Daily Technical Analysis by FXCC

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Market Overview by FXCC Aug 23 2012

FOMC minutes more dovish than statement suggested - Nomura

The clearest conclusion from the Minutes, according to Nomura economist, is that "the committee appears poised to extend its interest rate guidance at the next meeting, while also suggesting the Committee is closer to implementing another round of LSAPs than was apparent before." It isn't clear, however, how the Committee will interpret the recent improvement in economic data, says Nomura: "The recent increase in payroll employment and retail sales were released after the meeting; if the Committee is likely to initiate a new round of LSAP at their meeting in September Chairman Bernanke may signal that intent in his remarks at the Jackson Hole Symposium on Friday, August 31."

London session ahead will bring again plenty of minor EUR data related after few days lacking of it, starting with German final GDP at 06:00 GMT, followed by flash French PMI 58 minutes later, German flash PMI 30 minutes after, and EU PMI another 30 minutes later. For the late part of London session and early NY will come US initial jobs claims at 12:30 GMT and US new home sales at 14:00 GMT.

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UPCOMING EVENTS :

2012-08-23 07:58 GMT | E.M.U. Markit Manufacturing PMI (Aug). Preliminar

2012-08-23 12:30 GMT | United States. Initial Jobless Claims (Aug)

2012-08-23 14:00 GMT | United States. New Home Sales (MoM) (Jul)

2012-08-23 22:45 GMT | New Zealand. Trade Balance (YoY) (Jul)

FOREX NEWS :

2012-08-23 04:33 GMT | GBP/USD steady around 1.59, EU data eyed

2012-08-23 02:40 GMT | China: Flash PMI drops to 47.8 in August

2012-08-23 01:58 GMT | NZD/USD maintains bullish profile

2012-08-23 00:24 GMT | USD/JPY consolidating losses above 78.50

EURUSD : 1.25388 / 1.25391

DAILY WEEKLY MONTHLY

1.2628 | 1.2594 | 1.2559

1.2520 | 1.2486 | 1.2448

SUMMARY : Up

TREND : Up trend

MA10 : Bullish

MA20 : Bullish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

EURUSD dropped below the suggested support levels at 1.2447 yesterday but did not manage to stabilize below it and reversed. Currently pair is moving towards to our target at 1.2559 (R1). Clearance here would suggest next targets at 1.2594 (R2) and 1.2628 (R3). The downside trend evolvement is limited by next support level at 1.2520 (S1), surpassing of which might lead to the next targets at 1.2486 (S2) and 1.2448 (S3). EMU Manufacturing PMI (August) at 07:58 is the next macroeconomic data release in focus.

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GBPUSD : 1.58944 / 1.58953

DAILY WEEKLY MONTHLY

1.6010 | 1.5972 | 1.5935

1.5874 | 1.5838 | 1.5805

SUMMARY : Up

TREND : Up trend

MA10 : Bullish

MA20 : Bullish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

GBPUSD moved above the expected resistance level at 1.5804 and reached our final target at 1.5885 yesterday. A further increase will then bring focus to the next resistance levels at 1.5935 (R1) and 1.5972 (R2). Final resistance can be found at 1.6010 (R3) level. Likely we might see retracement development later on today. Next support level holds at 1.5874 (S1). A break below that level would suggest next target at 1.5838 (S2), further fall would then focus on the last target for today at 1.5805 (S3).

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USDJPY : 78.568 / 78.574

DAILY WEEKLY MONTHLY

79.13 | 78.93 | 78.73

78.29 | 78.10 | 77.91

SUMMARY : Down

TREND : Downward penetration

MA10 : Bearish

MA20 : Bearish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

USDJPY gained momentum yesterday and reached our final target at 78.78. Technically, picture is not clear. Instrument almost recovers all previous week gains and formed fresh low yesterday at 78.29 (S1). Brake here might provide sufficient momentum and expose targets at 78.10 (S2) and 77.91 (S3) in potential. On the other side, further appreciation is expected above the next resistance level at 78.73 (R1) with next suggested targets at 78.93 (R2) and 79.13 (R3).

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

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Market Overview by FXCC Aug 24 2012

Likelihood BOJ forced to ease remains high - Nomura

Following the deterioration in the Japanese trade balance in July, Nomura research team expects that while Japanese exports should recover going forward, the recent export weakness has one direct JPY negative implication. According to the bank, it puts further pressure on the BOJ to ease monetary policy again this year. "While US economic data are now suggesting a better near-term outlook, we think the likelihood of the BOJ being forced to ease remains high for the time being" the team notes.

Again London session ahead will show no EUR macro data related risk events on the agenda, with focus on Greek-EZ leaders meetings going on, today with Greek PM Samaras visiting German PM Merkel, and also on Spain possibly asking for the bailout as soon as mid Sept according to sources, with its risk premium back above the 500bps for German 10y yields. As usually for Fridays, no EZ sovereign debt auctions will take place today.

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UPCOMING EVENTS :

2012-08-24 07:45 GMT | Japan. BoJ's Governor Shirakawa Speech

2012-08-24 08:30 GMT | United Kingdom. Gross Domestic Product (QoQ) (Q2)

2012-08-24 12:30 GMT | United States. Durable Goods Orders (Jul)

2012-08-24 13:00 GMT | Belgium. Leading Indicator (Aug)

FOREX NEWS :

2012-08-24 04:31 GMT | GBP/USD moving sideways around 1.5860

2012-08-24 02:39 GMT | EUR/AUD above 1.20; fresh 1-month highs

2012-08-24 00:50 GMT | RBA has not intervened in the FX market, Stevens says

2012-08-24 00:07 GMT | EUR/USD overbought, due for correction?

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EURUSD : 1.25557 / 1.25562

DAILY WEEKLY MONTHLY

1.2676 | 1.2635 | 1.2594

1.2533 | 1.2490 | 1.2445

SUMMARY : Up

TREND : Sideway

MA10 : Bearish

MA20 : Bullish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

EURUSD reached our target at 1.5935 yesterday. The Samaras-Merkel meeting might bring additional volatility to the markets. We expect that EURUSD might decline today however the medium term bias remains positive. For the short oriented market participants we suggest next targets at 1.2533 (S1), 1.2490 (S2) and 1.2445 (S3). Tendency reversal is possible from these levels. Uptrend development is limited by next resistance level at 1.2594 (R1). Brake here is essential for “Bullish” market participants. Suggested targets for today holds at 1.2635 (R2) and 1.2676 (R3)

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GBPUSD : 1.58582 / 1.58593

DAILY WEEKLY MONTHLY

1.5996 | 1.5952 | 1.5912

1.5838 | 1.5805 | 1.5766

SUMMARY : Up

TREND : Downward penetration

MA10 : Bearish

MA20 : Bearish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

GBPUSD remains to be traded in positive tone on the hourly chart. Next news in focus from UK is the Gross Domestic Product release at 08:30 GMT. Currently market trades below the suggested support level at 1.5874 and forming correction. Our next targets stay at the same levels: 1.5838 (S1) and 1.5805 (S2). If the market gains momentum we suggest last support at 1.5766 (S3). Key resistance level is placed above the fresh high, formed yesterday -1.5912 (R1). Expected targets for long direction are placed at 1.5952 (R2) and 1.5996 (R3).

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USDJPY : 78.551 / 78.556

DAILY WEEKLY MONTHLY

79.13 | 78.93 | 78.73

78.29 | 78.10 | 77.91

SUMMARY : Down

TREND : Sideway

MA10 : Bullish

MA20 : Bearish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

Today we have important news from Japan that might establish trading tone for a today - BoJ's Governor Shirakawa Speech at 07:45 GMT. From the technical side, USDJPY is trading in a range mode at the current moment while medium term bias is negative. Our support and levels remain the same as yesterday - 78.29 (S1), 78.10 (S2) and last one at 77.91(S3). Possibility of the USDJPY strengthening is seen above the resistance at 78.73 (R1), targeting towards to levels at 78.93 (R2) and 79.13 (R3) in potential.

Source: FX Central Clearing Ltd, ( What Is Forex Trading | Forex Trading Signals | ECN Forex Trading Online | FXCC )

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Market Overview by FXCC Aug 27 2012

Fed’s Jackson Hole conference key event this week - BNZ

The Fed’s Jackson Hole conference, due on Friday, is the event of the week. According to Mike Jones, currency strategist at Bank of New Zealand, "some of the market impact of Bernanke’s speech has been nullified by last week’s dovish Fed minutes." The analyst adds: "The speech is expected to be used to map out the policy (easing) options facing the Fed. If this has the effect of hardening Fed easing expectations then the USD should continue to suffer."

London session ahead will be a quiet one in regards of London closing for holidays and lack of macro economic data EUR related but German Ifo business climate at 08:00 GMT as the most important, preceded by German import price index at 06:00 GMT, and Chicago Fed Evans speaking at 10:00 GMT. In the euro zone sovereign debt auctions front, France and Germany will sell short term treasury bills.

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UPCOMING EVENTS :

2012-08-27 06:00 GMT | Japan. Machine Tool Orders (YoY) (Jul)

2012-08-27 08:00 GMT | Germany. IFO - Business Climate (Aug)

2012-08-27 14:30 GMT | United States. Dallas Fed Manufacturing Business Index (Aug)

2012-08-27 16:15 GMT | United States. FOMC Member Pianalto Speaks

FOREX NEWS :

2012-08-27 04:57 GMT | GBP/USD quiet around 1.58, outlook bearish – V.Bednarik

2012-08-27 04:21 GMT | EUR/NZD set to push above 55-day EMA?

2012-08-27 03:20 GMT | EUR reaches smallest net short position since May - Nomura

2012-08-27 01:41 GMT | AUD/USD falls sharply; Only China fix catalyst?

EURUSD : 1.25073 / 1.25078

DAILY WEEKLY MONTHLY

1.2635 | 1.2594 | 1.2547

1.2482 | 1.2446 | 1.2406

SUMMARY : Up trend

TREND : Downward penetration

MA10 : Bearish

MA20 : Bearish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

On Friday EURUSD formed correction and reached our target at 1.2490. Today we expect quiet day ahead however technically important targets might be achieved lat. Upside direction is limited by the next resistance level at 1.2547 (R1), brake here would enable higher targets at important technical level 1.2594 (R2). Momentum on the upside direction might expose last target at 1.2635 (R3) in potential. Loss of the next support level at 1.2482 (S1) would put in focus next target at 1.2446 (S2) and any further fall would then be limited by last support at 1.2406 (S3).

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GBPUSD : 1.58074 / 1.58085

DAILY WEEKLY MONTHLY

1.5911 | 1.5873 | 1.5838

1.5796 | 1.5766 | 1.5733

SUMMARY : Up trend

TREND : Downward penetration

MA10 : Bearish

MA20 : Bearish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

GBPUSD did not show the essential momentum on Friday and remained to be traded is sideways mode however our target at 1.5805 was achieved. Fresh low at 1.5796 (S1) is the next support level. Market penetration below it might encourage execution of the short trades and drive market price towards to the next target at 1.5766 (S2). Potential is seen to reach last support level at 1.5733 (S3) in perspective. For the long positions it is preferably to wait the 1.5838 (R1) brake out. We suggest next targets at 1.5873 (R2) and 1.5911 (R3) in potential.

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USDJPY : 78.756 / 78.762

DAILY WEEKLY MONTHLY

79.37 | 79.14 | 78.93

78.62 | 78.45 | 78.28

SUMMARY : Sideway

TREND : Down trend

MA10 : Bullish

MA20 : Bullish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

USDJPY broke our resistance level at 78.73 today and now moving towards to our next target at 78.93 (R1). Brake here would enable higher target at 79.14 (R2) and any further rise would then be limited by 79.37 (R3). The downtrend resuming is possible from these levels. On the other hand if price manage to stay below the next resistance at 78.93 (R1), we expect the price to retest our support at 78.62 (S1), brake below that level would suggest next targets at 78.45 (S2) and 78.28 (S3) where can be found the final support of the day.

Source: FX Central Clearing Ltd, ( Learn Forex Trading | ECN Forex Online Trading | Forex Trading Tips | FXCC )

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Market Overview by FXCC Aug 28 2012

Fed to deliver further stimulus - JPM

JPM is quite dovish on the next Fed policy tools to deploy, expecting Ben Bernanke & Co. to provide additional stimulus to the economy by extending the rate-on-hold guidance out to mid-2015 and increasing asset purchases. The bank expects medium-term US paper getting a better bid tone ahead of the Sept 12-13 FOMC meeting. A more marked move will come via real yields as investors bet on higher inflation, says JPM head bond strategist Terry Belton.

For the London session ahead the economic agenda will be soft once again in EUR macro data related terms, with Germany GFK consumer sentiment at 06:00 GMT, followed by Spanish final GDP 1 hour later, and EU M3 money supply at 08:00 GMT. At 11:00 GMT is expected EU's Van Rompuy will meet Spanish PM Rajoy, which could bring some headlines to the table giving some volatility to current thin markets, coupled with both Spanish and Italian short term sovereign debt auctions to be held today, Spain to sell up to €3.5B in 3 and 6 month bills. Spanish 10y bond yields hold near mid 6%s with risk premium with Germany around the 500bps.

