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Daily Forex Market Analysis from FXCC Nov 09 2012

Discussion in 'Major Currency Crosses' started by alayoua, Nov 9, 2012.

  1. alayoua

    alayoua New Member

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    Daily Forex Market Analysis from FXCC Nov 09 2012

    ECB's Draghi: Growth momentum to remain weak in 2013

    As expected, the ECB Governing Council decided to keep the main interest rate unchanged at a record low of 0.75% at their November monetary policy meeting. Speaking at the press conference following the meeting ECB head Mario Draghi commented on the considerations underlying the decision. The president suggested that inflation should stay above 2% throughout the rest of 2012 and fall below 2% in the course of of 2013, adding that “over the policy-relevant horizon, in an environment of modest growth in the euro area and well-anchored long-term inflation expectations, underlying price pressures should remain moderate.”

    Mario Draghi said that growth momentum in the Eurozone would remain weak in 2013. He assured however that ECB's monetary policy was directed at stimulating growth in the area and that its readiness to activate the OMT program was boosting market confidence. He urged EU governments to continue reducing fiscal imbalances and applying structural reforms to strengthen growth potential in the area. He said that positive effects of the fiscal consolidation efforts so far could already be seen and that a quick implementation of the fiscal compact would further reassure markets - FXstreet.com
    https://support.fxcc.com/email/technical/09112012/

    UPCOMING EVENTS :
    2012-11-09 07:00 GMT : Germany. Harmonised Index of Consumer Prices
    2012-11-09 09:30 GMT : United Kingdom. Total Trade Balance
    2012-11-09 14:55 GMT : United States. Reuters/Michigan Consumer Sentiment Index
    2012-11-09 15:00 GMT : United States. Wholesale Inventories

    FOREX NEWS :
    2012-11-09 05:52 GMT : EUR/USD needs break of key fibo to resume bear's party
    2012-11-09 05:27 GMT : GBP/USD finding buyers above 1.6000
    2012-11-09 04:56 GMT : EUR/NZD stalling around 38.2% Fibo retrace at 1.5650
    2012-11-09 03:50 GMT : AUD/CAD near 3-month highs above 1.04

    --------------------------
    EURUSD :
    HIGH 1.279 LOW 1.27334 BID 1.27758 ASK 1.27762 CHANGE 0.23% TIME 08:18:01

    [​IMG]

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

    MARKET ANALYSIS - Intraday Analysis

    Long direction: We are not expecting significant moves today however current market installation might extend its power towards to our resistance levels later on today. Our next resistance level holds at 1.2803 (R1). A break here might expose next targets 1.2828 (R2) and 1.2852 (R3). Short direction: If it fails to establish intraday positive bias we expect retest of our next support level at 1.2761 (S1). Price penetration below it might open way towards to next targets at 1.2735 (S2) and 1.2708 (S3).

    Resistance Levels: 1.2803, 1.2828, 1.2852
    Support Levels: 1.2761, 1.2735, 1.2708

    --------------------------
    GBPUSD :
    HIGH 1.60192 LOW 1.59692 BID 1.60073 ASK 1.60079 CHANGE 0.16% TIME 08:18:02

    [​IMG]

    OUTLOOK SUMMARY : Neutral
    TREND CONDITION : Sideway
    TRADERS SENTIMENT : Bullish
    IMPLIED VOLATILITY : Medium

    Long direction: Technically, instrument moves without priority in direction on the hourly chart. In such situation we suggest waiting for a clear signal of market sentiment change. Possible strengthening might arise above the next resistance level at 1.6020 (R1). Next targets holds at 1.6035 (R2) and 1.6048 (R3) levels. Short direction: A break of next support level at 1.5983 (S1) might extend easing towards to expected targets at 1.5969 (S2) and 1.5955 (S3) levels.

    Resistance Levels: 1.6020, 1.6034, 1.6048
    Support Levels: 1.5983, 1.5969, 1.5955

    ------------------------
    USDJPY :
    HIGH 79.61 LOW 79.424 BID 79.560 ASK 79.563 CHANGE 0.11% TIME 08:18:03

    [​IMG]

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

    Long direction: Instrument stabilized after the fresh low provided yesterday. If it manages to stay above it we expect retracement development towards to resistance level at 79.62 (R1). Clearance here would suggest next targets at 79.71 (R2) and 79.82 (R3). Short direction: Decrease below the support level at 79.45 (S1) might open route towards to next targets at 79.35 (S2) and 79.25 (S3) and extends its bearish pressure on the medium term perspective.

    Resistance Levels: 79.62, 79.71, 79.82
    Support Levels: 79.45, 79.35, 79.25

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