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Daily Forex Analysis from FXCC Dec 03 2012

Discussion in 'Major Currency Crosses' started by alayoua, Dec 3, 2012.

  1. alayoua

    alayoua New Member

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    Daily Forex Analysis from FXCC Dec 03 2012

    Merkel no longer discards losses on Greek debt

    Weekend headlines suggest German Chancellor Angela Merkel may be re-thinking its stance over future Greece's debt haircuts, after she said on Sunday this is an option to consider, although not until the ongoing rescue program shows Greece's budget turned into a surplus. Since last Tuesday's deal to ease the mammoth-size debt burden that the Greek government suffers, so that its debt to GDP ratio can come down to 126.6% or thereabouts by 2020, Germany's posture on write-downs of Greek debt has been firm, saying that it would be illegal to pursue such scenario.

    The majority of German Chancellor Angela Merkel's center-right coalition members as well as the main opposition parties supported the Greek deal. This outcome has positive implications for Merkel herself, as the vote was also a test of her lawmaker's support for her European policies, ahead of the federal elections scheduled for September 2013. During the debate preceding the vote German Finance Minister Wolfgang Schaeuble expressed his satisfaction with Greece's austerity efforts and emphasized that the speculation on another haircut on Greek debt could destabilize the situation in the Eurozone further. - FXstreet.com
    https://support.fxcc.com/email/technical/03122012/

    UPCOMING EVENTS :
    2012-12-03 13:58 GMT | United States. Markit Manufacturing PMI (Nov)
    2012-12-03 14:00 GMT | United States. ISM Prices Paid (Nov)
    2012-12-03 15:00 GMT | United States. Construction Spending (MoM) (Oct)
    2012-12-03 15:00 GMT | United States. ISM Manufacturing PMI (Nov)

    FOREX NEWS :
    2012-12-03 04:37 GMT | EUR/GBP firm above 0.8100
    2012-12-03 00:02 GMT | USD/JPY capped below 82.50
    2012-12-03 01:25 GMT | EUR/USD should advance towards 1.3140 - BBH
    2012-12-03 00:47 GMT | AUD/USD breaks through 1.04 on disappointing Australian data

    -----------------------
    EURUSD :
    HIGH 1.30471 LOW 1.29845 BID 1.30309 ASK 1.30316 CHANGE 0.35% TIME 08:14:27

    [​IMG]

    OUTLOOK SUMMARY : UP
    TREND CONDITION : Upward penetration
    TRADERS SENTIMENT : Bearish
    IMPLIED VOLATILITY : Bullish

    MARKET ANALYSIS - Intraday Analysis

    Price action looks mainly consolidative on the hourly chart. Our next resistance stays at 1.3042 (R1). Market expansion towards to next targets at 1.3055 (R2) and 1.3075 (R3) looks reasonable if the price manages to overcome it.

    Resistance Levels: 1.3042, 1.3055, 1.3075
    Support Levels: 1.2968, 1.2958, 1.2938

    -------------------------
    GBPUSD :
    HIGH 1.60476 LOW 1.60129 BID 1.60304 ASK 1.60313 CHANGE 0.15% TIME 08:14:28


    [​IMG]

    OUTLOOK SUMMARY : Sideway
    TREND CONDITION : Neutral
    TRADERS SENTIMENT : Bearish
    IMPLIED VOLATILITY : Bearish

    The instrument does not seem to have momentum to identify clear direction. Protective measures for the upside development is seen at 1.6058 (R1). Break here would suggest next intraday targets at 1.6067 (R2) and 1.6077 (R3).

    Resistance Levels: 1.6058, 1.6067, 1.6077
    Support Levels: 1.6020, 1.6011, 1.5999

    --------------------------
    USDJPY :
    HIGH 82.502 LOW 82.266 BID 82.342 ASK 82.348 CHANGE -0.15% TIME 08:14:29

    [​IMG]

    OUTLOOK SUMMARY : Sideway
    TREND CONDITION : Neutral
    TRADERS SENTIMENT : Bullish
    IMPLIED VOLATILITY : Bullish

    Instrument moves in range mode. In terms of technical levels next resistance level could be found at 82.74 (R1). Appreciation above it might enable next targets at 82.84 (R2) and 81.68 (R3) in potential.

    Resistance Levels: 82.74, 82.84, 82.99
    Support Levels: 82.04, 81.90, 81.68

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