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UPCOMING EVENTS :

2012-08-28 06:00 GMT | Germany. Gfk Consumer Confidence Survey (Sep)

2012-08-28 06:00 GMT | Switzerland. UBS Consumption Indicator (Jul)

2012-08-28 08:00 GMT | European Monetary Union. M3 Money Supply (3m) (Jul)

2012-08-28 14:00 GMT | United States. Consumer Confidence (Aug)

FOREX NEWS :

2012-08-28 04:32 GMT | GBP/USD maintains bearish profile

2012-08-28 03:51 GMT | EUR/USD in holding pattern ahead of risk events - OCBC

2012-08-28 02:53 GMT | AUD/USD continues to grind lower

2012-08-28 01:28 GMT | Risk off swings boost USD, JPY

EURUSD : 1.24836 / 1.24841

DAILY WEEKLY MONTHLY

1.2594 | 1.2547 | 1.2508

1.2446 | 1.2406 | 1.2369

SUMMARY : Up

TREND : Sideway

MA10 : Bearish

MA20 : Bearish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

Market remains in uptrend after some consolidation provided yesterday. Instrument dropped below the suggested support level at 1.2482 and now is moving towards to our target at 1.2446 (S1). Brake here is required for further correction development towards to next target at 1.2406 (S2). Last support level locates today at 1.2369 (S3). Failure to go lower would put in focus next resistance at 1.2508 (R1), brake here is required to enable next targets at 1.2547 (R2) and 1.2594 (R3), important technical level.

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GBPUSD : 1.57882 / 1.57893

DAILY WEEKLY MONTHLY

1.5892 | 1.5861 | 1.5827

1.5753 | 1.5717 | 1.5681

SUMMARY : Down

TREND : Downward penetration

MA10 : Bearish

MA20 : Bearish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

The market is intended to go lower in medium term perspective. Yesterday instrument dropped below the expected support level at 1.5796 and finally reached our target at 1.5766 today. Technically, next support level locates at today fresh low 1.5753 (S1), pushdown of the price is possible below this level. We suggest next targets at 1.5717 (S2) and 1.5681 (S3). Failure to go lower suggested support level might put in focus our next resistance level at 1.5827 (R1), brake here would suggest new targets at 1.5861 (R2) and 1.5892 (R3).

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USDJPY : 78.509 / 78.514

DAILY WEEKLY MONTHLY

79.21 | 79.02 | 78.83

78.45 | 78.28 | 78.11

SUMMARY : Down

TREND : Sideway

MA10 : Bearish

MA20 : Bearish

STOCHASTIC : Oversold

MARKET ANALYSIS - Intraday Analysis

USDJPY depreciated today below the expected support level at 78.62 and almost reach our next target at 78.45 (S1). We expect further easing towards to our targets later on today however there is no clear tendency on the market now. Possible execution of protective orders below the support level at 78.45 (S1) might drive market price toward to our lower targets at 78.28 (S2) and 78.11 (S3). On the other hand, if market go higher and continue to be traded in sideways we suggest waiting for a clear brake of the next resistance level at 78.83 (R1). Next expected target at 79.02 (R2).

Source: FX Central Clearing Ltd, ( Forex Trading Course | Forex Trading Blog | ECN Forex Trading Training | FXCC )

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Market Overview by FXCC Aug 29 2012

ECB has no choice but buy periphery gvrt debt - Nomura

ECB purchases of periphery debt would be effective in ending a dysfunctional government bond marke, says Nomura economist Richard Koo. "While longer-term answers to this eurozone-specific problem include fiscal stimulus to tackle the balance sheet recession itself and a rule that addresses the issue of capital flight by restraining, given that both of those measures will probably take years to implement, the only short-term option is to have the ECB buy the government debt of peripheral countries" the economist said in a research note.

London session ahead will be another quiet one in terms of EUR macro data related coming out, with only French business confidence at 06:45 GMT, followed by Italian consumer confidence and retail sales at 08:00 GMT, and German CPI at 12:00 GMT. In the sovereign debt auctions front Italy will sell 6-month bills, with 10 year bond yields on the rise at 5.82% last, coming from multi-week lows Aug 22 at 5.56% for Italy. There will also be some meetings among different EU leaders going on which could actually produce some headlines.

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UPCOMING EVENTS :

2012-08-29 07:00 GMT Switzerland. KOF Leading Indicator (Aug)

2012-08-29 12:00 GMT Germany. Harmonised Index of Consumer Prices (YoY) (Aug). Preliminar

2012-08-29 12:30 GMT United States. Gross Domestic Product Annualized (Q2)

2012-08-29 18:00 GMT United States. Fed's Beige Book

2012-08-29 04:32 GMT GBP/USD holds bullish stance – V.Bednarik

2012-08-29 04:11 GMT GBP/JPY: Hikkake prints at key support

2012-08-29 03:42 GMT EUR/USD, watch resistance at 1.2600

2012-08-29 02:02 GMT USD on demand in Asia

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EURUSD : 1.25567 / 1.25571

DAILY WEEKLY MONTHLY

1.2633 | 1.2604 | 1.2576

1.2543 | 1.2513 | 1.2481

SUMMARY : Up

TREND : Up trend

MA10 : Bearish

MA20 : Bullish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

The “Bullish” sentiment took up the EURUSD. Instrument reached our target at 1.2547. Potential of going higher is seen today above the next resistance at 1.2576 (R1), surpassing of this level would suggest higher targets at 1.2604 (R2) and 1.2633 (R3). If it fail to go higher, we might see retracement development below the next support level at 1.2543 (S1) towards to next target at 1.2513 (S2). Brake here is required to enable last support level at 1.2481 (S3).

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GBPUSD : 1.58147 / 1.58155

DAILY WEEKLY MONTHLY

1.5913 | 1.5887 | 1.5838

1.5797 | 1.5772 | 1.5747

SUMMARY : Up

TREND : Up trend

MA10 : Bearish

MA20 : Bullish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

GBPUSD currently is under the “Bullish” pressure and moving towards to our suggested yesterday target at 1.5838 (R1), our next resistance level. Brake here would suggest new target at 1.5887 (R2) and any further rise would then be limited to 1.5913 (R3) intraday. Next support level stay at 1.5797 (S1), brake below it might provide a downside priority in direction for the remaining of the day. Next suggested targets at 1.5772 (S2) and 1.5747 (S3) in potential.

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USDJPY : 78.580 / 78.584

DAILY WEEKLY MONTHLY

79.02 | 78.83 | 78.65

78.45 | 78.28 | 78.11

SUMMARY : Sideway

TREND : Sideway

MA10 : Bullish

MA20 : Bearish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

Technically instrument remain trading in a range mode. A break above the first resistance level at 78.65 (R1) would suggest a target at 78.83 (R2). If the price holds its momentum on the upside we can expect a further rise towards to 79.02 (R3) in perspective. All our support levels remain the same as yesterday. Key support level holds at 78.45 (S1). If the pair manage to brake here, we expect next target 78.28 (S2) and any further fall would then be limited to 78.11 (S3).

Source: FX Central Clearing Ltd, ( Forex Trading Hours | Forex Trading Strategy | ECN Forex Trading Tutorial | FXCC )

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Market Overview by FXCC Aug 30 2012

Iron ore collapse has huge implications for the Australian economy - Macquarie Group

The tumbling iron ore price has the Aussie bulls on the edge after Iron ore fell nearly 5% overnight to $90.30 a tonne, down now 23% since the end of July. If commodity prices do not recover, Senior Economist at Macquarie Brian Redican sees A$10 billion of cuts would be needed for the Australian Government to achieve a 2013 surplus.

London session ahead will be a busier one than the days before, with main focus on Italian 10 year sovereign bond auction, with previous auction's yield at 5.96%. Apart from that EU's Barroso speaks at European Forum Alpach in Viena at 09:00 GMT which could bring some headlines. In the EUR data related front Spain delivers CPI at 07:00 GMT, followed 55 minutes later by German unemployment rate, and Italian hourly wages 5 minutes after. Then at the same time Barroso speaks EU and Italy consumer sentiment data will be out. The Jackson Hole symposium finally starts today as well.

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UPCOMING EVENTS :

2012-08-30 07:55 GMT | Germany. Unemployment Change (Aug)

2012-08-30 08:30 GMT | United Kingdom. Mortgage Approvals (Jul)

2012-08-30 09:00 GMT | European Monetary Union. Consumer Confidence (Aug)

2012-08-30 12:30 GMT | United States. Core Personal Consumption Expenditure - Prices Index (YoY) (Jul)

FOREX NEWS :

2012-08-30 02:52 GMT | EUR/USD still bid above 100-day EMA

2012-08-30 04:30 GMT | GBP/USD steady around 1.5825 ahead of Europe

2012-08-30 00:45 GMT | AUD/USD heading towards 200-day MA; Fitch warns on steel, iron ore outlook

2012-08-30 00:18 GMT | USD/JPY still without direction

EURUSD : 1.25353 / 1.25359

DAILY WEEKLY MONTHLY

1.2633 | 1.2604 | 1.2576

1.2513 | 1.2481 | 1.2451

SUMMARY : Up

TREND : Up trend

MA10 : Bullish

MA20 : Bearish

STOCHASTIC : Overbought

MARKET ANALYSIS - Intraday Analysis

EURUSD penetrated below the suggested support level at 1.2543 yesterday and made an attempt to go lower. Today we expect further depreciation as main scenario towards to our targets. However clearance of next resistance at 1.2576 (R1) might open way for the next target attack at 1.2604 (R2). Our next target for short positions locates at 1.2513 (S1), loss here would enable lower supports at 1.2481 (S2) and 1.2451 (S3) in perspective.

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GBPUSD : 1.58229 / 1.58238

DAILY WEEKLY MONTHLY

1.5913 | 1.5887 | 1.5861

1.5796 | 1.5772 | 1.5747

SUMMARY : Up

TREND : Up trend

MA10 : Bearish

MA20 : Bullish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

The currency traded yesterday without a priority in direction and all our supports and resistance levels remain the same. Today we expect that price will trade within the same price range. Strong signal should be provided prior to the trend development. Potential is seen for break above the 1.5861 level (R1) on the upper side. Possible targets stays at 1.5887 (R2) and 1.5913 (R3) levels. Downside development remains for now limited by next support level at 1.5796 (S1), only clear break here would be a signal of market weakening with next targets at 1.5772 (S2) and 1.5747(S3) in potential.

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USDJPY : 78.605 / 78.610

DAILY WEEKLY MONTHLY

79.21 | 79.02 | 78.83

78.45 | 78.28 | 78.11

SUMMARY : Sideway

TREND : Sideway

MA10 : Bearish

MA20 : Bullish

STOCHASTIC : Oversold

MARKET ANALYSIS - Intraday Analysis

The USDJPY trades in a channel between our next support level at 78.45 (S1) and resistance at 78.83 (R1). A break in either direction will determine the trading bias for the medium term. In such situation we suggest to wait for a clear directional signal prior taking any positions. Bake above the resistance level at 78.83 (R1) would suggest next targets at 79.02 (R2) and 79.21 (R3) in potential. On the other side, loss of 78.45 (S1) would enable targets at 78.28 (S2) and 78.11 (S3).

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

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Market Overview by FXCC Aug 31 2012

ECB bond buying plan unlikely to be fully unveiled at the Sep ECB meeting - TDS

With summer drawing to a close, "it's time to see if the monetary weapons will be revealed", says Rich Kelly, research analyst at TDS. "Disappointment at some stage along the way is a real possibility and we eventually expect the ECB’s new bond buying plan to satisfy the market, but it is unlikely to be fully unveiled at the September ECB meeting, and once announced, there will be a lag before Spain asks for it, and markets hate waiting and uncertainty" the analyst notes.

In the sessions ahead, the UK’s non-seasonally adjusted Nationwide Housing Prices data for August will be key risk event for GBP, but the market is likely to be distracted as it awaits Bernanke’s speech at Jackson Hole.

