Daily Forex Market by FXCC 02Mar2012

Daily Forex Market by FXCC 02Mar2012

EU: PLANS TO SLOW DEFICIT-CUTTING PLANS MAY STRETCH TILL JUNE

EUR/USD is currently trading at 1.3297 near recent session lows at 1.3294. With session highs at 1.3331, only 25 minutes after Tokyo opened at 00:00 GMT, the pair has been on the offer since then, losing some -0.27% on the way. On a weekly basis, the EUR/USD is lower by -1.25% since its opening on Monday.GBP/USD is under slight pressure ahead of the European open, having traded a narrow 1.5939-1.5964 margin during the Asia-Pacific session, last at 1.5942 from 1.5953 late Thursday in New York.

After 11th week with local share markets inching higher, NZD/USD is trading at 0.8383, same quotes reached early February, coming from mid Dec last year bouncing from 0.7466 price zone. EUR/AUD after Thursday’s decline to fresh weekly lows in the 1.2300 price zone, has been operating in consolidation mode between 1.2308 and 1.2343 so far in Friday’s Asia-Pacific session.
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URL: https://support.fxcc.com/email/technical/02032012

UPCOMING EVENTS
2012-03-02 00:00 GMT | European Monetary Union EU Economic Summit
2012-03-02 07:00 GMT | Germany Retail Sales (MoM) (Jan)
2012-03-02 09:30 GMT | United Kingdom PMI Construction (Feb)
2012-03-02 10:00 GMT | European Monetary Union Producer Price Index (YoY)

FOREX NEWS
2012-03-02 05:29 GMT | GBP/USD gently offered ahead of European open
2012-03-02 03:30 GMT | EUR/USD still bracketed; holds above 1.3300
2012-03-02 00:54 GMT | USD/JPY pops to 81.30
2012-03-02 00:01 GMT | New Zealand ANZ Commodity Price 0% in Feb


EURUSD : 1.33016 / 1.33023
DAILY WEEKLY MONTHLY

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

1.3486 | 1.3424 | 1.3366 | 1.3333
1.3280 | 1.3211 | 1.3139 | 1.3087

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


MARKET ANALYSIS - Intraday Analysis

EURUSD fell below our first support and formed a bottom at 1.3280 (S1). After that the price rise and broke above the same level giving us only a small profit of pips. We expect the EURUSD to continue its move downwards and to complete the correction at the level of 1.3211 (S2). A proper confirmation for the short positions will be when the price manages to break below the first support level of 1.3280 (S1). A stop loss should be placed above 1.3333 (R1).

GBPUSD : 1.59415 / 1.59431
DAILY WEEKLY MONTHLY

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

1.6097 | 1.6068 | 1.6029 | 1.5991
1.5896 | 1.5811 | 1.5755 | 1.5680

SUMMARY : Up
TREND : Up trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Oversold


MARKET ANALYSIS - Intraday Analysis

GBPUSD rise and moved closer to the first resistance level of 1.5991 (R1). A break above that level would suggest a target of 1.6029 (R2) and a further rise will then focus on the next target at 1.6068 (R3). On the downside, if the price does manage to stay below current resistance level 1.5991 (R1) we can expect retesting of 1.5896 (S1). A further decline will then bring focus to the next support level at 1.5811 (S2) a strong technical support level. We expect the price to retest first support level and then to move downwards targeting second support level at 1.5811 (S2). Look for short positions in today trading session with a stop loss below 1.5991 (R1).

USDJPY : 81.471 / 81.477
DAILY WEEKLY MONTHLY

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

83.40 | 82.79 | 82.22 | 81.66
80.78 | 80.00 | 79.35 | 78.93

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


MARKET ANALYSIS - Intraday Analysis

USDJPY broke above our first support of 80.78 (S1) and is approaching towards 81.66 (R1) a strong technical level for the bulls. A break above that level we suggest target of 82.22 (R2). Both of our Moving Averages are pointed bullish and we expect the price to continue its upwards move targeting our support levels. A proper confirmation for the long positions will be when the price manages to break above the first resistance level of 81.66 (S1). A stop loss should be placed below 81.15.

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