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Daily Forex Analysis from FXCC Nov 27 2012

Discussion in 'Major Currency Crosses' started by alayoua, Nov 27, 2012.

  1. alayoua

    alayoua New Member

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    Daily Forex Analysis from FXCC Nov 27 2012

    More funding for Greece finally approved

    The EU reached a deal to reduce Greek debt to 124 % of the GDP in 2020 through a package of extra steps amounting 20 % of GDP, that was the headline from Reuters earlier in the Asian session. Reporters, however, had to arm themselves with patience until concrete details out of Brussels came out. Once the Eurogroup press conference was on past 1am Brussels time, Jean-Claude Juncker, president of the Eurogroup, provided the first remarks to the press, saying "today we reached political agreement on next disbursement to Greece", adding that despite has been a difficult decision, "I am complimenting the Greek gov't, I am complimenting the Greek parliament".

    The Eurogroup will formally decide on the disbursement December 13 if national parliaments approve tonight's deal. For now, what has been written in the draft document is that Greece aid disbursement of around €44 bln will be provided under 3 tranches. The first €34.4 bln loan is expected by mid December once green light from parliaments is given, and through Q1 2013 the rest, subject to implementation of its ongoing austerity program.-FXstreet.com
    https://support.fxcc.com/email/technical/27112012/


    UPCOMING EVENTS :
    2012-11-27 09:30 GMT | United Kingdom. Gross Domestic Product
    2012-11-27 13:30 GMT | United States. Durable Goods Orders
    2012-11-27 15:00 GMT | United States. Consumer Confidence
    2012-11-27 19:00 GMT | United States. Fed's Beige Book

    FOREX NEWS :
    2012-11-27 05:40 GMT | Greece buys time; Will EUR/USD buy into Greece?
    2012-11-27 05:38 GMT | GBP/USD flat below 1.6050 ahead of UK GDP
    2012-11-27 05:13 GMT | EUR/GBP bid above 0.8100
    2012-11-27 04:15 GMT | AUD/JPY asks above 86 round heavy

    -----------------------
    EURUSD :
    HIGH 1.30087 LOW 1.29694 BID 1.29856 ASK 1.29862 CHANGE 0.11% TIME 08:29:07

    [​IMG]

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

    MARKET ANALYSIS - Intraday Analysis

    Upwards scenario: Our retail trading market sentiment indicator shows, that majority of traders have sold during the EURUSD appreciation. Penetration above the 1.3010 (R1) might lead to the protective orders execution and drive market price towards to next targets at 1.3029 (R2) and 1.3046 (R3). Downwards scenario: Market stabilized after the previous day’s gains and looks ready to establish correction. Market decline below the next support level at 1.2967 (S1) would suggest next targets at 1.2948 (S2) and 1.2929 (S3).

    Resistance Levels: 1.3010, 1.3029, 1.3046
    Support Levels: 1.2967, 1.2948, 1.2929

    -------------------------------------
    GBPUSD :
    HIGH 1.60447 LOW 1.60226 BID 1.60369 ASK 1.60378 CHANGE 0.06% TIME 08:29:08

    [​IMG]

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

    Upwards scenario: Today in focus GDP announcement at 09:30 GMT. Our next resistance level is placed above the local peak at 1.6051 (R1) (High of 23/11/2012). Strengthening above it would point to resistive structure at 1.6067 (R2) onto 1.6081(R3). Downwards scenario: Downside fluctuations remains for now limited to next support level at 1.6025 (S1), only clear break here would be a signal of market easing with next targets at 1.6010 (S2) and 1.5996 (S3) in potential.

    Resistance Levels: 1.6051, 1.6067, 1.6081
    Support Levels: 1.6025, 1.6010, 1.5996

    ---------------------------
    USDJPY :
    HIGH 82.305 LOW 81.858 BID 82.273 ASK 82.279 CHANGE 0.26% TIME 08:29:09

    [​IMG]

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

    Upwards scenario: Longer term we look for a move above the 82.43 (R1). Loss here might establish new step of uptrend formation and target 82.61 (R2) en route to 82.79 (R3). Downwards scenario: On the short –term perspective we expect market decline. A Bearish signal would be created if the currency dropped below the next support level at 82.09 (S1). We suggest next targets in such scenario at 81.92 (S2) and 81.76 (S3).

    Resistance Levels: 82.43, 82.61, 82.79
    Support Levels: 82.09, 81.92, 81.76

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