Daily Forex Market by FXCC 01Mar2012

Daily Forex Market by FXCC 01Mar2012

Cable reached a morning session highs after the ECB’s LTRO

The Euro fell to a 1-week low versus the UK Pound following the ECB LTRO operation, which injected €530 billion into the European banking system. EUR/GBP is quoting in the 0.8440 zone, where it's currently showing a 0.2% loss on the day. The euro has dropped 1 percent versus the New Zealand dollar, and has declined 0.7 percent versus Australia’s currency.

The Australian dollar rose 0.6 percent to $1.0834 after climbing to $1.0856, the strongest level witnessed since Aug. 2, 2011. USD/CAD has been edging lower, some 85 pips below parity, at 0.9916
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URL: https://support.fxcc.com/email/technical/01032012

UPCOMING EVENTS
2012-03-01 07:00 GMT | UK - Nationwide Housing Prices n.s.a (YoY) (Feb)
2012-03-01 09:00 GMT | EU - Purchasing Manager Index Manufacturing (Feb)
2012-03-01 09:30 GMT | UK - Purchasing Manager Index Manufacturing (Feb)
2012-03-01 10:00 GMT| EU - Unemployment Rate (Jan)

FOREX NEWS
2012-03-01 05:35 GMT | Australia Feb RBA Commodity Index SDR (YoY) 3.5%
2012-03-01 02:30 GMT | China Feb HSBC Manufacturing PMI improves to 49.6
2012-03-01 00:32 GMT | Australia Jan Building Permits (YoY) -14.6%
2012-03-01 00:31 GMT | Australia Private Capital Expenditure -0.3% in 4Q


EURUSD : 1.33310 / 1.33319
DAILY WEEKLY MONTHLY

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1.3613 | 1.3542 | 1.3486 | 1.3424
1.3312 | 1.3211 | 1.3139 | 1.3087

SUMMARY : Down
TREND : Downward penetration
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Neutral


MARKET ANALYSIS - Intraday Analysis

EURUSD after retesting 1.3486 (R2) twice, it did not manage to break above it, as a result to fell yesterday and to made a bottom at 1.3312 (S1).It seems that we are in a correction phase of our uptrend. If it breaks below that level (go short) we can expect the price to retest 1.3211 (S2), a significant strong support level. On the other hand, if the price does not manage to break below 1.3312 (S1) we can expect the pair to retest 1.3424 9 (R1) and further rise will be limited to 1.3486 (R2) a technical and psychological level for the bulls. A proper confirmation for the long positions will be when the price manages to break above 1.3366. A stop loss should be placed below 1.3312 (S1).

GBPUSD : 1.59136 / 1.59148
DAILY WEEKLY MONTHLY

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1.6097 | 1.6068 | 1.6029 | 1.5991
1.5871 | 1.5811 | 1.5755 | 1.5649

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


MARKET ANALYSIS - Intraday Analysis

GBPUSD rise and penetrated successfully second resistance and it came close to third(only 7 pips away), confirming our long position towards our target at 1.5969 gaining a small profit (+32 pips)! After forming top above our resistance level at 1.5991 (R1) price begin to fall and was able to come close to our support level at 1.5871 (S1) a significant both psychological and technical level. We expect the price to move further down towards 1.5871 (S1) for a correction. A break below that level it will then retest 1.5811 (S2) and further decline will then be limited to 1.5755 (S3). Look for short positions in today’s trading session with a stop loss above 1.5991 (R1).

USDJPY : 81.059 / 81.067
DAILY WEEKLY MONTHLY

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82.93 | 82.50 | 81.97 | 81.66
80.78 | 80.00 | 79.35 | 78.97

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


MARKET ANALYSIS - Intraday Analysis

After a successful run since the beginning of February, USDJPY formed a top at 81.66 (R1) and fell creating a strong support level at 80.00 (intraday). Yesterday the price was able to break above 80.78 (S1), retested it, and now is moving above that level. Our recommendation for today’s trading session is we open long positions only when the price breaks above 81.66 (R1). As far as the price is below that level we remain flat until we get a clearer direction of the price.

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