Daily Technical Analysis by FXCC

[alayoua]

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

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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.

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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.

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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, (http://www.fxcc.com)

[alayoua]

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.

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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.

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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, (http://www.fxcc.com)

[alayoua]

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

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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.

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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, (http://www.fxcc.com)

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[alayoua]

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

SUMMARY| Down

TREND| Down trend

MA10 | Bearish

MA20 | Bearish

STOCHASTIC | Oversold

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.

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GBPUSD 1.55717 / 1.55727

DAILY WEEKLY MONTHLY

1.5639 : 1.5607 : 1.5590

1.5563 : 1.5526 : 1.5403

SUMMARY | Neutral

TREND | Up trend

MA10 | Bullish

MA20 | Bullish

STOCHASTIC | Neutral

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.

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USDJPY : 79.126 / 79.131

DAILY WEEKLY MONTHLY

79.735 : 79.435 : 79.270

79.035 : 78.845 : 78.655

SUMMARY | Down

TREND | Down trend

MA10 | Bearish

MA20 | Bearish

STOCHASTIC | Oversold

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, (http://www.fxcc.com)

[alayoua]

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

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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.

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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.

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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, (http://www.fxcc.com)

[alayoua]

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

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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.

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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.

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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, (http://www.fxcc.com)

[alayoua]

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

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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.

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GBPUSD : 1.57021 / 1.57026

DAILY WEEKLY MONTHLY

1.5856 | 1.5796 | 1.5756

1.5656 | 1.5596 | 1.5556

SUMMARY : Up

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, (http://www.fxcc.com)

[alayoua]

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

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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, (http://www.fxcc.com)

[alayoua]

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, (http://www.fxcc.com)

[alayoua]

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, (http://www.fxcc.com)

[alayoua]

Market Overview by FXCC July 27 2012

ECB's Draghi's vow to save the monetary union sends markets climbing.

Concerns are also growing about global growth. The IMF said in a report today that China's slowing economy faces significant downside risks and relies too much on investment. While the economy “seems to be undergoing a soft landing”. US stocks advanced ahead of a report that may show demand for new homes rose in June and amid concern Spain may need a full bailout as Europe's debt crisis worsens. Broadcom Corp rose 2.6% after it forecast third- quarter sales that may beat analysts' estimates. And as European Central Bank President Mario Draghi said policy makers will do everything in their power to ensure a survival of the Euro.

Apple Inc. fell 4.7% in Germany after reporting profit and sales that missed analysts' projections. Netflix Inc. dropped 17% after it raised doubts about whether it can meet its user-growth targets this year. Japanese stocks fell, with the Topix Index posting its biggest four-day drop since August, as the Yen traded near an 11-year high against the euro amid concern Europe's debt crisis is worsening. The MSCI Asia Pacific Index dropped 1% today as Greece's creditors met to assess how far the debt-stricken nation has strayed from bailout terms Weakness in the euro became more evident throughout the day, as investors lost confidence in any results from the EU Summit and their grand plan, markets want action to help correct today's problems, not plans for the future, when their maybe no EU or euro.

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UPCOMING EVENTS :

2012-07-27 12:00 GMT | Germany - Consumer Price Index (Jul)

2012-07-27 12:30 GMT | US - Gross Domestic Product Annualized (Q2)

2012-07-27 12:30 GMT | US - Personal Consumption Expenditures Prices (Q2)

2012-07-27 13:55 GMT | US - Reuters/Michigan Consumer Sentiment Index (Jul)

FOREX NEWS :

2012-07-27 04:22 GMT | EUR/USD, hangover sub-1.2300

2012-07-27 02:47 GMT | GBP/JPY rally interrupted by 21 EMA

2012-07-27 02:07 GMT | Moving to period of EUR/USD weakness, rising global risk premia - Nomura

2012-07-27 01:40 GMT | US Q2 GDP weakness should be confirmed - Standard Chartered

----------

EURUSD : 1.22932 / 1.22935

DAILY WEEKLY MONTHLY

1.2577 | 1.2453 | 1.2366

1.2155 | 1.2031 | 1.1944

SUMMARY : Neutral

TREND : Up trend

MA10 : Bullish

MA20 : Bullish

STOCHASTIC : Oversold

MARKET ANALYSIS - Intraday Analysis

Technicals are bearish, but candlesticks suggest momentum is turning. The close at 1.2288 opens up a test to 1.2455; however the risk reward remains poor. The anticipated reversal has materialized in the EURUSD and we can now focus on how far the rally is likely to extend, the 1.23 level is an important psychological number. Supports are seen at 1.2200, 1.2118 and then at 1.2100 and, resistance levels are seen at 1.2334 and then at 1.2401. Yesterdays movements have indicators and oscillators behind, this is a good sit it out situation.

---------------

GBPUSD : 1.56847 / 1.56850

DAILY WEEKLY MONTHLY

1.6034 | 1.5879 | 1.5781

1.5528 | 1.5373 | 1.5275

SUMMARY : Up

TREND : Up trend

MA10 : Bullish

MA20 : Bullish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

Technicals are well mixed, between short term, near term and long term. Support is expected at the July 12th low at 1.5394, with resistance at the 200 day MA 1.5746. The outlook shows a downward movement towards the 1.5550 zone of support. A rise above 1.5700 may lead to a test of the 1.5730 resistance level. Supports are seen at 1.5600, 1.5500 and then at 1.5458 and resistance levels are seen at 1.5738 and then at the 200-DMA line at 1.5747.

