long-anticipated downside acceleration toward 1.35 eventually. Supports are seen at 1.5414, 1.5393 and then at 1.5375, with resistance levels at the 55-DMA line at 1.5654 and then at 1.5738.

USDJPY : 78.323 / 78.328
DAILY WEEKLY MONTHLY

79.055 | 78.765 | 78.530
78.000 | 77.710 | 77.475

SUMMARY : Down
TREND : Down trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Oversold

MARKET ANALYSIS - Intraday Analysis

Technicals remain bearish flirting with 78.00, RSI approaches 30; support at June low of 77.66 The USD fell below our stop level at 78.61, which proved to be inadequate. In the short term the immediate pressure is on the downside, but the larger-degree trend is sideways. The downside will likely be limited and a move below 76.00 will not occur at this stage. On the upside, we need a firm and sustained break above 80.60 any major shift.

Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)[/B]

alayoua · July 26, 2012, 6:43am

[B]Market Overview by FXCC July 26 2012

Markets take a breather.

Stock markets were in a somewhat more encouraging mood yesterday during day. Currency markets were dumping the USD in favor of a broad basket of other currency crosses including the euro, A$ and CAD among others. Equity markets are feeling the love with all European benchmarks enjoying a positive lift albeit across a wide range from the FTSE100’s small gain to a 2% rise in Spain. US markets ended fairly flat after housing data disappointed. The bond safe havens are getting marginally dumped with yields on US, Canadian and German 10s rising while yields on Spanish and Italian 10s are moving slightly away from the abyss. Commodity markets are also enjoying a lift with most major categories gently bid.

One possible rationale for a more positive risk-on market bias this morning can be traced to comments by ECB council member Ewald Nowotny. Nowotny remarked that there are “pro arguments” to be made for granting the European Stability Mechanism (ESM) a banking license which is significant because theoretically it would give it access to the ECB window and thus be a back door approach to further policy easing beyond the ESM’s current funding limitations. I would think Germany and the Bundesbank roots to the ECB would remain steadfastly opposed to this policy option given long run inflation considerations but also given the danger that it could well hand the keys to monetary policy over to a much more politicized institution that could derail the ECB’s policy credibility over the long run.
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UPCOMING EVENTS :
2012-07-26 08:00 GMT | EMU - M3 Money Supply) (Jun)
2012-07-26 09:30 GMT | EMU - ECB President Draghi’s Speech
2012-07-26 12:30 GMT | US - Durable Goods Orders (Jun)
2012-07-26 14:00 GMT | US - Pending Home Sales (Jun)

FOREX NEWS :
2012-07-26 04:39 GMT | EUR/USD below 1.2165, all eyes on Draghi
2012-07-26 04:24 GMT | GBP/USD limited below 1.55 ahead of Europe
2012-07-26 03:32 GMT | BoC first rate hike not expected till 2013Q3 - Rabobank
2012-07-26 03:20 GMT | UK GDP Q2 bad enough for BoE to consider 25bp cut - UBS

EURUSD : 1.21452 / 1.21457
DAILY WEEKLY MONTHLY

1.2303 | 1.2236 | 1.2188
1.2073 | 1.2006 | 1.1958

SUMMARY : Down
TREND : Down trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Oversold

MARKET ANALYSIS - Intraday Analysis

Technicals are bearish, but risk reward is poor. A close above 1.2163 would be temporarily bullish. The dip didn’t quite make 12000 but today’s rally triggers an intraweek reversal and is enough for me turn bullish against the low 12040. There is no guarantee of course that a low is in place but there is enough evidence to act. RSI failed to break below 30 at the most recent low, which is often a sign that the trend has exhausted. 12110 is support. Supports are seen at the key 1.2110 level, followed by 1.2053 levels and resistance levels are seen at the 10-DMA line at 1.2204, 1.2230 and then at 1.2282.

