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Forex Technical & Market Analysis FXCC Dec 28 2012

Discussion in 'Major Currency Crosses' started by alayoua, Dec 28, 2012.

  1. alayoua

    alayoua New Member

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    Forex Technical & Market Analysis FXCC Dec 28 2012

    Fiscal cliff looms as US lawmakers play game of brinkmanship

    The "fiscal cliff" steadfastly approaches and it is a fair assumption that no one will come up with a deal in time to stop the country from careening off the edge. Nearly everyone involved claims they want to avoid the automatic tax increases and colossal budget cuts that will start kicking in at the start of 2013, however few are ready to make the compromises necessary to make that happen.

    As expected, anti-tax purists in the House Republican Caucus have gotten in the way of Speaker John A. Boehners attempts to come up with a fix for the fiscal cliff. Last week, he withdrew his doomed Plan B rather than let it go to a vote he knew he would lose. Democrats were united in their opposition, though what ultimately killed the scheme was the refusal of conservatives in Boehner’s own caucus to go along with a tax increase for millionaires. Boehner now seems to have washed his hands of responsibility and says it is up to the president and Democrats in the Senate to save the country from the New Year’s program cuts and tax increases that will come so fast and furiously that the economy could suffer. President Obama cut short his Hawaii vacation to return to the snow-covered capital hoping to concoct a last-minute deal in the eleventh hour. -FXstreet.com
    https://support.fxcc.com/email/technical/28122012/


    Forex Economic Calendar
    2012-12-28 **:00 GMT | Italy. 10-y Bond Auction
    2012-12-28 07:45 GMT | France. Gross Domestic Product (YoY) (Q3)
    2012-12-28 15:00 GMT | United States. Pending Home Sales (YoY) (Nov)
    2012-12-28 16:00 GMT | United States. EIA Crude Oil Stocks change (Dec 21)

    Forex News
    2012-12-28 04:21 GMT EUR/JPY stalling below 114.70 around fresh 16-month highs
    2012-12-28 02:12 GMT EUR/USD below 1.3250 waiting for a 'fiscal cliff' outcome, what else?
    2012-12-28 00:56 GMT USD/JPY shooting up above 86.50 on extreme overbought readings
    2012-12-27 20:12 GMT USD/CAD reaches 1-month high


    --------------------
    EURUSD :
    HIGH 1.32527 LOW 1.32295 BID 1.32420 ASK 1.32426 CHANGE 0.06% TIME 07:51:55

    [​IMG]

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

    MARKET ANALYSIS - Intraday Analysis

    Upwards scenario: Price action looks mainly consolidative, though violation of our resistance at 1.3253 (R1) would be a signal of possible uptrend formation with next targets ahead at 1.3264 (R2) and 1.3276 (R3). Downwards scenario: Depreciation below the support at 1.3227 (S1) might trigger correction formation towards to next targets at 1.3215 (S2) and 1.3203 (S3)

    Resistance Levels: 1.3253, 1.3264, 1.3276
    Support Levels: 1.3227, 1.3215, 1.3203

    ---------------------
    GBPUSD :
    HIGH 1.61211 LOW 1.60981 BID 1.61189 ASK 1.61199 CHANGE 0.13% TIME 07:51:56

    [​IMG]

    OUTLOOK SUMMARY : Neutral
    TREND CONDITION : Sideway
    TRADERS SENTIMENT : Bearish
    IMPLIED VOLATILITY : Low

    Upwards scenario: Market sentiment looks neutral and upside movement is limited to resistance level at 1.6127 (R1). Surpassing of this level might enable next target at 1.6139 (R2) and any further gain would then be limited to last resistance at 1.6152 (R3). Downwards scenario: A break below the support at 1.6102 (S1) would allow bears remaining in play on the medium-term perspective. Next targets could be found at 1.6090 (S2) and 1.6078 (S3).

    Resistance Levels: 1.6127, 1.6139, 1.6152
    Support Levels: 1.6102, 1.6090, 1.6078

    ---------------------
    USDJPY :
    HIGH 86.629 LOW 86.066 BID 86.450 ASK 86.458 CHANGE 0.41% TIME 07:51:57

    [​IMG]

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

    Upwards scenario: USDJPY might find buyers above the important resistance level at 86.63 (R1). Break here would open route towards to our next targets at 86.80 (R2) and 86.63 (R3). Downwards scenario: While instrument trades below the next resistance level, our intraday bias forecast would be negative. Penetration below the support level at 86.14 (S1) might open way towards to lower targets at 85.95 (S2) and 85.75 (S3).

    Resistance Levels: 86.63, 86.80, 86.98
    Support Levels: 86.14, 85.95, 85.75

    Source: FX Central Clearing Ltd,( FX Central Clearing Ltd )
     
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