-------------

USDJPY : 78.231 / 78.233

DAILY WEEKLY MONTHLY

79.170 | 78.785 | 78.445

78.105 | 77.770 | 77.315

SUMMARY : Down

TREND : Down trend

MA10 : Bearish

MA20 : Bearish

STOCHASTIC : Oversold

MARKET ANALYSIS - Intraday Analysis

Technicals continue to read bearish and suggest further downward movement, despite consolidation in the past two sessions. Trading is in the narrow range of 78.243 and 78.054 at the time of writing. The pair is likely to fluctuate within the resistance level of 78.404 and the support level of 77.942. After the break of 79.00 the short-term bias is to the downside towards the 77.65 level. In the long term, however, we expect a bullish scenario: a test of the 83.00 resistance level. Supports are seen at 77.94/65 and then at 77.36 and resistance levels are seen at 78.28 and then at 78.54.

Source: FX Central Clearing Ltd, (Forex Rate | Forex News | ECN Forex Broker | FXCC)

[alayoua]

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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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 )

[alayoua]

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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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 )

[alayoua]

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.

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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.

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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.

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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, (http://www.fxcc.com)

[alayoua]

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.

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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

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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.

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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 )

[alayoua]

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)

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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.

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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 :

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 )

[alayoua]

Market Overview by FXCC Aug 08 2012

UK inflation report should keep GBP under pressure

The Inflation Report, due out at 9.30GMT today, has potential to influence the near-term GBP outlook, says RBS strategy team. "While the MPC will not want to be backed into a corner on cutting the base rate ahead of an assessment of the FLS (Funding for Lending Scheme), there should be enough dovish sentiment to keep GBP under pressure" RBS notes.

A quiet session ahead in London in terms of EUR macro data related, starting at 06:00 GMT with German current account and trade balance, followed 30 minutes later by French BoF business sentiment, and trade balance 15 minutes after, Spanish industrial production at 07:00 GMT, and probably most important, German industrial production at 10:00 GMT. In the sovereign debt front Germany will auction up to € 4B in 10 year bunds at 06:00 GMT, with 10 year yields on the rise since record lows at 1.12% on July 23, last at 1.48%. (fxstreet.com)

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UPCOMING EVENTS :

2012-08-08 09:30 GMT | U.K. Bank of England Quarterly Inflation Report

2012-08-08 10:00 GMT | Germany. Industrial Production (YoY) (Jun)

2012-08-08 17:00 GMT | U.S. 10-Year Note Auction

2012-08-08 23:50 GMT | Japan. Foreign bond investment

FOREX NEWS :

2012-08-08 04:37 GMT | EUR/USD pegged near 1.24 for third day

2012-08-08 04:37 GMT | GBP/USD flat as market awaits UK inflation outlook

2012-08-08 03:57 GMT | BoE to lower inflation, GDP growth forecasts - UBS

2012-08-08 03:47 GMT | USD/JPY calmed around 78.50 ahead of BoJ

EURUSD : 1.23902 / 1.23907

DAILY WEEKLY MONTHLY

1.2595 | 1.2519 | 1.2443

1.2368 | 1.2298 | 1.2222

SUMMARY : Up

TREND : Sideway

MA10 : Bearish

MA20 : Bearish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

EURUSD made an attempt to go higher yesterday but fail to climb above our suggested resistance level at 1.2443 (R1), strong technical level. We expect retest of this level later on today. Brake here is required to enable next targets at 1.2519 (R2) and 1.2595 (R3). At the moment instrument is moving towards to our next support levels at 1.2368 (S1). If it breaks below it we expect the price to form a correction towards to next support at 1.2298 (S2) and then we might see reversal of tendency (daily).

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GBPUSD : 1.56082 / 1.56091

DAILY WEEKLY MONTHLY

1.5768 | 1.5726 | 1.5683

1.5588 | 1.5545 | 1.5503

SUMMARY : Sideway

TREND : Downward penetration

MA10 : Bearish

MA20 : Bearish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

GBPUSD appreciated yesterday above our suggested resistance level at 1.5618 and met our target at 1.5666. Next resistance level for today locates at yesterday high – 1.5683 (R1). Brake here would suggest next target at 1.5726 (R2) and any further rise will then be limited to 1.5768 (R3). However, we expect the price to retest our next support level at 1.5588 (S1). A break below that level would suggest next targets at 1.5545 (S2) and 1.5503 (S3). In focus Bank of England Quarterly Inflation Report at 09:30 GMT that might bring additional volatility on the markets.