GBPUSD : 1.54892 / 1.54896
DAILY WEEKLY MONTHLY

1.5629 | 1.5590 | 1.5537
1.5445 | 1.5406 | 1.5353

SUMMARY : Down
TREND : Down trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Oversold

MARKET ANALYSIS - Intraday Analysis

Technicals remain bearish - MACD has turned to a bearish signal, joining other indicators; congestion at 1.5500-1.5400. The pair breached the key support level of 1.54799 and continued through the next target level of 1.54503. Supports are seen at 1.5414 and then at 1.5375 andresistance levels are seen at 1.5552 and then at 1.5596. Short term technical continue to read bearish but are moving towards oversold, where as longer term technicals remain bearish support the overall bearish bias.

USDJPY : 78.162 / 78.166
DAILY WEEKLY MONTHLY

78.760 | 78.425 | 78.235
78.030 | 77.825 | 77.575

SUMMARY : Down
TREND : Down trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Oversold

MARKET ANALYSIS - Intraday Analysis

Technicals remain bearish and further downward movement is expected as technicals have not yet moved to oversold ( note Stochastic keeps edging into oversold territory ).The pair are range trading and at present are in the middle of the range. The downside is favored below 78.05 The pair has broken out of a descending channel and is expected to fall to targets in the region of 77.65 and then 77.30. It has reached the 61.8% Fibonacci and so there is a possibility of a recovery with the next target at the trend-line again at 78.40. A move lower, however, would have to breach the 78.05 level. Supports are seen at 78.08 and then at 77.94 and resistance levels are seen at 78.39 and then at 78.67.

Source: FX Central Clearing Ltd, (ECN Forex Trading| Forex Rates | Forex Market | FXCC)[/B]

alayoua · July 30, 2012, 6:18am

[B]Market Overview by FXCC July 30 2012

Asian markets rise on hopes for Eurozone action

The week is starting higher, with the Asian markets on the “green” as the Fed, ECB and BoE prepare a new round of policy decisions and the respective announcement. Japan’s Nikkei Stock Average (+0.55%), South Korea’s Kospi (+0.79%), Australia’s S&P/ASX 200 (+0.95%), Hong Kong’s Hang Seng (+1.50%) edged higher, following the market mood triggered by news of action to be taken by the ECB/EFSF to tackle the debt crisis and pressure over Spain and Italy.

Futures for the German DAX 30 and French CAC 40 are signaling a lower open by -0.40% in a corrective movement from Friday’s rally. Spain and Italy will be selling debt during the European session, including Italian 10-year bonds. WTI crude oil trades at 90.33 (+0.25%) and Gold is quoting at 1618 (-0.30%).
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https://support.fxcc.com/email/technical/30072012/

UPCOMING EVENTS :
2012-07-30 08:30 GMT | UK - Consumer Credit (Jun)
2012-07-30 09:00 GMT | EMU - Consumer Confidence (Jul)
2012-07-30 10:00 GMT | UK - CBI Distributive Trades Survey (Jul)
2012-07-30 14:30 GMT | US - Dallas Fed Manufacturing Business Index (Jul)

FOREX NEWS :
2012-07-30 06:35 GMT | GBP/USD in red ahead of UK data
2012-07-30 05:56 GMT | EUR/USD hovering over 1.2300
2012-07-30 04:20 GMT | EUR/JPY hovers around 95.50, below 21 EMA
2012-07-30 03:31 GMT | EUR/USD may attempt rally towards 1.25 this week - UBS

EURUSD : 1.22768 / 1.22771
DAILY WEEKLY MONTHLY

1.2522 | 1.2424 | 1.2332
1.2241 | 1.2172 | 1.2075

SUMMARY : Up
TREND : Downward penetration
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

The pair formed fresh high at 1.2390 on Friday and consolidated on the Asian session today. The main trend direction on the medium term is Bullish. Main tendency development is possible above our next resistance level at 1.2332 (R1). Further appreciation might then be limited by 1.2424 (R2) and 1.2522 (R3) levels. The downside movement is protected by next support at 1.2241 (S1). Confident surpassing of this level will open road to the target at 1.2172 (S2).

