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Daily Forex Analysis from FXCC Dec 05 2012

Discussion in 'Major Currency Crosses' started by alayoua, Dec 5, 2012.

  1. alayoua

    alayoua New Member

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    Daily Forex Analysis from FXCC Dec 05 2012

    No breakthrough on banking union due to Franco-German dispute

    A clash between France and Germany over banking supervision in the Eurozone prevented the Eurogroup from reaching an agreement on the EU banking union on Tuesday. EU finance ministers decided to hold an additional meeting on December 12, just ahead of the EU summit on December 13, by which time a deal on the banking union needs to be made. France and Germany are divided over the scope of ECB's powers as the Eurozone bank supervisor. France pushes for a solution in which the central bank would regulate all the financial institutions in the region, while Germany would like smaller banks to be excluded from this supervision. Berlin is also not too keen on seeing a full banking union formed that quickly, as it fears it will be obliged to pay for potential future banking losses in other Member States.

    German finance minister Wolfgang Schäuble commented on France's proposition saying that there was no possibility for the central bank to supervise so many financial institutions, while his French counterpart Pierre Moscovici stated that the EU cannot introduce a system of dual supervision."We have no mandate for a dual system of supervision which would call into question the existence of a single system for some banks," the French finance minister argued. - FXstreet.com
    https://support.fxcc.com/email/technical/05122012/


    UPCOMING EVENTS :
    2012-12-05 15:00 GMT | United States. ISM Non-Manufacturing PMI (Nov)
    2012-12-05 20:00 GMT | New Zeeland. RBNZ Interest Rate Decision
    2012-12-05 20:00 GMT | New Zeeland. Monetary Policy Statement
    2012-12-05 20:00 GMT | New Zeeland. RBNZ Press Conference

    FOREX NEWS :
    2012-12-05 05:42 GMT | GBP/USD moves above 1.61, eyes 1.6130
    2012-12-05 04:30 GMT | EUR/USD breaks above fresh 8-week highs
    2012-12-05 03:00 GMT | EUR/JPY surges to 8-month highs on Nishimura statement
    2012-12-05 04:55 GMT | AUD/USD bears defending 1.05

    ------------------------
    EURUSD :
    HIGH 1.31253 LOW 1.30906 BID 1.31074 ASK 1.31082 CHANGE 0.09% TIME 08:07:22

    [​IMG]

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

    MARKET ANALYSIS - Intraday Analysis

    Medium term bias is positive for the pair. Risk of market appreciation is seen above the next resistance level at 1.3116 (R1). Loss here would suggest next target at 1.3129 (R2) and any further rise would then be targeting 1.3142 (R3).

    Resistance Levels: 1.3116, 1.3129, 1.3142
    Support Levels: 1.3090, 1.3080, 1.3072

    ----------------------
    GBPUSD :
    HIGH 1.61185 LOW 1.60938 BID 1.61062 ASK 1.61072 CHANGE 0.06% TIME 08:07:23

    [​IMG]

    OUTLOOK SUMMARY : Up
    TREND CONDITION : Downward penetration
    TRADERS SENTIMENT : Bearish
    IMPLIED VOLATILITY : High

    Market is forming the right shoulder of the Head and shoulders figure on the hourly chart currently, from our next resistance level at 1.6115 (R1). Above here retracement formation might expand its power towards to resistance levels at 1.6124 (R2) and 1.6138 (R3).

    Resistance Levels: 1.6115, 1.6124, 1.6138
    Support Levels: 1.6091, 1.6080, 1.6064

    -----------------------------
    USDJPY :
    HIGH 82.338 LOW 81.796 BID 82.263 ASK 82.268 CHANGE 0.45% TIME 08:07:24

    [​IMG]

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

    Instrument moves sideways. In terms of technical levels next resistance level could be found at 82.29 (R1). Appreciation above it might enable next targets at 82.37 (R2) and 82.46 (R3) in potential.

    Resistance Levels: 82.29, 82.37, 82.46
    Support Levels: 82.16, 82.07, 81.94

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