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USDJPY : 78.423 / 78.429

DAILY WEEKLY MONTHLY

79.26 | 79.00 | 78.77

78.37 | 78.13 | 77.92

SUMMARY : Up

TREND : Sideway

MA10 : Bearish

MA20 : Bullish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

USDJPY rose yesterday and met our suggested target at 78.57. Strong psychological level stay at 78.77 (R1), brake here might determine medium term trend development and change of the market sentiment. In such scenario we would suggest targets at 79.00 (R2) and 79.26 (R3). On the other hand market still moves in range mode and break below next support level at 78.37 (S1) might expose our next target at 78.13 (S2). Further intraday fall with then be limited to 77.92 (S3), final support of the medium term sideways channel.

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

[alayoua]

Market Overview by FXCC Aug 09 2012

BOJ: no change in policy

The BoJ monetary policy decision is out and as most participants expected - not a clear cut as in previous months - , the central bank has kept the asset purchase fund at 45 trillion yen, with the credit Loan program also unchanged at 25T yen. Total size of Asset-Purchase Program remains at Y70 trillion. Central bank statement said economy picking up moderately. The Japanese GDP figures will be released next week.

Looking at the economic agenda for the London session ahead one should think another quiet session is around the corner, though with such extreme low liquidity given summer time holidays in Europe and London Olympics in the middle of the final series, any unexpected headline coming from nowhere could make things change in the blink of an eye. Still, no major sovereign debt auctions are scheduled from the EZ, and troubled countries Spain and Italy's 10y yields stay on check right below the 7% in the Spanish case and right below the 6% for his Latin neighbor. (fxstreet.com)

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UPCOMING EVENTS :

2012-08-09 08:00 GMT | E.M.U. ECB Monthly Report

2012-08-09 08:30 GMT | U.K. Goods Trade Balance (Jun)

2012-08-09 12:15 GMT | CANADA. Housing Starts (Jul)

2012-08-09 12:30 GMT | U.S. Trade Balance (Jun)

FOREX NEWS :

2012-08-09 04:28 GMT | GBP/USD sideways below 100 EMA; UK trade accounts ahead

2012-08-09 02:53 GMT | EUR/USD: break of key levels eyed – V.Bednarik

2012-08-09 02:29 GMT | AUD/JPY rallies capped below key Fibo resistance

2012-08-09 01:40 GMT | China: July CPI prints 1.8% YoY, beating expectations

-----------------

EURUSD 1.23692 / 1.23695

DAILY WEEKLY MONTHLY

1.2595 | 1.2519 | 1.2443

1.2325 | 1.2243 | 1.2148

SUMMARY : Up

TREND : Upward penetration

MA10 : Bullish

MA20 : Bullish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

As we expected yesterday, EURUSD continued to move in correction mode. Pair dropped below our suggested support level at 1.2368 but did not manage to gain momentum reversed on the US session. Today we are not expecting significant volatility increase however ECB Monetary report release at 08:00 GMT time might affect the markets. If the break occurs above next resistance level at 1.2443 (R1), we suggest next targets at 1.2519 (R2) and 1.2595 (R3). The downside trend evolvement is limited by next support level at 1.2325 (S1), surpassing of which might lead to the next targets at 1.2243 (S2) and 1.2148 (S3).

------------------

GBPUSD : 1.56649 / 1.56658

DAILY WEEKLY MONTHLY

1.5816 | 1.5755 | 1.5696

1.5653 | 1.5606 | 1.5554

SUMMARY : Up

TREND : Up trend

MA10 : Bullish

MA20 : Bullish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

GBPUSD moved below expected support level at 1.5574 but failed to develop success and recover all daily losses. A further increase will then bring focus to the next resistance levels at 1.5696 (R1) and 1.5755 (R2). Final resistance can be found at 1.5816 (R3) level. Likely we might see retracement from previous day gains. Next support level holds at 1.5653 (S1). A break below that level would suggest next target at 1.5606 (S2), further fall will then focus on the next target at 1.5554 (S3).

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USDJPY : 78.506 / 78.509

DAILY WEEKLY MONTHLY

79.00 | 78.78 | 78.58

78.23 | 78.05 | 77.86

SUMMARY : Sideway

TREND : Sideway

MA10 : Bullish

MA20 : Bullish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

Technically, instrument moved in range mode. In such situation we suggest to wait for clear signal of sentiment change. For long positions we suggest intraday targets at 78.58 (R1) and 78.78 (R2), clearance here is required for sentiment change to bullish and further appreciation might find final resistance at 79.00 (R3). Short positions might face supports at 78.23 (S1) and 78.05 (S2). Strong technical support located at 77.86 (S3), brake here would suggest of sentiment change to bearish.

Source: FX Central Clearing Ltd, ( http://www.fxcc.com )

[alayoua]

Market Overview by FXCC Aug 13 2012

USD, from here to eternity - UBS

The US Dollar is likely to remain the world's reserve currency over the next fifty years, says Mansoor Mohi-uddin Head of Foreign Exchange Strategy at UBS Macro Research. "This eternity forecast could be derailed if a deadlocked Congress refused to raise America's debt ceiling, yet, in the absence of the US government defaulting in future, the dollar's dominance may prove surprisingly durable" Mr. Mohi-uddin said in a research note.

London session ahead has almost no EUR macro data related, with only German wholesale price index at 06:00 GMT, followed by French current account 45 minutes later, and Greek prelim 2Q GDP at 09:00 GMT. Little bit busier in the sovereign debt auctions front, Germany will sell up to € 4B in 6 month bills at 06:00 GMT, while Italy will auction up to € 8B in 12 month bills.

