Daily Forex Market by FXCC

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Daily Market Review by FXCC June 12 2012

Risk Aversion returns as Spanish elation subsides

US stock advanced, following the biggest weekly rally in the Standard & Poor's 500 Index this year, as investors speculated that the bailout of Spain's banks will help ease the euro area's debt crisis.European stocks surged to a four- week high after Spain sought as much as €100bn to save its banking system and Chinese export data topped forecasts. The €100bn rescue for Spain's banks moved Italy to the frontline of Europe's debt crisis as an initial rally in the country's bonds fizzled on concern it may be the next to succumb. Investors holding bonds issued by Spain and its banks will probably rank behind official creditors in the queue for payment after the nation asked for a bailout of as much as €100 bn.

Asian equities extended the global rally after Chinese data showed exports grew last month at more than double the pace economists estimated. Overseas shipments climbed 15.3% from a year earlier, the customs bureau said yesterday, exceeding all 29 estimates. Japanese stocks rose, with the benchmark Nikkei 225 Stock Average (NKY) capping the biggest gain since April, on speculation a bailout for Spanish banks will ease Europe's debt crisis and after China's trade grew more than expected.
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UPCOMING EVENTS :
2012-06-12 08:30 GMT | UK - Industrial Production
2012-06-12 08:30 GMT | UK - Manufacturing Production
2012-06-12 12:30 GMT | US - Import & Export Price Index
2012-06-12 18:00 GMT | US - Monthly Budget Statement

FOREX NEWS :
2012-06-12 04:04 GMT | GBP/USD consolidates below 1.5500
2012-06-12 03:39 GMT | USD/JPY spikes to new daily highs
2012-06-12 03:39 GMT | EUR/AUD glued around the 1.2600 line
2012-06-12 01:39 GMT | Australia: Business Confidence declines sharply in May


EURUSD : 1.24927 / 1.24933
DAILY WEEKLY MONTHLY



1.2811 | 1.2730 | 1.2613
1.2415 | 1.2334 | 1.2217

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


MARKET ANALYSIS - Intraday Analysis

Technical's are mixed, MACD in buy territory, but most others in sell; a close above the 21‐day MA at 1.2584 would be bullish. However EUR risk is increasingly binary. Supports are seen at the 10-DMA line at 1.2488 and then at 1.2435. On the other hand, resistance levels are seen at 1.2554, 1.2690 and then at 1.2820.

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GBPUSD : 1.54905 / 1.54915
DAILY WEEKLY MONTHLY



1.5685 | 1.5634 | 1.5563
1.5441 | 1.5390 | 1.5319

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


MARKET ANALYSIS - Intraday Analysis

Technical's remain mixed but biased to downside, today’s rally faded quickly and failed to break above last week’s high of 1.5601. Support lies at the recent low of 1.5269, a retest is likely. Supports are seen at the 10-DMA line at 1.5467 and then at 1.5375. On the other hand, resistance levels are seen at 1.5538 and then at 1.5601.

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USDJPY : 79.491 / 79.495
DAILY WEEKLY MONTHLY



80.240 | 79.962 | 79.715
79.190 | 78.910 | 78.665

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


MARKET ANALYSIS - Intraday Analysis

JPY is currently trading at 79.29 levels. After falling against US dollar for last four sessions, Yen is again strengthening against its peers, as the market is expecting Italy to be the next country on the forefront of the debt crisis after Spain. This boosted the demand for the safe haven currency. Overall technical's are reading bearish ‐ the 50‐day has crossed below the 100‐day (80.20 and 80.21, respectively) generating a medium term sell signal; while most other indicators are in sell territory

Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)

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Daily Market Review by FXCC June 13 2012

More Downgrades by Fitch as Spanish Bonds Soar

US stocks rose on speculation policy makers will do more to stimulate the economy. Commodities dropped for a fourth day and Spanish bonds fell. The advance in US stocks indicated the S&P 500 will rebound following last few days' biggest decline in more than a week. The Fed is scheduled to meet next week and announce its rate decision on June 20. European stocks rose for the first time in three days on speculation that the Federal Reserve will opt for more stimuli and as Lafarge SA targeted cost savings. Italy plans to auction at least €9.5bn of debt this week, while an election on June 17 may determine whether Greece remains in the euro.

Spanish bonds slumped for a second day after a European rescue of its banks was announced and Fitch Ratings said the government will miss its budget-deficit targets, casting doubt on Prime Minister Mariano Rajoy's plan to stabilize the economy. Japanese stocks fell as surging bond yields stoked concern a bailout of Spain's banks won't ease Europe's debt crisis. Shares pared losses as the yen halted gains after the International Monetary Fund said the currency is overvalued and urged further monetary easing.
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UPCOMING EVENTS :
2012-06-13 09:00 GMT | EMU - Industrial Production
2012-06-13 12:30 GMT | US - Producer Price Index
2012-06-13 12:30 GMT | US - Retail Sales
2012-06-13 12:30 GMT | US - Business Inventories

FOREX NEWS :
2012-06-13 04:28 GMT | EUR/USD a tricky day below 1.2500
2012-06-13 04:13 GMT | GBP/USD bracketed between 1.5540/1.5580
2012-06-13 02:50 GMT | NZD/USD gently offered after touching 4-wk high
2012-06-13 02:48 GMT | EUR/NZD breaks below 1.6100 and prints a 7-week low


EURUSD : 1.24888 / 1.24893
DAILY WEEKLY MONTHLY



1.2623 | 1.2576 | 1.2537
1.2451 | 1.2404 | 1.2365

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


MARKET ANALYSIS - Intraday Analysis

Today's technical's are mixed, MACD in buy territory, but others in sell; EUR risk is increasingly binary. Supports are seen at 1.2435, 1.2375 and then at 1.2310. On the other hand, resistance levels are seen at the 21DMA line at 1.2562 and then at 1.2672.

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GBPUSD : 1.55468 / 1.55471
DAILY WEEKLY MONTHLY



1.5743 | 1.5666 | 1.5609
1.5475 | 1.5398 | 1.5341

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


MARKET ANALYSIS - Intraday Analysis

Technical's are mixed and rangy, it could break out in either direction. However, given the overall bearish trend a break below 1.5445 might be confirmation of a downside breakout to 1.5325. Meanwhile a break higher might be confirmed by a rally above 1.5582 targeting 1.5675. The pair will find supports at the 10DMA line at 1.5443 and then at 1.5404. On the other hand, resistance levels are seen at 1.5582, 1.5601 and then at the 21DMA line at 1.5614. Better risk/reward elsewhere.

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USDJPY 79.659 / 79.665
DAILY WEEKLY MONTHLY



80.115 | 79.905 | 79.775
79.440 | 79.230 | 79.100

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


MARKET ANALYSIS - Intraday Analysis

The 50‐day MA has crossed below the 100‐day (80.14 and 80.23, respectively),which is typically a medium term sell signal. However, if risk aversion is beginning to abate, which increasingly it appears to be doing, then the outlook for USDJPY will shift higher. Currently it has reached near the highs at 79.50. It may have completed its move higher and be on the way back down to the bottom of the range at 79.20. There is the possibility of a breakout after the consolidation move has completed. The pair has already broken out of a descending channel on the daily chart and further upside is possible despite waning momentum, with 80.20 targeted higher.

Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)

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Daily Market Review by FXCC June 14 2012

Greek Elections coming soon, Spain downgraded three notches

A day after global rating agency S&P cautioned India could lose its investment-grade credit rating due to political inaction. Data yesterday showed industrial expansion in April had barely managed to be in the positive zone, growing just 0.1% in the first month of the financial year, despite a not-so-high base of 5.3% growth in April 2011. In March, industrial output had contracted 3.15% US stocks dropped, indicating the Standard & Poor’s 500 Index already pared Tuesday’s rally, as investors await a got bearish on report that showed retail sales declined last month. The S&P 500 has dropped 6.7% from this year’s high on April 2 as Greece’s political parties failed to form a government, increasing the likelihood the nation won’t meet its debt obligations and forcing it to leave the Euro area.

