Market Overview by FXCC Sep 06 2012

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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

 

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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.

 

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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 )