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Daily Forex Analysis from FXCC Dec 06 2012

Discussion in 'Major Currency Crosses' started by alayoua, Dec 6, 2012.

  1. alayoua

    alayoua New Member

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    Daily Forex Analysis from FXCC Dec 06 2012

    S&P downgrades Greece to selective default

    In an unsurprising headline, reflected by the marginal losses in EUR/USD since the news broke, the rating agency S&P has downgraded Greece's long-term debt rating to selective default from CCC. Greece is technically default. The Greek government invitation to private sector bondholders involvement to participate in the debt buybacks program triggered the decision by S&P. However, according to Jamie McGeever, Editor and presenter at Reuters TV, "once Greek buyback is done, probably on or around Dec 17, selective default will be over, so S&P will likely lift Greece back to CCC rating."

    British Chancellor George Osborne delivered his Autumn Budget Statement before the parliament on Wednesday. He emphasized that the Eurozone debt crisis had been weighing on the UK economy and informed that the Office of Budget Responsibility slashed its GDP forecast to -0.1% in 2012 from +0.8%. The predictions for 2012 and 2013 are 1.2% and 2.0%, respectively. - FXstreet.com
    https://support.fxcc.com/email/technical/06122012/

    UPCOMING EVENTS :
    2012-12-06 10:00 GMT | European Union. Gross Domestic Product s.a. (QoQ) (Q3)
    2012-12-06 10:00 GMT | European Union. Gross Domestic Product s.a. (YoY) (Q3)
    2012-12-06 12:00 GMT | UK. BoE Interest Rate Decision (Dec 6)
    2012-12-06 12:45 GMT | ECB Interest Rate Decision

    FOREX NEWS :
    2012-12-06 06:01 GMT | GBP/USD below 1.61 ahead of BoE
    2012-12-06 03:59 GMT | EUR/JPY in tight range below 108, ahead of ECB
    2012-12-06 03:04 GMT | GBP/JPY pressing on fresh 8-month highs above 132.50
    2012-12-06 00:40 GMT | AUD/USD on the rise after better than expected Aus jobs data

    -----------------------
    EURUSD :
    HIGH 1.30769 LOW 1.30453 BID 1.30568 ASK 1.30572 CHANGE -0.06% TIME 08:12:20

    [​IMG]

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

    MARKET ANALYSIS - Intraday Analysis

    We expect resuming of the uptrend formation if the price manages to overcome next resistance level at 1.3085 (R1). Immediate focus comes on 1.3104 (R1) and 1.3126 (R3) in such scenario.

    Resistance Levels: 1.3085, 1.3104, 1.3126
    Support Levels: 1.3045, 1.3027, 1.3008

    -----------------------
    GBPUSD :
    HIGH 1.61002 LOW 1.60859 BID 1.60882 ASK 1.60892 CHANGE -0.02% TIME 08:12:21

    [​IMG]

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

    A medium-term bias is negative now though intraday bullish forces might be activated if the pair penetrates above the resistance level at 1.6115 (R1). Next immediate resistance levels holds at 1.6121 (R2) and 1.6129 (R3).

    Resistance Levels: 1.6115, 1.6121, 1.6129
    Support Levels: 1.6085, 1.6073, 1.6062

    ---------------------------
    USDJPY :
    HIGH 82.617 LOW 82.358 BID 82.442 ASK 82.445 CHANGE -0.03% TIME 08:12:22

    [​IMG]

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

    We are not expecting significant price deviation later on today, though risk of positive tone establishment is seen above the next resistance level at 82.65 (R1). Any penetration above this level would put in focus higher targets at 82.77 (R2) and 92.97 (R3).

    Resistance Levels: 82.65, 82.77, 82.97
    Support Levels: 82.04, 81.92, 81.81


    Source: FX Central Clearing Ltd,( Best Forex Broker | ECN Online Forex Trading | Forex Signal | FXCC )
     
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