1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Daily Forex Analysis from FXCC Nov 23 2012

Discussion in 'Major Currency Crosses' started by alayoua, Nov 23, 2012.

  1. alayoua

    alayoua New Member

    Joined:
    Jul 19, 2011
    Messages:
    289
    Likes Received:
    0
    Daily Forex Analysis from FXCC Nov 23 2012

    Greece edges towards a debt deal; IMF lowers demands

    Greece may soon breathe a sigh of relief, as a deal with the Troika looks closer, according to Greek-based paper ekathimeini, citing Finance Minister Yannis Stournaras who suggests only 10 billion euros stand in the way of a deal.From ekathimeini: "Sources said that another 8 to 10 billion euros was needed to meet the target." the Greek paper also reports that "the IMF has accepted that Greek debt will not meet its target of 120 percent of GDP in 2020 and is willing for this to change to 124 percent in the same year."

    German Chancellor Angela Merckel said after the meeting she doubts an agreement will be reached on EU budget this week, and will likely need another few sessions of negotiations. She added positions are too far apart for now. Meanwhile, according to an official statement by the European Council, Yves Mersch has been appointed to the executive board of the European Central Bank for a term of eight years as from 15 December. He will succeed José Manuel González-Páramo, who completed his term of office on 31 May.
    https://support.fxcc.com/email/technical/23112012/

    UPCOMING EVENTS :
    2012-11-23 **:00 GMT | European Monetary Union. European Council meeting
    2012-11-23 07:00 GMT | Germany. Gross Domestic Product
    2012-11-23 09:30 GMT | United Kingdom. BBA Mortgage Approvals
    2012-11-23 13:30 GMT | Canada. Consumer Price Index

    FOREX NEWS :
    2012-11-23 05:50 GMT | GBP/USD makes 10-year volatility lows while around 1.5950
    2012-11-23 04:47 GMT | USD/JPY in the red below 82.50 for first time in a week
    2012-11-23 03:40 GMT | USD/CAD 0.99 a decent support area - TDS
    2012-11-23 02:57 GMT | EUR/USD finds bids above 1.2870

    ----------------------------
    EURUSD :
    HIGH 1.28939 LOW 1.28685 BID 1.28939 ASK 1.28940 CHANGE 0.06% TIME 08 : 13 : 26

    [​IMG]

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

    MARKET ANALYSIS - Intraday Analysis

    Upwards scenario: We placed our next resistance level above the yesterday high at 1.2899 (R1). If the market manages to overcome it, next resistance in focus would be 1.2917 (R2) and any further rise would then be targeting 1.2935 (R3).Downwards scenario: The pair continues to extend its strengthening on the medium- term perspective, however a breach of our next support level at 1.2868 (S1) might trigger downside formation towards to our next targets at 1.2851 (S2) and 1.2839 (S3).

    Resistance Levels: 1.2899, 1.2917, 1.2935
    Support Levels: 1.2868, 1.2851, 1.2839

    --------------------------------
    GBPUSD :
    HIGH 1.59526 LOW 1.59336 BID 1.59526 ASK 1.59530 CHANGE 0.1% TIME 08 : 13 : 27

    [​IMG]

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

    Upwards scenario: BBA Mortgage Approvals release at 09:30 GMT in focus. Break above the next resistance level at 1.5959 (R1) would suggest next targets at 1.5969 (R2) and 1.5978 (R3) in potential. Downwards scenario: From the technical side, market sentiment is not clear. Next attractive level for the downside development locates at 1.5939 (S1). Loss here might take the pair towards to eventual targets at 1.5928 (S2) and 1.5918 (S3).

    Resistance Levels: 1.5959, 1.5969, 1.5978
    Support Levels: 1.5939, 1.5928, 1.5918

    -----------------------------
    USDJPY :
    HIGH 82.506 LOW 82.181 BID 82.268 ASK 82.272 CHANGE -0.24% TIME 08 : 13 : 28

    [​IMG]

    OUTLOOK SUMMARY : Up
    TREND CONDITION : Downward penetration
    TRADERS SENTIMENT : Bearish
    IMPLIED VOLATILITY : Medium

    Upwards scenario: Medium term bias remains positive after correction, provided today. Our next resistance is placed at 82.44 (R1). Rise above it might push price towards to next targets at 82.61 (R2) and 82.77 (R3) intraday.Downwards scenario: Instrument trades below the moving averages and we expect the pair to extend its losses later on today. Below the support level at 82.15 (S1) locates initial retracement targets at 81.98 (S2) and 81.82 (S3).

    Resistance Levels: 82.44, 82.61, 82.77
    Support Levels: 82.15, 81.98, 81.82

    Source: FX Central Clearing Ltd,( Forex Rate | Forex News | ECN Forex Broker | FXCC )
     
Loading...

Share This Page