Daily Forex Market by FXCC 29Feb2012

Daily Forex Market by FXCC 29Feb2012

Euro could rise on LTRO expectation

The euro rose 0.5 percent to $1.3458 at 5 p.m. in New York. It added 0.3 percent to 108.29 yen. The dollar weakened 0.2 percent to 80.46 yen. The pound rose 0.5 percent to $1.5901 after reaching $1.5908, the strongest level since Feb. 8. The U.K. currency was little changed at 84.64 pence per euro. USD/CHF consolidated around the 0.8950 zone, cutting back from an earlier high of 0.9000 on Tuesday reaching a session low of 0.8947, recording a 0.45% loss on the day as nearing the end of trading in the New York session.

Canada’s dollar, the loonie, appreciated 0.4 percent to 99.53 cents per U.S. dollar at 5 p.m. in Toronto. The currency, which reached 99.42 cents, the most since Feb. 21, has appreciated 2.6 percent this year. One Canadian dollar buys $1.0047. The Aussie dollar climbed to a new weekly high of 1.0785 on Tuesday, stopping below that level stalling at 1.0764 in New York, circa 10 pips above the previous day’s close, ahead of the much-anticipated liquidity injection (LTRO) in Europe scheduled for announcement on Wednesday.
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URL: https://support.fxcc.com/email/technical/29022012


UPCOMING EVENTS
2012-02-29 08:55 GMT | Germany Unemployment Change (Feb)
2012-02-29 09:30 GMT | United Kingdom Consumer Credit (Jan)
2012-02-29 10:00 GMT | EU - Consumer Price Index (YoY) (Jan)
2012-02-29 10:15 GMT | EU - ECB LTRO auction

FOREX NEWS
2012-02-29 05:02 GMT | Japan Housing Starts (YoY) -1.1% in Jan
2012-02-29 00:37 GMT | Australia: Jan Retail Sales +0.3%, as expected
2012-02-29 00:18 GMT | Australia: New Homes Sales disappoint at -7.3%
2012-02-29 00:02 GMT | UK - Gfk Consumer Confidence steadies at -29 in Feb


EURUSD : 1.34731 / 1.34742
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 : Neutral


MARKET ANALYSIS - Intraday Analysis

EURUSD after price formed top at 1.3486 (R1), price continued in sideways move between 1.3366 support and resistance at 1.3486. Right now it seems EURUSD is gaining momentum and we can expect probably price will be breaking above first resistance at 1.3486 (R1). Further rise above this level will then focus on 1.3542 (R2) resistance and if EURUSD holds its momentum, rise might be limited at 1.3586 (R3). On the other hand if the price manages to stay below 1.3486 we expect the pair to retest first support and then continue its sideways move.

GBPUSD : 1.59321 / 1.59340
DAILY WEEKLY MONTHLY

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

1.6029 | 1.5998 | 1.5969 | 1.5937
1.5899 | 1.5809 | 1.5762 | 1.5700

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


MARKET ANALYSIS - Intraday Analysis

GBPUSD made a sharp move upwards and confirmed our recommendations for long positions hitting successfully the second resistance level ending the day with 40 pips profit. We except the price to continue its upward move as it is under bullish pressure at the moment (both of our MA are bullish) and it seems to be breaking above 1.5937 (R1) a strong technical and psychological level as this level has been retested again in the past (beginning of February) without succeeding to break above it. A proper confirmation for the long positions will be when the price manages to break above the first resistance level of 1.5937 (R1). A stop loss should be placed above 1.5809 (S2).

USDJPY : 80.430 / 80.438
DAILY WEEKLY MONTHLY

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

82.50 | 81.97 | 81.66 | 80.78
80.00 | 79.35 | 78.97 | 78.19

SUMMARY : Neutral
TREND : Sideway
MA10 : Neutral
MA20 : Bearish
STOCHASTIC : Oversold


MARKET ANALYSIS - Intraday Analysis

The USDJPY fell from 81.66 (R2) and formed a lower top at 80.78 (R1) after which the price rebounded from 80.00 (S1). A break above the first resistance level of 80.78 (R1) would suggest a target and retest of 81.66 (R2). If the price holds its momentum on the upside we can expect a further rise towards 81.97 (R3). On the other hand, if the price does not manage to break above 80.78 (S1) we can expect the pair to retest support at 80.00 (S1) and a further fall will be limited to 79.35 (S2).


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