GBPUSD : 1.56971 / 1.56974
DAILY WEEKLY MONTHLY

1.5893 | 1.5834 | 1.5768
1.5666 | 1.5591 | 1.5523

SUMMARY : Up
TREND : Downward penetration
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

Today in focus UK Mortgage Approvals release at 08:30 GMT in the European trading session. From the technical side further upside trend development is the main scenario however correction is possible. Breaking out of next resistance level at 1.5768 (R1) would suggest next targets at 1.5834 (R2) and 1.5893 (R3). Loss of our support at 1.5666 (S1) would suggest next target at 1.5591 (S2). Further retracement is limited by last support level at 1.5523 (R3) intraday.

USDJPY : 78.362 / 78.366
DAILY WEEKLY MONTHLY

79.05 | 78.87 | 78.68
78.26 | 78.06 | 77.86

SUMMARY : Up
TREND : Downward penetration
MA10 : Bearish
MA20 : Bullish
STOCHASTIC : Overbought

MARKET ANALYSIS - Intraday Analysis

After the few days moving in sideways Instrument made an attempt on Friday to go higher and formed fresh high at 78.68, currently our next resistance level. Today pair might try to retest this level later on today. A break above the resistance level at 78.68 (R1) would suggest next target at 78.87 (R2). If the price holds its momentum on the upside we can expect a further rise towards to 79.05 (R3). On the other hand, if the price does not manage to break above 78.68 (R1) we can expect the pair to retest support at 78.26 (S1) and a further fall will be targeted at 78.06 (S2) and 77.86 (S3), the final one for today.

Source: FX Central Clearing Ltd, ( Forex Charts | Forex Exchange | ECN Forex Online | FXCC )[/B]

alayoua · August 1, 2012, 7:55am

[B]Market Overview by FXCC Aug 01 2012

China’s housing sector has begun to recover

Standard Chartered proprietary survey of 30 developers has just been released, supporting the bank’s macro-view that the sector has begun to recover. The bank concludes “land and apartment prices appear to have bottomed as appartment sales volumes pick up, with local policy loosening supporting the market” the report notes. While Standard Chartered believes it will be a long, hard slog back to boom, they are starting to gather growing positive indications that a recovery appears to have begun as noted above. “Our proprietary survey of 30 developers across the country suggests that apartment sales are rising in many cities, helped by price cuts and a shift in sentiment” the team adds.

The HSBC Manufacturing Purchasing Managers Index (PMI) remains in contractionary territory, having posted a 49.3 reading in July from a revised 48.2 in June, signaling only a marginal deterioration in Chinese manufacturing sector operating conditions, according to Markit Economics. The month-on-month increase in the index was the largest in 21 months, as manufacturing output rose for first time in five months.
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https://support.fxcc.com/email/technical/01082012/

UPCOMING EVENTS :
2012-08-01 08:30 GMT | United Kingdom Markit Manufacturing PMI (Jul)
2012-08-01 14:00 GMT | U.S. ISM Manufacturing PMI (Jul)
2012-08-01 18:15 GMT | United States Fed Interest Rate Decision
2012-08-01 18:15 GMT | United States Fed’s Monetary Policy Statement

FOREX NEWS :
2012-08-01 04:50 GMT | USD/JPY at attractive levels for establishing longs - RBS
2012-08-01 04:03 GMT | AUD/USD to hold its ground in the short term - OCBC
2012-08-01 03:15 GMT | GBP/JPY prints fresh weekly lows above 122.00
2012-08-01 01:39 GMT | USD/JPY bounces back to 78.00 after China PMI dip

EURUSD : 1.23136 / 1.23140
DAILY WEEKLY MONTHLY

1.2460 | 1.2390 | 1.2332
1.2249 | 1.2174 | 1.2099

SUMMARY : Up
TREND : Upward penetration
MA10 : Bearish
MA20 : Bullish
STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

Today major market drivers would be US ISM Manufacturing PMI announcement at 14:00 GMT and the US Fed Interest Rate Decision at 18:15 GMT. Technically, we expect increase of volatility later on today and break one of our suggested levels. Clearance of next resistance level at 1.2332 (R1) would open road to the next targets at 1.2390 (R2) and 1.2460 (R3). From the other side, loss of next support at 1.2249 (S1) might encourage executing of orders and drive market price towards to the next targets at 1.2174 (S2) and 1.2099 (S3) levels.

