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Forex Technical & Market Analysis FXCC Mar 12 2013

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

  1. alayoua

    alayoua New Member

    Jul 19, 2011
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    Forex Technical & Market Analysis FXCC Mar 12 2013

    Troika inclined towards extending Portugal’s rescue loan maturity

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    For the London session ahead UK Manufacturing production for January on monthly basis at 09:30 GMT will be key risk event of the day, along with UK Trade balance and Industrial production at same hour. The British Manufacturing Production indicator measures the changes in output produced by manufacturers and in the turning of inventory. Manufacturing is a critical sector of the economy, and strong readings are an indication of economic growth. After a string of weak releases, Manufacturing Production shot up 1.6% in February, well above the market estimate of 0.7%. However, the markets are bracing for a much weaker figure for March, with an estimate of a paltry gain of just 0.1%. Will the indicator surprise the market with another strong reading?

    Forex Economic Calendar :
    2013-03-12 07:00 GMT | Germany. Consumer Price Index (YoY) (Feb)
    2013-03-12 09:30 GMT | United Kingdom. Goods Trade Balance (Jan)
    2013-03-12 15:00 GMT | United Kingdom. NIESR GDP Estimate (3M) (Feb)
    2013-03-12 21:00 GMT | New Zeland. REINZ House Price Index (MoM) (Feb)

    Forex News :
    2013-03-12 05:52 GMT | EUR/USD firmer above 1.30
    2013-03-12 05:19 GMT | USD/JPY makes new highs; BoJ may call emergency meeting
    2013-03-12 04:05 GMT | GBP/USD below 1.49 ahead of key UK data
    2013-03-12 03:39 GMT | AUD/USD 1.0340/75 key zone to move higher - JPM

    EURUSD :
    HIGH 1.30464 LOW 1.30229 BID 1.30250 ASK 1.30256 CHANGE -0.15% TIME 08:10:39


    TREND CONDITION : Downward penetration

    MARKET ANALYSIS - Intraday Analysis

    Upwards scenario: Medium-term negative bias pressure the price lower however instrument might find buyers above the important resistance level at 1.3035 (R1). Break here might open route towards to our initial targets at 1.3052 (R2) and 1.3070 (R3) Downwards scenario: Although market players may prefer to increase exposure on the short positions and push the price below the support level at 1.0318 (S1). Possible price devaluation would suggest next initial targets at 1.0306 (S2) and then 1.0295 (S3).

    Resistance Levels: 1.3035, 1.3052, 1.3070
    Support Levels: 1.0318, 1.0306, 1.0295

    GBPUSD :
    HIGH 1.49188 LOW 1.48857 BID 1.48955 ASK 1.48967 CHANGE -0.12% TIME 08:10:39


    TREND CONDITION : Down trend

    Upwards scenario: Immediate resistance at 1.4935 (R1) remains in near-term focus, climb above this level might open way for a stronger move towards to next interim target at 1.4969 (R2) and any further rise would then be limited to final resistive measure at 1.5001 (R3) Downwards scenario: Market stabilized after the previous day’s losses and looks ready for a new step of downtrend extension. Key support level lies at 1.4866 (S1), clearance here would suggest lower targets at 1.4834 (S2) and 1.4803 (S3).

    Resistance Levels: 1.4935, 1.4969, 1.5001
    Support Levels: 1.4866, 1.4834, 1.4803

    USDJPY :
    HIGH 96.708 LOW 96.268 BID 96.442 ASK 96.445 CHANGE 0.17% TIME 08:10:40


    TREND CONDITION : Up trend

    Upwards scenario: After the strong appreciation provided last week we expect some consolidation development ahead, though medium-term bias remains bullish. Marks at 96.68 (R1), 97.07 (R2) and last one at 97.49 (R3) acts as resistive measures on the upside. Downwards scenario: A short-term technical structure might turn into negative side in case of price regress below the support level at 96.01 (S1). Possible correction below this level would then be targeting initial support at 95.60 (S2) en route towards to final target at 95.20 (S3).

    Resistance Levels: 96.68, 97.07, 97.49
    Support Levels: 96.01, 95.60, 95.20

    Source: FX Central Clearing Ltd,( ECN Broker Account | Best Forex Trading Platform | Forex Blog | FXCC )

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