Daily Forex Market Update by FXCC 09Jan2012

MARKET OVERVIEW – JANUARY 09 2012
Major currency pair and Commodity currency pair analysis
The euro fell 0.4 percent to 97.54 yen as of 8:28 a.m. in Sydney after earlier touching 97.38, the lowest level witnessed since December 2000. The currency declined by 0.2 percent to $1.2687 and earlier reached $1.2671, its lowest level since September 2010. The dollar was at 76.89 yen from 76.97.
Canada’s currency depreciated 0.8 percent to C$1.0284 per U.S. dollar yesterday in Toronto, from C$1.0213 on Dec. 30. It touched C$1.0077 on Jan. 3, the strongest level since Dec. 8. One Canadian dollar buys 97.24 U.S. cents. The Australian dollar is under pressure in Asia reaching a 5-day low versus the greenback and a 7-day low versus the yen as the FX market focus remains on the euro zone debt and banking crisis in the week ahead. AUD/USD started from 1.0225 Friday and has since traded a 1.0189/1.0211 range intraday, below the 200-day EMA. AUD/JPY has traded 78.25/60 since the session open down from 78.72 Friday.

UPCOMING EVENTS
2012-01-09 06:45 GMT |Switzerland - Unemployment Rate n.s.a (MoM) (Dec))
2012-01-09 07:00 GMT | Germany - Trade Balance s.a. (Nov)
2012-01-09 09:30 GMT | EU - Sentix Investor Confidence (Jan)
2012-01-09 11:00 GMT | Germany - Industrial Production s.a. w.d.a. (YoY) (Nov)

FOREX NEWS
2012-01-09 03:00 GMT | Investors should keep a bullish stance on the dollar in 2012
2012-01-09 01:51 GMT | Spec positioning back in BOJ intervention zone - Westpac
2012-01-09 00:38 GMT | Australia: No change in retail sales past Nov.
2012-01-09 00:08 GMT | Australia: New home sales rise 6.8% on RBA rate cut
 
EURUSD 1.27376 / 1.27382
High: 1.27458 | Low: 1.26662 | Chg: 0.0023 0.18%
SUMMARY: Down
INTRADAY TREND: DOWNTREND
MA10: Bearish
MA20: Neutral
STOCHASTIC: Oversold



Resistance Levels: 1.2969 | 1.2897 | 1.2814 | 1.2763
Support Levels: 1.2666 | 1.2597 | 1.2561 | 1.2507
Intraday Analysis: EURUSD fell and formed a bottom at 1.2666 (S1) and now it seems that is heading towards 1.2763 (R1). A break above that level, we can expect a correction upwards towards 1.2814 (R2). We can see clearly that the pair is in a downtrend move but a correction upwards is expected leading to a further decline. Try to sell near resistance 1.2763 (R1) with a stop loss above 1.2814 (R2).

 
GBPUSD 1.54447 / 1.54449
High: 1.54473 | Low: 1.53955 | Chg: 0.0019 0.012%
SUMMARY: DOWN
INTRADAY TREND: DOWNTREND
MA10: Bearish
MA20: Neutral
STOCHASTIC: Neutral



Resistance Levels: 1.5630 | 1.5579 | 1.5526 | 1.5466
Support Levels: 1.5395 | 1.5364 | 1.5312 | 1.5274
Intraday Analysis: GBPUSD fell sharply yesterday and continued in decline from 1.5526 (R2). If GBPUSD break above that level, we can expect re-testing resistance at 1.5526 (R2). Further rise will then focus on 1.5579 (R3). On the downside, decline below current support level 1.5395 (S1) will confirm our short positions towards 1.5364 (S2) and then 1.5312 (S3). A stop loss should be placed above 1.5433.
 
USDJPY 76.915/ 76.920
High: 77.007 | Low: 76.79 | Chg: -0.046 -0.06%
SUMMARY: DOWN
INTRADAY TREND: DOWNTREND
MA10: Bearish
MA20: Bearish
STOCHASTIC: Neutral



Resistance Levels: 78.34 | 78.603 | 77.56 | 77.33
Support Levels: 76.85 | 76.60 | 76.04 | 75.56
Intraday Analysis: USDJPY lost momentum yesterday and made a bottom at 76.85 (S1) after forming a top at 77.33 (R1). A break below our support level at 76.85 (S1), will give us a proper confirmation for short positions, as we expect the pair to continue its downwards pressure. A stop loss should be placed above 77.33 (S1).


Source: FX Central Clearing Ltd, (FXCC.COM)
URL: https://support.fxcc.com/email/technical/09012012/