GBPUSD : 1.56709 / 1.56715
DAILY WEEKLY MONTHLY

1.5875 | 1.5804 | 1.5732
1.5625 | 1.5552 | 1.5469

SUMMARY : Up
TREND : Upward penetration
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

GBPUSD consolidated after the upwards movement on the last week and ready to go for new targets. Next news in focus from UK is Manufacturing PMI for July at 08:30 GMT that might push market higher or encourage deeper correction. Next important technical resistance stay at 1.5732 (R1), brake here is required for market expansion to the targets at 1.5804 (R2) and 1.5875 (R3). Failure to go higher might push markets to retest previous day low at 1.5625 (S1), which is currently our next support level. Brake here would suggest next target at 1.5552 (S2) and any further fall would then be limited by last support at 1.5469 (S3).

USDJPY : 78.143 / 78.146
DAILY WEEKLY MONTHLY

78.49 | 78.32 | 78.18
77.91 | 77.74 | 77.58

SUMMARY : Sideway
TREND : Down trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

From the technical side picture on the USDJPY is not clear. Market trades in consolidation mode and sentiment looks balanced. We suggest waiting for clear directional signal, any macroeconomic data release might affect current situation. Next resistance levels for today stay at 78.18 (R1) and 78.32 (R2) in focus. Support levels locates at 77.91 (S1) and 77.74 (S2).

Source: FX Central Clearing Ltd, ( Forex Charts | Forex Exchange | ECN Forex Online | FXCC )[/B]

alayoua · August 2, 2012, 5:44am

[B]Market Overview by FXCC Aug 02 2012

EUR/USD around 1.2250, the ECB has come

Despite London session ahead will bring almost no macro data EUR related but EU PPI at 09:00 GMT, today will be a busy day mainly focused on Spain with Italian PM Monti traveling to Madrid to meet Rajoy according to newspaper elpais.com, Spanish unemployment change at 07:00 GMT, and most importantly, Spanish Tesoro selling up to € 3B in different maturities from 2 to 10 years, with last 10 year bond yielding 6.43% in last auction, and closing yesterday at 6.72% after 4 day fall from euro era highs at 7.74% one week ago.

But that will only be an introduction to main risk event of the week for Euro, with ECB meeting delivering the interest rate statement at 11:45 GMT followed 45 minutes later by very much awaited Draghi’s speech, which will confirm or deny the expectations created past week with his words.
Read More
https://support.fxcc.com/email/technical/02082012/

UPCOMING EVENTS :
2012-08-01 09:00 GMT | EMU - Producer Price Index (YoY) (Jun)
2012-08-01 11:00 GMT | UK - BoE Interest Rate Decision
2012-08-01 11:45 GMT | EMU - ECB Interest Rate Decision
2012-08-01 14:00 GMT | US - Factory Orders (MoM) (Jun)

FOREX NEWS :
2012-08-02 04:28 GMT | GBP/USD steady below 1.5550; ECB, BoE eyed
2012-08-02 03:01 GMT | ECB may be building a bridge to nowhere - Megan Greene
2012-08-02 02:19 GMT | USD/JPY bulls trek above 78.50
2012-08-02 01:41 GMT | AUD/USD attacking 1.0480 resistance post Aus sales

EURUSD : 1.22534 / 1.22535
DAILY WEEKLY MONTHLY

1.2390 | 1.2332 | 1.2277
1.2217 | 1.2158 | 1.2100

SUMMARY : Down
TREND : Sideway
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Oversold

MARKET ANALYSIS - Intraday Analysis

EURUSD made an attempt to go higher yesterday but fail to establish positive bias and dropped below suggested support level at 1.2249. Today we expect further depreciation as main scenario however clearance of next resistance at 1.2277 (R1) will open way for next target attack at 1.2332 (R2). If we see loss of next support level at 1.2217 (S1), next expected targets would be at 1.2158 (S2) and 1.2100 (S3). Close attention to the important news releases today. EMU announce ECB Interest Rate Decision at 11:45 GMT.

