Daily Forex Market by FXCC 14Feb2012

Daily Forex Market by FXCC 14Feb2012

Yen Drops to Three-Month Low as Bank of Japan Boosts Stimulus..
Major currency pair and cross currency pair analysis: The euro traded at $1.3127 as of 8:30 a.m. in Tokyo from $1.3134 in New York yesterday, when it fell to as low as $1.3080, the weakest since Feb. 6. The common currency fetched 102.99 yen from 103.02. The dollar bought 78.46 yen from 78.44 yesterday, when it rose 1.1 percent. The euro has lost 4.8 percent in the past six months, the second-worst performance after the Swiss franc among the 10 developed-nation currencies tracked by Bloomberg Correlation-Weighted Indexes. The dollar gained 5.5 percent, and the yen rose 1.3 percent. The pound has declined 1.6 percent this year according to Bloomberg Correlation-Weighted Indexes, which track 10 developed-nation currencies. Over the past 12 months it has weakened 4.5 percent. The pound depreciated 0.6 percent to $1.5676 at 4:00 p.m. London time after falling as much as 0.7 percent, the most since Jan. 11. The currency has dropped 1.4 percent in the past week. Sterling declined 0.2 percent to 83.82 pence per euro. At midnight GMT cable was priced at 1.5689.
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UPCOMING EVENTS
2012-02-15 09:30 GMT | UK - Claimant Count Change
2012-02-15 09:30 GMT | UK - Unemployment Rate
2012-02-15 10:30 GMT | UK - BOE Gov King Speaks
2012-02-15 10:30 GMT | UK - BOE Inflation Report

FOREX NEWS
2012-02-15 05:18 GMT | EUR/USD above 1.3150 in Asia
2012-02-15 04:58 GMT | AUD/USD stalls ahead of 1.0750
2012-02-15 01:29 GMT | GBP/JPY rally extends in Asia
2012-02-15 00:31 GMT | Australia Jan New Motor Vehicle Sales (MoM) 1.3%

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EURUSD : 1.31790 / 1.31793
DAILY WEEKLY MONTHLY
High: 1.31906 | Low: 1.31086 | Chg: 0.005 0.38%

https://support.fxcc.com/email/techn...012/EURUSD.gif

1.3379 | 1.3325 | 1.3285 | 1.3217
1.3112 | 1.3080 | 1.3026 | 1.2977

SUMMARY : Down
TREND : down trend
MA10 : Bullish
MA20 : bullish
STOCHASTIC : neutral


MARKET ANALYSIS - Intraday Analysis

EUR/USD recovers after hitting 1.3080 (S2) but it’s kept below 1.3217 (R1) minor resistance and it seems after the correction upwards that it will soon retest our first support level 1.3112 (S1). A break above the first resistance level of 1.3212 (R1) would suggest a retest of 1.3385 (R2). On the other hand, a break below 1.3112 (S1) could trigger further bearish pressure targeting 1.3080 (S2) and a further fall will then focus on the next target at 1.3026 (S3).

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GBPUSD : 1.57283 / 1.57291
DAILY WEEKLY MONTHLY
High: 1.57359 | Low: 1.56745 | Chg: 0.0036 0.23%

https://support.fxcc.com/email/techn...012/GBPUSD.gif

1.5923 | 1.5877 | 1.5828 | 1.5771
1.5676 | 1.5643 | 1.5604 | 1.5567

SUMMARY : Down
TREND : down trend
MA10 : Bullish
MA20 : bullish
STOCHASTIC : neutral


MARKET ANALYSIS - Intraday Analysis

GBPUSD raised sharply yesterday and formed another correction upwards (intraday) above 1.5676 (S1) and continued in rise from 1.5643 (S2). If GBPUSD holds above first suppot level we can expect target at 1.5771 (R1). Further rise will then focus on 1.5828 (R3). On the other hand, if the price does not manage to hold above 1.5676 we can expect the price to move downwards and retest the second support level at 1.5643 (S1) a technical and psychological level for the bulls.

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USDJPY : 78.455 / 78.460
DAILY WEEKLY MONTHLY
High: 78.66 | Low: 78.355 | Chg: 0.018 0.02%

https://support.fxcc.com/email/techn...012/USDJPY.gif

80.29 | 79.85 | 79.30 | 78.66
77.80 | 77.33 | 76.78 | 76.23

SUMMARY : up
TREND : up trend
MA10 : Bullish
MA20 : bullish
STOCHASTIC : neutral


MARKET ANALYSIS - Intraday Analysis

The USDJPY moved upwards and formed atop at 78.66 (R1) and now it is moving towards 78.80 (S1) for a correction. If the price breaks above 78.66 level we will suggest further rise towards 79.30 (R2) and then 79.85 (R3). The pair is moving upwards since beginning of February 2012 and both of our moving averages 10 and 20 are pointed bullish. Our recommendation for today’s session is long positions at current price with a stop loss below 77.80 (S1).

Source: FX Central Clearing Ltd, (http://www.fxcc.com)
URL: https://support.fxcc.com/email/technical/14022012