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Forex Technical & Market Analysis FXCC Feb 12 2013

Discussion in 'Major Currency Crosses' started by alayoua, Feb 12, 2013.

  1. alayoua

    alayoua New Member

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    Forex Technical & Market Analysis FXCC Feb 12 2013

    S&P keeps Ireland rating at BBB+; Outlook revised up to stable from negative

    The Standard and Poor’s rating services has maintained its Ireland rating at BBB+ but has revised upward the Irish outlook from negative to stable on the back of promissory notes exchange. Earlier on the day, BUBA’s J.Weidmann took ECB president Mario Draghi’s relay and is ‘verbally’ pushing the cross to the proximity of 1.3430 in the European evening. Weidmann commented that the euro would not be overvalued at current levels, and he emphasized than a lower exchange rate could derail in higher inflation.

    For the London session ahead focus will be centered at UK CPI figures at 09:30 GMT, along with tentative BoE inflation letter, once RICS house price balance data was published early in Asia today showing a decline of -4%, slightly worse than previous at -1%, but still in an uptrend since late 2010. FTSE futures are pointing for a lower open, while Hong-Kong, Singapore and mainland China kept on closed over holidays.
    http://blog.fxcc.com/forex-technical-market-analysis-february-12-2013/

    Forex Economic Calendar
    N/A | United Kingdom. BOE Inflation Letter
    2013-02-12 09:30 GMT | United Kingdom. Consumer Price Index (YoY) (Jan)
    2013-02-12 15:30 GMT | E.M.U. ECB President Draghi’s Speech
    2013-02-12 19:00 GMT | United States. Monthly Budget Statement (Jan)

    Forex News
    2013-02-12 05:46 GMT | USD/JPY on fresh 2.5 year high; North Korea conducts nuclear test
    2013-02-12 05:42 GMT | GBP/USD slips to previous 5-month lows area, below 1.5650
    2013-02-12 05:18 GMT | EUR/USD, 1.3250 or 1.35 firm candidates on next move
    2013-02-12 05:08 GMT | Moody’s cuts outlook on advanced economies


    TECHNICAL ANALYSIS
    -------------------
    EURUSD

    HIGH: 1.34114 | LOW: 1.33779 | BID: 1.33860 | ASK: 1.33869 | CHANGE: -0.13% | TIME: 08:45:23

    [​IMG]

    OUTLOOK SUMMARY: Down
    TREND CONDITION: Downward penetration
    TRADERS SENTIMENT: Bullish
    IMPLIED VOLATILITY: Medium

    MARKET ANALYSIS – Intraday Analysis
    Upwards scenario: The high of the today offer initial resistance level at 1.3411 (R1). Penetration above that level might trigger recovery action and expose our resistive mean at 1.3436 (R2) en route towards to final target at 1.3462 (R3). Downwards scenario: Bearish pressure would stay in power while price is quoted below the both moving averages. Clearance of our next support at 1.3361 (S1) might enable downside forces and drive market price towards to initial targets at 1.3334 (S2) and 1.3307 (S3) in perspective.

    Resistance Levels: 1.3411, 1.3436, 1.3462
    Support Levels: 1.3361, 1.3334, 1.3307

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

    HIGH: 1.56682 | LOW: 1.56415 | BID: 1.56587 | ASK: 1.56596 | CHANGE: -0.01% | TIME: 08:45:24

    [​IMG]

    OUTLOOK SUMMARY: Down
    TREND CONDITION: Down trend
    TRADERS SENTIMENT: Bullish
    IMPLIED VOLATILITY: High

    Upwards scenario: Cable is consolidating after the losses provided yesterday. A break above the resistance at 1.5670 (R1) would allow to establish some pull pack formation. Our upside targets today locates at 1.5687 (R2) and 1.5704 (R3). Downwards scenario: Next challenging supportive barrier locates at 1.5640 (S1). Breakthrough of this level would open way for stronger downside expansion and could possibly trigger our initial targets at 1.5623 (S2) and 1.5605 (R3) in potential.

    Resistance Levels: 1.5670, 1.5687, 1.5704
    Support Levels: 1.5640, 1.5623, 1.5605

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

    HIGH: 94.375 | LOW: 93.868 | BID: 93.979 | ASK: 93.986 | CHANGE: -0.36% | TIME: 08:45:25

    [​IMG]

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

    Upwards scenario: Local high, formed yesterday is the key point for further uptrend formation on the medium-term perspective. However even surpass of our next resistance at 94.21 (R1) might be sufficient to establish positive bias, targeting 94.46 (R2) and 94.72 (R3). Downwards scenario: Market decline below the support level at 93.75 (S1) might change short-term technical picture and shift market sentiment to the bearish side. In such scenario we expect next targets to be exposed at 93.51 (S2) and 93.26 (S3)

    Resistance Levels: 94.21, 94.46, 94.72
    Support Levels: 93.75, 93.51, 93.26

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