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UPCOMING EVENTS :

2012-08-31 09:30 GMT | E.M.U. Unemployment Rate (Jul)

2012-08-31 12:30 GMT | Canada. Gross Domestic Product (YoY) (Q2)

2012-08-31 14:00 GMT | United States. Fed's Bernanke Speaks at Jackson Hole

2012-08-31 18:30 GMT | All. IMF's Lagarde Speaks at Jackson Hole

FOREX NEWS :

2012-08-31 03:45 GMT | USD/JPY dips to 6-day lows, still in range

2012-08-31 03:01 GMT | NZD/USD finding resistance below 0.80

2012-08-31 02:11 GMT | GBP/JPY sideways around 124.00

2012-08-31 02:46 GMT | EUR/AUD within quiet, narrow range

EURUSD : 1.25109 / 1.25114

DAILY WEEKLY MONTHLY

1.2577 | 1.2550 | 1.2523

1.2481 | 1.2451 | 1.2417

SUMMARY : Up

TREND : Downward penetration

MA10 : Bearish

MA20 : Bearish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

Today major market drivers would be Fed's Bernanke Speech at 14:00 GMT and IMF's Lagarde Speech at 18:30 GMT at Jackson Hole. However some macroeconomic data would be released during the European trading session, in focus E.M.U. Unemployment Rate at 09:00 GMT and Germany Retail Sales at 06:00 GMT. Appreciation above the next resistance level at 1.2523 (R1) potentially might expose higher targets at 1.2550 (R2) and 1.2577 (R3) later on today. Bearish penetration below the suggested yesterday support at 1.2513 targeting 1.2481 (S1) and 1.2451(S2) in potential. Final support level for today locates at 1.2417 (S3).

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GBPUSD : 1.57932 / 1.57941

DAILY WEEKLY MONTHLY

1.5859 | 1.5830 | 1.5800

1.5770 | 1.5741 | 1.5712

SUMMARY : Up

TREND : Downward penetration

MA10 : Bearish

MA20 : Bearish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

Yesterday Instrument made an attempt to establish positive bias but failed to go much higher our suggested resistance level at 1.5838. During the US Session pair recovered all gains and met our downside direction target at 1.5772. Fresh low, formed yesterday is our next support level at 1.5770 (S1), brake here might shift market sentiment to the “Bearish” side. In such scenario we expect further decline towards to next targets at 1.5741 (S2) and 1.5712 (S3). Risk of GBPUSD strengthening is seen above the resistance level at 1.5800 (R1). Progress above it might expose targets at 1.5830 (R2) and 1.5859 (R3) in potential.

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

USDJPY : 78.435 / 78.440

DAILY WEEKLY MONTHLY

78.91 | 78.85 | 78.57

78.28 | 78.10 | 77.92

SUMMARY : Down

TREND : Sideway

MA10 : Bearish

MA20 : Bearish

STOCHASTIC : Oversold

MARKET ANALYSIS - Intraday Analysis

Market remains in sideways mode trading however potential volatility increase due to the Jackson Hole Symposium might assist to the trend development on the market. Signal of market sentiment change to the bearish would be provided if market drop below the next support level at 78.28 (S1). Suggested targets locates at 78.10 (S2) and 77.92 (S3). On the other side, brake above the resistance at 78.57 (R1) might lead to the bullish scenario and expose targets at 78.85 (R2) and 78.91 (R3).

Source: FX Central Clearing Ltd,( Forex Trading Basics | ECN Forex Trading Education | Best Forex Trading Platform | FXCC )

[alayoua]

Market Overview by FXCC Sep 03 2012

ECB to add some colour on bond buying - Nomura

Expect the ECB to announce its preparedness to intervene in the bond market after countries have called for help at the EFSF/ESM and under strict conditionality, Nomura Chief European Economist Jacques Cailloux said in a research note, published late last week. However, Nomura believes that the ECB will provide very little colour on the modalities of the programme at this week's meeting. According to Mr. Cailloux, once the program is implemented, "analysis shows that the bond buying programme for Spain could last 5 months with the shorter maturities rallying further in the initial stage of the policy response. Much more difficult will be how to anchor the longer end which will be the job of the EFSF/ESM, a task we believe will be very hard."

London session ahead will have another round of PMI figures this time coming from several EU countries like Spain, Italy, France, Germany, the EU, and Greece, starting at 07:13 GMT, 07:43, 07:48, 07:53, and finally at 07:58 with the EU and Greece respectively. Not much in EUR macro data related apart from the PMIs, with the focus on the US closed today on holiday, and ECB's Draghi to testify on banking union before the European Parliament's Economic and Monetary Affairs Committee, in Brussels at 13:30 GMT.

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UPCOMING EVENTS :

2012-09-03 07:15 GMT : Switzerland. Real Retail Sales (YoY) (Jul)

2012-09-03 07:53 GMT : Germany. Markit Manufacturing PMI (Aug)

2012-09-03 07:58 GMT : E.M.U. Markit Manufacturing PMI (Aug)

2012-09-03 08:28 GMT : United Kingdom. Markit Manufacturing PMI (Aug)

FOREX NEWS :

2012-09-03 04:33 GMT : GBP/USD consolidating above 1.5850

2012-09-03 04:12 GMT : EUR/USD flat, AUD/USD plummets

2012-09-03 03:52 GMT : AUD/USD forecast at parity before end of 2012 - UBS

2012-09-03 03:16 GMT : EUR/AUD at fresh 2-month highs

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

EURUSD : 1.25825 / 1.25826

DAILY WEEKLY MONTHLY

1.2717 | 1.2676 | 1.2637

1.2557 | 1.2517 | 1.2480

SUMMARY : Up

TREND : Up trend

MA10 : Bearish

MA20 : Bullish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

Friday’s comments by ECB’s Benoit Coeure pushed EURUSD up to the new monthly highs and our suggested target at 1.2577 was achieved. Our next resistance level is placed above the fresh high at 1.2637 (R1), violation here would expose next target at 1.2676 (R2) and any further appreciation might face resistive measures located at 1.2717 (R3). On the other side, the pair’s fall might be supported by our next level at 1.2557 (S1). Further decline below it might test next targets at 1.2517 (S2) and 1.2480 (S3) in potential.

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

GBPUSD : 1.58698 / 1.58710

DAILY WEEKLY MONTHLY

1.5948 | 1.5922 | 1.5896

1.5848 | 1.5824 | 1.5799

SUMMARY : Up

TREND : Up trend

MA10 : Bullish

MA20 : Bullish

STOCHASTIC Neutral

MARKET ANALYSIS - Intraday Analysis

Friday’s USD weakening during the European session let to profit taking at 1.5589, our last suggested target. Upside pressure might force the market to retest our next resistance level at 1.5896 (R1). Consolidation above it might provide sufficient space for the price increase towards to our next targets at 1.5922 (R2) and 1.5948 (R3). On the flip side, depreciation below the support level at 1.5848 (S1) would enable our targets at 1.5824 (S2) and 1.5799 (S3) in potential.

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

USDJPY : 78.319 / 78.323

DAILY WEEKLY MONTHLY

78.80 | 78.63 | 78.45

78.10 | 77.92 | 77.74

SUMMARY : Down

TREND : Sideway

MA10 : Bearish

MA20 : Bearish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

Current installation might suggest us about the market sentiment change. Friday decline below the key support level at 78.28 open the road towards to the new targets. Our next target level at 78.10 (S1) mark is not far away from current market price. Brake here would suggest lower supports at 77.92 (S2) and 77.74 (S3) as new targets. A move above the resistance level at 78.45 (R1) might drive price towards to the next target at 78.63 (R2) and any further rise would then be limited by last resistance at 78.80 (R3), important technical level.

Source: FX Central Clearing Ltd,( Best Forex Trading System | Forex Trading Platforms | Automated Forex Trading Software | FXCC )

[alayoua]

Market Overview by FXCC Sep 04 2012

RBA Interest Rate Decision remains at 3.5%

The Australian central bank believes that despite the overall global worsening conditions in recent months, monetary policy is appropriate given inflation levels consistent with the objectives set, as well as economic growth in line with expectations. Widely anticipated by economists surveyed by Bloomberg where 24 out of the 24 economists questioned expected the decision to remain unchanged, in the absence of dovish signs the pair is pushing higher.

Australia current account balance has come at -11,801M in 2Q vs -14,892M in 1Q. Expectations were for -12.2 bln approximately. The contribution from Aus net exports rose to 0.3%, below a 0.55% forecasted.

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UPCOMING EVENTS :

2012-09-04 09:00 GMT | E. M. U. Producer Price Index (YoY) (Jul)

2012-09-04 12:58 GMT | United States. Markit Manufacturing PMI (Aug)

2012-09-04 14:00 GMT | United States. ISM Manufacturing PMI (Aug)

2012-09-04 23:30 GMT | Australia. AiG Performance of Services Index (Aug)

FOREX NEWS :

2012-09-04 02:29 GMT | EUR/USD to fresh session highs on USD weakness overall

2012-09-04 01:33 GMT | Japan Labor Cash Earnings (YoY) -1.2% in Jul

2012-09-04 01:17 GMT | Hard to see gold breaking 1700/oz before NFP - ANZ

2012-09-04 00:05 GMT | USD/JPY more range trading above 78.00

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

EURUSD : 1.26120 / 1.26127

DAILY WEEKLY MONTHLY

1.2717 | 1.2676 | 1.2637

1.2594 | 1.2557 | 1.2517

SUMMARY : Up

TREND : Up trend

MA10 : Bullish

MA20 : Bullish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

EURUSD failed to establish any significant movement as the pair has remained in sideways mode trading yesterday. At the moment pair is gaining 0.18% and next resistance level ahead is seen at 1.2637 (R1). Penetration above it might resume market strengthening towards to the next target at 1.2676 (R2). Remaining resistance level locates at 1.2717 (R3). On the flip side, support levels lie at 1.2594 (S1) ahead. Brake here is required to enable next targets at 1.2557 (S2) and 1.2517 (S3). Next important news from E. M. U. is Producer Price Index at 09:00 GMT.

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

GBPUSD : 1.58865 / 1.58876

DAILY WEEKLY MONTHLY

1.5948 | 1.5922 | 1.5896

1.5873 | 1.5848 | 1.5824

SUMMARY : Up

TREND : Up trend

MA10 : Bearish

MA20 : Bullish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

Technically, GBPUSD is under the bullish pressure on the medium term and we expect further appreciation later on today as main scenario. GBPUSD reached our suggested resistance level at 1.5896 (R1) and now is moving towards to our next target at 1.5922 (R2). Progress above it would suggest final target for today at 1.5948 (R3). On the other hand, retracement is possible and market decline below the next support level at 1.5873 (S1) would bring in focus lower targets at 1.5848 (S2) and 1.5824 (S3) in potential.

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

USDJPY : 78.368 / 78.373

DAILY WEEKLY MONTHLY

78.80 | 78.63 | 78.45

78.17 | 77.98 | 77.80

SUMMARY : Down

TREND : Sideway

MA10 : Bullish

MA20 : Bearish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

USDJPY continue its range trading and picture in general remain the same. In terms of technical levels, next resistance is seen at 78.45 (R1). If the pair manages to successfully climb above it, we could even see to retest of our next target at 78.63 (R2) later on. Our final resistance could be found at 78.80 (R3) price level. While next support is placed at 78.17 (S1), decline below it would put in focus next target at 77.98 (S2) and any further depreciation would then be limited to 77.80 (S3) intraday.

Source: FX Central Clearing Ltd,( Forex Trading Account | ECN Forex Trading Courses | Forex Currency Trading System | FXCC )

[alayoua]

Market Overview by FXCC Sep 05 2012

Spain full-blown bailout done deal - Nomura

Spain will need full-blown bailout which will include more active role of ECB in Spanish bond markets, says Nomura in a research note. The bank thinks capital flight from Spain is in a "category of its own," with massive outflows raising “serious concerns about the implications for banking sector stability and economic growth,” Nomura strategists Jens Nordvig and Charles St.-Arnaud write in client note. Interestingly, the following line via Bloomberg points at capital outflows on 3-month rolling basis at 50% of GDP vs Italy 15%; for comparison, Indonesia outflow during Asian crisis peaked at 23%.

The London session ahead will bring just few minor PMI figures from the EU in terms of EUR macro data related and EU retail sales. Spanish services PMI will be out at 07:13 GMT, followed 30 minutes later by Italian services PMI, 5 minutes later by French one, another 5 minutes for German one, and finally another 5 minutes for the EU final services PMI at 07:58 GMT. EU retail sales are due at 09:00 GMT. At 13:00 GMT EU's Van Rompuy is expected to meet French PM Hollande so very probably some headlines will come that way.

Read More

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UPCOMING EVENTS :

2012-09-05 07:58 GMT | E. M.U. Markit Services PMI (Aug)

2012-09-05 08:28 GMT | United Kingdom. Markit Services PMI (Aug)

2012-09-05 09:00 GMT | E. M.U Retail Sales (YoY) (Jul)

2012-09-05 13:00 GMT | Canada. BoC Interest Rate Decision

FOREX NEWS :

2012-09-05 04:35 GMT | GBP/USD in tight range above 1.5850

2012-09-05 02:26 GMT | AUD/CAD: quick dip below 1.0050

2012-09-05 00:12 GMT | EUR/USD holds negative tone at Tokyo fix

2012-09-04 23:23 GMT | BoC, modest withdrawal of stimulus likely - Nomura

----------

EURUSD : 1.25340 / 1.25345

DAILY WEEKLY MONTHLY

1.2637 | 1.2598 | 1.2557

1.2517 | 1.2476 | 1.2432

SUMMARY : Up

TREND : Up trend

MA10 : Bearish

MA20 : Bearish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

EURUSD broke our expected support level at 1.2594 and reached our target at 1.2557 yesterday. Intraday term bias remains negative below the next resistance at 1.2557 (R1). However, brake here would suggest about the market sentiment change to the bullish and we expect appreciation towards to 1.2598 (R2) and 1.2637 (R3) in such scenario. Risk of further easing is seen below the support at 1.2517 (S1), decline below it might expose next targets at 1.2476 (S2) and 1.2432 (S3) in potential. Today in focus are E.M.U. Markit Services PMI at 07:58 GMT and Retail Sales at 09:00 GMT.

