Daily Forex Market by FXCC 24Apr2012

Daily Forex Market by FXCC 24Apr2012

EUR/USD quiet in Asia despite markets turmoil; holds above 1.3150

EUR/USD is quietly trading within a descending tight channel of less than 20 pips wide 1.3145/57 since NY close, last at 1.3152, despite big moves in Aussie and Yen in Asia-Pacífic trade. EUR/AUD is currently printing fresh 2-week highs at 1.2822 after much lower than expected Aus 1Q CPI showed a 0.1% increase while some +0.6% was expected, which opens the RBA doors for a rate cut next meeting May 1st. Local share markets are trading overall deep in the red. London session ahead brings a relatively quiet agenda in EUR macro data related with only EU industrial new orders at 09:00 GMT, though several sovereign debt auctions will take place, including short term Spanish one and longer term Italy and Netherlands from 08:00 to 09:00 GMT. Market will test Netherlands yields after recent government debacle.

AUD/USD has come under a new round of selling pressure on risk-off flows after soft consumer inflation data from down under, which has reinforced the case for a 25 basis point interest rate cut by the RBA at its meeting next week, and a possible 50 basis point rate cut over the next few months. The pair has pushed to a fresh 2-week low of 1.0246, down 0.7% from 1.0318 late Monday in New York.
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UPCOMING EVENTS
2012-04-24 07:30 GMT | Sweden Unemployment Rate (Mar)
2012-04-24 08:30 GMT | United Kingdom Public Sector Net Borrowing (Mar)
2012-04-24 09:00 GMT | Italy Wage Inflation (MoM) (Mar)
2012-04-24 09:00 GMT | Italy Wage Inflation (YoY) (Mar)

FOREX NEWS
2012-04-24 03:50 GMT | AUD/USD slides below 1.0250
2012-04-24 01:31 GMT | Australia 1Q Consumer Price Index (QoQ) 0.1%
2012-04-24 01:30 GMT | Australia 1Q Consumer Price Index (YoY) 1.6%
2012-04-24 00:14 GMT | China’s banks may find it harder to raise capital

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EURUSD : 1.31561 / 1.31568
DAILY WEEKLY MONTHLY

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

1.3351 | 1.3287 | 1.3226 | 1.3181
1.3118 | 1.3057 | 1.3000 | 1.2957

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


MARKET ANALYSIS - Intraday Analysis

EURUSD fell sharply and formed a strong support level close to 1.3100. Following that the price rebounded and broke above our Friday’s support and now is moving between that level and 1.3181 level. A break above that level we suggest further rise towards 1.3226 (R2) and further rise will then focus on next target at 1.3287 (R3). On the other hand if the price manages to stay below our first resistance level of 1.3181 (R1) then we expect the price to retest 1.3118 (S1) and a break below that level then the expected target is at 1.3057 (S2).

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GBPUSD : 1.61229 / 1.61241
DAILY WEEKLY MONTHLY

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

1.6291 | 1.6249 | 1.6187 | 1.6143
1.6078 | 1.6009 | 1.5963 | 1.5909

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


MARKET ANALYSIS - Intraday Analysis

The GBPUSD didn’t made any significant moves in yesterday’s session as it traded in a consolidation mode between the 1.6078 (S1) and 1.6143 (R1) levels. A break below 1.6078 would suggest a target at 1.6009 (S2) and further fall will then focus on 1.5963 (S3) a strong technical and psychological level. On the other hand if the price manages to stay above the first support (S1) level we expect the price to retest 1.6143 (R1) and a break above that level will concentrate our focus on 1.6187 (R2).

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USDJPY : 80.883 / 80.887
DAILY WEEKLY MONTHLY

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

82.89 | 82.41 | 81.77 | 81.20
80.73 | 80.29 | 79.57 | 79.13

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


MARKET ANALYSIS - Intraday Analysis

USDJPY continued to move downwards from 81.77, forming a new low above 80.73 (S1) this morning. A break below that level would suggest target at 80.29 (S2) and further fall will then focus on 79.57 (S3). Look for short positions in today’s trading session, as this is supported by the fact that both of our Moving Averages are turned bearish and are proving a strong resistance to the price. A stop loss should be placed at 81.20 (R1).

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