Daily Forex Market by FXCC 02Mai2012

EUR/USD stuck in the middle with 1.3235

EUR/USD is recovering at 1.3228 part of today's Asia-Pacific session losses, bouncing from lows at 1.3205, after falling from session highs around 1.3240. The pair is marginally lower by -0.09% from yesterday's open, with local share markets on the rise overall Nikkei +0.33% and Hang Seng +1.15%. The London session ahead brings different EU countries PMI and job figures, starting with Italy, France and Germany PMI figures around 07:45 GMT, Germany unemployment at 07:55 GMT, followed by EU PMI at 08:00 GMT and Italy unemployment at same hour, Italy PPI at 09:00 GMT and UE unemployment at same hour. No major sovereign debt auctions will take place today, while Ecofin is scheduled for all morning long.

GBP/JPY is marginally higher in Asia-Pacific at 130.09 from an open around 129.90, though retreating from session highs at 130.26. The cross is still lower for the week by -0.36%. AUD/USD is currently at session highs 1.0343, bouncing from session lows 1.0327. The pair found support this Tuesday at 1.0305 after the massive sell-off following the RBA 50bps rate cut yesterday sending AUD/USD from above 1.0400 to mentioned day lows. It is down by -0.79% from yesterday's Asia-Pacific open price.
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UPCOMING EVENTS :
2012-05-02 07:30 GMT Switzerland SVME - Purchasing Managers' Index (Apr)
2012-05-02 08:00 GMT Germany Purchasing Manager Index Manufacturing (Apr)
2012-05-02 08:00 GMT Germany Unemployment Change (May)
2012-05-02 08:00 GMT European Monetary Union Purchasing Manager Index Manufacturing (Apr)

FOREX NEWS :
2012-05-02 02:38 GMT China: HSBC PMI up at 49.3 vs 48.3
2012-05-02 01:11 GMT USD/JPY can't break above 80.30
2012-05-02 01:03 GMT New Zealand Apr ANZ Commodity Price -4.5%
2012-05-02 00:20 GMT AUD/USD capped below 1.0350

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EURUSD 1.32155 / 1.32161
DAILY WEEKLY MONTHLY



1.3443 | 1.3381 | 1.3347 | 1.3283
1.3203 | 1.3156 | 1.3104 | 1.3051

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


MARKET ANALYSIS - Intraday Analysis

The EURUSD didnít made any significant moves yesterday as it traded in a consolidation mode between the 1.3203 (S1) and 1.3283 (R1) levels. A break below 1.3203 would suggest a target at 1.3156 (S2) and further fall will then focus on 1.3104 (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 1.3283 (R1) and a break above that level will concentrate our focus on 1.3381(R3).

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GBPUSD : 1.62275 / 1.62282
DAILY WEEKLY MONTHLY



1.6392 | 1.6349 | 1.6301 | 1.6247
1.6186 | 1.6134 | 1.6078 | 1.6009

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


MARKET ANALYSIS - Intraday Analysis

The GBPUSD fell yesterday and was supported at 1.6186 (S1) a strong technical level (correction). The price then rose and was able to break above yesterday's resistance completing a close just above our Fibonacci level 38.2%. We expect the price to move upwards and to retest our resistance levels at 1.6247 (R1) and 1.6301 (R2). A stop loss should be placed at 1.6186 (S1).

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USDJPY : 80.364 / 80.369
DAILY WEEKLY MONTHLY



81.89 | 81.45 | 81.04 | 80.65
80.05 | 79.65 | 79.13 | 78.67

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


MARKET ANALYSIS - Intraday Analysis

The USDJPY moved closer to support levels at 79.65, retested it twice but didnít manage to break below it. After that, the price rise and was supported at that level. If price will be able to break above todayís first resistance level at 80.65 (R1) would suggest target at 81.04 (R2). On the downside, a break below 80.05 (S1) would suggest target at 79.65 (S2) and further fall will then be limited at 79.13 (S3).

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