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

GBPUSD : 1.58620 / 1.58629

DAILY WEEKLY MONTHLY

1.5922 | 1.5899 | 1.5875

1.5855 | 1.5830 | 1.5804

SUMMARY : Up

TREND : Up trend

MA10 : Bearish

MA20 : Bearish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

The pair has formed fresh low today at 1.5855 (S1), which is currently our next support level. Fall below it would suggest next targets at 1.5830 (S2) and 1.5804 (S3). Though, intraday Bull’s power might activate when the pair approach resistance level at 1.5875 (R1). Our next target is seen at 1.5899 (R2) and any further appreciation would then be targeting 1.5922 (R3). Attention on the United Kingdom Markit Services PMI release at 08:28 GMT today.

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

USDJPY : 78.413 / 78.417

DAILY WEEKLY MONTHLY

78.92 | 78.73 | 78.54

78.17 | 77.98 | 77.80

SUMMARY : Down

TREND : Sideway

MA10 : Bearish

MA20 : Bearish

STOCHASTIC : Oversold

MARKET ANALYSIS - Intraday Analysis

USDJPY appreciated yesterday and formed fresh high at 78.54 (R1), which is currently our next resistance level. Rise above it might provide sufficient space for the appreciation towards to next target at 78.73 (R2). Brake here is required to enable last target for today at 78.92 (R3). Market decrease below the next important support level at 78.17 (S1) would suggest about the downtrend development with next target at 77.98 (S2). Further instrument easing might face final support at 77.80 (S3).

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

[alayoua]

Market Overview by FXCC Sep 06 2012

EUR/USD steady above 1.26 ahead of one of most important days for the currency

The key risk event probably of the entire month in the form of ECB interest rate statement today at 11:45 GMT followed by the press conference 45 minutes later, where is expected the head of the Eurogroup Jean-Claude Juncker will attend the meeting. As reported by Laurence Norman and Todd Buell for WSJ: “In an unusual move, Jean-Claude Juncker, the head of the Eurogroup of euro zone finance ministers, announced he would attend Thursday's ECB governing council meeting. 'Mr. Juncker will present the Eurogroup's analysis of the economic and financial situation in the euro zone,' his spokesman said in an e-mail,” reads the report.

London session ahead will be as busy as it can get, with plenty of risk events going on. For EUR macro related data, France will start with the unemployment figures at 05:30 GMT, followed by the Netherland's CPI a 07:30 GMT, EU's revised 2Q GDP at 09:00 GMT along with Greece unemployment numbers, and Germany factory orders at 10:00 GMT.

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UPCOMING EVENTS :

2012-09-06 09:00 GMT | E.M.U. Gross Domestic Product s.a. (QoQ) (Q2) Preliminar

2012-09-06 11:00 GMT | United Kingdom. BoE Interest Rate Decision

2012-09-06 11:45 GMT | E.M.U. ECB Interest Rate Decision

2012-09-06 12:30 GMT | E.M.U. ECB Monetary policy statement and press conference

FOREX NEWS :

2012-09-06 04:33 GMT | GBP/USD quiet around 1.5900

2012-09-06 03:22 GMT | AUD/JPY bounces from 6-week lows

2012-09-06 03:04 GMT | EUR/CHF keeps moving higher

2012-09-06 01:44 GMT | AUD/USD finds double bottom; aiming at 1.0220

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

EURUSD : 1.26056 / 1.26061

DAILY WEEKLY MONTHLY

1.2754 | 1.2697 | 1.2637

1.2570 | 1.2510 | 1.2450

SUMMARY : Up

TREND : Up trend

MA10 : Bullish

MA20 : Bullish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

Yesterday, leaked details of the ECB’s bond intervention plan pushed EUR higher and our target at 1.2598 was met successfully. However our last target at 1.2637 (R1) remains untouched and currently is our next key resistance level. Market is waiting for official announcement from the ECB at 11:45 GMT and we expect volatility increase today. Clearance of next resistance level at 1.2637 (R1) would enable next targets at 1.2697 (R2) and 1.2754 (R3). For the downside we suggest next support level at 1.2570 (S1). Loss here might take the pair towards to eventual supports, located at 1.2510 (S2) and 1.2450 (S3) in potential.

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

GBPUSD 1.59019 / 1.59028

DAILY WEEKLY MONTHLY

1.5996 | 1.5968 | 1.5934

1.5884 | 1.5850 | 1.5815

SUMMARY : Up

TREND : Up trend

MA10 : Bearish

MA20 : Bullish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

The key event for GBPUSD would be BoE Interest Rate Decision at 11:00 GMT today. Next important technical resistance stay at 1.5934 (R1), brake here is required for market expansion towards to next target at 1.5968 (R2) and any further increase would then be limited by final resistance for today at 1.5996 (R3). Failure to go higher might push markets to retest our support at 1.5884 (S1). Brake here would suggest next target at 1.5850 (S2) and any further fall would then be targeting to support at 1.5815 (S3). E.M.U. Gross Domestic Product Preliminar release is the next portion of data in focus at 09:00 GMT .

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USDJPY : 78.436 / 78.442

DAILY WEEKLY MONTHLY

78.92 | 78.73 | 78.54

78.30 | 78.10 | 77.89

SUMMARY : Sideway

TREND : Sideway

MA10 : Bullish

MA20 : Bearish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

The neutral channel continues to pressure the pair from the both sides. Yesterday high at 78.54 (R1) and formed low at 78.30 (S1) currently is the next key levels. Break above the resistance at 78.54 (R1) would bring in focus next target at 78.73 (R2) and any further appreciation might face final resistance at 78.92 (R3). As long as the pair remains within the same price range, support at 78.30 (S1) is acting a protective level for the pair to plunge lower. Brake here would suggest next targets at 78.10 (S2) and 77.89 (S3) in potential.

Source: FX Central Clearing Ltd,( ECN Global Forex Trading | Forex Trading Charts | Best Forex Trading | FXCC )

[alayoua]

Market Overview by FXCC Sep 07 2012

Market positioning for a stronger NFP reading - Westpac

Market positioning for US Aug non-farm payrolls is likely to be for a stronger reading than economists’ consensus of 130K, given the better ADP survey and also the non-manufacturing ISM, says Sean Callow, currency strategist at Westpac. The bank forecast is gloomier, "looking for 80K after the surprisingly firm 163K in July. The market range is 70-185K."

London session ahead will be focused on key data coming from the US at 12:30 GMT in the form of NFP. But earlier will come a bunch of other minor EUR related data, starting with German current account and trade balance at 06:00 GMT (all times GMT), followed by French trade balance 45 minutes later, Spanish industrial production at 07:00, the Netherlands industrial production half hour later, Greece final 2Q GDP at 09:00, and German industrial production and Portugal final 2Q GDP both at 10:00.

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UPCOMING EVENTS :

2012-09-07 08:30 GMT | United Kingdom. Manufacturing Production (YoY) (Jul)

2012-09-07 12:00 GMT | United States. Nonfarm Payrolls (Aug)

2012-09-07 12:30 GMT | Canada. Net Change in Employment (Aug)

2012-09-07 14:00 GMT | United Kingdom. NIESR GDP Estimate (3M) (Aug)

FOREX NEWS :

2012-09-07 04:40 GMT | EUR/USD ahead of US NFP above 1.26 around 5 year volatility lows

2012-09-07 04:32 GMT | GBP/USD upside favored – V.Bednarik

2012-09-07 03:35 GMT | AUD/USD at day highs; stops at 1.03 tripped

2012-09-07 03:19 GMT | Fitch warns Japan rating in danger to be downgraded

EURUSD : 1.26371 / 1.26376

DAILY WEEKLY MONTHLY

1.2741 | 1.2697 | 1.2654

1.2610 | 1.2566 | 1.2524

SUMMARY : Up

TREND : Up trend

MA10 : Bullish

MA20 : Bullish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

United States Nonfarm Payrolls at 12:00 GMT in focus today as major marked driver. Economist’s consensus is 130K. Hourly, instrument looks overbought and we expect some gradual easing below the next support level at 1.2610 (S1) later on today. Our suggested targets are 1.2566 (S2) and 1.2524 (S3). While next resistances is seen at 1.2654 (R1), clearance here is required for instrument strengthening towards to our next targets at 1.2697 (R2) and 1.2741 (R3) later on today.

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

GBPUSD : 1.59330 / 1.59340

DAILY WEEKLY MONTHLY

1.6003 | 1.5975 | 1.5943

1.5917 | 1.5889 | 1.5860

SUMMARY : Up

TREND : Up trend

MA10 : Bullish

MA20 : Bullish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

GBPUSD bounced on the Mario Draghi’s commentary yesterday. Next portion of macroeconomic data release from UK is expected today at 08:30 GMT - Manufacturing Production. Our main scenario remains unchanged, GBPUSD at the moment deviate from its up-trend on the short term timeframe. Next resistance is maintained at 1.5943 (R1), break here might open space for a move to test targets at 1.5975 (R2) and 1.6003 (R3) in potential. However on the medium term, market is overbought and correction is possible from current levels. Decrease below the support at 1.5917 (S1) might expose next targets at 1.5889 (S2) and 1.5860 (S3).

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

USDJPY : 78.927 / 78.930

DAILY WEEKLY MONTHLY

79.42 | 79.22 | 79.03

78.77 | 78.58 | 78.38

SUMMARY : Up

TREND : Upward penetration

MA10 : Bullish

MA20 : Bullish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

The USD rose yesterday versus the JPY, turning hourly sentiment to the positive territory and exposed our final target at 78.92. Next resistance ahead at is placed at yesterday high- 79.03 (R1), brake here is required to open way for further appreciation towards to 79.22 (R2) and 79.42 (R3). On the downturn, price decline below the next support levels at 78.77 (S1) might trigger bearish pressure and enable next target at 78.58 (S2). A break below it would suggest last target for today at 78.38 (S3).

Source: FX Central Clearing Ltd,( Automatic forex trading | Learning Forex Trading | ECN Forex Trading Signal | FXCC )

[alayoua]

Market Overview by FXCC Sep 12 2012

Consensus ESM approved: Will it come with conditions?

“Market consensus for tomorrow's Constitutional Court judgement is overwhelmingly that the Constitutional Court will not block ESM and the Fiscal Pact: 99% of respondents in our Investor poll this week subscribe to this view.” According to a Reuters poll of 20 legal experts, there is unanimous consensus the soon-to-be-established ESM will be approved but with strings as the wildcard. Strings could mean a German limit on contributions, making a case for euro shorts ahead of the court decision, due at 0800 GMT today.

London session ahead will be very busy as the common currency faces one of most important days ahead for its future. There are plenty of risk events in the coming hours, that will presumable pick volatility up. For starters in terms of macro data EUR related France will release CPI figures for Aug at 05:30 GMT, followed by German CPI 30 minutes later, and French current account at 06:45 GMT. Spain CPI will be out at 07:00 GMT, followed by Italian industrial production 1 hour later, and EU industrial production along with Portugal CPI another hour after.

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UPCOMING EVENTS :

2012-09-12 06:00 GMT | Germany. Harmonised Index of Consumer Prices (Aug)

2012-09-12 08:30 GMT | United Kingdom. Claimant Count Change (Aug)

2012-09-12 09:00 GMT | E.M.U. Industrial Production w.d.a. (YoY) (Jul)

2012-09-12 21:00 GMT | New Zealand. RBNZ Interest Rate Decision

FOREX NEWS :

2012-09-12 04:43 GMT | EUR/USD above 1.2850 ahead of a crucial day for the common currency

2012-09-12 03:30 GMT | NZD/USD rally hits 0.8200, highest in 5 weeks

2012-09-12 02:45 GMT | AUD/JPY approaching 50% Fibo res.

2012-09-12 01:54 GMT | USD/JPY rising back toward 78.00 as Asia turns ‘risk-on’

EURUSD : 1.28724 / 1.28727

DAILY WEEKLY MONTHLY

1.3018 | 1.2952 | 1.2885

1.2837 | 1.2767 | 1.2701

SUMMARY : Up

TREND : Up trend

MA10 : Bullish

MA20 : Bullish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

Constitutional court expected to give its preliminary ruling on the ESM and the fiscal compact today, this would be the major market driver for the currency. Our target at 1.2870 was met yesterday and market closed on a positive note. Fresh high, formed today at 1.2885 (R1) is a next attractive point for the uptrend penetration. If a brake occur here we suggest gradual targets to be placed at 1.2952 (R2) and 1.3018 (R3). Next upcoming support holds at 1.2837 (S1), a consolidation development below it might take the pair towards to eventual supports located at 1.2767 (S2) and 1.2701 (S3) in potential.

