Daily Forex Market by FXCC 03Apr2012

Daily Forex Market by FXCC 03Apr2012

EUR/USD capped below 1.3350 in Asia

EUR/USD is retreating at 1.3340 from session highs at 1.3355 ahead of Australia's RBA cash rate statement at 04:30 GMT, with local share markets mostly flat and mixed, with Hang-Seng showing gains, while Nikkei is down by -0.61% after its lunch break. Not much data for today's London session ahead Euro related, with final GDP and PPI figures at 09:00 GMT, being FOMC minutes later on at 18:00 GMT key event for the day.

AUD/USD spiked higher given massively wide spreads during the RBA cash statement release, printing session highs as high as 1.0476 depending on the feed, for now plummeting near opening prices last at 1.0417, falling from 1.0435 by the time the data came out. The RBA left rates unchanged as widely expected at 4.25% with now market reacting selling off the Aussie, even against Kiwi, sending the cross AUD/NZD also near session lows, last at 1.2633 after printing session highs at 1.2705.EUR/JPY is currently at 109.27 bouncing from fresh 5-day lows at 108.67 following USD/JPY dive towards 81.55 after much worse than expected Japanese monetary base figures, which blew the 82.00 support away. The cross is down for the week -1.45%.
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UPCOMING EVENTS
2012-04-03 08:30 GMT | United Kingdom PMI Construction (Mar)
2012-04-03 09:00 GMT | EU Gross Domestic Product s.a. (QoQ) (Q1)
2012-04-03 09:00 GMT | EU Gross Domestic Product s.a. (YoY) (Q1)
2012-04-03 09:00 GMT | EU Producer Price Index (YoY) (Feb)

FOREX NEWS
2012-04-03 04:43 GMT | RBA: Rates unchanged at 4.25%; inflation outlook fluid
2012-04-03 04:10 GMT | EUR/USD capped below 1.3350 in Asia
2012-04-03 01:33 GMT | Japan Labor Cash Earnings (YoY) 0.7% in Mar
2012-04-03 01:31 GMT | Australia Retail Sales s.a. (MoM) 0.2% in Feb

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EURUSD 1.33390 / 1.33394
DAILY WEEKLY MONTHLY

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

1.3548 | 1.3498 | 1.3451 | 1.3382
1.3277 | 1.3248 | 1.3191 | 1.3134

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


MARKET ANALYSIS - Intraday Analysis

EURUSD formed a high at 1.3382 (R1) as we previously mentioned in yesterday’s analysis as it has reached a very crucial level that has been retest 3 times in the past. A break above that level, it will indicate an upward break out from the trading range of the intraday chart. This is very important as it will determine our bias towards the next trading sessions. Overall, a break above that level we will look to confirm an uptrend as the outlook continues to be positive for the EURUSD. A proper confirmation for the long positions will be when the price manages to break above the first resistance level of 1.3382 (R1) targeting 1.3451 (R2). A stop loss should be placed above 1.3277 (S1).

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GBPUSD : 1.60323 / 1.60335
DAILY WEEKLY MONTHLY

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

1.6189 | 1.6143 | 1.6095 | 1.6063
1.6000 | 1.5943 | 1.5888 | 1.5842

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


MARKET ANALYSIS - Intraday Analysis

The GBPUSD rise and broke above our yesterday’s resistance level forming a new high at 1.6063 (R1) and it seems that it will continue its upward movement. The pair is in a crucial moment as a break above first resistance would suggest target at 1.6143 (R3). On the other hand if the price fails to break above 1.6063 (R1), we can expect the pair to retest 1.6000 (S1) level. A break below that level would suggest a target at 1.5943 (S2) and further fall with then be limited at 1.5888 (S3).

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USDJPY : 82.090 / 82.094
DAILY WEEKLY MONTHLY

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

84.09 | 83.77 | 83.31 | 82.54
81.54 | 80.67 | 80.21 | 79.55

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


MARKET ANALYSIS - Intraday Analysis

After the pair formed a high at 83.31 (R2), the USDJPY was able to break below yesterday’s support and formed a new low at 81.54 (S1). A break below the 81.54 level would suggest a target of 80.67. On the other hand if the price fails to break below 81.54, we can expect the pair to retest 82.54 (R1) and a break above that level would suggest target at 83.31 yesterday’s first resistance level.

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