Spain and Italy appealed to European policy makers to step up their response to the financial crisis after a €100bn (USD125bn) lifeline for Spanish banks failed to calm markets. European stocks declined as borrowing costs increased at debt auctions by Germany and Italy and as investors awaited a report on American retail sales. Merkel is stepping up her calls for closer “fiscal union” in Europe to tackle the debt crisis at its roots. Greek elections in four days threaten to herald the first expulsion of a country from the 17-nation currency union. China’s stocks rose, driving the benchmark index to its biggest gain in a month, on speculation the government will ease monetary policy and increase spending for infrastructure to stem the slowdown in the economy.
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UPCOMING EVENTS :
2012-06-14 08:00 GMT | EMU - ECB Monthly Report
2012-06-14 09:00 GMT | EMU - Consumer Price Index
2012-06-14 13:00 GMT | US - Consumer Price Index
2012-06-14 20:00 GMT | UK - BoE's Governor King Speech

FOREX NEWS :
2012-06-14 04:39 GMT | Japan Apr Capacity Utilization down (1.9)% from March
2012-06-14 04:32 GMT | Japan Apr Industrial Production (MoM) declines to -0.2% vs 1.3%
2012-06-14 04:10 GMT | GBP/USD bid above 1.5500
2012-06-14 03:14 GMT | Yen, the only true safe haven currency - HSBC


EURUSD : 1.25733 / 1.25739
DAILY WEEKLY MONTHLY



1.2753 | 1.2682 | 1.2627
1.2501 | 1.2430 | 1.2375

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


MARKET ANALYSIS - Intraday Analysis

Technical's remain mixed with a limited range and lack of agreement among technical indicators suggests no trend in the near term. Trend supports are seen at 1.2443/35 and then at 1.2410. On the other hand, resistance levels are seen at 1.2553, which is the 21-DMA line and then at the key 1.2600 level.

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GBPUSD : 1.55159 / 1.55168
DAILY WEEKLY MONTHLY



1.5679 | 1.5639 | 1.5583
1.5487 | 1.5447 | 1.5391

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


MARKET ANALYSIS - Intraday Analysis

Technical's are bullish and has reached the 23.6% Fibonacci retracement level (1.5576) of the May decline In terms of technical levels, Trend supports are seen at the 10-DMA line at 1.5460 and then at 1.5454. On the other hand, resistance levels are seen at 1.5590, 1.5601 and then at 1.5637.

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USDJPY : 79.433 / 79.436
DAILY WEEKLY MONTHLY



80.168 | 79.960 | 79.707
79.245 | 79.038 | 78.785

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


MARKET ANALYSIS - Intraday Analysis

Technical's continue to be mixed with movement bound between 79.00 an 80.00 illustrates lack of a defined trend. Trend supports are seen at 79.17 and then at 79.00. On the other hand, resistance levels are seen at 79.22 and then at the key 80.00 level.

Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)

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Daily Market Review by FXCC June 15 2012

Countdown to the Greek Elections and the Future of the Euro

The Asian regions stocks are gaining on Friday morning on hopes that Central banks of the world would offer stimulus if Greece decides to exit the Euro zone. Investors are putting in money ahead of the major events over the weekend mainly the Greek Vote. The SGX Nifty is trading higher by 24 points, tracking other peers. On the economic front, from the Euro-zone, we have the Euro-Zone Trade Balance which is expected to decrease to 4.2Bn from a previous reading of 4.3Bn and could put pressure on the euro. From the US, Empire Manufacturing will be closely watched. It's expected to come in lower at 13.5 and could affect the dollar negatively in the evening session.

The big news of the day is a news from the G20 that there is a plan to coordinate action between global central banks, to work in unison, if needed after the Greek elections. Also in the UK George Osborne announced a plan to pull together the government and the BoE to build a cohesive action to stimulate growth and lending in England.
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UPCOMING EVENTS :
2012-06-15 06:50 GMT | EMU - ECB President Draghi's Speech
2012-06-15 06:50 GMT | UK - Trade Balance
2012-06-15 09:00 GMT | EMU - Employment Change
2012-06-15 13:00 GMT | US - Net Long-Term TIC Flows

FOREX NEWS :
2012-06-15 04:56 GMT | USD/JPY extends decline to 78.80
2012-06-15 04:28 GMT | GBP/USD sits around 1.5550 ahead of Europe
2012-06-15 04:21 GMT | EUR/USD holds above 1.2600
2012-06-15 03:06 GMT | BoJ: No alteration to its easing program


EURUSD : 1.26324 / 1.26328
DAILY WEEKLY MONTHLY



1.2786 | 1.2717 | 1.2680
1.2574 | 1.2505 | 1.2468

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


MARKET ANALYSIS - Intraday Analysis

Technical's and signals are mixed, likely to be within range over next 48-hours. The pair broke through the 1.26 price. Stochastic remains positive but is close to overbought territories but staying below the pivotal resistance of 1.2650 leave the pair stuck in neutral. A break back below 1.2500 will bring additional losses but a closing above 1.2630 will interrupt the main bearish trend. The trading range for today is among key support at 1.2360 and key resistance at 1.2790.

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GBPUSD : 1.55415 / 1.55424
DAILY WEEKLY MONTHLY



1.5676 | 1.5620 | 1.5584
1.5492 | 1.5436 | 1.5400

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


MARKET ANALYSIS - Intraday Analysis

Technical's are mixed - movement remains bound between support at 9 day MA (1.5481) and resistance at the 21 day MA (1.5578). Stochastic is pushing the overbought areas. A drop below 1.5480 will bring further downside actions. The trading range for today is among key support at 1.5230 and key resistance at 1.5730.

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USDJPY : 78.860 / 78.866
DAILY WEEKLY MONTHLY



80.015 | 79.767 | 79.313
78.612 | 78.365 | 77.915

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


MARKET ANALYSIS - Intraday Analysis

Technical's and signals are mixed - movement continues to be bound within a narrow range as indicators remain indecisive and contradictory RSI 14 started to show a sign of bearish tendency but trading remains stable above the key support level of 61.8% Fibonacci level. A break above 79.80 may fix the sign on RSI; whilst taking 78.80-78.70 will be a negative scenario. The trading range for today is among key support at 78.20 and key resistance now at 80.75.

Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)

[alayoua]

Daily Market Review by FXCC June 19 2012

Euphoria over Greece turns to Anxiety over Spain

It didn’t take much time for the euphoria over the Greek elections to die out, as markets are falling in morning trade. The focus is shifting to the bigger economy of Spain and its ever-growing borrowing costs. Spanish Bond yields ended well above the 7% mark. The SGX Nifty is trading higher by 3 points, tracking other peers.

On the economic front, we have the Zew Sentiments from the Euro-zone, which could come in lower and pressurize the euro. From the US, Housing Starts and Building permits are both expected to come in higher and could support the dollar but the main events are the G20 meetings, the FOMC meetings and the EU Summit.
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UPCOMING EVENTS :
2012-06-19 08:30 GMT UK - Consumer & Retail Price Index
2012-06-19 09:00 GMT EMU - Construction Output & ZEW Survey
2012-06-19 12:30 GMT US - Building Permits & Housing Starts
2012-06-19 22:45 GMT New Zealand - Current Account

FOREX NEWS :
2012-06-19 04:30 GMT EUR/USD above 1.2600 again
2012-06-19 04:20 GMT GBP/USD gently bid ahead of UK CPI data
2012-06-19 03:53 GMT EUR/USD to finish the year substantially above current level - HSBC
2012-06-19 02:30 GMT EUR/JPY sits around 99.50 in quiet session


EURUSD : 1.26110 / 1.26114
DAILY WEEKLY MONTHLY



1.2820 | 1.2784 | 1.2744
1.2668 | 1.2632 | 1.2592

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


MARKET ANALYSIS - Intraday Analysis

Technical's remain mixed - RSI stalling at 50 suggests waning potential for further upswing ( which was accomplished just a bit ago ) but then the EUR tumbled. At this writing, indicators are moving quickly RSI has moved to neutral and Stochastic shows a buy in the daily reading. MACD daily has moved to sell. In the short term all indicators are reading strong buys. The pair sits around the 1.26 handle. After this we have the psychological barrier, and the correction trendline. A break below this TL, near 1.2520, should be a signal of a bearish continuation, with support in 1.24-1.2410 area.

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GBPUSD : 1.56909 / 1.56918
DAILY WEEKLY MONTHLY



1.5785 | 1.5764 | 1.5732
1.5679 | 1.5658 | 1.5626

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


MARKET ANALYSIS - Intraday Analysis

Technical's here are quite mixed with resistance seen at 38.2% Fibonacci retracement (1.5708) of May decline. 1.56 may well be grounds for support. There is a psychological barrier that, if broken, may open up the downside toward 1.5240. Before opening up this low, the near term chart shows that there is a trendline that is near 1.55 we are even more likely opening up the 1.5240 low. Today the pair are expected to be range bound

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USDJPY : 78.994 / 78.998
DAILY WEEKLY MONTHLY



79.760 | 79.533 | 79.365
78.9670 | 78.745 | 78.575

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


MARKET ANALYSIS - Intraday Analysis

Technical's have become very mixed and even contradictory; near term support seen at 200 day MA (78.75). Short term all point to sell, except for MACD which has reversed to a buy. When we move to daily, the signals have all moved in different directions, there is no support for any decision. MA's all the way out to 200day read sell, MACD reads sell but RSI and Stochastic show neutral. Resistance levels: 79.51 80.37 81.22 and support levels: 78.59 77.62 76.80. The pair reversed its direction at 78.60 and current bias is positive, for a break through 79.50, towards 80.60. Minor intraday support can be spotted at 79.02.

Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)

[alayoua]

Daily Market Review by FXCC June 20 2012

Markets eagerly await the FOMC statements later today

US markets rose yesterday and ended at five-week highs after upbeat housing data, as the Federal Reserve considered further moves to stimulate the economy. A recent batch of disappointing U.S. economic data such as industrial production, retail sales and jobless claims, has contributed to the optimism about further stimulus to be announced following the conclusion of its two-day monetary policy meeting on Wednesday, along with continued concerns about the impact of the ongoing financial crisis in Europe

That good old “risk on” feeling was back in markets, and for a day they traded in a fairly conventional rally pattern. Stocks were up in the US (0.98% on the S&P 500), the Euro rallied against the USD, with EURUSD trading above 1.27 at times during the day, and WTI appreciated by close to a dollar. Today, everything seems to be on hold waiting for the FOMC statements this afternoon. Traders will begin to position themselves prior to the same, but markets seem to have an eerie calm as the day begins.
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UPCOMING EVENTS :
2012-06-20 08:30 | UK - Bank of England Minutes
2012-06-20 16:30 | US - Fed Interest Rate Decision
2012-06-20 18:00 | US - FOMC Economic Projections
2012-06-20 18:15 | US - Fed's Monetary Policy Statement and press conference

FOREX NEWS :
2012-06-20 04:32 GMT | Japan Apr All Industry Activity Index (MoM) 0.1%
2012-06-20 04:23 GMT | GBP/USD consolidates around 1.5720; BoE Minutes eyed
2012-06-20 04:23 GMT | EUR/USD awaits Greek government coalition below 1.2700
2012-06-20 03:47 GMT | GBP/AUD sits below 1.5450 after overnight dip to 2-mth lows


EURUSD : 1.26783 / 1.26786
DAILY WEEKLY MONTHLY



1.2820 | 1.2784 | 1.2744
1.2668 | 1.2632 | 1.2592

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


MARKET ANALYSIS - Intraday Analysis

Technical are very mixed - RSI (sub-50) remains the lone technical holdout, limiting upside. The overall outlook remains bearish, from here we still see room for short-term upside before a fresh lower top is sought out. Supports are seen at the 10-DMA line at 1.2568 and then at 1.2552. Whereas resistance levels are seen at 1.2748 and then at the 55-DMA line at 1.2854.

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GBPUSD : 1.57290 / 1.57297
DAILY WEEKLY MONTHLY



1.5785 | 1.5764 | 1.5732
1.5679 | 1.5658 | 1.5626

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


MARKET ANALYSIS - Intraday Analysis

Technical's continue to read mixed - resistance near 1.5700 continues to be seen as the GBP is sitting right on the 1.57price line. risks seem tilted to the upside to allow for a necessary short-term corrective bounce after setbacks stalled, look for additional upside towards the 1.5800-1.6000. Supports are seen at the 10-DMA line at 1.5563 and then at the 21-DMA line 1.5559. Whereas resistance levels are seen at the 21-DMA upper Bollinger level at 1.5790 and then at 1.5802.

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USDJPY : 78.893 / 78.898
DAILY WEEKLY MONTHLY



79.760 | 79.533 | 79.365
78.970 | 78.750 | 78.575

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


MARKET ANALYSIS - Intraday Analysis

Technical's are bearish - decline nearing 200 day MA (78.76); support expected at 78.61. After attempts at recovery the market should continue to break higher, set on a retest and break of the 2012 highs by 84.20 further up. However, at this point, we will need to see a break and close back above 80.00. Supports are seen at 78.61/10 and then at 77.99. Whereas, resistance levels are seen at 79.31/51 and then at 79.75.

Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)

[alayoua]

Daily Market Review by FXCC June 26 2012

EU in total turmoil and chaos... Moody's downgrades 28 Spanish Banks

Markets traded with a negative bias on Monday: equities sold off in Europe and North America (-2% on the DAX, -1.6% on the S&P 500, -0.9% on the TSX) on a succession of ominous news reports out of Europe. Spain announced that it would seek bailout funds from the Eurogroup, and later Cyprus announced that it would seek bailout funds from the Eurogroup… the hits kept on coming throughout the day. While the Eurogroup has officially welcomed both requests, it will need to come up with plans to meet both countries’ needs in the short term, even as the EU Summit planned for the 28th and 29th is supposed to focus on larger matters such as coordinated stimulus throughout the Eurozone, the relaxing of timetables for fiscal consolidation in different European countries, etc.

The euro traded lower, with EURUSD closing at 1.25, while CAD strengthened during the second half of the day as the near-month WTI contract rebounded from an intraday low of US$78 per barrel to US$79.20 (still lower on the day – it had opened above US$80 per barrel). The TSX was buoyed by strength in the gold mining sub-sector (+1.8%) while the oil and gas sector followed crude prices lower. Government bonds in Canada, the US and Germany all appreciated today, and the generic German 2-year is back to a single digit yield of 0.07%. The market mood was summed up by a release that read "As demands for action weigh on EU leaders, markets begin to lose confidence that this week’s EU summit will yield anything more than promises and small steps. In this environment the markets are shedding risk. "
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UPCOMING EVENTS :
2012-06-26 08:30 GMT | UK - Public Sector Net Borrowing (May)
2012-06-26 08:30 GMT | UK - Inflation Report Hearings
2012-06-26 14:00 GMT | US - Consumer Confidence (Jun)
2012-06-26 14:00 GMT | US - Richmond Fed Manufacturing Index (Jun)

FOREX NEWS :
2012-06-26 03:57 GMT | USD/JPY selling off ahead of tax voting
2012-06-26 03:40 GMT | US new home sector to remain under pressure - RBC
2012-06-26 02:02 GMT | China CB Leading Economic Index: 1.1
2012-06-26 01:50 GMT | Risk currencies on correction mode after Monday's USD buying


EURUSD
DAILY WEEKLY MONTHLY



1.2615 | 1.2580 | 1.2542
1.2469 | 1.2434 | 1.2396

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


MARKET ANALYSIS - Intraday Analysis

Crucial support is evident at 1.2440, and a sustained breach of the same may see the euro test its previous lows of 1.2286 and 1.2142 in the coming days. RSI-14 is currently trading at 0.37 with a negative bias on the weekly chart. We can expect the euro to trade lower following its overall downtrend. Meanwhile, resistances are evident at 1.2647 (8-period EMA on daily chart) then 1.2740.

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GBPUSD :
DAILY WEEKLY MONTHLY



1.5643 | 1.5617 | 1.5591
1.5539 | 1.5513 | 1.5487

SUMMARY : Down
TREND : Down trend
MA10 : Bearish
MA20 : Bullish
STOCHASTIC : Overbought


MARKET ANALYSIS - Intraday Analysis

We can expect the pair to continue its downward rally and test the support of 1.5510, or 23.6% retracement level for the aforementioned range. If the pair breaches this support, then the next support is at 1.5360; the resistances are at 1.5660 (8-period EMA on weekly chart) and then 1.5755.

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USDJPY :
DAILY WEEKLY MONTHLY



81.475 81.025 80.340
79.210 78.760 78.075

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


MARKET ANALYSIS - Intraday Analysis

The pair is trading above the 38.2% Fibonacci retracement level in the downward rally ranging from 84.17 to 77.62). We can expect the pair to retest the support levels of 79.70-79.40, and the yen may start inching up from these levels. The RSI-14 is currently at 0.51 and is tending towards the upside. This week, we recommend buying at support levels of 79.80-79.75. The supports are evident at 79.70-79.40 and resistances are at 80.91 and 81.60, representing 50% and 61.8% retracement level for the 84.17-77.62 range, respectively. Short term signals are bearish but as we move to the longer view, indicators are totally confused.

Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)

[alayoua]

Market Review by FXCC June 27 2012

EU Summit to consider "Grand Master Plan" while Europe Burns

US markets traded with a positive bias today, as the S&P 500 and NASDAQ were both up approximately 0.75% after yesterday’s sell-off. Bonds sold off, but only moderately while crude traded fairly flat in the US. The near-month Brent crude future shot up 2.3% on news that striking oil workers in Norway caused the closure of four oil platforms on top of the shut-down of a large processing and drilling facility that has been idle since Sunday. In this context, the Canadian dollar traded stronger against USD, appreciating to 1.0237 at the close. Prices of some of the petroleum blends that Canada exports, particularly WCS, remain fairly low both in absolute terms and vs. WTI, and the strength in Brent did not carry over into Canadian energy stocks, which were flat on the day. US stocks advanced despite that fact that US consumer confidence fell to a reading of 62 in June from a reading of 64.4 in May. That’s the lowest reading since January of this year, when the index stood at 61.1. The decline was driven: a) by increases in respondents who found employment ‘hard to get,’ b) who found general conditions were ‘worse’, and c) a reduction in intentions to make major purchases.

