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Daily Forex Analysis from FXCC Dec 04 2012

Discussion in 'Major Currency Crosses' started by alayoua, Dec 4, 2012.

  1. alayoua

    alayoua New Member

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    Daily Forex Analysis from FXCC Dec 04 2012

    Spain makes formal request for EU funds to recapitalize ailing banks

    Spain has formally requested aid for its ailing banking sector on Monday. 36.5 billion euros of bailout funds, including 2.5 billion euros for the “bad bank", are due to be released on December 12. Four nationalized Spanish banks will be the recipients of the funds: 18 billion will go to Bankia; 9 billion to CatalunyaBanc, 5 billion to Nova Caixa Galicia; 4.5 billion to Banco de Valencia. The release of the aid is expected to be approved by the Eurogroup during their monthly meeting today in the European afternoon.

    Even though it is not the full sovereign bailout request awaited by the markets, the news caused the euro to spike to the 1.3075 region, a new six-week high against the dollar. - FXstreet.com
    https://support.fxcc.com/email/technical/04122012/

    UPCOMING EVENTS :
    2012-12-04 10:00 GMT | European Monetary Union.Producer Price Index (YoY) (Oct)
    2012-12-04 14:00 GMT | Canada.BoC Interest Rate Decision (Jan 4)
    2012-12-04 14:00 GMT | Canada.BOC Rate Statement
    2012-12-04 22:30 GMT | Australia.AiG Performance of Services Index (Nov)

    FOREX NEWS :
    2012-12-04 05:36 GMT | EUR/GBP in a 10 pip range for last 11 hours above 0.81
    2012-12-04 03:20 GMT | EUR/JPY bulls looking for break above 107.65
    2012-12-04 01:58 GMT | More EUR/USD gains yet to come - V.Bednarik
    2012-12-04 01:10 GMT | USD/JPY double roof materializing at 78.6% Fibo


    EURUSD :
    HIGH 1.30645 LOW 1.30459 BID 1.30570 ASK 1.30575 CHANGE 0.04% TIME 08:05:53

    [​IMG]

    OUTLOOK SUMMARY : Up
    TREND CONDITION : Up trend
    TRADERS SENTIMENT : Bullish
    IMPLIED VOLATILITY : High

    MARKET ANALYSIS - Intraday Analysis

    We expect resuming of the uptrend formation if the price manages to overcome next resistance level at 1.3071 (R1). Immediate focus comes on 1.3088 (R1) and 1.3103 (R3) in such scenario.

    Resistance Levels: 1.3071, 1.3088, 1.3103
    Support Levels: 1.3041, 1.3030, 1.3020

    -------------------------
    GBPUSD :
    HIGH 1.61024 LOW 1.60865 BID 1.60943 ASK 1.60949 CHANGE 0.02% TIME 08:05:54

    [​IMG]

    OUTLOOK SUMMARY : Up
    TREND CONDITION : Up trend
    TRADERS SENTIMENT : Bullish
    IMPLIED VOLATILITY : High

    Break above the resistance level at 1.6115 (R1) might change market structure and determine medium term uptrend development. In such case, we suggest next targets at 1.6138 (R2) and any further rise would then be targeting to 1.6161 (R3) intraday.

    Resistance Levels: 1.6115, 1.6138, 1.6161
    Support Levels: 1.6072, 1.6059, 1.6049


    USDJPY :
    HIGH 82.249 LOW 82.042 BID 82.111 ASK 82.116 CHANGE -0.16% TIME 08:05:55

    [​IMG]

    OUTLOOK SUMMARY : Down
    TREND CONDITION : Down trend
    TRADERS SENTIMENT : Bullish
    IMPLIED VOLATILITY : High

    Our next support level stays at 82.06 (S1). Loss here might drive market price towards to next targets at 81.96 (S2) and 81.88 (S3) in perspective.

    Resistance Levels: 82.28, 82.46, 82.68
    Support Levels: 82.06, 81.96, 81.88

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