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Daily Forex Analysis from FXCC Nov 15 2012

Discussion in 'Major Currency Crosses' started by alayoua, Nov 15, 2012.

  1. alayoua

    alayoua New Member

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    Daily Forex Analysis from FXCC Nov 15 2012

    EU's Rehn: Spain has taken effective action on budget deficits in 2012 and 2013

    EU Economic and Monetary Affairs Commissioner Olli Rehn made a statement on Spain on Wednesday, regarding the country's deficit moves. According to the European Commission's assessment the Spanish government has taken effective action for 2012, 2013 as far as restoring sustainability of public finances is concerned. Nevertheless, it would fail to meet the deficit target for 2014.

    Mr Rehn declared that Spain currently does not need additional measures and that the progress of its budget consolidation will be evaluated once again by the EU in February, by which time it might be necessary to introduce further measures. He added that he does not see the need for Rajoy's government making a bailout request in the nearest future. The EU Economic and Monetary Affairs Commissioner also acknowledged that Spain is currently undergoing difficult rebalancing of the economy and that its government and people are making great efforts to assure sustainability of the country’s finances.
    https://support.fxcc.com/email/technical/15112012/

    UPCOMING EVENTS :
    2012-11-15 09:00 GMT : Italy. Gross Domestic Product(Preliminar)
    2012-11-15 09:30 GMT : United Kingdom. Retail Sales
    2012-11-15 10:00 GMT : E.M.U. Gross Domestic Product (Preliminar)
    2012-11-15 13:30 GMT : United States. Consumer Price Index Ex Food & Energy

    FOREX NEWS :
    2012-11-15 04:15 GMT : AUD/USD stalls the dive helped by 1.0350 bids
    2012-11-15 04:03 GMT : Short AUD/CAD; target the 1.01 area - Westpac
    2012-11-15 03:36 GMT : GBP/AUD offered below 50% Fibo
    2012-11-15 00:51 GMT : EUR/USD: Hourly pin forms off 200 EMA; bears encouraged


    ------------------------
    EURUSD :
    HIGH 1.2753 LOW 1.27174 BID 1.27473 ASK 1.27476 CHANGE 0.09% TIME 08:03:46

    [​IMG]

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

    MARKET ANALYSIS - Intraday Analysis

    Upwards scenario: Current market installation might suggest us about the uptrend formation on the hourly timeframe. Break of 1.2758 (R1) is required for attack to the next target at 1.2772 (R2). Final resistance could be found at 1.2787 (R3) today. Downwards scenario: Risk of further market depreciation is seen below the next support level at 1.2730 (S1). Loss here would suggest intraday targets at 1.2715 (S2) and 1.2700 (S3).

    Resistance Levels: 1.2758, 1.2772, 1.2787
    Support Levels: 1.2730, 1.2715, 1.2700

    -----------------------------------
    GBPUSD :
    HIGH 1.58552 LOW 1.58361 BID 1.58519 ASK 1.58523 CHANGE 0.07% TIME 08:03:47

    [​IMG]

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

    Upwards scenario: Our next resistance level locates at 1.5859 (R1). If market gains momentum and manage to overcome it, we expect further deviation from the initial downtrend towards to next targets at 1.5877 (R2) and 1.5894 (R3). Downwards scenario: Risk of market weakening is seen below the fresh low at 1.5834 (S1). Loss here would enable bearish forces and might expose our targets at 1.5815 (S2) and 1.5796 (S3).

    Resistance Levels: 1.5859, 1.5877, 1.5894
    Support Levels: 1.5834, 1.5815, 1.5796

    --------------------------
    USDJPY :
    HIGH 80.943 LOW 80.125 BID 80.931 ASK 80.933 CHANGE 0.85% TIME 08:03:48

    [​IMG]

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

    Upwards scenario: USDJPY appreciated by 0.85% today and determined clear bullish market sentiment. Our key resistance level locates at fresh high – 80.96 (R1), clearance here would suggest higher targets at 81.10 (R2) and 81.25 (R3) intraday. Downwards scenario: Risk of correction is seen below the next support level at 80.61 (S1), break here is required to enable lower targets at 80.47 (S2) and 80.32 (S3).

    Resistance Levels: 80.96, 81.10, 81.25
    Support Levels: 80.61, 80.47, 80.32

    Source: FX Central Clearing Ltd,( ECN Forex Account | Forex Managed Account | Managed Forex Account | FXCC )
     
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