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Forex Technical & Market Analysis FXCC Dec 17 2012

Discussion in 'Major Currency Crosses' started by alayoua, Dec 17, 2012.

  1. alayoua

    alayoua New Member

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    Forex Technical & Market Analysis FXCC Dec 17 2012

    U.S. Fiscal Cliff: Republican leadership softens stance on tax rates
    The Fiscal Cliff negotiations are showing signs of progress after the weekend brought an offer from GOP lawmakers to allow tax rates to rise on those making more than $1mn; President Obama had been demanding that tax rates rise on those earning over $250k. “With progress remaining slow and messages mixed expect ongoing debt negotiations to well and truly steal the limelight in the lead up to Christmas,” says OzForex Research.

    According to Cliff Wachtel, author of The Sensible Guide To Forex, the general fiscal cliff uncertainty is bearish: “Given the widespread consensus that there would be a deal deferring most of the potential government spending cuts and tax increases, and that most global stock indexes remain within 10% of their decade highs, it’s safe to say that markets have not priced in a failure to reach a deal.”
    http://blog.fxcc.com/forex-technical-market-analysis-december-17-2012/

    Forex Economic Calendar
    2012-12-17 09:00 GMT | European Monetary Union. Labour cost (Q3)
    2012-12-17 14:00 GMT | United States. Net Long-Term TIC Flows (Oct)
    2012-12-17 18:00 GMT | United States. Fed’s Lacker speech
    2012-12-17 23:00 GMT | Australia. Conference Board Australia Leading Index (Oct)

    Forex News
    2012-12-17 05:18 GMT | GBP/USD limited below 1.6200
    2012-12-17 05:15 GMT | EUR/USD stalled below 1.3190; Draghi eyed
    2012-12-17 04:12 GMT | EUR/JPY stalls above 111.00 on taking profits
    2012-12-17 03:01 GMT | AUD/JPY retracing from 20-month highs above 89.00


    TECHNICAL ANALYSIS

    ----------------------
    EURUSD

    HIGH: 1.31871 | LOW: 1.31441 | BID: 1.31574 | ASK: 1.31581 | CHANGE: -0.03% | TIME: 09:29:57

    [​IMG]

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

    MARKET ANALYSIS – Intraday Analysis
    Upwards scenario: Extension of the stability above the 1.3190 (R1) level might keep the bullish pressure intact and validate next intraday targets at 1.3210 (R2) and 1.3230 (R3). Downwards scenario: The hourly structure might turn into negative territory if the price mange to overcome our next support level at 1.3139 (S1). Supportive areas locates at 1.3120 (S2) and 1.3100 (S3).

    Resistance Levels: 1.3190, 1.3210, 1.3230
    Support Levels: 1.3139, 1.3120, 1.3100

    --------------------
    GBPUSD

    HIGH: 1.61988 | LOW: 1.61574 | BID: 1.61789 | ASK: 1.61800 | CHANGE: 0.08% | TIME: 09:29:58

    [​IMG]

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

    Upwards scenario: GBPUSD might find buyers above the next important resistance level at 1.6199 (R1). Break here would open way towards to our next resistances at 1.6214 (R2) and 1.6229 (R3). Downwards scenario: In regard to the descending movement, risk of market decline is seen below the support level at 1.6157 (S1). Loss here would enable next targets at 1.6143 (S2) and 1.6128 (S3).

    Resistance Levels: 1.6199, 1.6214, 1.6229
    Support Levels: 1.6157, 1.6143, 1.6128

    --------------------------
    USDJPY

    HIGH: 84.318 | LOW: 83.854 | BID: 83.974 | ASK: 83.979 | CHANGE: 0.57% | TIME: 09:29:58

    [​IMG]

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

    Upwards scenario: A violation of next resistance at 84.34 (R1) might call for a run towards to next target at 84.53 (R2) and any further appreciation would then be targeting 84.72 (R3). Downwards scenario: Near-term risks are directed to a drop back to the consolidation formation below the support at 83.77 (S1). In such case our intraday expected targets would be 83.61 (S2) and 83.45 (S3).

    Resistance Levels: 83.34, 84.53, 84.72
    Support Levels: 83.77, 83.61, 83.45

    Source: FX Central Clearing Ltd,( What Is Forex Trading | Forex Trading Signals | ECN Forex Trading Online | FXCC )
     
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