GBPUSD : 1.55558 / 1.55567
DAILY WEEKLY MONTHLY

1.5732 | 1.5654 | 1.5583
1.5522 | 1.5458 | 1.5391

SUMMARY : Down
TREND : Sideway
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

Yesterday instrument broke our suggested support level at 1.5625 and successfully achieved next target at 1.5552. From the technical side intraday sentiment is negative as both moving averages are pointing down. Fall below support level at 1.5522 (S1) would suggest next targets at 1.5458 (S2) and 1.5391 (S3). On the other side, brake of next resistance at 1.5583 (R1) might lead to the development of correction with next intraday target at 1.5654 (R2). Appreciation above this level enable next target at 1.5732 (R3) and suggest us about the trend reversal. Today in focus Bank of England Interest rate decision and asset Purchase Facility release at 11:00 GMT as major market drivers.

USDJPY : 78.466 / 78.471
DAILY WEEKLY MONTHLY

78.82 | 78.68 | 78.54
78.31 | 78.12 | 77.92

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

MARKET ANALYSIS - Intraday Analysis

Market gained momentum yesterday and met our final target at 78.49. Volatility increase might be a signal of uptrend development and we expect new highs forming today. Next resistance holds at 78.54 (R1). Rise above this level will provide space for further appreciation towards to next expected target at 78.68 (R2), strong technical level. Brake here is required to enable higher target at 78.82 (R3). On the other hand, decrease of the price below next support level at 78.31 (S1) would suggest target at 78.12 (S2) and any further loss then will be limited by final support at 77.92 (S3).

Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)[/B]

alayoua · August 3, 2012, 7:57am

[B]Market Overview by FXCC Aug 03 2012

EUR/USD frozen; NFP the name of the game

London session ahead will be a quiet one in EUR macro data terms, with only some PMI figures coming from Spain, Italy, France, Germany, and the UE at 07:13, 07:43, 07:48, 07:53, and 07:58 respectively, all GMT, followed by UE retail sales at 09:00 GMT, with no critical auctions from the EZ sovereign front. Spain’s 10 year bond yields had yesterday biggest boost of all year going from as low as 6.6% to 7.25% highs, while Italian ones also skyrocketed above the 6.2%, while German ones plummeted again below the 1.3%, thus making risk premiums widen.

But the name of the game today is called the US NFP, which is played at 12:30GMT, and that’s what everybody will be waiting for, with expectations for the figure to be around the 100k, and unemployment rate to be unchanged at 8.2%, with anything below that being a bell ringing for Bernanke’s next QE3. US ISM non-manufacturing PMI will also capture traders eyes as it will probably bring more volatility to markets, more even so after decreasing Chinese PMI data, last one today being at 55.6, coming lower than previous.
Read More
https://support.fxcc.com/email/technical/03082012/

UPCOMING EVENTS :
2012-08-03 08:30 GMT | UK - Markit Services PMI (Jul)
2012-08-03 09:00 GMT | EMU - Retail Sales (MoM) (Jun)
2012-08-03 12:30 GMT | US - Nonfarm Payrolls (Jul)**
2012-08-03 14:00 GMT | US - ISM Non-Manufacturing PMI (Jul)

FOREX NEWS :
2012-08-03 04:30 GMT | GBP/USD consolidation expected ahead of NFP
2012-08-03 02:30 GMT | China HSBC China Services PMI: 53.1
2012-08-03 01:01 GMT | Next leg of crisis to prove more pronounced after ECB shocker - Nomura
2012-08-03 00:36 GMT | Clear signs that EUR/USD has further room to fall

