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Forex Technical & Market Analysis FXCC Dec 18 2012

Discussion in 'Major Currency Crosses' started by alayoua, Dec 18, 2012.

  1. alayoua

    alayoua New Member

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    Forex Technical & Market Analysis FXCC Dec 18 2012

    Fiscal Cliff Talks Thaw

    It seems that Republican stances are softening as the clock ticks down to the New Year, and the US approaches the activation of the Fiscal Cliff. In the newest round of discussions, Republican leaders led by House Speaker John Boehner have conceded to allowing a tax rate increase of earners making a minimum of $1 million. The tax rate for income in that range would increase from 36% to 39.5% under the concession.

    In addition, Republicans have offered to table the $16.4 trillion debt ceiling discussion for one year. The debt ceiling debate would likely emerge early next year without any deal, sparking concern and speculation of a government shutdown. The concessions have done little to support the greenback as the Obama administration continues to press forward with its objective of raising tax rates for the top 2% of income earners – rejecting recent Republican concessions.
    http://blog.fxcc.com/forex-technical-market-analysis-december-18-2012/

    Forex Economic Calendar

    N/A | United Kingdom. BOE Inflation Letter
    2012-12-18 09:30 GMT | United Kingdom. Consumer Price Index (YoY) (Nov)
    2012-12-18 11:00 GMT | United Kingdom. BoE Quarterly Bulletin (Q4)
    2012-12-18 23:50 GMT | Japan. Merchandise Trade Balance Total (Nov)

    Forex News

    2012-12-18 05:15 GMT | GBP/JPY range bound circa 136.00; overextended?
    2012-12-18 03:51 GMT | AUD/USD retreats from RBA-induced highs
    2012-12-18 02:25 GMT | EUR/AUD capped below 1.25 inside a 30 pip range
    2012-12-18 01:57 GMT | USD/JPY outlook bullish on more BoJ easing anticipation – RBS
    AUDUSD NZDUSD USDCHF USDCAD GBPJPY EURCHF GOLD SILVER
    1.05501/510 0.84333/341 0.91764/780 0.98351/361 136.134/151 1.20860/879 1702.75/.03 32.42/.44


    TECHNICAL ANALYSIS

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

    HIGH: 1.31775 | LOW: 1.31556 | BID: 1.31717 | ASK: 1.31723 | CHANGE: 0.07% | TIME: 07:59:44

    [​IMG]

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

    MARKET ANALYSIS – Intraday Analysis

    Upwards scenario: Instrument show up 0.07 % rise today and any further appreciation needs to clear barrier at 1.3179 (R1). Intraday targets could be found at 1.3198 (R2) and then at 1.3218 (R3). Downwards scenario: Market stabilized after the previous day’s gains. Market decline below the next support level at 1.3151 (S1) would suggest next targets at 1.3131 (S2) and 1.3111 (S3).

    Resistance Levels: 1.3179, 1.3198, 1.3218
    Support Levels: 1.3151, 1.3131, 1.3111

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

    HIGH: 1.62177 | LOW: 1.6194 | BID: 1.62118 | ASK: 1.62127 | CHANGE: 0.05% | TIME: 07:59:45

    [​IMG]

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

    Upwards scenario: Market sentiment is clearly bullish. We placed our next resistance level above the fresh high formed today at 1.6222 (R1). Above here open way towards to next targets at 1.6235 (R2) and then at 1.6249 (R3). Downwards scenario: Downside fluctuations remains for now limited to next support level at 1.6195 (S1), only clear break here would be a signal of market easing with next targets at 1.6181 (S2) and 1.6167 (S3) in potential.

    Resistance Levels: 1.6222, 1.6235, 1.6249
    Support Levels: 1.6195, 1.6181, 1.6167

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

    HIGH: 84.077 | LOW: 83.828 | BID: 84.020 | ASK: 84.025 | CHANGE: 0.16% | TIME: 07:59:46

    [​IMG]

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

    Upwards scenario: Medium term bias is positive for the pair. Risk of market appreciation is seen above the next resistance level at 84.09 (R1). Loss here would suggest next target at 84.24 (R2) and any further rise would then be targeting 84.39 (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 83.85 (S1). We suggest next targets in such scenario at 83.71 (S2) and 83.56 (S3).

    Resistance Levels: 84.09, 84.24, 84.39
    Support Levels: 83.85, 83.71, 83.56

    Source: FX Central Clearing Ltd,( Learn Forex Trading | ECN Forex Online Trading | Forex Trading Tips | FXCC )
     
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