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Daily Forex Analysis from FXCC Dec 07 2012

Discussion in 'Major Currency Crosses' started by alayoua, Dec 7, 2012.

  1. alayoua

    alayoua New Member

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    Daily Forex Analysis from FXCC Dec 07 2012

    ECB, Berlusconi Hit EURUSD Hard

    Lower by 0.73% in the morning session, the EURUSD is being weighed down by major developments in Europe. Specifically, sparks of political instability in one of the troubled EU members, as well as a pessimistic outlook on Europe’s growth potential is making it difficult for traders to be bullish the Euro. The sentiment has traders and technicians eyeing the 1.2900 as the next viable support barrier. Although leaving the benchmark interest rate at 0.75% early in the morning, the European Central Bank issued a dour note when it came time to assess the economic future of the European Union. In a post decision press conference, ECB President Mario Draghi noted that significant headwinds had placed pressure on a potential regional recovery. So much so that growth prospects for next year were forecasted lower, with the 17-member Union looking to either remain unchanged or contract slightly. Official estimates now lie between a 0.3% pace of growth and a 0.9% contraction in 2013.

    Additionally, Draghi noted that “available statistics and survey indicators continue to signal further weakness in activity in the last quarter of the year”.This isn’t seen as favorable for the Euro, which was expecting a slight recovery in the European Union next year – at a pace of 0.5%. - FXstreet.com
    https://support.fxcc.com/email/technical/07122012/

    UPCOMING EVENTS :
    2012-12-07 10:00 GMT | EMU.ECB President Draghi's Speech
    2012-12-07 13:30 GMT | Canada.Net Change in Employment (Nov)
    2012-12-07 13:30 GMT | Canada.Unemployment Rate (Nov)
    2012-12-07 13:30 GMT | USA.Nonfarm Payrolls (Nov)

    FOREX NEWS :
    2012-12-07 05:50 GMT | GBP/USD unchanged around 1.0650; UK, US data eyed
    2012-12-07 02:58 GMT | EUR/JPY grinds back up to 107 after overnight drop
    2012-12-07 06:06 GMT | Will NFP confirm EUR/USD weekly losses?
    2012-12-07 00:38 GMT | AUD/USD, Australia trade number discourages volatility; stops above 1.0525

    ----------------------
    EURUSD :
    HIGH 1.29724 LOW 1.29548 BID 1.29564 ASK 1.29571 CHANGE -0.09% TIME 08:05:55

    [​IMG]

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

    MARKET ANALYSIS - Intraday Analysis

    Current price deviation might face next support level at 1.2950 (S1). We expect price downgrade towards to our targets at 1.2942 (S2) and 1.2931 (S3) as a part of consolidation formation in case of successful penetration below it.

    Resistance Levels: 1.3048, 1.3070, 1.3092
    Support Levels: 1.2950, 1.2942, 1.2931

    -----------------------
    GBPUSD :
    HIGH 1.60573 LOW 1.60359 BID 1.60533 ASK 1.60542 CHANGE 0.02% TIME 08:05:56

    [​IMG]

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

    Price might retest our support at 1.6034 (S1) on the downside. Break here would suggest next target at 1.6037 (S2) and any further fall would then be targeting to 1.6012 (S3).

    Resistance Levels: 1.6082, 1.6094, 1.6117
    Support Levels: 1.6034, 1.6027, 1.6012

    --------------------
    USDJPY :
    HIGH 82.564 LOW 82.363 BID 82.379 ASK 82.384 CHANGE 0% TIME 08:05:57

    [​IMG]

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

    Instrument trapped to the range mode trading and we are not expecting significant deviation from its average parameters today. Risks of market strengthening are seen above the next resistance level at 82.46 (R1). Our suggested targets locate at 82.55 (R2) and 82.61 (R3).

    Resistance Levels: 82.46, 82.55, 82.61
    Support Levels: 82.29, 82.19, 82.12

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