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UPCOMING EVENTS :

2012-08-13 06:00 GMT | Germany. Wholesale Price Index (YoY) (Jul)

2012-08-13 22:45 GMT | New Zealand. Retail Sales (QoQ) (Q2)

2012-08-13 23:00 GMT | United Kingdom. RICS Housing Price Balance (Jul)

2012-08-13 23:50 GMT | Japan. BoJ Monetary Policy Meeting Minutes

FOREX NEWS :

2012-08-13 04:14 GMT | GBP/AUD sideways, off 6-month lows

2012-08-13 03:50 GMT | EUR/JPY holding above 96.00

2012-08-13 03:25 GMT | AUD/USD gently bid above 1.0550

2012-08-13 02:44 GMT | Downside USD/JPY risks appear limited - UBS

EURUSD : 1.22841 / 1.22845

DAILY WEEKLY MONTHLY

1.2490 | 1.2402 | 1.2327

1.2240 | 1.2165 | 1.2085

SUMMARY :

Upward : penetration

TREND : Up trend

MA10 : Bullish

MA20 : Bullish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

Market sentiment remains positive on the medium term perspective. The crossing of moving averages recently could be considered as signal of uptrend direction priority for today. A break above 1.2327 (R1) would suggest target at 1.2402 (R2) and further gain will then be limited at 1.2490 (R3). However break below the 1.2240 (S1) level might provide space for further retracement development. We suggest next target at 1.2165 (S2), brake here is required to enable final target at 1.2085 (S3).

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GBPUSD : 1.56679 / 1.56690

DAILY WEEKLY MONTHLY

1.5805 | 1.5755 | 1.5702

1.5656 | 1.5605 | 1.5555

SUMMARY : Sideway

TREND : Upward penetration

MA10 : Bullish

MA20 : Bullish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

Instrument stabilized after the Friday’s appreciation. Currently pair is losing -0.11% from its opening price. If the price manages to stay above suggested support level at 1.5656 (S1), we expect the price to attack next resistance level at 1.5702 (R1). Clearance here is required for the instrument strengthening, next expected target holds at 1.5755 (R2). Any further rise would be limited by last resistance at 1.5805(R3) intraday. On the other hand, drop below support level at 1.5656 (S1) would suggest next target at 1.5605 (S2). Final support level for today holds at 1.5555 (S3).

--------------

USDJPY : 78.305 / 78.310

DAILY WEEKLY MONTHLY

78.79 | 78.60 | 78.41

78.14 | 77.92 | 77.70

SUMMARY : Sideway

TREND : Down trend

MA10 : Bullish

MA20 : Bearish

STOCHASTIC : Oversold

MARKET ANALYSIS - Intraday Analysis

We are not expecting significant volatility increase today however BoJ Monetary Policy Meeting Minutes at 23:50 GMT might assist to the trend development. A break above the first resistance level at 78.41 (R1) would suggest next target at 78.60 (R2). If the price holds its momentum on the upside we can expect a further rise towards to 78.79 (R3). On the other hand, if the price does not manage to break above 78.41 (R1) we can expect the pair to retest support at 78.14 (S1) and a further fall will be targeted at 77.92 (S2). Successful brake here might expose last target at 77.70 (S3).

Source: FX Central Clearing Ltd, ( ECN Forex Trader | Forex Strategies | Forex Trading Software | FXCC )

[alayoua]

Market Overview by FXCC Aug 14 2012

BoJ minutes: members continue to pursue powerful easing

Minutes of the Monetary Policy Meeting in Japan on July 11 and 12 have been published, without any significant surprise. Comparing the forecasts in the April 2012 Outlook for Economic Activity and Prices, BoJ minutes reads: "Growth prospects will likely remain broadly unchanged. With regard to prices, the year-on-year rate of change in the domestic corporate goods price index will likely be somewhat lower for fiscal 2012 but broadly in line with the April forecasts for fiscal 2013. The year-on-year rate of change in the CPI (all items less fresh food) is expected to be broadly in line with the April forecasts."

London session ahead will be a busy one in terms of EUR macro data related, with main risk event for the European morning in the form of German ZEW economic sentiment at 09:00 GMT. But earlier will come French prelim 2Q GDP and CPI m/m, followed by German prelim 2Q GDP at 06:00 GMT, French jobs data 45 minutes later, EUR flash GDP at same time than ZEW, and EU industrial production. Following US session will bring more key figures like US PPI and retail sales at 12:30 GMT which usually move markets. In the GBP front the UK will publish its CPI numbers on yearly basis at 08:30 GMT, which could bring volatility to EUR/GBP cross. In the EZ sovereign debt auctions arena Greece will try to sell up to € 3.125 B worth in 13 week bills. (fxstreet.com)

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UPCOMING EVENTS :

2012-08-14 08:30 GMT | United Kingdom. Consumer Price Index (YoY) (Jul)

2012-08-14 09:00 GMT | E.M.U. Gross Domestic Product (Q2). Preliminar

2012-08-14 09:00 GMT | Germany. ZEW Survey - Economic Sentiment (Aug)

2012-08-14 12:30 GMT | United States. Retail Sales (MoM) (Jul)

FOREX NEWS :

2012-08-14 04:31 GMT | GBP/USD within 20-pip range below 1.5700

2012-08-14 03:35 GMT | AUD/NZD respecting resistance at 1.3050

2012-08-14 01:16 GMT | AUD/CAD main risk geared to the downside

2012-08-13 23:59 GMT | AUD/USD set for deeper correction?