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GBPUSD : 1.60766 / 1.60774

DAILY WEEKLY MONTHLY

1.6186 | 1.6136 | 1.6085

1.6051 | 1.5997 | 1.5940

SUMMARY : Up

TREND : Up trend

MA10 : Bullish

MA20 : Bullish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

Cable managed to advance above the suggested resistance level at 1.6034 and printed a fresh high during the European session at 1.6085 (R1), which is our next resistance level for today. Rise above it might keep the bearish pressure intact and expose next targets at 1.6136 (R2) and 1.6186 (R3) later on today. We placed our next support level below the both moving averages at 1.6051 (S1). Loss here might enable bearish pressure and downgrade Cable towards to expected targets at 1.5997 (S2) and 1.5940 (S3). United Kingdom Claimant Count Change at 08:30 GMT is the next data release in focus.

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USDJPY : 77.884 / 77.889

DAILY WEEKLY MONTHLY

78.33 | 78.17 | 78.01

77.69 | 77.51 | 77.33

SUMMARY : Down

TREND : Downward penetration

MA10 : Bullish

MA20 : Bearish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

USDJPY gained momentum yesterday and reached our downside target at 77.81. A medium-term bias is negative now though intraday bullish forces might be activated if the pair penetrates above the resistance level at 78.01 (R1). Next immediate resistance levels holds at 78.17 (R2) and 78.33 (R3). Conversely, next support level stays right below the fresh low, provided yesterday at 77.69 (S1). Brake here would suggest next target at 77.51 (S2) and any further fall would then be limited by last support at 77.33 (S3).

Source: FX Central Clearing Ltd,( Best Forex Trading Software | ECN Forex News Trading | Forex Options Trading | FXCC )

[alayoua]

Market Overview by FXCC Sep 13 2012

QE3 done deal or coinflip?

An overwhelming majority, as reflected by recent USD selling, sees it obvious that the economy in the US is weak, and with Bernanke reminding how well past QEs have worked in his speech at Jackson Hole, not to forget the last straw being the big miss in last Friday's NFP reports, talking about a fresh wave of money printing announced today seems logical. On the other hand, there is a case that points towards 'disappointment' being a prospect not that distant. With Europe having kicked the can down the road yet again thru new stimulus policies by the ECB – subject to Spain bailout request and the economic data in the US modestly upbeat in general in early September, one may also make the case for another month of 'wait-and-see” by the Fed. Not to forget is election time in the US, and any new 'money printing' may be controversial.

London session ahead will be a quite one data related waiting for the key event for the day in the form of FOMC Fed fund rates at 16:30 GMT. During the European hours, few major risk events will be coming from Switzerland, so some volatility could be expected around EUR/CHF cross given latest moves, while for EUR macro data related the EU will publish ECB monthly bulletin at 08:00 GMT at the same time than Italy CPI, followed 1 hour later by EU labor costs index.

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UPCOMING EVENTS :

2012-09-13 07:30 GMT | Switzerland. SNB Interest Rate Decision

2012-09-13 08:00 GMT | E.M.U. ECB Monthly Report

2012-09-13 18:15 GMT | United States. Fed's Monetary Policy Statement and press conference

2012-09-13 16:30 GMT | United States. Fed Interest Rate Decision

FOREX NEWS :

2012-09-13 04:34 GMT | GBP/USD moving sideways above 1.61

2012-09-13 04:33 GMT | EUR/USD threatening recent 4-month highs

2012-09-13 01:16 GMT | EUR/AUD prints “Pin,” set for bullish continuation?

2012-09-13 00:54 GMT | Potential for further USDJPY selling post FOMC - UBS

EURUSD : 1.29249 / 1.29254

DAILY WEEKLY MONTHLY

1.3086 | 1.3018 | 1.2952

1.2876 | 1.2817 | 1.2748

SUMMARY : Up

TREND : Up trend

MA10 : Bullish

MA20 : Bullish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

Following the German ratification of the ESM, EURUSD bounced though closed trading session on the positive tone. The Focus will now shift to Thursday's FOMC meeting at 18:15 GMT. Currently pair is moving towards to our next resistance level at 1.2952 (R1). Clearance here would suggest next targets at 1.3018 (R2) and 1.3086 (R3). The downside trend evolvement is limited by next support level at 1.2876 (S1), brake here might lead to the next targets execution at 1.2817 (S2) and 1.2748 (S3).

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GBPUSD : 1.61173 / 1.61182

DAILY WEEKLY MONTHLY

1.6235 | 1.6186 | 1.6136

1.6079 | 1.6035 | 1.5985

SUMMARY : Up

TREND : Up trend

MA10 : Bullish

MA20 : Bullish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

Pair has settled positive bias on the hourly timeframe but recently looks overbought. From the technical side, upside pressure might force the market to test next resistance level at 1.6136 (R1). Successful penetration above it might provide sufficient space for the price increase towards to our next targets at 1.6186 (R2) and 1.6235 (R3). On the flip side, depreciation below the support level at 1.6079 (S1) would enable our targets at 1.6035 (S2) and 1.5985 (S3) in potential.

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USDJPY : 77.717 / 77.721

DAILY WEEKLY MONTHLY

78.17 | 78.01 | 77.86

77.69 | 77.51 | 77.33

SUMMARY : Down

TREND : Downward penetration

MA10 : Bearish

MA20 : Bearish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

Current installation might suggest us about the bearish market sentiment. Morning decline below the key support level at 77.69 (S1) might open the road towards to lower targets, located at the same levels as yesterday for the downside penetration: 77.51 (S2) and 77.33 (S3).A move above the resistance level at 77.86 (R1) might drive price towards to the next target at 78.01 (R2) and any further rise would then be limited by last resistance at 78.17 (R3).

Source: FX Central Clearing Ltd,( Forex Practice Account | ECN Broker | ECN Forex | FXCC )

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Market Overview by FXCC Sep 14 2012

On USD/JPY intervention watch today - Westpac

According to Sean Callow, senior currency strategist at Westpac: "Some support came from NY traders telling news wires that the Bank of Japan had checked prices. We also heard an anonymous Japanese govt official deeming post-FOMC yen moves to be 'very excessive, speculative'." Westpac are very much on Intervention watch today.

London session ahead will bring EU CPI and employment figures, along with Italy current account at 09:00 GMT, with no more EUR/USD macro data related for the day till the NY session time, when before it opens, US CPI and retail sales are expected at 12:30 GMT. No sovereign debt auction in the euro zone as usual for Fridays. Monthly currency options expire during the weekend.

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UPCOMING EVENTS :

2012-09-14 09:00 GMT E.M.U. Consumer Price Index (YoY) (Aug)

2012-09-14 12:30 GMT United States. Retail Sales (MoM) (Aug)

2012-09-14 13:15 GMT United States. Industrial Production (MoM) (Aug)

2012-09-14 13:55 GMT United States. Reuters/Michigan Consumer Sentiment Index (Sep) Preliminar

FOREX NEWS :

2012-09-14 04:36 GMT EUR/USD above 1.30 ahead of ECOFIN

2012-09-14 02:39 GMT AUD/JPY hits 82.00

2012-09-14 01:56 GMT AUD/USD breaks NY highs; targeting 1.0615

2012-09-13 23:23 GMT USD/JPY: BoJ eyeing 77.00 – V.Bednarik

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EURUSD : 1.30259 / 1.30262

DAILY WEEKLY MONTHLY

1.3267 | 1.3179 | 1.3086

1.2959 | 1.2874 | 1.2789

SUMMARY : Up

TREND : Up trend

MA10 : Bullish

MA20 : Bullish

STOCHASTIC : Overbought

MARKET ANALYSIS - Intraday Analysis

The European Council meeting today might bring additional volatility to the markets. We expect that EURUSD decline today however medium term bias remains positive. Uptrend development might face next resistance level at 1.3086 (R1). Brake here is essential for the bullish market participants with next targets in focus at 1.3179 (R2) and 1.3267 (R3). On the downturn, a consolidation might take the pair towards to eventual supports located at 1.2959 (S1), 1.2874 (S2) and 1.2789 (S3). Consumer Price Index release at 09:00 GMT is the next macroeconomic data in focus.

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GBPUSD : 1.61997 / 1.62006

DAILY WEEKLY MONTHLY

1.6347 | 1.6289 | 1.6235

1.6164 | 1.6106 | 1.6048

SUMMARY : Up

TREND : Up trend

MA10 : Bullish

MA20 : Bullish

STOCHASTIC : Overbought

MARKET ANALYSIS - Intraday Analysis

GBPUSD gained momentum and maintained uptrend development. Currently pair trades at the day high and we see potential for further appreciation towards to next resistance at 1.6235 (R1). Brake here would suggest next targets at 1.6289 (R2) and 1.6347 (R3). Though, our short –term outlook is negative and easing towards to our next support level at 1.6164 (S1) is possible. Clear break here is required for further depreciation with next intraday targets at 1.6106 (S2) and 1.6048 (S3) in potential.

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USDJPY : 77.636 / 77.642

DAILY WEEKLY MONTHLY

78.09 | 77.92 | 77.74

77.51 | 77.35 | 77.17

SUMMARY : Down

TREND : Downward penetration

MA10 : Bullish

MA20 : Bearish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

USDJPY eased yesterday below the suggested support level at 77.69 and managed to reach our final target at 77.33. Market sentiment is bearish and brake below the support at 77.51 (S1) would suggest next target at 77.35 (S2). Price level at 77.17 (S3) is acting as final support level for the pair today. On the other hand, If the market manage to climb above the resistance level at 77.74 (R1) we expect next target to be achieved at 77.92 (R2) and any further rise would then be targeting to 78.09 (R3).

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

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Market Overview by FXCC Sep 17 2012

China forecasts adjusted lower; rate cutting cycle over - Standard Chartered

Standard Chartered has just published a note to clients revising the 2012 and 2013 forecasts GDP for China, now looking at 7.8% growth in 2013, and a better H2 than H1; "We lower our GDP growth forecasts for 2012 and 2013 to 7.7% and 7.8%, respectively (from 8.1% and 8.7%), expecting clearer signs of the start of a moderate recovery to emerge in Q4-2012 and early 2013." Furthermore, they, now believe "the interest rate cutting cycle has ended and expect the next move to be up, in late 2013." Looking at the CNY, the bank thinks "it should remain stable against the USD in 2012, but appreciate mildly as the trade surplus revives in 2013-14." Standard Chartered forecasts USD-CNY at 6.19 at end-2013, 6.00 at end-2014.

Not many macro economic data EUR related will be released during London session ahead, starting with EU current account and Italian trade balance at 08:00 GMT, followed by EU labor costs 1 hour later. In the EZ sovereign debt front France will auction some short term maturities, while headlines coming from Greece or Spain could be making headlines any time during the session.

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UPCOMING EVENTS :

2012-09-17 08:00 GMT | E.M.U. Current Account s.a (Jul)

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

2012-09-17 12:30 GMT | Canada. Canadian portfolio investment in foreign securities (Jul)

2012-09-17 12:30 GMT | United States. NY Empire State Manufacturing Index (Sep)

FOREX NEWS :

2012-09-17 04:37 GMT | EUR/USD unchanged above 1.31

2012-09-17 04:09 GMT | AUD/USD bias bearish - NAB

2012-09-17 02:16 GMT | GBP/JPY pulls back below 127.00

2012-09-17 01:53 GMT | Rebound in USD/JPY favoured - TDS

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EURUSD : 1.31301 / 1.31307

DAILY WEEKLY MONTHLY

1.3355 | 1.3267 | 1.3179

1.3085 | 1.2995 | 1.2903

SUMMARY : Up

TREND : Upward penetration

MA10 : Bullish

MA20 : Bearish

STOCHASTIC : Overbought

MARKET ANALYSIS - Intraday Analysis

Last week was totally positive for EUR. After the FOMC has announced unlimited purchases of MBS (Mortgage-backed Securities) at a pace of $40 billion per month and QE3 announcement, EURUSD rose to the new highs. Today we expect slow trading session ahead. Our next resistance level is placed above the fresh high at 1.3179 (R1), violation here might expose next targets at 1.3267 (R2) and 1.3355 (R3) if the uptrend remains in power. Correction is possible below the next support level, placed at 1.3085 (S1). Further decline below it might test next targets at 1.2995 (S2) and 1.2903 (S3) in potential.