President of the European Council Herman Von Rompuy published a plan titled “Towards a Genuine Economic and Monetary Union” for discussion at the EU Summit this week. The report outlines his views as to how the European crisis ought to be addressed. Weakness in the euro became more evident throughout the day, as investors lost confidence in any results from the EU Summit and their grand plan, markets want action to help correct today's problems, not plans for the future, when their maybe no EU or euro.
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UPCOMING EVENTS :
2012-06-27 08:30 GMT | UK - BBA Mortgage Approvals (May)
2012-06-27 10:00 GMT | UK - CBI Distributive Trades Survey (Jun)
2012-06-27 12:30 GMT | US - Durable Goods Orders (May)
2012-06-27 14:00 GMT | US - Pending Home Sales (May)

FOREX NEWS :
2012-06-27 04:33 GMT | EUR/USD glued at round 1.2500
2012-06-27 04:28 GMT | Dismantling conventional logic BoJ QE equals Yen weakness - HSBC
2012-06-27 02:48 GMT | EUR/JPY back to opening price
2012-06-27 01:43 GMT | CPI-IPI mix implies more MAS flexibility - Nomura


EURUSD : 1.24990 / 1.24993
DAILY WEEKLY MONTHLY



1.2619 | 1.2575 | 1.2530
1.2441 | 1.2397 | 1.2352

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


MARKET ANALYSIS - Intraday Analysis

Daily technicals have just moved to bearish. Whereas short term technicals are providing opposing signals. Supports are seen at 1.2419 and then at 1.2375 both congestion levels. On the other hand, resistance levels are seen at the 21-DMA line at 1.2530 and then at 1.2565. . The primary outlook is lower towards 1.2434 and 1.2360 and a break below 12287 is expected in the near future. The main question is whether or not the decline continues from below 1.2566. The bias remains bearish and strength into resistance, especially on news, should be sold.

-------------
GBPUSD : 1.56337 / 1.56347
DAILY WEEKLY MONTHLY



1.5755 | 1.5703 | 1.5668
1.5581 | 1.5529 | 1.5494

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


MARKET ANALYSIS - Intraday Analysis

Indicators are mixed and technicals are not in agreement; near term resistance is at 9 day MA 1.5642 also supports are seen at the 21-DMA line at 1.5541, 1.5535 and then at 1.5473. On the other hand, resistance levels are seen at 1.5660, 1.5734 and then at 1.5578. Whether or not the decline continues from below or above Friday’s high at 1.5634. The overall outlook is bearish against 1.5777

--------------
USDJPY : 79.446 / 79.449
DAILY WEEKLY MONTHLY



80.310 | 80.050 | 79.500
79.205 | 78.950 | 78.655

SUMMARY : Down
TREND : Sideway
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Overbought


MARKET ANALYSIS - Intraday Analysis

Technicals are mostly bearish with others in neutral heading toward the bearish levels. The pair is heading toward the lower end of a wide range bound between 200 day MA 78.84 and 100 day MA 80.51. Support is well defined from the 20 day average, channel support. A break above yesterday's top and nearest resistance 80.62 would encourage further recovery of the dollar. Immediate support is yesterday's bottom at 79.43, and a consistent break below could strengthen the yen further down towards next target 78.55.

Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)

[alayoua]

Market Overview by FXCC June 28 2012

The calm before the storm.... EU Summit formally begins today.

Today begins the three ring circus, known as the EcoFin Summit, or the EU Summit, with all the hype of a Broadway Show, getting more press coverage then the Euro games as Finance Ministers from all the EU nations advance their own personal agendas while seeking as much press coverage as possible. Markets will be controlled by news flow and press with lots of incorrect, out dated and erroneous statements. Plans and programs will be leaked and divulged, none of which will have anything to do with the final outcome. Markets and Investors do not expect much from the carnival. Lots of Grand Plans and Master Schemes, which will take years to enact or never happen. Currency markets are expected to hold firm, as they have calmed leading into the Summit, risk aversion remains the overall theme.

Pressure is on the Finance Ministers to come up with a comprehensive plan to save the euro and the EU, today, as it might not exist to implement their long term schemes. This is D day.. Elsewhere, the US has had some positive eco data on the home front, with housing showing some life and Durable goods also on the positive side. Consumer confidence has been dragging, although with the drop in gasoline prices, markets were expecting a bit of a turn, but the jobs market continues to weigh on Americans. Japan, is in political turmoil, as Prime Minister Noda, risked all of this capital to pass the increase in Consumption Tax legislation, which passed with a wide margin, but now faces problems within his coalition as enough members voted against to lose his controlling interest.
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UPCOMING EVENTS :
2012-06-28 08:30 GMT UK - Gross Domestic Product
2012-06-28 09:00 GMT EMU - Consumer Confidence (Jun)
2012-06-28 12:30 GMT US - Gross Domestic Product
2012-06-28 12:30 GMT US - Core Personal Consumption Expenditures

FOREX NEWS :
2012-06-28 04:26 GMT EUR/USD jumps ahead of the EU Summit
2012-06-28 04:22 GMT Aud new houses and job vacancies came soft today.NAB
2012-06-28 02:58 GMT EUR/AUD dips to 3-month low
2012-06-28 02:09 GMT Eurozone leaders ready for summit – Rabobank


EURUSD : 1.25143 / 1.25149
DAILY WEEKLY MONTHLY



1.2566 | 1.2537 | 1.2504
1.2442 | 1.2413 | 1.2380

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


MARKET ANALYSIS - Intraday Analysis

Technicals are mixed, with better risk/reward elsewhere. Short term, near term and long term are providing opposing signals. Near term support lies at 1.2440; while resistance comes in at the 1.2575, both congestion levels. Longer term signals have all become bearish, including Stochastic, RSI and MACD supporting the bearish outlook. Supports are seen at 1.2442 and then at 1.2380. Whereas daily resistance levels are seen at the 21-DMA line at 1.2530 and then at the 10-DMA line at 1.2583.

---------------
GBPUSD : 1.55878 / 1.55888
DAILY WEEKLY MONTHLY



1.5721 | 1.5681 | 1.5626
1.5531 | 1.5491 | 1.5436

SUMMARY : Down
TREND : Down trend
MA10 : Bearish
MA20 : Bullish
STOCHASTIC : Overbought


MARKET ANALYSIS - Intraday Analysis

Technicals remain mixed with trading within a triangular consolidation pattern, resistance remains at 9 day MA (1.5650), and near term support is at the 21 day MA (1.5547). Short term signals are supporting a strong bullish run for the present, where as daily signals are the complete opposites offering a strong bearish outlook. Daily supports are seen at the 21-DMA line at 1.5540 and then at 1.5535. Whereas, resistance levels are seen at 1.5721 and then at 1.5797.

-------------
USDJPY : 79.450 / 79.453
DAILY WEEKLY MONTHLY



80.420 | 80.145 | 79.908
79.395 | 79.125 | 78.885

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


MARKET ANALYSIS - Intraday Analysis

Technicals are mixed but shifting to a sell mode, with support over past two sessions seen at 9 day MA (79.53), with resistance at 50 day MA (79.75) over the same period. Daily supports are seen at 79.36 and then at 79.12. On the other hand, resistance levels are seen at 80.09 and then at 80.63. Yesterday's outlook remains in place today, a break above Tuesdays top and nearest resistance 80.62 would encourage further recovery of the dollar. Immediate support is Tuesday's bottom at 79.36, and a consistent break below could strengthen the yen further down towards next target 78.55.

Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)

[alayoua]

Market Overview by FXCC July 2 2012

Chinese PMI disappoints

U.S. stocks soared on Friday, and all three indexes closed out the first half of 2012 up more than 5%. NASDAQ has etched double-digit gains. Dow Jones closed the day up 278 points, or 2.2%. S&P 500 gained 33 points, or 2.5%. Nasdaq added 86 points, or 3%. A deal among European leaders to help struggling eurozone banks buoyed global markets Friday, at least temporarily erasing investors' looming fears over the viability of the eurozone. While stocks have clocked broad gains for the year, all three indexes closed out the second quarter below first quarter highs. Fears over Europe pushed stocks down nearly 10% in early June. Still, on Friday, investors looked solely at what was accomplished at the two-day European Union summit in Brussels. European leaders struck a "breakthrough" deal early Friday aimed at easing the recapitalization of banks. The European markets surged after European leaders agreed to the recapitalization plan and a tighter union. Britain's FTSE added 2%, DAX in Germany jumped 3.5% and France's CAC 40 rallied 3.8%.

