Daily Forex Market by FXCC 18Mai2012
Daily Forex Market by FXCC 18Mai2012
Asian Markets Tumble on worries over Greece
Asian stocks are getting hammered in this morning’s session as they react to Greece’s debt downgrade and the Spanish banks’ downgrade by rating agencies Fitch and Moody’s. The euro has also given up all of its gains from Thursday and is lower by 0.20% in the morning trade.
On the economic front, we have the Producer Prices from Germany, which are expected to decline to 0.30% and could be slightly negative for the euro. There are no major data releases from the U.S. Today’s market fluctuations will be in response to Greece, Spain and the EU, with little on the eco front worldwide, the press and media will be digging for news and events. Watch for rumors and misquotes on days like today.
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UPCOMING EVENTS :
2012-05-18 12:30 GMT | CAD Core CPI (MoM)
2012-05-18 12:30 GMT | CAD CPI (MoM)
2012-05-18 12:30 GMT | CAD CPI (YoY)
2012-05-18 19:00 GMT | ARS Argentinian Economic Activity (YoY)
FOREX NEWS :
2012-05-18 04:23 GMT | GBP/USD could fall to 1.57 by early London - 2ndSkies
2012-05-18 04:19 GMT | EUR/USD below 1.2700 ahead of London, G-8 meeting and options expirations
2012-05-18 03:31 GMT | AUD/NZD regains the upside
2012-05-18 02:37 GMT | GBP/JPY hovering above 125.00 after sharp drop
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EURUSD : 1.26623 / 1.26627
DAILY WEEKLY MONTHLY
https://support.fxcc.com/email/techn...012/EURUSD.gif
1.258 | 1.262 | 1.266
1.274 | 1.278 | 1.2823
SUMMARY : Bearish
TREND : Down trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Bearish
MARKET ANALYSIS - Intraday Analysis
The euro continues neglecting the oversold reading appearing on daily studies due to the strong bearish trend on weekly studies. It is currently re-attacking yesterday’s low around 1.2680 and a break of which will weaken 1.2625 support and may extended towards 1.2530 areas. The bearish picture remains valid for the rest of the day as there is no sign of starting a corrective wave. Key support at 1.2500 and key resistance at 1.2915.
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GBPUSD : 1.57533 / 1.57539
DAILY WEEKLY MONTHLY
https://support.fxcc.com/email/techn...012/GBPUSD.gif
1.558 | 1.568 | 1.573
1.588 | 1.598 | 1.603
SUMMARY : Bearish
TREND : Down trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Bearish
MARKET ANALYSIS - Intraday Analysis
Sterling has entered free-fall territory after achieving a sustained breakout below the uptrend line that carried the movements from 1.5230.Price is being controlled by fundamentals and the strength of the USD. Stochastic are negative which encourages us to keep our bearish scenario intact for the rest of the day while a break below 1.5810 will accelerate. The trading range for today is among key support at 1.5730 and key resistance at 1.6165.
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USDJPY : 79.218 / 79.219
DAILY WEEKLY MONTHLY
https://support.fxcc.com/email/techn...012/USDJPY.gif
78.917 | 78.412 | 77.683
80.151 | 80.880 | 81.385
SUMMARY : Bearish
TREND : Down trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Neutral
MARKET ANALYSIS - Intraday Analysis
The Japanese yen didn’t show any big move since overnight or during the Asian session. Technicals show a bullish scenario for the rest of the day; reaching the 80.50 zones will confirm and accelerate and also will assist RSI to clear the pivotal momentum resistance at the point of 50.00. The trading range for today is among key support at 78.80 and key resistance now at 81.75.
Source: FX Central Clearing Ltd, (http://www.fxcc.com)