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GBPUSD : 1.62260 / 1.62271

DAILY WEEKLY MONTHLY

1.6347 | 1.6301 | 1.6255

1.6195 | 1.6145 | 1.6096

SUMMARY : Up

TREND : Upward penetration

MA10 : Bullish

MA20 : Bearish

STOCHASTIC : Overbought

MARKET ANALYSIS - Intraday Analysis

GBPUSD currently deviates from its initial uptrend formation and we expect low volatility today. If the pair can breach the key resistance at 1.6255 (R1), we suggest next targets at 1.6301 (R2) and any further rise would then be limited by last resistance at 1.6347 (R3) intraday. From the other side, loss of next support at 1.6195 (S1) might encourage executing of protective orders and drive market price towards to the next targets at 1.6145 (S2) and 1.6096 (S3).

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USDJPY : 78.299 / 78.302

DAILY WEEKLY MONTHLY

78.81 | 78.64 | 78.47

78.14 | 77.96 | 77.78

SUMMARY : Up

TREND : Upward penetration

MA10 : Bullish

MA20 : Bearish

STOCHASTIC : Overbought

MARKET ANALYSIS - Intraday Analysis

Market stabilized after the Friday’s gains and we expect further consolidation development later on today as main scenario. Next support could be found at 78.14 (S1), clearance here is required to attack lower targets at 77.96 (S2) and 77.78 (S3). From the other side, if the pair manages to overcome the 78.47 (R1) level, we might see further appreciation towards to next targets at 78.64 (R2) and 78.81 (R3) in perspective.

Source: FX Central Clearing Ltd,( ECN Platform | Forex Broker Reviews | Online Forex Broker | FXCC )

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Market Overview by FXCC Sep 18 2012

RBA minutes - Bias still to the downside

The RBA's minutes for this month's 4 Sep meeting is out, with plenty of downbeat commentary regarding the worsening outlook for Australia due to global and Chinese growth concerns, acknowledging prospects are now more uncertain. RBA added there is still scope to reduce the benchmark interest rate should outlook worsen significantly. The extent of RBA concern surrounding China appears to have worsened, while the potential for an October rate cut is very much on the cards. According to RBA, previous rate cuts are still working through economy.

London session ahead will only have a single risk event for the European morning coming out EUR related, but a key one, as German ZEW economic sentiment is, due at 09:00 GMT, which usually implies volatility. The UK will publish CPI figures at 08:30 GMT.

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UPCOMING EVENTS :

2012-09-18 08:30 GMT | United Kingdom. Core Consumer Price Index (Aug)

2012-09-18 09:00 GMT | Germany. ZEW Survey - Economic Sentiment (Sep)

2012-09-18 12:00 GMT | United States. Fed's Evans Speech

2012-09-18 12:30 GMT | United States. Current Account (Q2)

FOREX NEWS :

2012-09-18 04:39 GMT | GBP/USD flat around 1.6245 ahead of UK CPI data

2012-09-18 04:35 GMT | EUR/USD awaits ZEW around 1.31

2012-09-18 03:59 GMT | USD/JPY stalls below 79.00 ahead of BoJ

2012-09-18 04:14 GMT | NZD/USD gently bid above 0.8250

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EURUSD : 1.31018 / 1.31021

DAILY WEEKLY MONTHLY

1.3355 | 1.3267 | 1.3179

1.3085 | 1.2995 | 1.2903

SUMMARY : Up

TREND : Up trend

MA10 : Bearish

MA20 : Bullish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

EURUSD remains under the sideways direction and we leave all ours support and resistance at the same levels as yesterday. Upside direction is limited by the next resistance level at 1.3179 (R1), brake here would enable higher target at 1.3267 (R2). Sufficient momentum on the upside direction might expose last target at 1.3355 (R3) in potential. On the downturn, clear brake of support level at 1.3085 (S1) would enable target at 1.2995 (S2) and any further fall would then be limited by last support level at 1.2903 (S3). In focus the Germany ZEW Survey - Economic Sentiment release at 09:00 GMT.

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GBPUSD : 1.62435 / 1.62444

DAILY WEEKLY MONTHLY

1.6392 | 1.6347 | 1.6301

1.6212 | 1.6165 | 1.6119

SUMMARY : Up

TREND : Up trend

MA10 : Bearish

MA20 : Bullish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

BOE Inflation Letter might be a major market driver today for GBP however next important data release expected at 08:30 GMT - Core Consumer Price Index (Aug). GBPUSD penetrated above the suggested resistance level at 1.6255 yesterday but failed to establish positive tone. A further increase will then bring focus to the next resistance levels at 1.6301 (R1) and 1.6347 (R2). Final resistance can be found at 1.6392 (R3) level later on today. Next support level holds at 1.6212 (S1), brake below it would suggest next target at 1.6165 (S2) and any further fall would then be limited to 1.6119 (S3).

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USDJPY : 78.648 / 78.654

DAILY WEEKLY MONTHLY

79.42 | 79.16 | 78.92

78.47 | 78.21 | 77.95

SUMMARY : Up

TREND : Up trend

MA10 : Bullish

MA20 : Bullish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

USDJPY climbed yesterday above the suggested resistance level at 78.47 and hit our target at 78.81. Next resistance is spotted at 78.92 (R1), brake here might expose next target at 79.16 (R2) and any further rise would then be targeting 79.42 (R3). Our now bullish short term outlook will remain in place while USDJPY trades above the support at 78.47 (S1). A downside move below it might retest our next targets at 78.21 (S2) and 77.95 (S3) in potential.

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

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Market Overview by FXCC Sep 19 2012

BOJ eases more than expected

The BOJ left the overnight call rate range unchanged between 0.0% and 0.1%. Amid much anticipated expectations of the BoJ following the Fed and ECB with further easing, the bank decided to increase the APP program by 10 trillion yen. The increase in the size corresponds to additional increases of treasury disccount bills by 5trillion yen and purchases in JGBs by another 5 trillion. BOJ keeps monthly JGB purchases at 1.8 trillion yen. As John Noonan, Head of IFR Markets, notes: "BOJ has eased a bit more than most were expecting. Market likes it and USD/JPY testing 79.00 level from 78.70 before announcment."

Lack of macro economic EUR related data for the London session ahead will be the news, with only ECB Governing Council 2 day Meeting starting today, while in the sovereign debt auctions front Germany will sell up to € 5B in 2 year federal notes, and Portugal trying to sell up to € 1.75 in short term T-bills at 09:30 GMT. Portugal 10 year bonds reached past week record 1 ½ year-lows around 8% coming from as high as 17% from Feb 2012, last at 8.72%, while Germany is dealing with 4-month highs touched on Monday at 1.74%, last at 1.65%.

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UPCOMING EVENTS :

2012-09-19 08:30 GMT | United Kingdom. Bank of England Minutes

2012-09-19 09:00 GMT | Switzerland. ZEW Survey - Expectations (Sep)

2012-09-19 14:00 GMT | United States. Existing Home Sales Change (Aug)

2012-09-19 22:45 GMT | New Zealand. Gross Domestic Product (YoY) (Q2)

FOREX NEWS :

2012-09-19 04:48 GMT | GBP/JPY, blue sky until 130.00?

2012-09-19 04:14 GMT | EUR/USD spikes after BoJ

2012-09-19 04:03 GMT | JPY weakens across the board post-BoJ

2012-09-19 02:43 GMT | AUD/JPY peels back below 82.00

EURUSD : 1.30706 / 1.30711

DAILY WEEKLY MONTHLY

1.3227 | 1.3172 | 1.3116

1.2995 | 1.2941 | 1.2888

SUMMARY : Up

TREND : Upward penetration

MA10 : Bullish

MA20 : Bullish

STOCHASTIC : Overbought

MARKET ANALYSIS - Intraday Analysis

EURUSD penetrated below the suggested support level at 1.3085 yesterday but failed to go much lower and reach any of our targets. Medium term bias remains positive and today we expect further appreciation if it manage to overcome next resistance level at 1.3116 (R1). Strengthening above it might open way towards to next targets at 1.3172 (R2) and 1.3227 (R3). Current retracement formation might face next support levels at 1.2995 (S1), 1.2941 and 1.2888 (S3) in potential. ZEW Survey - Expectations from Switzerland is the next macroeconomic data release in focus at 09:00 GMT.

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GBPUSD 1.62525 / 1.62534

DAILY WEEKLY MONTHLY

1.6348 | 1.6308 | 1.6273

1.6218 | 1.6181 | 1.6144

SUMMARY : Up

TREND : Up trend

MA10 : Bullish

MA20 : Bullish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

The GBPUSD trades in a sideways channel between our next support level at 1.6218 (S1) and resistance at 1.6273 (R1). A break in either direction might determine the trading bias for the medium term perspective. Bank of England Minutes at 08:30 GMT might provide sufficient impulse for the market move. Penetration above the 1.6273 (R1) would suggest next targets at 1.6308 (R2) and 1.6348 (R3) in potential. On the other side, loss of 1.6218 (S1) would enable targets at 1.6181 (S2) and 1.6144 (S3). We suggest waiting for a clear directional signal prior taking any positions

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USDJPY : 79.164 / 79.167

DAILY WEEKLY MONTHLY

79.84 | 79.63 | 79.42

79.93 | 78.72 | 78.51

SUMMARY : Up

TREND : Up trend

MA10 : Bullish

MA20 : Bullish

STOCHASTIC : Overbought

MARKET ANALYSIS - Intraday Analysis

After the BoJ Interest Rate Decision stays unchanged at 0.1%, USDJPY gained momentum and reached our target at 79.17 today. Technically, current bullish market sentiment will remain in place while USDJPY trades above the support level at 79.93 (S1). Our upwards targets locates at 79.42 (R1), 79.63 (R2) and 79.84 (R3) in potential. Conversely, decline below the suggested support level at 79.93 (S1) might initiate protective orders execution and expose next targets at 78.72 (S2) and 78.51 (S3).

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

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Market Overview by FXCC Sep 20 2012

HSBC Manufacturing PMI still in contraction at 47.8

The HSBC Flash China Manufacturing PMI registered a 2-month high of 47.8 in September from 47.6 in August, Markit Economics reported Thursday. This reading signals that the manufacturing sector in China remains in contraction (above 50.0 indicates industry expansion, below indicates contraction).

For the London session ahead the Spanish sovereign 10 year bond auction will take center stage, as yields have been below 6% for last few days, and previous auction reached a 6.65% final yield. France will also sell up to € 10B in different maturities starting at 08:50 GMT. In the macro data EUR related front Germany will release its PPI figures at 06:00 GMT, followed by French PMIs at 06:58 GMT, German PMIs at 07:28 GMT, Netherlands consumer confidence and unemployment 2 minutes later, EU PMIs at 07:58 GMT, and Italian industrial orders 2 minutes later.

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UPCOMING EVENTS :

2012-09-20 07:28 GMT | Germany. Markit Manufacturing PMI (Sep) Preliminar

2012-09-20 08:30 GMT | United Kingdom. Retail Sales (YoY) (Aug)

2012-09-20 12:30 GMT | United States. Initial Jobless Claims (Sep 15)

2012-09-20 14:00 GMT | United States. Philadelphia Fed Manufacturing Survey (Sep)

FOREX NEWS :

2012-09-20 04:35 GMT | EUR/JPY moves downhill, regional bourses deep in red

2012-09-20 04:31 GMT | EUR/USD holding above 1.30

2012-09-20 03:22 GMT | AUD/JPY pressured, Asian stocks weigh

2012-09-20 00:37 GMT | USD/JPY: expect slide to continue below 78.20 – V.Bednarik

EURUSD : 1.30031 / 1.30036

DAILY WEEKLY MONTHLY

1.3173 |1.3131 | 1.3085

1.2298 |1.2945 |1.2900

SUMMARY : Up

TREND : Downward penetration

MA10 : Bearish

MA20 : Bearish

STOCHASTIC : Oversold

MARKET ANALYSIS - Intraday Analysis

Today we expect increase of volatility due to the many macroeconomic data releases. The Germany market Manufacturing PMI release at 07:28 GMT is the next news in focus for Eurozone. Local high, formed yesterday at 1.3085 (R1) is acts now as next immediate resistance level today. Brake here is required to enable stronger market action, targeting 1.3131 (R2) and 1.3173 (R3). At the moment instrument is moving towards to our next support level at 1.2298 (S1). If it breaks below it, we expect further downgrade towards to next targets at 1.2945 (S2) and 1.2900 (S3).

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GBPUSD : 1.62029 / 1.62040

DAILY WEEKLY MONTHLY

1.6311 | 1.6274 | 1.6239

1.6181 | 1.6144 | 1.6109

SUMMARY : Up

TREND : Downward penetration

MA10 : Bearish

MA20 : Bearish

STOCHASTIC : Oversold

MARKET ANALYSIS - Intraday Analysis

Decline into the negative territory yesterday initiated selling pressure and GBPUSD dropped below the suggested support level at 1.6218. Technically, pair is set for new targets achievement. On the upside, next resistance locates above the today’s high at 1.6239 (R1). Break here would suggest next target at 1.6274 (R2) and any further rise would then be limited to 1.6311 (R3). However, successful retest of our next support level at 1.6181 (S1) would suggest a pullback expansion towards to targets at 1.6144 (S2) and 1.6109 (S3). In focus UK Retail Sales for August at 08:30.