EURUSD : 1.23567 / 1.23570

DAILY WEEKLY MONTHLY

1.2513 | 1.2444 | 1.2376

1.2310 | 1.2240 | 1.2164

SUMMARY : Up

TREND : Upward penetration

MA10 : Bullish

MA20 : Bullish

STOCHASTIC : Overbought

MARKET ANALYSIS - Intraday Analysis

Germany Economic Sentiment release and E.M.U GDP release at 09:00 GMT in focus today as major market drivers. We suggest next resistance level for today at 1.2376 (R1), yesterday high. Rise above it might lead to the trend development with next targets at 1.2444 (R2). Further appreciation is possible in case of successful clearance here, last suggested target at 1.2513 (R3). Downside direction is limited by next support level at 1.2310 (S1), loss of which will lead to the next target at 1.2240 (S2). Brake here would enable last support level at 1.2164 (S3) as final target for today.

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GBPUSD : 1.56905 / 1.56912

DAILY WEEKLY MONTHLY

1.5805 | 1.5762 | 1.5718

1.5672 | 1.5625 | 1.5577

SUMMARY : Up

TREND : Sideway

MA10 : Bearish

MA20 : Bullish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

Consumer Price index release at 08:30 GMT might provide us with the market sentiment for the remaining of the day. Essential resistance for today holds at 1.5718 (R1), yesterday fresh high. Rising up above this level might be a signal for uptrend development with next targets at 1.5762 (R2) and 1.5805 (R3). On the other point, if the market manage to brake next support level at 1.5672 (S1), next implied targets would be at 1.5625 (S2) and 1.5577 (S3).

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USDJPY : 78.450 / 78.455

DAILY WEEKLY MONTHLY

78.79 | 78.65 | 78.49

78.35 | 78.16 | 77.99

SUMMARY : Sideway

TREND : Upward penetration

MA10 : Bullish

MA20 : Bullish

STOCHASTIC : Overbought

MARKET ANALYSIS - Intraday Analysis

Today pair appreciates by 0.15% at the current moment. From the technical side, next resistance level lie at 78.49 (R1), clearance here might provide potential to go higher. Next expected target would be at 78.65 (R2), any further gains would be limited by last resistance for today at 78.79 (R3), psychological level. Risk of price depreciation is seen below next support at 78.35 (S1). Price progress below it might expose next target at 78.16 (S2). Brake here is required to put in focus last support level at 77.99 (S3) as intraday final target

Source: FX Central Clearing Ltd,( Best Forex Broker | ECN Online Forex Trading | Forex Signal | FXCC )

[alayoua]

Market Overview by FXCC Aug 15 2012

EUR little moved with half Europe closed on holidays

EUR/USD has just had another quiet and slow Asia-Pacific trading session, last at 1.2323, slightly above opening and session lows price at 1.23156, and below session highs at 1.2332, thus counting for a 16 pip range trading session. Nothing too exciting. The pair comes from a weekly high yesterday at 1.2385 following better than expected German prelim GDP, and holding above yesterday's lows and support at 1.2320. Local share markets are over all in the red, with Nikkei index below the 8900 points down -0.60%.

London session ahead will have to deal with half Europe closed on holidays, and no EUR macro data related at all, not even EZ sovereign debt auctions, and only UK unemployment figures coming out due at 08:30 GMT, which could bring volatility to the EUR/GBP cross. According to VIX, index that measures volatility in SP500 index put options, it is reading at a 5 year lows, which in some way shows how these markets are lacking movement as of late. European futures point to a lower open, according to Bloomberg. (fxstreet.com

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UPCOMING EVENTS :

2012-08-15 08:30 GMT | United Kingdom. Bank of England Minutes

2012-08-15 12:30 GMT | United States. Consumer Price Index (Jul)

2012.08.15 13:15 GMT | United States. Industrial Production (Jul)

2012.08.15 14:30 GMT | United States. EIA Crude Oil Stocks change (Aug 10)

FOREX NEWS :

2012-08-15 04:37 GMT | GBP/USD investors await further cues, BoE eyed

2012-08-15 03:56 GMT | GBP/AUD erases all Aug losses back above 1.49

2012-08-15 03:51 GMT | GBP/JPY consolidating after overnight gains

2012-08-15 02:07 GMT | WSJ story adds pressure on Aussie longs

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EURUSD : 1.23303 / 1.23307

DAILY WEEKLY MONTHLY

1.2445 | 1.2405 | 1.2385

1.2310 | 1.2295 | 1.2270

SUMMARY : Down

TREND : Down trend

MA10 : Bearish

MA20 : Bearish

STOCHASTIC : Oversold

MARKET ANALYSIS - Intraday Analysis

United States Consumer Price Index release at 08:30 GMT is the next macroeconomic data in focus. Next resistance level holds at 1.2385 (R1) level. Clearance here is required for instrument strengthening, next expected target at 1.2405 (R2). Further price appreciation would then be limited by last resistance level for today at 1.2445 (R3). On the other hand, possible price decline might arise below the next support level at 1.2310 (S1). We suggest next target at 1.2295 (S2), successful brake here would enable next target for today at 1.2270 (S3).

