Daily Forex Market by FXCC 02Apr2012

Daily Forex Market by FXCC 02Apr2012

EUR/USD still below 1.3350; PMI, employment data eyed

EUR/USD has been little changed after giving up the early upside advantage at the weekly opening, having started the day at 1.3360, then trading down to a session low of 1.3330 during the Asia-Pacific hours, last at 1.3340/45 versus 1.3335 late Friday.In the European session ahead, the Purchasing Manager Index Manufacturing data for March is due at 0758 GMT, expected to remain in contractionary territory. About two hours later, the February Unemployment Rate will be released, with surveyed economists anticipating an increase in the rate by 0.1% to 10.8%.

For the past two weeks EUR/JPY has been range bound between 108.45 and 111.45, last quoted near the top of the range at 110.95 this hour in Asia as it operates around the 111.00 figure, up from 110.40 late Friday.The Australian dollar has fallen to fresh session lows against the greenback this Monday in Asia after disappointing building approval numbers for February were released by the Australian Bureau of Statistics. AUD/USD slid sharply from pre-data 1.0415, to lows below the 1.0400 mark, last at 1.0395 versus 1.0365 late Friday, still up 0.4% on the day.
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UPCOMING EVENTS
2012-04-02 07:15 GMT | Switzerland Real Retail Sales (YoY) (Feb)
2012-04-02 07:53 GMT | GermanyPurchasing Manager Index Manufacturing (Mar)
2012-04-02 07:58 GMT | European Monetary Union Purchasing Manager Index Manufacturing (Mar)
2012-04-02 10:01 GMT | European Monetary Union Unemployment Rate (Feb)

FOREX NEWS
2012-04-02 04:01 GMT | GBP/USD at session lows below 1.6000
2012-04-02 02:57 GMT | EUR/JPY trading sideways around 111.00
2012-04-02 01:58 GMT | EUR/USD closes the opening gap
2012-04-02 01:30 GMT | Australia Feb Building Permits (MoM) -7.8%

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EURUSD : 1.33381 / 1.33388
DAILY WEEKLY MONTHLY

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

1.3548 | 1.3498 | 1.3451 | 1.3382
1.3308 | 1.3260 | 1.3220 | 1.3177

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


MARKET ANALYSIS - Intraday Analysis

EURUSD after a short consolidation, continue to rise from Friday’s support level of 1.3260(S2) and has reached a high at 1.3382 (R1) so far. If we switch to an H4 timeframe, we can see that the pair is going through another consolidation and if the pair manages to hold above 1.3308 (S1) we can expect a further rise and retest towards our first resistance level at 1.3382 (R1). A break above that level would suggest target at 1.3451 (R2). On the other hand, if the price does not manage to break above 1.3382 (R1) we can expect the price to move downwards and retest the first support level at 1.3308 (S1) and a deeper decline could be then supported at 1.3260 (S2).

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GBPUSD : 1.59924 / 1.59935
DAILY WEEKLY MONTHLY

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

1.6178 | 1.6129 | 1.6071 | 1.6036
1.5943 | 1.5882 | 1.5842 | 1.5805

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


MARKET ANALYSIS - Intraday Analysis

GBPUSD moved upwards and formed a lower high at 1.6030 and after that the price fell retesting Friday’s support level. A break below 1.5943 (S1) would suggest target at 1.5882 (S2) and further fall will then be limited at 1.5842 (S3). On the other hand if the pair find a strong momentum to the upwards we expect the price to retest 1.6036 (R1) a significant level for the bulls as a break above that level would suggest target at 1.6071 (R2).

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USDJPY : 83.040 / 83.044
DAILY WEEKLY MONTHLY

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

84.67 | 84.09 | 83.77 | 83.31
82.54 | 81.83 | 81.43 | 80.97

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


MARKET ANALYSIS - Intraday Analysis

USDJPY rebounded from 81.83 (S2) and made a sharp move upwards successfully penetrating our first resistance level and closed just below of our second level. It now seems the pair is doing a small correction before it continues its move upwards towards 83.77 (R2). A proper confirmation for long positions will be when the price manages to break above our first resistance level. A stop loss should be placed above 81.83 (S2)

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