EURUSD 1.21809 / 1.21814
DAILY WEEKLY MONTHLY

1.2332 | 1.2277 | 1.2217
1.2133 | 1.2068 | 1.2003

SUMMARY Down
TREND Down trend
MA10 Bearish
MA20 Bearish
STOCHASTIC Neutral

MARKET ANALYSIS - Intraday Analysis

ECB leaved interest rate unchanged and EURUSD showed positive reaction. Pair broke our expected resistance level at 1.5583 and met our final target at 1.5732. Later, marker reversed and our short target at 1.2332 was achieved. Major market driver for today would be United States Nonfarm Payrolls (Jul) release at 12:30 GMT. From technical side, we expect brake above our next resistance level at 1.2217 (R1) targeting 1.2277 (R2) and 1.2332 (R3). For short direction, loss of next support level at 1.2133 (S1) would enable next targets at 1.2068 (S2) and 1.2003 (S3) in extension.

GBPUSD 1.55146 / 1.55155
DAILY WEEKLY MONTHLY

1.5697 | 1.5626 | 1.5553
1.5490 | 1.5428 | 1.5361

SUMMARY Down
TREND Down trend
MA10 Bearish
MA20 Bearish
STOCHASTIC Neutral

MARKET ANALYSIS - Intraday Analysis

GBPUSD broke our suggested resistance level and further appreciation found our target at 1.5654. Than marked dropped below our support at 1.5522 and stabilized around this level. Potential is seen for break above 1.5553 level (R1), that will let for stronger appreciation and open initial targets at 1.5626 (R2) and 1.5697 (R3) levels. Downside development remains for now limited by next support level at 1.5490 (S1), with only clear break here would be a signal of market weakening with next targets at 1.5428 (S2) and 1.5361(S3).

USDJPY 78.208 / 78.214
DAILY WEEKLY MONTHLY

78.68 | 78.49 | 78.30
78.07 | 77.92 | 77.76

SUMMARY Sideway
TREND Down trend
MA10 Bearish
MA20 Bearish
STOCHASTIC Neutral

MARKET ANALYSIS - Intraday Analysis

USDJPY failed to develop positive bias and dropped below suggested support level at 78.31 and exposed our target at 78.12. Technically instrument remain trading in range. A break above the first resistance level of 78.30 (R1) would suggest a target at 78.49 (R2). If the price holds its momentum on the upside we can expect a further rise towards to 78.68 (R3). On the other hand, if the price does not manage to break next support at 78.07 (S1) we can expect the pair to retest support at 77.92 (S2) and any further fall than would be limited by 77.76 (S3).

Source: FX Central Clearing Ltd, ( Forex Signals | ECN Forex Broker | Forex Trade | FXCC )[/B]

alayoua · August 6, 2012, 4:21am

[B]Market Overview by FXCC Aug 06 2012

What’s in ECB policy toolbox in September?

After the ECB bluff last week, which saw Mr. Draghi falling short of concrete measures, the market, surprisingly, has turned optimsitic that the step up in ECB rhetoric means bond intervention is looming closer and closer. According to Standard Chartered research team, “we now see a rate cut in September, along with another LTRO and a looser collateral framework.” The bank adds: “We think Spain will accept a European bailout in the coming weeks, key to ensuring ECB market support.” Lastly, Standard Chartered, believes “the ECB buying is not a game-changer as there are still-sizeable risks in the euro area, including Italy.”