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GBPUSD : 1.56746 / 1.56752

DAILY WEEKLY MONTHLY

1.5805 | 1.5765 | 1.5725

1.5600 | 1.5570 | 1.5535

SUMMARY :

TREND : Up trend

MA10 : Bullish

MA20 : Bearish

STOCHASTIC : Oversold

MARKET ANALYSIS - Intraday Analysis

Bank of England minutes at 08:30 GMT might bring additional volatility to the markets. Our next resistance level locates today at 1.5725 (R1). Break above that level would suggest target at 1.5765 (R2), technical level for the Bulls. Rise above it will then focus on 1.5805 (R3), last resistance level. For the downside development, fall below next support level at 1.5600 (S1) would open way for the next expected target at 1.5570 (S2). Further easing might face final support at 1.5535 (S3) level.

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USDJPY : 78.793 / 78.798

DAILY WEEKLY MONTHLY

79.39 | 79.05 | 78.90

78.35 | 78.16 | 77.99

SUMMARY :

TREND : Up trend

MA10 : Bullish

MA20 : Bullish

STOCHASTIC : Overbought

MARKET ANALYSIS - Intraday Analysis

USDJPY remains to be traded in a range mode. Possible trend development is seen above next resistance level at 78.90 (R1). Break here is required to open way for further appreciation with next targets at 79.05 (R2) and 79.39 (R3) in extension. On the other hand, price decline towards to our support levels at 78.35 (S1) could trigger further Bearish pressure targeting our next support level at 78.16 (S2). A break below it would suggest last target for today at 77.99 (S3).

Source: FX Central Clearing Ltd, ( http://www.fxcc.com )

[alayoua]

Market Overview by FXCC Aug 17 2012

Antipodean intervention highly unlikely - ANZ

Direct currency intervention is highly unlikely in Australia or New Zealand in the near term, according to Richard Yetsenga, Andrew Salter & David Croy, strategist at ANZ. "Neither currency is sufficiently over-valued, and it seems unlikely that intervention would be effective." More broadly, "we may be in the early stages of a secular shift in the mix of monetary conditions, involving the combination of stronger currencies and lower interest rates" the team adds.

London session ahead will bring a soft agenda again in EUR macro related terms, starting with Germany PPI at 06:00 GMT, followed by EU current account 2 hours later, and EU trade balance at 09:30 GMT, and no sovereign EZ debt auction on sight for this Friday, as usual for Fridays, with Spanish yields falling while Germany ones rising, thus narrowing their risk premium. Even though session promises to be a quiet one, given current low liquidity conditions, and Spanish gov council meeting today, this could bring some surprising headlines around causing some wide moves. (fxstreet.com)

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UPCOMING EVENTS :

2012-08-17 06:00 GMT | Germany. Producer Price Index (YoY) (Jul)

2012-08-17 09:00 GMT | E.M.U. Trade Balance(Jun)

2012-08-17 12:30 GMT | Canada. Consumer Price Index (YoY) (Jul)

2012-08-17 13:55 GMT | United States. Michigan Consumer Sentiment Index (Aug)

FOREX NEWS :

2012-08-17 04:35 GMT | EUR/USD holding around Fib 1.2340

2012-08-17 04:34 GMT | GBP/USD top-heavy in late Asia

2012-08-17 03:38 GMT | AUD/JPY consolidates below 83.50

2012-08-17 03:19 GMT | AUD/USD drops to session lows, manages to stay around 1.0500

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EURUSD : 1.23550 / 1.23551

DAILY WEEKLY MONTHLY

1.2430 | 1.2401 | 1.2373

1.2330 | 1.2298 | 1.2264

SUMMARY : Up

TREND : Sideway

MA10 : Bullish

MA20 : Bullish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

Yesterday, EURUSD hit our support level at 1.2263 but did not manage to stabilize below it and reversed above our resistance level at 1.2310. Our suggested target was met at 1.2344 successfully. Next resistance level and target for yesterday remain at 1.2373 (R1). Rise above it might lead to the further trend development with next targets at 1.2401 (R2) and 1.2430 (R3) in potential today. Downside direction is limited by next support level at 1.2330 (S1), price decrease below it would be targeting next support at 1.2298 (S2). Brake here would suggest last support level at 1.2264 (S3) as final target for today.