Except for Shanghai, which trades marginally lower by 0.2%, all the other Asian indices are trading in the green. Nikkei & Strait Times are up by 0.1% & 0.5% respectively, while Taiwan is up by 0.4%. Kospi is trading on a flat note. Among the metals, Aluminum lost 0.3% while Copper gained the most (2.4%). Zinc and Nickel rose by 2.2% and 0.2% respectively. Oil for August delivery rose $7.27 to $84.96 a barrel. Gold futures for August delivery as high as $53.8 to $1,604.2 an ounce Coming up this week, the US will celebrates their Independence Day holiday in the middle of the week but the trading week will still have some important headlines, including a European Central Bank meeting and U.S. unemployment data. There will be an ECB rate announcement where expectations are of a 0.25% cut to a record low 0.75%., German and Spanish industrial production and airlines release traffic numbers.
Read More
https://support.fxcc.com/email/technical/02072012/

UPCOMING EVENTS :
2012-07-02 08:00 GMT | EMU - Markit Manufacturing PMI
2012-07-02 08:28 GMT | UK - Markit Manufacturing PMI
2012-07-02 09:00 GMT | EMU - Unemployment Rate (May)
2012-07-02 14:00 GMT | US - ISM Manufacturing PMI (Jun)

FOREX NEWS :
2012-07-02 04:45 GMT | GBP/USD consolidates around 1.5660
2012-07-02 04:19 GMT | BoE will ease more than expected, stay wary on Cable - UBS
2012-07-02 03:46 GMT | Probability to re-price RBNZ rate cuts - BNZ
2012-07-02 03:10 GMT | AUD/NZD down with regional PMI readings

------------
EURUSD : 1.26251 / 1.26255
DAILY WEEKLY MONTHLY



1.2723 | 1.2696 | 1.2671
1.2621 | 1.2586 | 1.2561

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


MARKET ANALYSIS - Intraday Analysis

EUR/USD opened the week with bearish momentum, off from a high of 1.2676. The pair was likely to find support at 1.2408, Thursday’s low, and resistance at 1.2692, Friday’s high. The short term bias remains mildly on the upside for 1.2747. A break will target 100% projection of 1.2287 to 1.2747 from 1.2406 at 1.2866 next. Expect strong resistance from 61.8% retracement at 1.2902 this will limit the upside. A break below 1.2406 is needed to signal completion of the current move and a return to the bearish outlook.

--------------
GBPUSD : 1.56686 / 1.56696
DAILY WEEKLY MONTHLY



1.5747 | 1.5719 | 1.5694
1.5659 | 1.5621 | 1.5602

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


MARKET ANALYSIS - Intraday Analysis

Sterling is hanging at the key resistance area at the 1.57 level with the downward sloping trend line from the April 30th high connecting to the June 20th high at 1.56785. The upward channel trend line which was broken last week comes in at the 1.56818. The price is above the 38.2% retracement. This is all bullish for the pair. The next key target will come in at the 1.5748 level and then at 1.5783 (50% of the move down from April high) and 100 day MA at 1.5813.The pair could reverse and become bearish if it violates the1.5661 level and then the 1.5634 level.

--------------
USDJPY : 79.624 / 79.629
DAILY WEEKLY MONTHLY



80.650 | 80.150 | 79.930
79.570 | 79.335 | 79.170

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


MARKET ANALYSIS - Intraday Analysis

Looking at the hourly chart the price has moved above the 100 and 200 hour MA at the 79.60 level (bullish). Staying above this level keeps the bulls in control. With a move below, the bullish bias disappears. The next upside targets become the 80.044 (61.8% of the weeks range) and the 80.14 (38.2% of the move down from the March 2012 high, and the key 100 day MA at the 80.56 level. A break above (or even below if the price cannot stay above the 79.50-60 area), should be met with increased momentum.

Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)

[alayoua]

Market Overview by FXCC July 3 2012

US Markets closed tomorrow, ECB and BoE rate decision due on Thursday and US Nonfarm Payroll on Friday…

Asian equities have surged drastically and are up by 1.50%, whereas the US markets closed mixed. On the economic front today, we have U.K’s PMI construction and Net Consumer Credit data, which is expected to come in lower than before. From the Eurozone, the PPI data is expected to come in slightly positive. The dollar index, which compares the US unit to a basket of other currencies, was trading at 81.888 on Monday, up from 81.658 in North American trade late Friday.

US manufacturing shrank in June for the first time in nearly 3-years, adding to signs of a slowdown in the recovery but raised hopes for more easing from the Federal Reserve. Iran's National Security and Foreign Policy Committee has drafted a bill calling for Iran to try to stop oil tankers from shipping crude through the Strait of Hormuz helped curb oil price losses, especially for Brent crude
Read More
https://support.fxcc.com/email/technical/03072012/

UPCOMING EVENTS :
2012-07-03 08:30 GMT | UK - Consumer Credit (May)
2012-07-03 09:00 GMT | EMU - Producer Price Index (May)
2012-07-03 13:45 GMT | US - ISM New York index (Jun)
2012-07-03 14:00 GMT | US - Factory Orders (MoM) (May)

FOREX NEWS :
2012-07-03 04:36 GMT | RBA leaves rates unchanged; monetary policy appropiate
2012-07-03 04:11 GMT | GBP/USD quiet around 1.5700; UK data ahead
2012-07-03 03:33 GMT | USD/JPY jumps to session highs 79.80
2012-07-03 02:20 GMT | EUR/NZD threatening all-time lows

-----------------
EURUSD : 1.25970 / 1.25973
DAILY WEEKLY MONTHLY



1.2742 | 1.2705 | 1.2642
1.2542 | 1.2505 | 1.2442

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


MARKET ANALYSIS - Intraday Analysis

The euro has managed to sustain above 1.2575 level, and it may test higher levels of 1.2890, which is a 50% Fibonacci retracement level for the 1.3486-1.2286 range, in the near term. The RSI -14 momentum indicator is currently trading at 0.40 and is inching higher, supporting up move in the pair. Expect the euro to continue it's up move. The supports are at 1.2575 then 1.2477 and resistances are at 1.2742 then 1.2890. The pair tested the 8-period EMA on the weekly charts, but did not manage to close above it.

-------------
GBPUSD : 1.56962 / 1.56972
DAILY WEEKLY MONTHLY



1.5808 1.5765 1.5728
1.5648 1.5605 1.5568

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


MARKET ANALYSIS - Intraday Analysis

The weekly chart indicates the pair forming a “triple-bottom pattern”. Currently, the GBP is trading above the 38.2% Fibonacci retracement level of the downward rally (1.6301-1.5265). The RSI-14 momentum indicator is hovering at 0.47 with a positive bias. Expect the pound to move higher and test levels of 1.5780. A break above this level will bring forth the next resistance at 1.5910, or 61.8% retracement level. Meanwhile, supports are evident at 1.5583 of a trendline and then at 1.5500

-------------------
USDJPY : 79.743 / 79.747
DAILY WEEKLY MONTHLY



80.310 | 80.085 | 79.770
79.225 | 79.000 | 78.685

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


MARKET ANALYSIS - Intraday Analysis

The charts indicate the support of a trend line drawn connecting the lower bottoms. The RSI-14 has been hovering around 0.50 for the last few weeks and is not indicating a clear trend for the pair. Expect the yen to once again test the lower trend line supports of 79.40-79.50 and to rebound from the same. If the yen manages to sustain above 80.18, which is the 38.2% Fibonacci retracement level for the 84.17-77.66 range, then the pair may test higher levels of 80.95. Supports are at 79.50 then 79.10 and resistances are at 80.17 then 80.94.

Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)

[alayoua]

Market Overview by FXCC July 5 2012

Central Bank Day… The ECB and the BoE go heads up

This morning Asian share markets are down over 1.5% as they await the ECB decision. Yesterday Asian markets had continued to outperform for the third consecutive day which marked yet another session of consolidation marking marginal gains after clocking large gains post the European summit last week. Broader indices clambered almost a percent. Global indices too witnessed an assorted trading session as investors hoped for an eased monetary stance by the central banks to support the faltering economy. The market is waiting upon the ECB and the Bank of England meetings today which will provide some direction to the markets.

The European Central Bank (ECB) and the Bank of England (BOE) are both meeting on this morning, and the former is likely cut rates by 25 basis points to its record-low. The BOE may introduce more stimuli after keeping the benchmark rate at an all-time low of 0.5% in June. Yesterday, US markets were closed for the 4th of July holiday so it was light volume all around with little on the news front, little in eco data and little on the political front, except some rhetoric from Iran, pushing up crude oil prices.
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UPCOMING EVENTS :
2012-07-05 11:00 GMT UK - BoE Interest Rate Decision
2012-07-05 11:00 GMT UK - BoE Asset Purchase Facility
2012-07-05 11:45 GMT EMU - ECB Interest Rate Decision
2012-07-05 12:15 GMT US - ADP Employment Change

FOREX NEWS :
2012-07-05 04:27 GMT EUR/USD blocked above 1.2500 ahead of ECB
2012-07-05 04:17 GMT GBP/USD consolidates below 1.56, BoE eyed
2012-07-05 03:21 GMT ECB to hold fire; Draghi statement key - UBS
2012-07-05 02:06 GMT USD/JPY breaks above 80.00

----------------
EURUSD :
DAILY WEEKLY MONTHLY



1.2679 | 1.2643 | 1.2580
1.2481 | 1.2445 | 1.2382

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


MARKET ANALYSIS - Intraday Analysis

Signals remain mixed, range trading with support at Friday’s open of 1.2443 and resistance at the 50- day MA of 1.2702. Risk/return is better elsewhere. Firm and sustained trading below 1.2550 however, will be a strong sign that the bears have taken control here again.