London session ahead will be another quiet one in terms of EUR related risk events, with only EU Sentix investor confidence at 08:30 GMT, before FED chairman Ben Bernanke speaks at 13:00 GMT. In the sovereign debt front no critical auctions will take place either, with Spanish 10 year bond yields closing Friday right below the 7% mark, and Italian ones at 6.08%. Both had a big relief Friday after jumping to the upside the day before. (fxstreet.com)
Read More
FXCC Market Update 06-08-2012

UPCOMING EVENTS :
2012-08-06 05:00 GMT | Japan Coincident Index (Jun)
2012-08-06 07:00 GMT | U.K. Halifax House Prices (Jul)
2012-08-06 08:30 GMT | E.M.U. Sentix Investor Confidence (Aug)
2012-08-06 23:01 GMT | U.K. BRC Retail Sales Monitor - All (YoY) (Jul)

FOREX NEWS :
2012-08-06 04:14 GMT | EUR/USD sticks to near 1.2400
2012-08-06 03:04 GMT | USD/JPY to gain ahead of BoJ meeting
2012-08-06 01:19 GMT | AUD/USD, close above 1.0550 paves way to 1.0640/70
2012-08-06 00:02 GMT | EUR/USD, risk rising of squeeze higher above 1.20-25 range

EURUSD : 1.23800 / 1.23804
DAILY WEEKLY MONTHLY

1.2595 | 1.2519 | 1.2443
1.2368 | 1.2298 | 1.2222

SUMMARY : Up
TREND : Up trend
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Overbought

MARKET ANALYSIS - Intraday Analysis

Friday EURUSD progressed above suggested resistance level at 1.2217 and met our final target at 1.2332. Medium term bias is positive now and we expect further appreciation on this week. However today we are not expecting significant volatility. The upside movement is limited by next resistance level at 1.2443 (R1). Surpassing of this level enable next target at 1.2519 (R2) and any further gain would be limited by last resistance at 1.2595 (R3). Without significant economic news announcement, consolidation looks reasonable today. The price progress below next support level at 1.2368 (S1) might expose next target at 1.2298 (S2).

GBPUSD : 1.56065 / 1.56069
DAILY WEEKLY MONTHLY

1.5789 | 1.5730 | 1.5667
1.5600 | 1.5536 | 1.5470

SUMMARY :Up
TREND : Upward penetration
MA10 : Bearish
MA20 : Bullish
STOCHASTIC : Overbought

MARKET ANALYSIS - Intraday Analysis

On Friday instrument moved upwards and recover some of previous week losses. We are not expecting significant move on the instrument today. However further appreciation is possible above next resistance level at 1.5667 (R1), a break here would suggest next target at 1.5730 (R2) and further rise will then be limited by 1.5789 (R3). Next support level stay at 1.5600 (S1), brake below it might provide a downside priority in direction for the remaining of the day. Next suggested target at 1.5536 (S2).

USDJPY : 78.422 / 78.427
DAILY WEEKLY MONTHLY

79.23 | 79.01 | 78.77
78.33 | 78.13 | 77.92

SUMMARY : Up
TREND : Sideway
MA10 : Bearish
MA20 : Bullish
STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

After the US Payroll announcement on Friday instrument advanced above our suggested resistance level at 78.07 and expose our final target at 78.68. Technically, USDJPY remain to be traded in sideways on the medium term. The crossing of moving averages on the Asian session could be considered as signal of possible correction ahead. Next support level at 78.33 (S1) protects now from possible retracement. Brake here might provide sufficient momentum and expose targets at 78.13 (S2) and 77.92 (S3). On the other side, further appreciation on this week is expected above next resistance level at 78.77 (R1) with next suggested targets at 79.01 (R2) and 79.23 (R3).

Source: FX Central Clearing Ltd, ( ECN Forex Brokers | Forex Converter | Forex Expert Advisors | FXCC )[/B]

alayoua · August 7, 2012, 8:53am

[b]Market Overview by FXCC Aug 07 2012

BoJ may tweak its operations again; no major policy changes

The BOJ is expected to leave its major policies unchanged at the meeting on August 8-9, unless USDJPY declines substantially, says Nomura strategist Yujiro Goto. “We think the Bank may tweak its operation slightly again to make its JGB buying operation easier” he said. This time, two new board members, Mr. Sato and Mr. Kiuchi, will attend the meeting for the first time. “If either or both of the new board members dissent against the governor, USDJPY would likely rise, but only until the market realizes that one or two dissents are unlikely to lead to any imminent radical policy shift” Mr. Goto notes. Nonetheless, “the new board members‟ inflation forecasts are likely to be more pessimistic and, thus, we think it worth watching for any changes to the BOJ’s economic and inflation assessments” Nomura strategist adds. Keep an eye on any discussion about BOJ foreign bond buying too, Mr. Goto concluded.