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GBPUSD : 1.57120 / 1.57128

DAILY WEEKLY MONTHLY

1.5815 | 1.5778 | 1.5740

1.5687 | 1.5653 | 1.5617

SUMMARY : Up

TREND : Sideway

MA10 : Bearish

MA20 : Bearish

STOCHASTIC : Overbought

MARKET ANALYSIS - Intraday Analysis

GBPUSD maintained correction by penetrating below our suggested support level at 1.5659 yesterday. After that pair continued moving upwards above our suggested resistance level at 1.5703 and reached our target at 1.5740. Next resistance for today holds at the same level - 1.5740 (R1). Rising up above this level might suggest next targets at 1.5778 (R2) and 1.5815 (R3) in potential. On the other point, if the market manage to brake next support level at 1.5687 (S1), we might see pull back development with possible targets at 1.5653 (S2) and 1.5617 (S3).

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USDJPY : 79.372 / 79.376

DAILY WEEKLY MONTHLY

79.83 | 79.63 | 79.45

79.23 | 79.05 | 78.85

SUMMARY : Up

TREND : Up trend

MA10 : Bullish

MA20 : Bullish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

Pair moved upwards but did not manage to hit any of our resistance levels. Our resistance levels remain the same as yesterday. Next resistance level lie at 79.45 (R1), clearance here might provide potential to go higher. Next expected target would be at 79.63 (R2) and any further gains would then be limited by last resistance at 79.83 (R3). Risk of price depreciation is seen below next support at 79.23 (S1). Price progress below it might expose next target at 79.05 (S2). Brake here is required to put in focus last support level at 78.85 (S3) as intraday final target.

Source: FX Central Clearing Ltd,( Forex Blog | Forex Market Hours | ECN Automated Forex Trading] | FXCC )

[alayoua]

Market Overview by FXCC Aug 21 2012

Market sentiment set for September boost – Wells Fargo

With global equities up 11% from their June trough and while market volatility is at multi-year lows, Wells Fargo has noted a cautiously positive tone in FX in recent weeks: “Looking ahead, we expect European events to evolve favorably overall in September, which could further boost market sentiment,” says Wells Fargo in a research note. “Against this backdrop, the euro could see a further corrective rally towards $1.2750 and perhaps even $1.3000. For commodity and emerging currencies, we see the Canadian dollar, Mexican peso and Singapore dollar as candidates for currency appreciation.”

In another typical summer holiday session in Europe, the London session ahead will bring a blank economic agenda with no major risk events EUR related. In the sovereign debt auctions front Spain will focus the attention selling up to € 4.5B in 12-18 month bills, while its 10 year yields hit a new 7-week lows at 6.16% yesterday and the risk premium with Germany below the 500 bps. Headlines will keep driving market action on constant speculation about the future of the euro crisis. Starting tomorrow, several key meetings will take place among EZ leaders to deal on current situation.

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UPCOMING EVENTS :

2012-08-21 08:30 GMT | United Kingdom. Public Sector Net Borrowing (Jul)

2012-08-21 10:00 GMT | United Kingdom. CBI Industrial Trends Survey - Orders (MoM) (Aug)

2012-08-21 17:00 GMT | Canada. BoC Governor Council Member Cote Speaks

2012-08-21 23:50 GMT | Japan. Merchandise Trade Balance Total (Jul)

FOREX NEWS :

2012-08-21 04:28 GMT | GBP/USD aiming higher, UK public finances eyed

2012-08-21 04:24 GMT | EUR/USD stretching around 1.2350

2012-08-21 02:05 GMT | EUR/AUD dips to session lows post-RBA

2012-08-21 01:53 GMT | AUD/NZD headed lower in a 6-9 month time horizon - BNZ

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EURUSD : 1.23592 / 1.23597

DAILY WEEKLY MONTHLY

1.2408 | 1.2389 | 1.2369

1.2341 | 1.2321 | 1.2301

SUMMARY : Sideway

TREND : Upward penetration

MA10 : Bullish

MA20 : Bullish

STOCHASTIC : Overbought

MARKET ANALYSIS - Intraday Analysis

EURUSD moved without priority in direction yesterday’s trading session. Currently pair is stabilized above our suggested resistance level at 1.2354. Today we are not expecting significant volatility increase on the markets however break above next resistance level at 1.2369 (R1) would suggest next target at 1.2389 (R2). If the price holds its momentum on the upside we can expect a further rise towards to 1.2408 (R3). On the other hand, loss of next support at 1.2341 (S1) might lead to the further correction development and expose targets at 1.2321 (S2) and 1.2301 (S3) levels.

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GBPUSD : 1.57260 / 1.57265

DAILY WEEKLY MONTHLY

1.5802 | 1.5775 | 1.5744

1.5702 | 1.5672 | 1.5643

SUMMARY : Sideway

TREND : Upward penetration

MA10 : Bullish

MA20 : Bullish

STOCHASTIC : Overbought

MARKET ANALYSIS - Intraday Analysis

GBPUSD successfully penetrated above our expected resistance level at 1.5714 and now is moving toward to our next technically important resistance level at 1.5744 (R1). Clearance here would suggest next target at 1.5775 (R2), and any further rise would then be limited by last resistance at 1.5802 (R3) intraday. From the other side, loss of next support level at 1.5702 (S1) might encourage executing of orders and drive market price towards to the next target at 1.5672 (S2). Brake here is required to put in focus final support level at 1.5643 (S3) levels.