--------------
GBPUSD : 1.56058 / 1.56067
DAILY WEEKLY MONTHLY



1.5772 | 1.5731 | 1.5657
1.5542 | 1.5501 | 1.5427

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


MARKET ANALYSIS - Intraday Analysis

Signals are mixed although indicators show that the upward momentum has ended with a strong potential for decline. Expect further weakness today to the next important support level at 1.5545/40. Below this support will confirm that the larger degree downtrend on daily chart has likely resumed and strong weakness should follow.

-----------------
USDJPY : 79.766 / 79.770
DAILY WEEKLY MONTHLY



80.455 | 80.215 | 80.081
79.705 | 79.465 | 79.340

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


MARKET ANALYSIS - Intraday Analysis

Signals are bullish - indicators all point to upward movement; support is at 21 day MA 79.55. The pair has been trading sideways between 79.60 and 80.00 but a break out of this range is likely to occur soon. There is strong favor the upside here. A move above 80.00 should be enough to signal that a rally toward 83.80 level has begun.

Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)

[alayoua]

Market Overview by FXCC July 6 2012

Central Banks are the focus of the markets.

The euro fell against a range of currencies in European trading hours Thursday as investors sold the common currency on expectations that the European Central Bank will cut its key interest rate to record lows. Markets had already factored in the rate cut, but it was the decision of the ECB to change its deposit rate to 0 and then the pessimistic statement issued by the ECB President. The Bank of England decision to increase asset purchase by 50 billion pounds, which was a widely expected pushed dollar index lower.

China surprised the markets by lowering its rate and now the markets are focused on the US Nonfarm report due later today. A poor report might for the Fed to action, or a strong report will see the USD gain against its partners.
Read More


UPCOMING EVENTS :
2012-07-06 08:30 GMT | UK - Producer Price Index - (Jun)
2012-07-06 10:00 GMT | GERMANY - Industrial Production - (May)
2012-07-06 12:30 GMT | US - Nonfarm Payrolls - (Jun)
2012-07-06 12:30 GMT | CANADA - Unemployment Rate - (Jun)

FOREX NEWS :
2012-07-06 04:34 GMT | GBP/USD directionless, hovers above 1.55
2012-07-06 04:03 GMT | EUR/USD frozen ahead of NFP
2012-07-06 03:14 GMT | Japan may run out of money in October, Azumi warns
2012-07-06 02:31 GMT | AUD will push towards USD1.07 by mid next year - ANZ

-----------
EURUSD : 1.23848 / 1.23854
DAILY WEEKLY MONTHLY



1.2694 | 1.2620 | 1.2565
1.2481 | 1.2452 | 1.2397

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


MARKET ANALYSIS - Intraday Analysis

Technicals are mixed, range trading with support 1.2343 and resistance at the 50-day MA of 1.2687. Risk/return is better elsewhere. The might be an early correction to move back to Friday's close at 1.2443 but this pair is moving randomly. The overall downtrend is back on line. The outlook remains on the daily charts to trend downwards toward the1.2285. A break above 1.25 could change to a bullish scenario.

--------------
GBPUSD : 1.55305 / 1.55315
DAILY WEEKLY MONTHLY



1.5734 | 1.5699 | 1.5639
1.5544 | 1.5509 | 1.5449

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


MARKET ANALYSIS - Intraday Analysis

Technicals remain bearish and most indicators suggest downward movement, support seen at 1.5500. The implications are for weakness below 1.5484. On the verge of taking out 1.5484 Resistance at 1.5700-1.5730 is vital for the movement of the currency pair. Supports are seen at 1.5485 and then at 1.5454. The long term outlook continues to be bearish with a target of 1.5450

------------
USDJPY : 79.906 / 79.912
DAILY WEEKLY MONTHLY



80.515 | 80.300 | 79.980
79.450 | 79.235 | 78.915

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


MARKET ANALYSIS - Intraday Analysis

Technicals are reading bullish as the ranging upward movement continues; support is at 21 day MA (79.57). The USDJPY did indeed exceed 80 but conviction on the move is lacking, it will need to break above 80.61 with conviction. Supports are seen at 79.55 and then at 79.12 where as resistance levels are seen at 80.63, 81.15 and then at 81.45.

Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)

[alayoua]

Market Overview by FXCC July 9 2012

Euro tumbles below 1.23, USD strong on hopes of stimulus

This was an eventful week in terms of expectations and its resultant outcome. Starting with the American markets, stocks gave mixed endings as US added just 80,000 jobs in June, darkening the outlook for the US recovery and dashing some of the political momentum President Obama gained after the Supreme Court upheld his healthcare law last week. The lackluster pace of job creation, which left the unemployment rate unchanged at 8.2%, adds to mounting evidence that the American economy is feeling the effects of both the Euro-zone debt crisis and slower growth in large emerging markets such as China. The benchmark index is less than 0.1% above where it was two months ago. Among the marquee indices, NASDAQ remained the only index that gained weekly by 0.1%. However, Dow got lower by 0.8%, followed by S&P 500 (-0.6%). On the European side, stocks extended declines for a third day as payrolls in the world’s biggest economy increased less than forecast in June. German industrial output rebounded more than economists forecast in May as construction buttressed Europe’s largest economy against the sovereign debt crisis. The price of goods leaving UK factories fell the most in more than 3 1/2 years. The FTSE 100 rose by 1.6%. However, DAX and CAC 40 fell by 0.1% and 0.9% respectively. Asian stocks rose this week, with the indices capping its fourth advance in five weeks, on anticipation central banks would ease monetary policy to spur growth. Hang Seng rose by 1.8%, followed by Nikkei, which rose by 0.2%.

Wall Street has been running in circles for the past two months, and the pattern may continue despite the upcoming start of the earnings seasons. After three major central banks eased monetary policy this week, investors will comb through the minutes of the latest Federal Reserve policy meeting, which will be released on Wednesday, to see what officials said about a further round of asset purchases. Europe remains on traders' minds despite an agreement last week that opens the door for troubled banks to receive rescue funds. In Asia, China is set to report YoY GDP growth. Other Chinese data next week include inflation, loan growth, trade balance and retail sales.
Read More

UPCOMING EVENTS :
2012-07-09 N/A | UK - BOE Deputy Governor Paul Tucker speaks
2012-07-09 12:30 GMT | EMU - ECB President Draghi's Speech
2012-07-09 15:55 GMT | US - FOMC Member Williams speech
2012-07-09 19:00 GMT | US - Consumer Credit Change (May)

FOREX NEWS :
2012-07-09 04:38 GMT | GBP/USD unchanged after 1% drop, starting week at 5-week lows
2012-07-09 03:30 GMT | China CPI hints more PBoC cuts to come - UBS
2012-07-09 03:16 GMT | BoJ easing expansion unlikely this week - UBS
2012-07-09 01:37 GMT | China: CPI increased only 2.2% in June

---------------
EURUSD : 1.22863 / 1.22869
DAILY WEEKLY MONTHLY



1.2496 | 1.2439 | 1.2360
1.2250 | 1.2175 | 1.2095

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


MARKET ANALYSIS - Intraday Analysis

Technicals remain bearish as additional downside momentum is building. Risk/return is better elsewhere. There is support at 1.2150 which was a pivot in June 2010 and is joined by the 161.8% extension at 12142. The 61.8% extension comes in at 12068. On the near term charts we see supports at 1.2288, 1.2190 and then at 1.2132 whereas resistance levels are seen at 1.2365, 1.2401 and then at 1.2450.

----------
GBPUSD : 1.54909 / 1.54919
DAILY WEEKLY MONTHLY



1.5584 | 1.5552 | 1.5517
1.5457 | 1.5420 | 1.5384

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


MARKET ANALYSIS - Intraday Analysis

Technicals are bearish and indicators suggest a decline, 1.5485 (June 28 low) is key level to watch as the GBP found new resistance levels at 1.5563, if the price moves below these levels it supports a new downward trend. Supports are seen at 1.5500, 1.5485 and then at 1.5473, whereas resistance levels are seen at 1.5598, which is the 21-DMA line and then at 1.5601, which is the 10-DMA.

------------
USDJPY : 79.692 / 79.697
DAILY WEEKLY MONTHLY



80.22 | 80.02 | 79.80
79.42 | 79.23 | 79.04

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


MARKET ANALYSIS - Intraday Analysis

Technicals are bullish with the uptrend set to continue as support from 21 day MA (79.59) is solid. The pair settled the week little changed, supports are seen at 79.60/41 and then at 79.23. On the other hand, resistance levels are seen at 80.02/10 and then at 80.56.

Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)

[alayoua]

Market Overview by FXCC July 10 2012

Chinese Economic Data continues to disappoint as trade balance widens.

This morning's Chinese Trade Balance is making headlines in all the news. Imports grew 6.3% in June, versus expectations for an 11.3% rise, and below a 12.7% gain in May, according to official data. Export shipments grew 11.3% for the month, ahead of the 9% rise expected but down from May’s 15.3% rise. Markets are all ready registering disappointment. Yesterday, China released a good deal of data with lackluster results.

Also, the Eurogroup issued a statement towards the close of their meeting stating that they were agreeing to an extension of Spain’s budget targets and moving closer to providing financial assistance to Spanish banks, they also noted that they were continuing to move ahead on the ESM and the banking plan introduced on June 29th by the EU Ministers, but otherwise very little occurred. Markets were disappointed. As earning season arrives, Alcoa kicked off with news of a loss which will also weigh heavily on the markets today.
Read More
https://support.fxcc.com/email/technical/10072012/

UPCOMING EVENTS :
2012-07-10 08:30 GMT | UK - Industrial & Manufacturing Production
2012-07-10 12:15 GMT | CAD - Housing Starts s.a (YoY) (Jun)
2012-07-10 14:00 GMT | UK - NIESR GDP Estimate (3M) (Jun)
2012-07-10 23:00 GMT | AUD - RBA Deputy Governor Lowe Speaks

FOREX NEWS :
2012-07-10 04:35 GMT | GBP/USD slips to 1.55; UK data eyed
2012-07-10 04:17 GMT | EUR/USD back to square for the week
2012-07-10 02:03 GMT | China Jun Trade Balance 31.73B
2012-07-10 02:03 GMT | China Imports (YoY) 6.3% in Jun

--------------
EURUSD : 1.22937 / 1.22941
DAILY WEEKLY MONTHLY



1.2392 | 1.2358 | 1.2338
1.2284 | 1.2250 | 1.2230

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


MARKET ANALYSIS - Intraday Analysis

The pair has breached the previous low of 1.2332 and the key supports currently are at 1.2180 (50% of the Fibonacci retracement level for the 0.82 to 1.60 range) then 1.1880 in the near term. RSI-14 momentum indicator is also tending towards the downside and is currently reading 0.33. Supports are at 1.2150 then 1.2080 and resistances are at 1.2392 then 1.2450. - Technicals show that a bearish downside momentum is building.

-----------------
GBPUSD : 1.55086 / 1.55096
DAILY WEEKLY MONTHLY



1.5616 | 1.5575 | 1.5552
1.5488 | 1.5447 | 1.5424

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


MARKET ANALYSIS - Intraday Analysis

The pair has breached the trend line support of 1.5540 and closed below it. RSI is reading 0.43 and is tending towards the downside. The charts show a minor pullback can be expected shortly and may test the trend line resistance of 1.5560 and may sell at these levels. At present, the support is at 1.5453, and a breach of this level will see the next support coming in at 1.5360. The near-term scenario will remain weak; if it continues to decline further, then it may test lower levels of 1.5250. Meanwhile, the resistance is evident at 1.5560 then 1.5640. Technicals are bearish look for a breach of the June 28 low 1.5485 leaves 1.5450 as the next key level.

-----------------
USDJPY : 79.498 / 79.502
DAILY WEEKLY MONTHLY



80.015 | 79.890 | 79.730
79.445 | 79.315 | 79.155

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


MARKET ANALYSIS - Intraday Analysis

The pair traded sideways to close on a negative note. Although the pair breached the major EMAs (8-day, 21-day and 34-day), it failed to sustain above those levels. RSI has been hovering in the same range of 0.50, and, therefore, is not indicating a clear direction for the pair. In the near term, the yen may trade slightly lower before witnessing some buying pressure at lower levels. Supports are seen at 79.17 then 78.70 while resistances are at 80.13 then 80.90. Technicals are mixed - recent uptrend has slowed, though support remains near 21 DMA (79.59)

Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)

[alayoua]

Market Overview by FXCC July 11 2012

China the main focus, with thin eco data as the EUR remains under pressure

Wall Street shares traded with a negative bias as they reviewed Chinese international trade data that implied that the Chinese economy is slowing. Energy prices fell, with WTI crude for delivery in August closing just under USD 84 per barrel and the August natural gas was trading at USD 2.73. CAD while USDCAD closed above 1.02 while EURUSD also sold off, closing at 1.2250. Equities were lower, with the S&P 500 down by 0.75% after being down as much as 1.2%. The TSX closed down by a steeper 1% amidst the selloff in basic resources and oil and gas names. Bonds were fairly flat.

It was a thin day in terms of economic data, with Canadian housing starts the only event on the docket. Canadian housing starts came in quite strong at 222.7 (that’s a seasonally adjusted annualized rate – not the actual amount of housing starts). The skew was radically tilted towards ‘multis’, which accounted for the lion’s share of the housing starts and all of the growth. It should be a fairly quiet in terms of economic data releases. This is the week during which China releases its main economic indicators, and while there are no measures from the real side of the economy due to be released; there is a chance that the credit and money market metrics could come out
Read More
https://support.fxcc.com/email/technical/11072012/


UPCOMING EVENTS :
2012-07-11 12:30 GMT | US - Trade Balance (May)
2012-07-11 14:00 GMT | US - Wholesale Inventories (May)
2012-07-11 17:00 GMT | US - 10-Year Note Auction
2012-07-11 18:00 GMT | US - FOMC Minutes

FOREX NEWS :
2012-07-11 04:19 GMT | EUR/USD choppiness ahead of FOMC minutes
2012-07-11 03:49 GMT | Market smells disappointment from the BOJ - Nomura
2012-07-11 03:21 GMT | AUD/USD oscilates ahead of Aus jobs data
2012-07-11 02:22 GMT | EUR/GBP dips to fresh 3-1/2 year low under 0.7900


EURUSD : 1.22651 / 1.22652
DAILY WEEKLY MONTHLY



1.2412 | 1.2373 | 1.2314
1.2216 | 1.2177 | 1.2118

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


MARKET ANALYSIS - Intraday Analysis

Technicals remain bearish with RSI at 32 indicates that decline has not yet reached oversold levels. The EUR continues to consolidated just above the recent lows and it seems it is preparing for the next leg lower and should bring us close to 1.2145. That bearish outlook is valid as long as the prices stay below the important 1.2345 Fibonacci level. Supports are seen at 1.2230, 1.2190 and then at 1.2151. Whereas resistance levels are seen at 1.2365, 1.2401 and then at the 10-DMA line at 1.2456.

---------------
GBPUSD : 1.55359 / 1.55369
DAILY WEEKLY MONTHLY



1.5621 | 1.5585 | 1.5550
1.5479 | 1.5443 | 1.5408

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


MARKET ANALYSIS - Intraday Analysis

Technicals continue to read bearish - consolidation seen around 1.5500, with limited range. The outlook remains bearish and expects weakness near 1.5260 Fibo level. On the upside, a break above 1.5550 will negate this view and will suggest larger recovery near 1.5620Supports are seen at 1.5470 and then at 1.5448. Whereas, resistance levels are seen at 1.5551 and then at the 10-DMA line at 1.5580, followed by the 21-DMA line at 1.5601.

---------------
USDJPY : 79.363 / 79.369
DAILY WEEKLY MONTHLY



79.915 | 79.745 | 79.550
79.190 | 79.020 | 78.825

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


MARKET ANALYSIS - Intraday Analysis

Technicals are reading bearish as the uptrend appears to have stalled, look to support at 200 day MA 78.99. At present the pressure is on the downside though and there is a greater risk for a downside break. But until such a break is seen, it is more reasonable to assume that the current consolidation will remain intact. Although some kind of a recovery can be expected in the short term. Supports are seen at 79.22 and then at 78.97. Whereas, resistance levels are seen at 79.62 and then at 79.78.

Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)

[alayoua]

Market Overview by FXCC July 12 2012

Not much in the FOMC Minutes … BoJ decision today

Markets sold off following the release of the minutes from the FOMC’s June 19-20 meeting (i.e. the meeting at which the Fed extended and increased its maturity extension program or ‘Operation Twist’). The S&P 500 closed flat at 1340, the NASDAQ was lower by 0.5%, and the TSX closed marginally higher. Government bonds were essentially flat and while EURUSD briefly traded below 1.22 it closed trading near 1.2243, close to where it started today’s European trading session.