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USDJPY : 78.113 / 78.118

DAILY WEEKLY MONTHLY

79.01 | 78.73 | 78.46

77.88 | 77.62 | 77.37

SUMMARY : Up

TREND : Downward penetration

MA10 : Bearish

MA20 : Bearish

STOCHASTIC : Oversold

MARKET ANALYSIS - Intraday Analysis

The pair is under the process of recovering. Our bearish medium term outlook will remain in place while USDJPY trades below the resistance at 78.46 (R1). Break here might change market structure and determine medium term uptrend development. In such scenario we would suggest next targets at 78.73 (R2) and 79.01 (R3). Though, today we expect that the pair continues to extend its bearish pressure and face next support level at 77.88 (S1). Break here is required to extend easing towards to 77.62 (S2) and 77.37 (S3) in perspective.

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

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Market Overview by FXCC Sep 21 2012

EU and Spanish authorities working on bailout program - FT

EU authorities are presumably, according to FT reporters Peter Spiegel and Miles Johnson, working behind closed doors on a an aid package to Spain as well as preparing for an open-ended bond purchases program by the ECB. Brussels is reportedly helping Madrid to tweak an economic reform plan thought to be announced next week, the FT reports. "According to officials involved in the discussions, talks between the Spanish government and the European Commission are focusing on measures that would be demanded by international lenders as part of a new rescue programme, ensuring they are in place before a bailout is formally requested. The plan will focus on structural reforms to the Spanish economy."

London session ahead will lack any major risk event related to EUR, including sovereign debt auctions, as usual on Fridays, whit EZ periphery troubled countries yields at more reasonable levels, with Spanish 10y at 5.87%.

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UPCOMING EVENTS :

2012-09-21 07:30 GMT | Switzerland. SNB Quarterly Bulletin (Sep 21)

2012-09-21 08:30 GMT | United Kingdom. Public Sector Net Borrowing (Aug)

2012-09-21 12:30 GMT | Canada. Consumer Price Index (YoY) (Aug)

2012-09-21 16:40 GMT | United States. Fed's Lockhart speech

FOREX NEWS :

2012-09-21 03:32 GMT | AUD/USD bid above 1.0450, Asian stocks support

2012-09-21 02:46 GMT | EUR/USD should see larger correction - DailyFX

2012-09-21 02:38 GMT | AUD/JPY limited below 82.00

2012-09-21 00:57 GMT | USD/JPY slightly boosted, ticks above 78.30

EURUSD : 1.29865 / 1.29867

DAILY WEEKLY MONTHLY

1.3078 | 1.3045 | 1.3012

1.2967 | 1.2932 | 1.2895

SUMMARY Up

TREND Up trend

MA10 Bullish

MA20 Bullish

STOCHASTIC Overbought

MARKET ANALYSIS - Intraday Analysis

Technical Summary: Market continued correction yesterday and exposed our target at 1.2945. Main tendency remains positive and we expect further appreciation later on today. Main scenario: Potential of going higher is seen above the next resistance at 1.3012 (R1), surpassing of this level would suggest next targets at 1.3045 (R2) and 1.3078 (R3). Alternative scenario: If it fail to go higher, we might see further retracement development below the support at 1.2967 (S1) with next target in focus at 1.2932 (S2). Final target locates at 1.2895 (S3).

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GBPUSD : 1.62542 / 1.62551

DAILY WEEKLY MONTHLY

1.6347 | 1.6311 | 1.6276

1.6232 | 1.6197 | 1.6163

SUMMARY : Up

TREND : Up trend

MA10 : Bullish

MA20 : Bullish

STOCHASTIC : Overbought

MARKET ANALYSIS - Intraday Analysis

Technical Summary: Currently Instrument appreciates by 0.3% and looks set for further gains later on today. On the slightly longer term formation of the correction is reasonable.Main scenario: Key resistance level locates at 1.6276 (R1), break here is required for uptrend formation targeting 1.6311 (R2) and 1.6347 (R3) in potential. Alternative scenario: Development of the pull back is possible below the next support level at 1.6232 (S1). A break here would suggest next target at 1.6197 (S2) and any further fall would then be targeting 1.6163 (S3).

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USDJPY : 78.161 / 78.163

DAILY WEEKLY MONTHLY

78.71 | 78.54 | 78.38

78.01 | 77.85 | 77.69

SUMMARY : Up

TREND : Downward penetration

MA10 : Bearish

MA20 : Bearish

STOCHASTIC : Oversold

MARKET ANALYSIS - Intraday Analysis

Technical Summary: Instrument stabilized after the previous day’s losses and trades in a narrow channel without priority in direction on the hourly chart. In such situation we suggest waiting for a clear break out of important levels prior taking any positions. Main scenario: While medium term bias is negative we expect the break of next support level at 78.01 (S1) first. Next targets locates at 77.85 (S2) and 77.69 (S3) Alternative scenario: Possibility of the USDJPY strengthening is seen above the resistance at 78.38 (R1), targeting resistances at 78.54 (R2) and 78.71 (R3) in potential.

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

[alayoua]

Market Overview by FXCC Sep 24 2012

Will the RBA cut rates in Sept? - NAB

The RBA 2 October rate decision has many media commentators expecting a rate cut and the market. NAB: "The Minutes from September were softer than the post Board Statement when they added the line that 'The current assessment of the inflation outlook continued to provide scope to adjust policy in response to any significant deterioration in the outlook for growth.”' But we have not seen a 'significant deterioration in the outlook for growth' since early September. At this stage we'd say a cut is less a 50% chance."

London session ahead will bring all kinds of talks related to EZ debt crisis as Greece is urged by Troika to reduce budgets even more, Spain will release plenty of key data on coming Friday, and rumors on ESM to be leveraged up to € 2 Trillion make the rounds. In the economic agenda most important and almost only data to be released will be German IFO business climate at 08:00 GMT although the Netherlands final GDP will also be published 30 minutes earlier. European Parliament Committee hearing on Libor scandal will also take place today.

Read More

https://support.fxcc.com/email/technical/24092012/

UPCOMING EVENTS :

2012-09-24 06:00 GMT | United Kingdom. Nationwide Housing Prices (Aug)

2012-09-24 08:00 GMT | Germany. IFO - Business Climate (Sep)

2012-09-24 12:30 GMT | United States. Chicago Fed National Activity Index (Aug)

2012-09-24 14:30 GMT | United States. Dallas Fed Manufacturing Business Index (Sep)

FOREX NEWS :

2012-09-24 04:20 GMT | EUR/USD slips below 1.2950

2012-09-24 04:07 GMT | USD/JPY rally expected to resume – H.E.Wave

2012-09-24 03:50 GMT | AUD/NZD above 1.26 off fresh 5-month lows

2012-09-24 03:07 GMT | NZD/USD under pressure; Regional bourses weigh

EURUSD : 1.29472 / 1.29476

DAILY WEEKLY MONTHLY

1.3045 | 1.3012 | 1.2979

1.2927 | 1.2895 | 1.2860

SUMMARY : Up

TREND : Sideway

MA10 : Bearish

MA20 : Bearish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

Technical Summary: Instrument trades below the moving averages and we expect the pair to extend its losses later on today. Main scenario: Without significant economic news announcement, further consolidation looks reasonable today. The price progress below the next support level at 1.2927 (S1) might expose next targets at 1.2895 (S2) and 1.2860 (S3). Alternative scenario: The upside movement is limited by next resistance level at 1.2979 (R1). Surpassing of this level might enable next target at 1.3012 (R2) and any further gain would then be limited by last resistance at 1.3045 (R3).

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

GBPUSD : 1.62171 / 1.62182

DAILY WEEKLY MONTHLY

1.6295 | 1.6245 | 1.6234

1.6197 | 1.6169 | 1.6141

SUMMARY : Up

TREND : Sideway

MA10 : Bearish

MA20 : Bearish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

Technical Summary: GBPUSD trades in negative tone on the short term perspective however medium term bias remains positive. Main scenario: Our next targets for current retracement formation locates at 1.6197 (S1), break here is required to put focus on the next target at 1.6169 (S2). If the market gains momentum we suggest last support at 1.6141 (S3). Alternative scenario: Next resistance level is placed at 1.6234 (R1). Brake here might eventually activate bulls pressure and enable targets at 1.6245 (R2) and 1.6295 (R3).

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USDJPY : 78.043 / 78.047

DAILY WEEKLY MONTHLY

78.47 | 78.33 | 78.18

78.00 | 77.85 | 77.69

SUMMARY : Sideway

TREND : Sideway

MA10 : Bearish

MA20 : Bearish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

Technical Summary: Neutral hourly studies suggest further consolidation development. We are not expecting significant volatility increase today however market is set for new targets achievement. Main scenario: If the price manage to stay below the next resistance at 78.18 (R1), we expect the see retest of our support at 78.00 (S1). Break below that level would suggest next targets at 77.85 (S2) and 77.69 (S3) in potential. Alternative scenario: Break above the 78.18 (R1)would enable higher target at 78.33 (R2) and any further rise would then be limited by 78.47 (R3).

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

[alayoua]

Market Overview by FXCC Oct 01 2012

ECB on wait-and-see mode this week - Nomura

No major policy announcements is expected from the ECB in October, says Nomura Senior European Economist Nick Matthews; "we do not expect any movement on rates as the Governing Council continues to see no urgency to cut rates again" the Economist notes. Furthermore, "while the ECB is likely to continue to expect inflation to remain in line with price stability over the policy-relevant horizon, we expect the Council to continue to stress that renewed intensification of financial market tensions could affect the balance of risks for both growth and inflation." Nick notes that "recent Governing Council comments, including from within the Executive Board, have reinforced this sense of wait-and-see on interest rates."

London session ahead will mostly bring manufacturing PMIs from several EZ countries starting with Spain at 07:13 GMT, followed 30 minutes later by Italy, France 5 minutes after, Germany another 5 minutes, and finally the EU's and Greece at 07:58 GMT. Then will come Italy unemployment at 08:00 GMT, and EU's unemployment 1 hour later.

Read More

https://support.fxcc.com/email/technical/01102012/

UPCOMING EVENTS :

2012-10-01 08:28 GMT | United Kingdom. Markit Manufacturing PMI

2012-10-01 09:00 GMT | European Monetary Union. Unemployment Rate

2012-10-01 14:00 GMT | United States. ISM Manufacturing PMI

2012-10-01 16:30 GMT | United States. Fed Chairman Bernanke Speaks

FOREX NEWS :

2012-10-01 04:36 GMT | USD/JPY can rise farther

2012-10-01 04:25 GMT | EUR/USD hardly above 1.28 round

2012-10-01 02:57 GMT | AUD/JPY slips below 80.50

2012-10-01 00:10 GMT | EUR/JPY returns below 100.00

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EURUSD : 1.28212 / 1.28216

DAILY WEEKLY MONTHLY

1.2906 | 1.2879 | 1.2853

1.2800 | 1.2773 | 1.2745

SUMMARY : Down

TREND : Downward penetration

MA10 : Bearish

MA20 : Bearish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

Technical Summary: Friday’s volatility increase might be a signal of downtrend development however Stochastic Oscillator is pointing up on the hourly chart and we expect to see some deviation ahead. Main scenario: Intraday term bias remains negative below the next support at 1.2800 (S1). Break here would suggest next targets at 1.2773 (S2) and 1.2745 (S3). Alternative scenario: Risk of further appreciation is seen above the resistance at 1.2853 (R1), penetration above it might expose resistances at 1.2879 (R2) and 1.2906 (R3) as next targets for correction.

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

GBPUSD : 1.61268 / 1.61271

DAILY WEEKLY MONTHLY

1.6210 | 1.6182 | 1.6156

1.6108 | 1.6079 | 1.6049

SUMMARY : Down

TREND : Downward penetration

MA10 : Bearish

MA20 : Bearish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

Technical Summary: GBPUSD failed to stabilize below the Friday’s low and we expect to see new attack to the fresh low, formed today. The medium term tendency is Bearish as both moving averages are pointing down. Main scenario: If GBPUSD manage to break through support level at 1.6108 (S1) we expect next targets at 1.6079 (S2) and 1.6049 (S3) to be exposed today. Alternative scenario: Next resistance level at 1.6156 (R1) in focus for the retracement formation. Progress above it would enable next target for today at 1.6182 (R2) and 1.6210 (R3).