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USDJPY : 79.299 / 79.304

DAILY WEEKLY MONTHLY

79.86 | 79.66 | 79.48

79.17 | 78.98 | 78.78

SUMMARY : Up

TREND : Downward penetration

MA10 : Bearish

MA20 : Bearish

STOCHASTIC : Oversold

MARKET ANALYSIS - Intraday Analysis

As expected yesterday, USDJPY continued its correction development and declined below our suggested support level at 79.37. Currently instrument is targeting our next support level at 79.17 (S1). Brake here would suggest next target at 78.98 (S2) and any further fall would then be limited by last support at 78.78 (S3). From the upper side, next resistance level locates at 79.48 (R1), rise above it would enable next target at 79.66 (R2), technically important level for the market sentiment change. Brake he might lead to the further uptrend development with expected target at 79.86 (R3).

Source: FX Central Clearing Ltd, ( Forex Strategy | ECN Forex Trading Systems | Forex Exchange Rates | FXCC )

[alayoua]

Market Overview by FXCC Aug 22 2012

Forget AUD intervention; RBA rate cuts far more likely - UBS

AUDUSD failed to have a close above 1.05 on Tuesday, with today's price action printing steady declines since the opening of the Australian market. Yesterday, the RBA signaled that remains in a wait-and-see mode as the effects of previous rate cuts continue to percolate through the economy. According to UBS strategist Chris Walker, "attention now shifts to Governor Stevens' semi-annual parliamentary testimony on August 24, especially in the wake of the Treasury's comments last week highlighting the strength of the currency." UBS very much doubt the RBA is poised to intervene in the currency markets, and "if the tightening impact of a strong currency eventually becomes too severe, the bank is far more likely to respond with rate cuts rather than a round of FX intervention" Chris adds.

For second day in a row no major EUR macro data related will be released during London session hours, leaving main risk events for the NY session ahead, starting with US new home sales at 14:00 GMT followed by FOMC minutes at 18:00 GMT. In the sovereign debt auctions front Germany will sell up to € 5B in 2 year federal notes at 06:00 GMT, while Spain had a good auction yesterday and its 10 year yields are down for 10th consecutive day around 6.2%, and risk premium with Germany below the 500bps.

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2012-08-22 12:30 GMT | Canada. Retail Sales (MoM) (Jun)

2012-08-22 14:00 GMT | United States. Existing Home Sales (MoM) (Jul)

2012-08-22 15:00 GMT | Canada. BoC Governor Mark Carney Speech

2012-08-22 18:00 GMT | United States. FOMC Minutes

2012-08-22 04:38 GMT | GBP/USD: sideways above 200 EMA

2012-08-22 03:48 GMT | EUR/JPY consolidates below 100-day EMA

2012-08-22 03:24 GMT | GBP/AUD should press higher in coming weeks - Westpac

2012-08-22 02:20 GMT | EUR/AUD extends above key Fibo resistance

EURUSD : 1.24679 / 1.24684

DAILY WEEKLY MONTHLY

1.2559 | 1.2524 | 1.2488

1.2447 | 1.2415 | 1.2383

SUMMARY : Up

TREND : Up trend

MA10 : Bullish

MA20 : Bullish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

Yesterday we saw significant volatility increase. EURUSD broke up our resistance level at 1.2369 and reached our final target at 1.2408. Technically, market sentiment is “Bullish” now and we expect further instrument appreciation on the medium term perspective. Further price increase is expected above the next resistance level at 1.2488 (R1). Brake here is required to enable next targets at 1.2524 (R2) and 1.2559 (R3). On the other hand, consolidation looks reasonable today. Price progress below the next support level at 1.2447 (S1) might expose next targets at 1.2415 (S2) and 1.2383 (S3) in potential.

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GBPUSD : 1.57889 / 1.57898

DAILY WEEKLY MONTHLY

1.5855 | 1.5830 | 1.5804

1.5765 | 1.5740 | 1.5717

SUMMARY : Up

TREND : Up trend

MA10 : Bullish

MA20 : Bullish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

GBPUSD appreciated yesterday above the expected resistance level at 1.5744 and met our last suggested target at 1.5802. Next resistance level ahead locates at 1.5804 (R1), brake here is required to enable next target at 1.5830 (R2) and any further rise would then be limited to 1.5855 (R3). However development of the price retracement is reasonable today. Instrument depreciation below the next support level at 1.5765 (S1) might expose next targets at 1.5740 (S2) and 1.5717 (S3) in potential.

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USDJPY : 79.273 / 79.277

DAILY WEEKLY MONTHLY

79.86 | 79.66 | 79.48

79.17 | 78.98 | 78.78

SUMMARY : Up trend

TREND : Sideway

MA10 : Bullish

MA20 : Bearish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

USDJPY hit our resistance level at 79.48 and continued moving lower. All supports and resistance levels remain the same as yesterday. If the market manage to climb above our next resistance level at 79.48 (R1), we expect next target to be achieved at 79.66 (R2) and any further rise would then be targeting to 79.86 (R3). Clear brake below the 79.17 (S1) would enable next target at 78.98 (S2). Successful clearance here is required to put in pocus final support level at 78.78 (S3), intraday.

Source: FX Central Clearing Ltd, ( ECN Forex Indicators | Learn Forex | Trade Forex | FXCC )