In the European session ahead, the June UK Industrial Production and Manufacturing data will be risk event for GBP, due for release at 08:30 GMT. Later in the day, the National Institute of Economic and Social Research GDP Estimate is scheduled for release at 14:00 GMT. (fxstreet.com)
Read More
FXCC Market Update 07-08-2012

UPCOMING EVENTS :
2012-08-07 08:30 GMT | United Kingdom. Industrial Production (YoY) (Jun)
2012-08-07 14:00 GMT | United Kingdom. NIESR GDP Estimate (3M) (Jul)
2012-08-07 18:30 GMT | United States. Fed’s Bernanke Speech
2012-08-07 23:50 GMT | Japan Trade Balance - BOP Basis (Jun)

FOREX NEWS :
2012-08-07 04:21 GMT | GBP/USD hovers below 1.56 late in Asia
2012-08-07 01:48 GMT | AUD bulls should keep closer eye on FED, ECB than RBA
2012-08-07 00:57 GMT | EUR/USD to continue resisting downside dips
2012-08-07 00:24 GMT | USD/JPY seeking test of US lows; Semi-official bids near 78.00

EURUSD : 1.23800 / 1.23803
DAILY WEEKLY MONTHLY

1.2595 | 1.2519 | 1.2443
1.2368 | 1.2298 | 1.2222

SUMMARY : Sideway
TREND : Downward penetration
MA10 : Bullish
MA20 : Bearish
STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

Market stabilized yesterday after the Friday’s gains. Medium term bias is positive however today we expect correction as main scenario. Our resistance levels remain the same as yesterday. Potential of going higher is seen above next resistance at 1.2443 (R1), surpassing of this level would suggest next targets at 1.2519 (R2) and 1.2595 (R3). If it fail to go higher, we might see further retracement development below next support at 1.2368 (S1) with next target at 1.2298 (S2). Achieving of the support levels might lead to the further instrument strengthening.

GBPUSD : 1.55719 / 1.55728
DAILY WEEKLY MONTHLY

1.5713 | 1.5666 | 1.5618
1.5574 | 1.5529 | 1.5490

SUMMARY : Sideway
TREND : Downward penetration
MA10 : Bearish
MA20 : Bullish
STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

Today in focus United Kingdom Industrial Production release at 08:30 GMT. Pair is quoting roughly -0.10% below its opening price and we expect increasing of the volatility later on today. Technically next support level locates at 1.5574 (S1), pushdown of the price is possible below this level. We suggest next targets at 1.5529 (S2) and 1.5490 (S3). Failure to go lower suggested support level will put in focus our resistance level at 1.5618 (R1), brake here would suggest next targets at 1.5666(R2) and 1.5713 (R3).

USDJPY : 78.274 / 78.278
DAILY WEEKLY MONTHLY

78.77 | 78.57 | 78.37
78.13 | 77.92 | 77.70

SUMMARY : Up
TREND : Upward penetration
MA10 : Bullish
MA20 : Bearish
STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

Today we have important news from Japan that might establish trading tone for Asian session - Japan Trade Balance at 23:50 GMT. Technically, USDJPY remain to be traded in range mode. Successful attack of next resistance level at 78.37 (R1) will provide market with a new target at 78.57 (R2). On the other hand, possible execution of protective orders below next support level at 78.13 (S1) might drive market price toward to our suggested targets at 77.92 (S2) and 77.70 (S3).

Source: FX Central Clearing Ltd, ( Forex Calendar | Forex Trading Strategies | ECN Trading Forex | FXCC )[/b]