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Daily Forex Analysis from FXCC Nov 19 2012

Discussion in 'Major Currency Crosses' started by alayoua, Nov 19, 2012.

  1. alayoua

    alayoua New Member

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    Daily Forex Analysis from FXCC Nov 19 2012

    ECB's Asmussen calls for a 2-year funding extension on Greece

    FXstreet.com (Barcelona) - Joerg Asmussen, member of the European Central Bank, told German broadcaster ZDF over the weekend, EU leaders should agree on a 2-year loan extension for Greece, with any additional funding plan to be decided at a later stage, confirming the broadly-held view within the EU of 'kicking the can down the road', a position not marrying too well with IMF Director Christine Lagarde, who has been repeatedly calling for a long-standing comprehensible plan.

    For today, EUR related economic agenda for the London session ahead looks soft, with only Italian industrial production at 09:00 GMT. However, several conferences in the EU will take place in parallel, ahead of tomorrow's key Eurogroup meetings. The special attention will be headlines from EU Commissioner Barnier and Spain EcoMin De Guindos, speaking at the EU conference on financial stability and the single market at 08:30 GMT. Also Deutsche Bundesbank President Jens Weidmann speech in Frankfurt at the same time will attract market's attention. In the EZ sovereign debt auctions front, France will deliver Treasury bills at 12:45 GMT, with 10 year bond yields stable around the 2% figure, last at 2.08%.
    https://support.fxcc.com/email/technical/19112012/


    UPCOMING EVENTS :
    2012-11-19 **:00 GMT Japan. BoJ Monetary Policy Meeting Minutes
    2012-11-19 10:00 GMT European Monetary Union. Construction Output
    2012-11-19 15:00 GMT United States. Existing Home Sales Change
    2012-11-19 23:00 GMT Australia. Conference Board Australia Leading Index

    UPCOMING EVENTS :
    2012-11-19 06:08 GMT EUR/USD advance above 1.28 should command respect
    2012-11-19 06:02 GMT GBP/USD rises above 1.59 on positive tone
    2012-11-19 04:43 GMT AUD/EUR seen at +0.84 in early 2013 - Westpac
    2012-11-19 04:07 GMT EUR/AUD looking for bids around 1.23 mark


    EURUSD :
    HIGH 1.27734 LOW 1.27401 BID 1.27582 ASK 1.27588 CHANGE 0.13% TIME 07:59:51

    [​IMG]

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

    MARKET ANALYSIS - Intraday Analysis

    Upwards scenario: Instrument show up 0.13% rise today and any further appreciation needs to clear barrier at 1.2774 (R1). Intraday targets could be found at 1.2786 (R2) and then at 1.2798 (R3). Downwards scenario: Below the 10 SMA locates our next support level at 1.2751 (S1). Break here might open a route towards to next targets at 1.2739 (S2) and 1.2727 (S3) in perspective.

    Resistance Levels: 1.2774, 1.2786, 1.2798
    Support Levels: 1.2751, 1.2739, 1.2727

    ---------------------------
    GBPUSD :
    HIGH 1.59233 LOW 1.58806 BID 1.59109 ASK 1.59116 CHANGE 0.17% TIME 07:59:52

    [​IMG]

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

    Upwards scenario: market sentiment is clearly bullish today. Fresh high formed today acts now as next resistance level at 1.5924 (R1). Above here open way towards to next targets at 1.5936 (R2) and then at 1.5947 (R3). Downwards scenario: Risk of depreciation is seen below the local high, formed on the 14-11-2012 at 1.5902 (S1). Break here is required to enable lower targets at 1.5890 (S2) and 1.5877 (S3).

    Resistance Levels: 1.5924, 1.5936, 1.5947
    Support Levels: 1.5902, 1.5890, 1.5877

    ----------------------
    USDJPY :
    HIGH 81.587 LOW 81.125 BID 81.243 ASK 81.247 CHANGE -0.09% TIME 07:59:53

    [​IMG]

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

    Upwards scenario: Medium term bias is positive for USDJPY. Risk of market appreciation is seen above the next resistance level at 81.41 (R1). Loss here would suggest next target at 81.62 (R2) and any further rise would then be targeting 81.82 (R3). Downwards scenario: If the pair gains momentum on the downside and manage to break our next support level at 81.10 (S1), it is likely to get acceleration towards to our next support level at 80.90 (S2) and 80.68 (S3), exactly where the 38.2% Fibonacci retracement level lies.

    Resistance Levels: 81.41, 81.62, 81.82
    Support Levels: 81.10, 80.90, 80.68

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