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Daily Forex Analysis from FXCC Nov 12 2012

Discussion in 'Major Currency Crosses' started by alayoua, Nov 12, 2012.

  1. alayoua

    alayoua New Member

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    Daily Forex Analysis from FXCC Nov 12 2012

    Greece passes 2013 budget bill

    After holding a vote on its 2013 national budget, the Greek government has passed the bill, one that includes additional cuts touching the most controversial areas of pensions, salaries and benefits. The reaction by the markets has been very subdued, with Euro ticking marginally higher. At present, worries are far greater on the prospects of Greece facing a default scenario this week, something that renowned papers like the Financial Times highlight on its front-cover. Greece should find a way to raise as much as €5bn in order to avoid default in a coupon of debt maturity, with the Troika and European paymasters, including Germany, still stuck in an impasse as to how to ease the country's debt burden, and with authorities still in disagreement over providing Greece the next aid tranche worth over €31.5 billion.

    For the short term, the Financial Times reports in a weekend article that "the country’s debt management office has announced plans to cover the full amount through a treasury bill auction on Tuesday, but Greek banks expected to buy the issue can only raise about €3.5bn of collateral acceptable to the ECB, according to two senior Athens bankers" the paper reports. It is thought that in case of a shortfall in the capital raised, Greece will have to tap funds from a reserve for bank recapitalisation held by the Hellenic Financial Stability Fund, worth over €3 billion, as option of last resort-FXstreet.com
    https://support.fxcc.com/email/technical/12112012/

    UPCOMING EVENTS :
    2012-11-12 **:** GMT : European Monetary Union. Eurogrup meeting
    2012-11-12 06:00 GMT : Japan. Machine Tool Orders
    2012-11-12 21:45 GMT : New Zealand. Food Price Index


    FOREX NEWS :
    2012-11-12 05:15 GMT : GBP/USD stands at 1.59, above 200 DMA
    2012-11-12 05:15 GMT : EUR/GBP waiting for Eurogroup Meeting, flat at 0.8 round
    2012-11-12 04:12 GMT : USD/JPY may test 79.70-80.00 - BBH



    ----------------------------
    EURUSD :
    HIGH 1.27365 LOW 1.27095 BID 1.27289 ASK 1.27294 CHANGE 0.15% TIME 08 : 19 : 31

    [​IMG]

    OUTLOOK SUMMARY : Down
    TREND CONDITION : Upward penetration
    TRADERS SENTIMENT : Bullish
    IMPLIED VOLATILITY : Medium

    MARKET ANALYSIS - Intraday Analysis

    Long direction: Fresh cross of moving averages might be a signal of possible correction ahead. Next resistance level is in focus at 1.2740 (R1). Rise above it would then be targeting to 1.2769 (R2) and 1.2797 (R3) in perspective. Short direction: Though, EURUSD might spend most of the day in a narrow range amid limited tier-one data flow. Our downside targets at 1.2679 (S2) and 1.2648 (S3) might expose if the downside extension below the support level at 1.2708 (S1) occur later on today

    Resistance Levels: 1.2740, 1.2769, 1.2797
    Support Levels: 1.2708, 1.2679, 1.2648

    ------------------------------
    GBPUSD :
    HIGH 1.59124 LOW 1.5891 BID 1.59099 ASK 1.59102 CHANGE 0.11% TIME 08 :19 : 32

    [​IMG]

    OUTLOOK SUMMARY : Down
    TREND CONDITION : Upward penetration
    TRADERS SENTIMENT : Bullish
    IMPLIED VOLATILITY : Low

    Long direction: The low from 08-11-2012 at 1.5928 (S1) is acting now as key resistance level for upside formation. If the price manages to break it, we expect retracement development with next targets in focus 1.5955 (R2) and 1.5982 (R3). Short direction: Risks of further depreciation is seen below the support at 1.5886 (S1). Break through here might take the pair towards to eventual targets located at 1.5861 (S2) and 1.5836 (S3) in potential.

    Resistance Levels: 1.5928, 1.5955, 1.5982
    Support Levels: 1.5886, 1.5861, 1.5836

    -------------------------------------
    USDJPY :
    HIGH 79.563 LOW 79.401 BID 79.480 ASK 79.483 CHANGE 0.02% TIME 08 :19 : 33

    [​IMG]

    OUTLOOK SUMMARY : Down
    TREND CONDITION : Upward penetration
    TRADERS SENTIMENT : Bullish
    IMPLIED VOLATILITY : Low

    Long direction: Instrument trades in narrow range on the short term perspective. Clearance of next resistance level 79.57 (R1) might determine positive bias for the day and suggest next targets at 79.68 (R2) and 79.79 (R3). Short direction: On the longer term, tendency on USDJPY remains negative and current stabilization might be considered as a part of correction. If the market manage to break next support level at 79.35 (S1), we expect exposure of targets at 79.25 (S2) and 79.15 (S3) in potential.

    Resistance Levels: 79.57, 79.68, 79.79
    Support Levels: 79.35, 79.25, 79.15

    Source: FX Central Clearing Ltd,( Best Forex Trading Software | ECN Forex News Trading | Forex Options Trading | FXCC )
     
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