Daily Forex Market by FXCC 23Feb2012

Daily Forex Market by FXCC 23Feb2012

Sterling falls sharply as doubts emerge over quantitative easing levels by the Bank of England.

The greenback traded at $1.3248 per euro as of 8:32 a.m. Tokyo from $1.3249 in New York yesterday. It was at $1.0620 versus Australia’s dollar from $1.0638 yesterday, when it rose 0.2 percent. Against New Zealand’s currency, it traded at 82.83 U.S. cents after yesterday gaining 0.6 percent to 82.93. Japan’s currency was little changed at 80.34 yen per dollar after falling yesterday to 80.40, the weakest level since July 11. It fetched 106.43 per euro from 106.38 yen. Sterling declined 0.7 percent to 84.49 pence per euro at 4:34 p.m. London time after falling to 84.57 pence, the weakest level since Dec. 13. The U.K. currency slid 0.6 percent to $1.5678, and was little changed at 125.88 yen.
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URL: https://support.fxcc.com/email/technical/23022012

UPCOMING EVENTS
2012-02-23 09:00 GMT | Germany IFO - Business Climate (Feb)
2012-02-23 09:00 GMT | Germany IFO - Current Assessment (Feb)
2012-02-23 09:00 GMT | Germany IFO - Expectations (Feb)
2012-02-23 09:30 GMT | United Kingdom BBA Mortgage Approvals (Jan)

FOREX NEWS
2012-02-23 05:04 GMT | EUR/USD again rejected below 1.3265 in Asia
2012-02-23 04:25 GMT | GBP/JPY slips to 4-day lows below 125.50
2012-02-23 02:37 GMT | EUR/GBP trading off 2-month highs
2012-02-23 00:40 GMT | EUR/AUD taking stabs at 1.2475

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EURUSD : 1.32769 / 1.32780
DAILY WEEKLY MONTHLY

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

1.3424 | 1.3375 | 1.3322 | 1.3291
1.3211 | 1.3182 | 1.3139 | 1.3020

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


MARKET ANALYSIS - Intraday Analysis

EURUSD after price formed lower top within the upper and lower barrier of the trading range, price continued in sideways move between 1.3211 support and resistance at 1.3291. Right now it seems that the pair is gaining momentum to the upwards and we can expect probably price will be targeting at resistance at 13291. Further rise above this level will then focus on 1.3322 (R2) and if EURUSD holds its momentum, rise might be limited at 1.3375 (R3). On the downside, if the price declines below 1.3211 (S1) we can expect the price to retest at 1.3182 (S2).

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GBPUSD : 1.56924 / 1.56945
DAILY WEEKLY MONTHLY

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

1.5814 | 1.5762 | 1.5735 | 1.5700
1.5649 | 1.5625 | 1.5576 | 1.5523

SUMMARY : Down
TREND : Down trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Overbought


MARKET ANALYSIS - Intraday Analysis

The GBPUSD made a move upwards to retest the first resistance level at 1.5807 (yesterday's resistance) and after that it fell sharply penetrating successfully our support levels (targets) of 1.5762, 1.5735 and 1.5700 (S3) confirming our yesterday’s recommendations for short positions (+107 pips). Now it seems that the pair formed a strong support at 1.5649 (S1) a strong technical and psychological support level that it has been retested 2 times in February but price didn’t manage to break below it.On the other hand a break below 1.5649 (S1) we will then expect the price to retest 1.5625 (S2) and then further decline will then approach towards 1.5576 (S3). Look for long positions as far as the price is moving above 1.5649 (S1) with a stop loss close to 1.5625 (S2).

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USDJPY : 80.138 / 80.152
DAILY WEEKLY MONTHLY

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

81.86 | 81.47 | 80.84 | 80.40
79.88 | 79.35 | 78.97 | 78.69

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


MARKET ANALYSIS - Intraday Analysis

The outlook for USDJPY continues to be positive as it successfully managed to stay above our support levels and its clear that it is moving upwards. This is supported by the fact that the 10 and the 20 Moving Averages are giving as a strong support in the uptrend as both of them are providing bullish signals. We remain bullish on the pair until we see a definite signal for correction or retracements and even for reversal. A proper confirmation for the long positions will be when the price manages to break above the first resistance level of 80.40 (R1). A stop loss should be placed above 79.35 (S2).

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