Daily Forex Market by FXCC 23Apr2012

Daily Forex Market by FXCC 23Apr2012

EUR/USD steady below 1.3200

EUR/USD has been around the 1.3200 round mark up and down during Asian session, last at 1.3194, printing session lows at 1.3177 and highs at 1.3209, slightly below Friday's close. Local share markets trade in the red overall, with Nikkei index down by -0.19%. For the London session ahead not many big risk events Euro related will come out but PMI figures, first French one at 07:00 GMT, followed by Germany one half hour later, and EU manufacturing PMI at 08:00 GMT, all of them expected to come slightly better than previous.

Investors are fleeing the Australian Dollar through the Asian session on a lower-than-expected Australian PPI print, which came at +1.4 YoY, -0.3 QoQ actual against 2.2%, 0.4% consensus, respectively. The Australian Dollar had been trading sluggish in the lead-up to the event as equity markets turned from flat to red territory despite last Friday's risk appetite mood. The results make the case for an RBA rate cut in the next policy meeting even more likely now.
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UPCOMING EVENTS
2012-04-23 07:30 GMT | GermanyPurchasing Manager Index Manufacturing (Apr)
2012-04-23 07:30 GMT | GermanyPurchasing Manager Index Services (Apr)
2012-04-23 08:00 GMT | EU - Purchasing Manager Index Manufacturing (Apr)
2012-04-23 08:00 GMT | EU - Purchasing Manager Index Services (Apr)

FOREX NEWS
2012-04-23 05:03 GMT | Japan: Coincident Index (Feb): 95
2012-04-23 01:43 GMT | AUD/USD declines on Australia PPI data
2012-04-23 01:31 GMT | Australia 1Q Producer Price Index (QoQ) -0.3%
2012-04-23 01:30 GMT | Australia 1Q Producer Price Index (YoY) 1.4%

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EURUSD : 1.31897 / 1.31904
DAILY WEEKLY MONTHLY

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

1.3367 | 1.3313 | 1.3269 | 1.3214
1.3153 | 1.3102 | 1.3057 | 1.3000

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


MARKET ANALYSIS - Intraday Analysis

EURUSD gained momentum in Friday’s session and formed a higher bottom and top, successfully penetrating Friday's resistance level. After that the price found a strong resistance at 1.3214 (R1) a strong technical level. We expect the price to move upwards but only a break above 1.3214 (R1) will give as a confirmation for long positions targeting 1.3269(R2) and further rise will then be limited at 1.3313 (R3). A stop loss should be placed above 1.3153 (S1).

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GBPUSD : 1.61166 / 1.61178
DAILY WEEKLY MONTHLY

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

1.6291 | 1.6247 | 1.6189 | 1.6143
1.6078 | 1.6009 | 1.5963 | 1.5909

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


MARKET ANALYSIS - Intraday Analysis

GBPUSD made a sharp move upwards and successfully broke above Fridays’s resistance level continuing the upward move. As long as it is above our first support level 1.6078 (S1), we can look for long positions targeting 1.6247 (S3). A stop loss should be placed at 1.6009 (S2) but the most conservative and tactical traders can hold and wait for the break above 1.6143 (R1) to open their long positions.

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USDJPY : 81.286 / 81.292
DAILY WEEKLY MONTHLY

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

83.43 | 82.89 | 82.34 | 81.77
81.20 | 80.73 | 80.29 | 79.61

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


MARKET ANALYSIS - Intraday Analysis

The USDJPY fell from 81.77 (R1) and formed a lower bottom at 81.25 after which the price rebounded from from that level. A break above the first resistance level of 81.77 (R1) would suggest a target and retest of 82.34 (R2). If the price holds its momentum on the upside we can expect a further rise towards 82.89 (R3). On the other hand, if the price does not manage to break above 81.77 (R1) we can expect the pair to retest support at 81.20 (S1) and a break below that level would suggest target at 80.73 (S2).

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