Daily Forex Market by FXCC 26Mar2012

Daily Forex Market by FXCC 26Mar2012


GBP/USD threatening to test bids below 1.5850


GBP/USD dropped from an earlier high of 1.5880 to a recent session low of 1.5850 ahead of the European opening, last quoted near the bottom of the range at 1.5855, recording a 0.9% loss so far this Monday.USD/JPY held firm on Monday in the Asia-Pacific, trading up to 82.76 from 82.40 past Friday, last at 82.68, up 0.4% on the day. Technically speaking, overall, the pair is retreating from recent multi-month highs in the 84.15 zone and may be looking to correct lower.UR/USD is currently breaking to fresh session lows last at 1.3259, lower from previous weekly close past Friday 10 pips above, with session highs at 1.3285


GBP/JPY is currently at 131.28, near session highs 10 pips above, and still below Friday's highs at 131.50. The cross is up +0.45% since last week's close, with Cable slightly lower from same close, and USD/JPY at session highs above 82.50.
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UPCOMING EVENTS
2012-03-26 08:00 GMT | Germany IFO - Business Climate (Mar)
2012-03-26 08:00 GMT | Germany IFO - Current Assessment (Mar)
2012-03-26 08:00 GMT | Germany IFO - Expectations (Mar)
2012-03-26 n/a | United Kingdom Nationwide Housing Prices n.s.a (YoY)

FOREX NEWS
2012-03-26 02:11 GMT | GBP/JPY near session highs above 131.20
2012-03-26 02:02 GMT | AUD/USD back below 1.0450
2012-03-26 00:46 GMT | GBP/USD capped below 1.5880 in Asia
2012-03-26 00:12 GMT | USD/JPY inching higher, hits 82.70



EURUSD : 1.32552 / 1.32558
DAILY WEEKLY MONTHLY

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

1.3441 | 1.3382 | 1.3325 | 1.3284
1.3220 | 1.3177 | 1.3133 | 1.3048


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



MARKET ANALYSIS - Intraday Analysis
EURUSD formed a high at 1.3284 (R1) profiting on all our targets recommended in yesterday’s analysis gaining a total of 71 pips!! After that the pair fell and it now seems that it is going to retest 1.3284 (R1) soon, a level that have been retest 3 times in the past (March). A break above that level will be suggesting target at 1.3325 (R2) and further rise will then be limited at 1.3382 (R3). On the other hand if price manage to break below 1.3220 (S1) we will then expect the price to retest 1.3177 (S2) and then further fall will then approach towards 1.3133(S3).




GBPUSD 1.58548 / 1.58562
DAILY WEEKLY MONTHLY

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


1.6054 | 1.6013 | 1.5968 | 1.5913
1.5817 | 1.5769 | 1.5728 | 1.5654


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



MARKET ANALYSIS - Intraday Analysis
The GBPUSD rise and retested for third time our resistance level at 1.5913 (R1) without succeeding to break above it ending our day with half portion of profits (41 pips). 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 1.5913 (R1) a strong technical and psychological level. A proper confirmation for the long positions will be when the price manages to break above the first resistance level of 1.5913 (R1) targeting 1.5968 (R2). A stop loss should be placed below 1.5860.




USDJPY : 82.654 / 82.660
DAILY WEEKLY MONTHLY

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

84.69 | 84.18 | 83.44 | 83.00
82.32 | 81.94 | 81.51 | 81.08


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



MARKET ANALYSIS - Intraday Analysis
USDJPY fell sharply and formed a strong support level close to 81.94 (S2). Following that the price rebounded and broke above our Friday’s support and now is moving between that level and 83.00 level. A break above that level we suggest further rise towards 83.44 (R2) and further rise will then focus on next target at 84.18 (R3). On the other hand if the price manages to stay below our first resistance level of 83.00 (R1) then we expect the price to retest 82.32 (S1) and a break below that level then the expected target is at 81.94 (S2).


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