Daily Forex Market by FXCC 21Feb2012

Daily Forex Market by FXCC 21Feb2012

USD/JPY eyeing the critical psychological level of 80.00

The yen advanced 0.4 percent versus Europe’s common currency to 105.09 as of 9:00 a.m. in Tokyo. The dollar climbed 0.3 percent to $1.3206 per euro. The U.S. currency was little changed at 79.58 yen. USD/JPY could be in consolidation mode just below the 79.90 zone, which is the recent 6-month high recorded during Monday’s Asian session. EUR/JPY was weaker at the start of trading on Tuesday. Last seen quoting at 105.20 from 105.42 late Monday in NY. GBP/USD is weak in early Asia as the greenback is well bid across the board as risk aversion begins to take hold. The Pound has slid to a session low of 1.5820.

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UPCOMING EVENTS
2012-02-21 00:30 | GMT Australia RBA Meeting's Minutes
2012-02-21 02:30 | GMT Australia RBA's Governor Glenn Stevens Speech
2012-02-21 04:30 | GMT Japan All Industry Activity Index (MoM) (Dec)
2012-02-21 07:00 | GMT Switzerland Trade Balance (Jan)

FOREX NEWS
2012-02-21 04:32 | GMT Japan: All Industry Activity Index (MoM) (Dec): 1.3%
2011-08-10 11:14 | GMT EZ FinMin reach deal on Greece
2012-02-21 02:56 | GMT NZ: Inflation expectations slide to 2.5% in Q1; 0.5% rise expected in Q2
2012-02-21 00:22 | GMT EUR/JPY in bearish mode on general euro weakness

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EURUSD : 1.32813 / 1.32821
DAILY WEEKLY MONTHLY

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

1.3424 | 1.3375 | 1.3322 | 1.3291
1.3182 | 1.3139 | 1.3080 | 1.3020

SUMMARY : Up
TREND : Up trend
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Neutral


MARKET ANALYSIS - Intraday Analysis

EURUSD made a sharp move upwards and confirmed our recommendations for long positions hitting successfully the first resistance level at 1.3291 (R1) .We except the price to continue its upward move as it is under bullish pressure at the moment and it seems to be heading towards 1.3322 (R2) a strong technical resistance. A proper confirmation for the long positions will be when the price manages to break above the first resistance level of 1.3291 (R1). If the price fails to break above first level then it will probably move towards the first support level 1.3182 (S1) for a retest and then to continue its upwards move.

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GBPUSD : 1.58560 / 1.58581
DAILY WEEKLY MONTHLY

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

1.5993 | 1.5968 | 1.5928 | 1.5879
1.5808 | 1.5782 | 1.5735 | 1.5654

SUMMARY : Neutral
TREND : Sideway
MA10 : Neutral
MA20 : Neutral
STOCHASTIC : Overbought


MARKET ANALYSIS - Intraday Analysis

GBPUSD fell yesterday from 1.5879 (R1) and made a bottom at 1.5808 (S1). If it breaks below that level we can expect the price to retest 1.5782 (S2), a significant strong support level. A further decline will then bring focus to the next support level at 1.5735 (S3). We expect the price to retest and break below first support level targeting 1.5782 (S2) and then 1.5735 (S3). Look for short positions in today's trading session with a stop loss above 1.5879 (R1).

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USDJPY : 79.785 / 79.797
DAILY WEEKLY MONTHLY

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

80.93 | 80.67 | 80.23 | 79.87
78.97 | 78.64 | 78.19 | 77.36

SUMMARY : Up
TREND Up : trend
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Neutral


MARKET ANALYSIS - Intraday Analysis

USDJPY formed a high at 79.87 (R1) as we previously mentioned in yesterday’s analysis as it has reached a very crucial level that has been retest 3 times in the past. A break above that level, it will indicate an upward break out from the trading range of the weekly chart. This is very important as it will determine our bias towards the next trading sessions. Overall, a break above that level we will look to confirm an uptrend as the outlook continues to be positive for the USDJPY. A proper confirmation for the long positions will be when the price manages to break above the first resistance level of 79.87 (R1). A stop loss should be placed below 79.28 (above S1).

Source: FX Central Clearing Ltd, (http://www.fxcc.com)
URL: https://support.fxcc.com/email/technical/21022012