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

USDJPY : 77.875 / 77.878

DAILY WEEKLY MONTHLY

78.28 | 78.19 | 78.10

77.83 | 77.75 | 77.67

SUMMARY : Up

TREND : Sideway

MA10 : Bullish

MA20 : Bullish

STOCHASTIC : Oversold

MARKET ANALYSIS - Intraday Analysis

Technical Summary: Instrument trades in positive tone after the Friday’ gains. On the hourly chart Stochastic Oscillator reached oversold zone and further increase is possible from current levels however we recommend to wait clear break out of Friday’s high for confirmation of the uptrend formation. Further decline below our support level might change overall technical picture and shift market sentiment to the bearish side. Main scenario: Next resistance is seen at 78.10 (R1). If the pair manages to successfully climb above it, we expect next targets at 78.19 (R2) and 78.28 (R3). Alternative scenario: While next support is placed at 77.83 (S1), decline below it would put in focus next target at 77.75 (S2) and any further depreciation would then be limited to 77.67 (S3) intraday.

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

[alayoua]

Market Overview by FXCC Oct 02 2012

RBA cuts rate by 25bp; More may come in Nov

In today's RBA decision, the central bank has decided to cut rates by 25bp from 3.5% to 3.25%. The initial market reaction was to aggressively sell the domestic currency, as market participants pricing for -25bp to about 65% being proven right. Only 9 out of 28 replying to a Bloomberg survey agreed to such outcome, so it has been certainly a close call among the investment community.

All rates are expected to remain on hold at this Thursday’s ECB meeting, according to Standard Chartered Economists. With regards to OMT bond-buying, the bank sees Spain making a request relatively soon. Looking at the EUR/USD, "We expect the pair to grind lower as a Q4-2012 rate cut will add to pressure" Analysts at the bank say.

Read More

https://support.fxcc.com/email/technical/02102012/

UPCOMING EVENTS :

2012-10-02 07:00 GMT | United Kingdom. Halifax House Prices

2012-10-02 08:30 GMT | United Kingdom. PMI Construction

2012-10-02 09:00 GMT | European Monetary Union. Producer Price Index

2012-10-02 Tentative | United Kingdom. 10-y Bond Auction

FOREX NEWS :

2012-10-02 05:04 GMT | AUD/NZD drops to new 2012 low after RBA

2012-10-02 05:01 GMT | EUR/AUD breaks above 2-week highs 1.25 post-RBA

2012-10-02 04:20 GMT | GBP/USD at risk for deeper correction?

2012-10-02 03:14 GMT | Buoyant AUD/JPY creeps above 81.00

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

EURUSD : 1.29123 / 1.29126

DAILY WEEKLY MONTHLY

1.3010 | 1.2974 | 1.2938

1.2875 | 1.2841 | 1.2806

SUMMARY : Down

TREND : Downward penetration

MA10 : Bullish

MA20 : Bullish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

Technical Summary: EURUSD closed at the positive territory yesterday and further strengthening is possible today. Yesterday high is the reference point for the upside penetration, though decrease below the suggested support level would enable bearish forces. Main scenario: Clearance of next resistance level at 1.2938 (R1) would suggest next targets at 1.2974 (R2) and 1.3010 (R3). Alternative scenario: Loss of next support at 1.2875 (S1) might take the pair towards to eventual targets, located at 1.2841 (S2) and 1.2806 (S3) in potential.

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

GBPUSD : 1.61536 / 1.61541

DAILY WEEKLY MONTHLY

1.6227 | 1.6201 | 1.6176

1.6123 | 1.6098 | 1.6070

SUMMARY : Down

TREND : Downward penetration

MA10 : Bullish

MA20 : Bearish

STOCHASTIC : Overbought

MARKET ANALYSIS - Intraday Analysis

Technical Summary: Consolidation, provided yesterday might extends its power however currently GBPUSD is gaining momentum on the upside and we expect to see retest of yesterday high. Main scenario: Next resistance level ahead locates at 1.6176 (R1), brake here is required to enable next target at 1.6201 (R2) and any further rise would then be limited to 1.6227 (R3). Alternative scenario: Instrument depreciation below the next support level at 1.6123 (S1) might expose next targets at 1.6098 (S2) and 1.6070 (S3) in potential.

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

USDJPY : 78.083 / 78.086

DAILY WEEKLY MONTHLY

78.40 | 78.29 | 78.19

77.97 | 77.89 | 77.79

SUMMARY : Up

TREND : Sideway

MA10 : Bullish

MA20 : Bullish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

Technical Summary: Stochastic Oscillator is recently visit overbought territory and now is pointing down. We expect to see consolidation formation ahead prior further market strengthening. However, easing below the expected support level would suggest retracement development. Main scenario: Currently our next resistance level lie at 78.19 (R1). Rise above it might provide sufficient space for the appreciation towards to next target at 78.29 (R2). Break here is required to enable last target for today at 78.40 (R3). Alternative scenario: Market decrease below the next support level at 77.97 (S1) would suggest about the retracement formation with next target at 77.89 (S2). Further instrument easing might face final support at 77.79 (S3).

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

[alayoua]

Market Overview by FXCC Oct 03 2012

RBA cuts rate by 25bp; More may come in Nov

In today's RBA decision, the central bank has decided to cut rates by 25bp from 3.5% to 3.25%. The initial market reaction was to aggressively sell the domestic currency, as market participants pricing for -25bp to about 65% being proven right. Only 9 out of 28 replying to a Bloomberg survey agreed to such outcome, so it has been certainly a close call among the investment community.

All rates are expected to remain on hold at this Thursday’s ECB meeting, according to Standard Chartered Economists. With regards to OMT bond-buying, the bank sees Spain making a request relatively soon. Looking at the EUR/USD, "We expect the pair to grind lower as a Q4-2012 rate cut will add to pressure" Analysts at the bank say.

Read More

https://support.fxcc.com/email/technical/02102012/

UPCOMING EVENTS :

2012-10-02 07:00 GMT | United Kingdom. Halifax House Prices

2012-10-02 08:30 GMT | United Kingdom. PMI Construction

2012-10-02 09:00 GMT | European Monetary Union. Producer Price Index

2012-10-02 Tentative | United Kingdom. 10-y Bond Auction

FOREX NEWS :

2012-10-02 05:04 GMT | AUD/NZD drops to new 2012 low after RBA

2012-10-02 05:01 GMT | EUR/AUD breaks above 2-week highs 1.25 post-RBA

2012-10-02 04:20 GMT | GBP/USD at risk for deeper correction?

2012-10-02 03:14 GMT | Buoyant AUD/JPY creeps above 81.00

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

EURUSD 1.29123 / 1.29126

DAILY WEEKLY MONTHLY

1.3010 | 1.2974 | 1.2938

1.2875 | 1.2841 | 1.2806

SUMMARY : Down

TREND : Downward penetration

MA10 : Bullish

MA20 : Bullish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

Technical Summary: EURUSD closed at the positive territory yesterday and further strengthening is possible today. Yesterday high is the reference point for the upside penetration, though decrease below the suggested support level would enable bearish forces. Main scenario: Clearance of next resistance level at 1.2938 (R1) would suggest next targets at 1.2974 (R2) and 1.3010 (R3). Alternative scenario: Loss of next support at 1.2875 (S1) might take the pair towards to eventual targets, located at 1.2841 (S2) and 1.2806 (S3) in potential.

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

GBPUSD : 1.61536 / 1.61541

DAILY WEEKLY MONTHLY

1.6227 | 1.6201 | 1.6176

1.6123 | 1.6098 | 1.6070

SUMMARY : Down

TREND : Downward penetration

MA10 : Bullish

MA20 : Bearish

STOCHASTIC : Overbought

MARKET ANALYSIS - Intraday Analysis

Technical Summary: Consolidation, provided yesterday might extends its power however currently GBPUSD is gaining momentum on the upside and we expect to see retest of yesterday high. Main scenario: Next resistance level ahead locates at 1.6176 (R1), brake here is required to enable next target at 1.6201 (R2) and any further rise would then be limited to 1.6227 (R3). Alternative scenario: Instrument depreciation below the next support level at 1.6123 (S1) might expose next targets at 1.6098 (S2) and 1.6070 (S3) in potential.

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

USDJPY : 78.083 / 78.086

DAILY WEEKLY MONTHLY

78.40 | 78.29 | 78.19

77.97 | 77.89 | 77.79

SUMMARY : Up

TREND : Sideway

MA10 : Bullish

MA20 : Bullish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

Technical Summary: Stochastic Oscillator is recently visit overbought territory and now is pointing down. We expect to see consolidation formation ahead prior further market strengthening. However, easing below the expected support level would suggest retracement development. Main scenario: Currently our next resistance level lie at 78.19 (R1). Rise above it might provide sufficient space for the appreciation towards to next target at 78.29 (R2). Break here is required to enable last target for today at 78.40 (R3). Alternative scenario: Market decrease below the next support level at 77.97 (S1) would suggest about the retracement formation with next target at 77.89 (S2). Further instrument easing might face final support at 77.79 (S3).

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

[alayoua]

Market Overview by FXCC Oct 04 2012

Romney hits first in US debate

Is Mitt Romney breathing new life after the controversial campaign? It appears so after his first debate in front of Barack Obama. Polls show 56% of uncommitted voters say their opinion of Romney has changed for the better, while 13% say that about the President, according to Mark Knoller, CBS News White House Correspondent. According to results of CNN-ORC Post-Debate flash poll who won the debate, Romney 67%, Obama 25%.

A busy trading Thursday for the London session ahead as having plenty of risk events going on, starting with minor data in the form of CPI figures from the Netherlands at 07:00 GMT, followed by Ireland PM Kenny meeting with EU parliament president Schultz at 11:15 GMT, and then going for the long awaited ECB interest rates statement at 11:45 GMT, 45 minutes before ECB press conference starts. BoE will also deliver monetary policy announcement at 11:00 GMT which could add volatility to EUR/GBP cross. IMF will hold press conference at 14:30 GMT.

Read More

UPCOMING EVENTS :

2012-10-04 11:00 GMT | United Kingdom. BoE Interest Rate Decision

2012-10-04 11:45 GMT | European Monetary Union. ECB Interest Rate Decision

2012-10-04 14:00 GMT | United States. Factory Orders

2012-10-04 18:00 GMT | United States. FOMC Minutes

FOREX NEWS :

2012-10-04 04:54 GMT | EUR/USD has a range to break; ECB unlikely to be the catalyst

2012-10-04 04:31 GMT | USD/CAD rally pauses below trend line resistance

2012-10-04 02:36 GMT | EUR/AUD hits stops above 1.2670

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

EURUSD : 1.29279 / 1.29282

DAILY WEEKLY MONTHLY

1.3018 | 1.2987 | 1.2955

1.2895 | 1.2863 | 1.2829

SUMMARY : Down

TREND : Sideway

MA10 : Bullish

MA20 : Bullish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

Technical Summary: Markets would be driven today mostly by macroeconomic data releases. In focus ECB Interest rate decision at 11:45 GMT. From the technical side, deviation from its average parameters is low several days in a row and we expect to see volatility increase ahead. Main scenario: Next resistance level for today locates at 1.2955 (R1). Rise above it might lead to the further trend development with next possible targets at 1.2987 (R2) and 1.3018 (R3). Alternative scenario: Downside direction is limited by next support level at 1.2895 (S1), price decrease below it would be targeting next supports at 1.2863 (S2) and 1.2829 (S3).

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

GBPUSD : 1.60970 / 1.60977

DAILY WEEKLY MONTHLY

1.6198 | 1.6161 | 1.6127

1.6067 | 1.6034 | 1.6000

SUMMARY : Down

TREND : Downward penetration

MA10 : Bullish

MA20 : Bearish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

Technical Summary: Instrument continued its weakening on the hourly chart and our indicators clearly state downtrend formation on the short term perspective however in such situation market focus on Bank of England Rate Decision at 11:00 GMT. Main scenario: Price might retest our support at 1.6067 (S1) on the downside. Break here would suggest next target at 1.6034 (S2) and any further fall would then be targeting to 1.6000 (S3). Alternative scenario: Our next resistance stay at 1.6127 (R1), break here is required for market expansion towards to next targets at 1.6161 (R2) and 1.6198 (R3).

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

USDJPY : 78.616 / 78.618

DAILY WEEKLY MONTHLY

79.04 | 78.87 | 78.71

78.42 | 78.25 | 78.07

SUMMARY : Up

TREND : Upward penetration

MA10 : Bullish

MA20 : Bullish

STOCHASTIC : Neutral

MARKET ANALYSIS - Intraday Analysis

Technical Summary: Technically, USDJPY in uptrend formation and both moving averages acts now as dynamic support level. Fresh high, formed today is our key level for the further uptrend development. Main scenario: Next resistance ahead at 78.71 (R1), break here is required to open way for further appreciation towards to targets at 78.87 (R2) and 79.04 (R3). Alternative scenario: Price decline below the next support levels at 78.42 (S1) might trigger bearish pressure and enable next target at 78.25 (S2). A break below it would suggest last target for today at 78.07 (S3).

Source: FX Central Clearing Ltd,( Forex Calculator | ECN Forex Training | Forex Demo Account | FXCC )