Daily Forex Market by FXCC 11Apr2012

Daily Forex Market by FXCC 11Apr2012

EUR/USD below 1.3100

EUR/USD has been thru a quiet up and down 30 pip range session this Wednesday in Asia, currently holding onto 10 pip gains over initial opening price last at 1.3090, finding resistance so far at session highs 1.3096, and support at session lows 1.3067. All local share markets are deep in the red, with Nikkei near session lows below the 9400 points mark, losing -1.53% for the day.The GBP/USD pair has gotten a moderate boost so far this Wednesday following a better than expected BRC retail sales reading in the year to March, pushing the pair slightly up to as session high of 1.5878 vs. 1.5860 late Tuesday in New York.

EUR/JPY is attempting to muster a recovery from its recent dip to fresh 2-month lows, having climbed to as high as 105.77 this Wednesday in Asia from an earlier low of 105.43, a price not seen since the 22nd day of February.
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UPCOMING EVENTS
2012-04-11 07:00 GMT | Hungary Consumer Price Index (YoY) (Mar)
2012-04-11 07:00 GMT | Denmark Industrial Production (MoM) (Feb)
2012-04-11 08:00 GMT | Norway Manufacturing Output (Feb)
2012-04-11 12:15 GMT | Canada Housing Starts s.a (YoY) (Mar)

FOREX NEWS
2012-04-11 03:16 GMT | USD/JPY limited between 80.59/80.8220
2012-04-11 03:00 GMT | EUR/JPY set for bullish correction EUR/JPY set for bullish correction
2012-04-11 01:42 GMT | AUD/USD on new session highs above 1.0260
2012-04-11 01:30 GMT | Australia Home Loans -2.5% in Feb

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EURUSD : 1.30989 / 1.30995
DAILY WEEKLY MONTHLY

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

1.3382 | 1.3341 | 1.3248 | 1.3145
1.3035 | 1.3000 | 1.2951 | 1.2903

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


MARKET ANALYSIS - Intraday Analysis

The EURUSD didn’t make any significant moves in yesterday’s trading session as it moved between the first support and resistance level. A break in either direction will determine the trading bias in today`s session. A break below 1.3035 will confirm our short positions targeting 1.3000 (S2) and a further fall will be limited to 1.2951 (S3). On the other hand, if the pair breaks above the first resistance level of 1.3145 (R1), we would expect the price to retest 1.3248 (R2) and a further rise will then focus at 1.3341(R3).

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GBPUSD 1.58850 / 1.58861
DAILY WEEKLY MONTHLY

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

1.6098 | 1.6063 | 1.6016 | 1.5931
1.5804 | 1.5763 | 1.5704 | 1.5651

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


MARKET ANALYSIS - Intraday Analysis

GBPUSD couldn’t hold in yesterday’s trading session and fell, breaking below our support level and forming a new low at 1.5804 (S1). A break below that level would suggest a target at 1.5763 (S2) and a further fall will focus attention on 1.5704 (S3) a significant technical and psychological level. On the other hand if the pair moves upwards and manages to break above 1.5931 (R1), we expect the price to retest 1.6016 (R2) and further rise will then be limited at 1.6063 (R3).

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USDJPY : 80.865 / 80.868
DAILY WEEKLY MONTHLY

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

82.98 | 82.43 | 81.82 | 81.18
80.63 | 79.96 | 79.50 | 79.11

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


MARKET ANALYSIS - Intraday Analysis

After the USDJPY formed a top at 81.82 the price fell and broke below yesterday’s support levels closing below 81.18 (R1). A break above that level would suggest target at 81.82 (R2) a strong technical level for the bears. On the other hand if price fails to move above first resistance we expect the price to retest 80.63 (S1) yesterday’s low. A break below that level would suggest target at 79.96 (S2) and further fall will then focus at 79.50 (S3).

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