Market Overview by FXCC Sep 04 2012

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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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https://support.fxcc.com/email/technical/04092012/

 

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

 

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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.

 

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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.

 

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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 )