Daily Forex Market by FXCC 28Feb2012

Daily Forex Market by FXCC 28Feb2012

The yen finally breaks a seven day decline versus the euro

The yen gained 1.1 percent to 107.99 per euro at 3:20 p.m. New York time after rising 1.8 percent, the most since Nov. 9. It broke a seven-day decline against the common currency, the longest such streak since January 2010. The Japanese currency gained 0.8 percent to 80.52 per dollar after earlier touching 81.67, the weakest since May 31. The euro was 0.3 percent weaker at $1.3411. The pound rose as much as 0.2 percent on Monday to $1.5902, before trading down 0.3 percent at $1.5823. USD/CHF lost momentum falling back below the 0.9000 mark as risk sentiment improved after positive US data, weighing on the Greenback.

Canada’s currency was little changed at 99.90 cents per U.S. dollar at 5 p.m. in Toronto. It's traded on both sides of parity over the past four days, reaching its weakest level of C$1.0050 today and touching its strongest, 99.54 cents, on Feb. 23. The loonie remained above parity on Feb. 21. It gained today versus the majority of its 16 most-traded peers. One Canadian dollar buys $1.0010. Risk sentiment improvement hit the market in mid afternoon on Monday, sending the AUD/USD back above 1.0700 level, to a high of 1.0743.
Read More
URL: https://support.fxcc.com/email/technical/28022012

UPCOMING EVENTS
2012-02-28 07:00 GMT | Germany Gfk Consumer Confidence Survey (Mar)
2012-02-28 10:00 GMT | European Monetary Union Consumer Confidence (Feb)
2012-02-28 10:00 GMT | European Monetary Union Economic Confidence (Feb)
2012-02-28 13:00 GMT | Germany Consumer Price Index (YoY) (Feb) Preliminar

FOREX NEWS
2012-02-28 05:12 GMT | GBP/USD holds bid tone above 1.5800
2012-02-28 04:53 GMT | AUD/USD struggling with the top of the channel
2012-02-28 02:54 GMT | EUR/USD steady above 1.3400
2012-02-28 01:57 GMT | EUR/JPY challenging weekly low on broad-based Yen strength


EURUSD : 1.34428 / 1.34437
DAILY WEEKLY MONTHLY

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

1.3613 | 1.3586 | 1.3542 | 1.3486
1.3366 | 1.3293 | 1.3211 | 1.3139

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


MARKET ANALYSIS - Intraday Analysis

EURUSD fell and find a strong support at 1.3366 a level that we have recommended using for long positions targeting resistance levels. After the price touched that level it moved upwards gaining successfully another one trading session and confirming our recommendations for long positions at the current support!! Now, it seems that the price is moving upwards and is heading towards the first resistance to retest it again. A break above that level will be suggesting target at 1.3542 (R2) and further rise will be limited to 1.3586 (R3). On the other hand if price manage to stay below 1.3486 (R1) we will then expect the price to retest 1.3366 (S1) and then further decline will then approach towards 1.3293 (S2).

GBPUSD : 1.58456 / 1.58471
DAILY WEEKLY MONTHLY

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

1.5998 | 1.5969 | 1.5934 | 1.5898
1.5809 | 1.5762 | 1.5700 | 1.5649

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


MARKET ANALYSIS - Intraday Analysis

GBPUSD formed a low at 1.5809 (S1), profiting on our target (1.5813) recommended in yesterday’s analysis gaining a total of 49 pips. After that the price rebounded and now it seems that it is moving upwards to retest our resistance level at 1.5898 (R1) a technical and psychological level. A break above 1.5898 will continue its upward move targeting the next resistance level at 1.5934 (R2). On the other hand, a break below 1.5809 (S1) would suggest a target of 1.5762 (S2) and a further fall will then focus on the next target at 1.5700 (S3).

USDJPY : 80.512 / 80.520
DAILY WEEKLY MONTHLY

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

82.50 | 81.97 | 81.66 | 80.78
79.88 | 79.35 | 78.97 | 78.19

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


MARKET ANALYSIS - Intraday Analysis

USDJPY recovers after hitting 80.11 just 20 pips from our support line, opening our long positions at 80.40 and failing to hit our yesterday target, profiting only +15 pips. After the price formed a top at 81.66 (R2) a significant technical level, fell and formed a strong support at 80.00 level. A break below that it will indicate a reversal in trend (intraday) as a break above 81.66 (R1) it will indicate the continuation of the uptrend trend line. I recommend staying on the side lines to await a clearer trend direction – No position.

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