Daily Forex Market by FXCC 19Mar2012

Daily Forex Market by FXCC 19Mar2012

EUR/USD in tight range above 1.3000 level during Asia

EUR/USD keeps trading in late Asia-Pacific quite limited at 1.3169 between highs at 1.3186 and lows at 1.3162 for all session being so far in the start of the week. GBP/USD is holding onto Friday's firm gains as trading gets underway this Monday, last at 1.5840 versus 1.5830 at the end of trading in NY, having traded a tight 1.5828/50 range so far today. After reaching an 11-month high of 84.17 last week, USD/JPY has pulled back and now trades, at 83.50 in Asia, up from 83.37 at the end of trading late Friday. To the downside, support levels lie at 83.40, 83.10 and 82.80, while, to the upside, resistance levels lie at 83.80, 84.15 and 84.50.

AUD/USD climbed to a 6-day high of 1.0614 Monday in the Asia-Pacific, last quoted around the 1.0600 mark from 1.0580 as it drifts sideways as RBA Governor Stevens' speaks at the Asian investment conference.The New Zealand dollar touched a 7-day high against the greenback on Monday, jumping to 0.8274 from 0.8234 late in the New York session on Friday. Last at 0.8256, resistance is noted at 0.8320 (27 Feb low), while support lies at 0.8192 (22 June high).
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UPCOMING EVENTS
2012-03-19 09:00 GMT | European Monetary Union Current Account s.a (Jan)
2012-03-19 09:00 GMT | European Monetary Union Current Account n.s.a (Jan)
2012-03-19 09:00 GMT | Italy Industiral Orders n.s.a (YoY) (Jan)
2012-03-19 10:00 GMT | European Monetary UnionConstruction Output s.a (Jan)

FOREX NEWS
2012-03-19 05:26 GMT | EUR/USD in tight range during Asia
2012-03-19 05:11 GMT | AUD/USD hovers around 1.0600 as Stevens speaks
2012-03-19 00:31 GMT | GBP/USD consolidating below 1.5850
2012-03-19 00:01 GMT | USD/JPY dowside limited while above 83.10

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EURUSD : 1.31686 / 1.31694
DAILY WEEKLY MONTHLY

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

1.3378 | 1.3324 | 1.3273 | 1.3189
1.3119 | 1.3048 | 1.3003 | 1.2954

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


MARKET ANALYSIS - Intraday Analysis

After the EURUSD formed a bottom 1.3003 (S3) the pair rose and penetrated upwards all of our resistance levels forming a new high (intraday) at 1.3189 (R1). If it breaks above that level we can expect a target at 1.3273 (R2). On the other hand if a break occurs below the first support at 1.3119 (S1) expect the price to retest 1.3048 (S2) and any further fall will then be limited to 1.3003 (S3) a strong technical and psychological level for the bulls as it has been retested in the past (Feb. 2012) without succeeding to break below it.

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GBPUSD : 1.58431 / 1.58447
DAILY WEEKLY MONTHLY

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

1.5997 | 1.5967 | 1.5912 | 1.5861
1.5787 | 1.5734 | 1.5654 | 1.5605

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


MARKET ANALYSIS - Intraday Analysis

The GBPUSD gained momentum and rose forming a new top at 1.5861 and after then fell and since last night is moving in a consolidation mode. If a break occurs above the first resistance level at 1.5861 (R1) it would suggest a target at 1.5912 (R2) and any further rise will then be limited to 1.5967 (R3). If it fails to break above the first resistance level we expect the price to retest 1.5787 (S1). A break below that level would suggest a target at 1.5734 (S2) and any further fall with then focus on 1.5654 (S3).

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USDJPY : 83.369 / 83.379
DAILY WEEKLY MONTHLY

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

84.92 | 84.57 | 84.18 | 83.81
83.17 | 82.58 | 81.94 | 81.14

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


MARKET ANALYSIS - Intraday Analysis

USDJPY has been moving upwards since the beginning of March and the bulls face a major hurdle at the 84.18 level (resistance), a level that is significant both psychologically and technically. A break above 83.81 (R1) would suggest a target at 84.18 (R2) a year high. On the other hand a break below 83.17 and we expect the price to retest 82.58 (S2) and any further fall with then be limited to 81.96 (S3).

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