Crude rebounded strongly today: Brent closed above USD 100 per barrel and WTI closed above USD 86 after data released by the Energy Information Administration showed that US crude stockpiles were drawn down by 4.7m barrels during the week ended July 6 (vs. expectations for a draw in the 1.5m barrels neighborhood).
Read More
https://support.fxcc.com/email/technical/12072012/

UPCOMING EVENTS :
2012-07-12 08:00 GMT | EMU - ECB Monthly Report
2012-07-12 09:00 GMT | EMU - Industrial Production (May)
2012-07-12 12:30 GMT | US - Initial Jobless Claims (Jun)
2012-07-12 12:30 GMT | CAD - New Housing Price Index (May)

FOREX NEWS :
2012-07-12 04:33 GMT | GBP/USD consolidates around 1.5500
2012-07-12 04:29 GMT | EUR/USD quiet below 1.2250 amid a busy Asian session
2012-07-12 04:10 GMT | USD/JPY spikes after Y45t APP increase
2012-07-12 03:58 GMT | BoJ increases asset purchases 45 trillion yen


EURUSD : 1.22300 / 1.22304
DAILY WEEKLY MONTHLY



1.2372 | 1.2334 | 1.2289
1.2206 | 1.2168 | 1.2123

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


MARKET ANALYSIS - Intraday Analysis

Technicals remain bearish - expecting to test further lows as indicators are not yet bearish enough but continuing to consolidating below the key 1.2330 resistance, which should limit intraday upside attempts. Expect a break of the support here then a move initially to the support at 1.2216. A break of that targets the .50% Fibo at 1.2176 and then at 1.2135. Supports are seen at 1.2230, 1.2190 and then at 1.2132 where as resistance levels are seen at 1.2334 and then at 1.2401. Stochastic has just moved to oversold, giving a hint of what we might expect today, although MACD and RSI are centered in sell territory

---------------
GBPUSD : 1.54891 / 1.54900
DAILY WEEKLY MONTHLY



1.5654 | 1.5616 | 1.5563
1.5472 | 1.5434 | 1.5381

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


MARKET ANALYSIS - Intraday Analysis

Technicals continue to be mixed moving quickly towards bearish with congestion seen at current levels and resistance expected at 1.5600. The pair surpassed the 1.5550 resistance, but could not sustain. Our outlook remains bearish. Supports are seen at 1.5461 and then at 1.5445 whereas, resistance levels are seen at the 10-DMA line at 1.5582 and then at the 21-DMA line at 1.5601.

----------------
USDJPY : 79.488 / 79.491
DAILY WEEKLY MONTHLY



80.540 | 80.165 | 79.885
79.235 | 78.860 | 78.580

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


MARKET ANALYSIS - Intraday Analysis

Technicals are bearish with a continued decline expected in the near term, given a breach of 50 day MA 79.52. The pair is gradually pushing to the downside, approaching the awaited support level at 79.10. In general the longer term overall bullish setup remains intact, and therefore the long term outlook remains bullish. Supports are seen at 79.08, 78.94 and then at 78.79 whereas, resistance levels are seen at 79.78 and then at 80.02.

Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)

[alayoua]

Market Overview by FXCC July 16 2012

US to face huge eco data risks this week

Asian markets will be exceptionally quiet next week. Only a pair of central bank minutes are due out - one from the RBA on Monday and the other from the BoJ on Tuesday — and will be parsed for clues regarding recent and future expected policy actions in the wake of stimulus measures provided by both central banks.

European markets will be relatively more subdued in terms of risk influences upon markets in comparison to developments in the US. Italy is expected to approve the ESM apparatus and fiscal pact. US markets will face enormous risk on each of the corporate earnings, policy, and economic fundamentals calendars next week. Data risk will kick off the week with retail sales expected to come in largely flat on Monday.
Read More
https://support.fxcc.com/email/technical/16072012/

2012-07-16 09:00 GMT | EMU - Consumer Price Index (June)
2012-07-16 12:30 GMT | Canadian portfolio investment in foreign securities
2012-07-16 12:30 GMT | US - Retail Sales (Jun)
2012-07-16 14:00 GMT | US - Business Inventories (May)


2012-07-15 22:42 GMT | Market response to Bernanke could be savage - NAB
2012-07-15 22:22 GMT | AUD/USD quiet around 1.0250, eyes 0.618 Fibo resistance
2012-07-15 22:16 GMT | ECB views on bondholders losses makes a 'risk-off' turn
2012-07-15 22:02 GMT | China has 'relatively big' room to cut RRR - Xinhua


EURUSD : 1.22412 / 1.22417
DAILY WEEKLY MONTHLY



1.2293 : 1.2283 : 1.2265
1.2237 : 1.2227 : 1.2209

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


MARKET ANALYSIS - Intraday Analysis

Technicals continue to read bearish, with a new 2-year low and all signals in sell territory. However, the RSI at 36 warns of EUR approaching oversold levels. Stochastic has crossed over into oversold territory, indicating that this pair could see an upward correction in the near future. The pair has reached its minimum in the last two years, having fallen from a peak of 1.2247 reaching its lowest level at 1.2165. If today the pair is able to break the key support at 1.2165, the next level is 1.2150, while breaking the 1.2250 resistance may postpone the attainment of these expectations. If it is successfully pushed back down then it could fall to the 1.2125; if, however, it breaks out higher than it would rally to 1.2300.

-------------
GBPUSD 1.55717 / 1.55727
DAILY WEEKLY MONTHLY



1.5639 : 1.5607 : 1.5590
1.5563 : 1.5526 : 1.5403

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


MARKET ANALYSIS - Intraday Analysis

Technicals are neutral and confused after Friday's surges in prices expect a rally to the.382 Fibonacci at 1.5595 and then a move back to the S5 at 1.5400. A break up would target the 1.5700. Most long-term technical indicators place this pair in neutral territory, meaning that at present there is no defined trend. Most likely the pair will try to test support at 1.5570, while breaking the level of 1.5575 would delay the realization of these expectations.

--------------
USDJPY : 79.126 / 79.131
DAILY WEEKLY MONTHLY



79.735 : 79.435 : 79.270
79.035 : 78.845 : 78.655

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


MARKET ANALYSIS - Intraday Analysis

Technicals are bearish - trading towards the lower end of recent range, with support at 200 day MA 79.03, Price is currently at 79.10 sitting right on the support line, just below the .500 Fibonacci at 79.17 in a sideways choppy move. A break of this will confirm the move to 79.00. A breakdown there looks for the double bottom at 77.67 but before we could see a move toward 78.80. While the daily chart's MACD/MA has formed a bearish cross, indicating that this pair could see downward movement in the near future, most other technical indicators show this pair range-trading. Just a reminder, Japanese markets are on holiday today.

Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)

[alayoua]

Market Overview by FXCC July 18 2012

Fed Bernanke Keeps Mum... no additional clues

Asian markets have started the day off mixed after US markets rebounded amid hopes for further monetary easing in the United States. The comeback was triggered after Federal Reserve Chief Ben Bernanke gave a gloomy assessment of the economy to Congress and said the Fed would act if the situation worsened, exactly as he had stated after the June FOMC meeting and as stated in the FOMC minutes. In New York, the Dow Jones Industrial Average closed at 12,805.54 on Tuesday, gaining 78.33 points (0.62 per cent) and more than erasing Monday's losses.

The Nikkei 225 index at the Tokyo Stock Exchange opened up 41.15 points at 8,796.15 this morning. The Hang Seng Index was off by 77.12 points, or 0.4 per cent, to 19,378.21in early trading. Market focus will shift back to the eurozone as we should see Spain and Italy back in the spotlight. Commodities and currencies ended pretty much where they had begun the day.
Read More
https://support.fxcc.com/email/technical/18072012/


UPCOMING EVENTS :
2012-07-18 08:30 GMT UK - Bank of England Minutes
2012-07-18 09:00 GMT EMU - Construction Output s.a (May)
2012-07-18 12:30 GMT US - Building Permits (Jun)
2012-07-18 14:00 GMT US - Fed's Bernanke testifies

FOREX NEWS :
2012-07-18 04:40 GMT NZD/USD may enter fresh 0.8005-0.8075 range soon
2012-07-18 04:29 GMT GBP/USD steady around 1.5650 ahead of BoE
2012-07-18 04:17 GMT EUR/USD failing to break above 1.2300
2012-07-18 04:11 GMT China House Price Index flat at -1.5% in Jun

-------------
EURUSD : 1.22836 / 1.22842
DAILY WEEKLY MONTHLY



1.2472 | 1.2394 | 1.2345
1.2218 | 1.2140 | 1.2091

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


MARKET ANALYSIS - Intraday Analysis

Technicals remain bearish, but a breach above last week’s high of 1.2336 could change the outlook. The EURUSD rally from 12161 is corrective which can often be a choppy, sideways affair. The initial stop is above 12440. This rally extended to above 1.23 by the today's Asian session. The 1.2320-1.2330 area is the resistance of a previous near-term consolidation. RSI in the four-hour chart is almost 60. If the market is to retain the bearish momentum in this time-frame, the RSI reading tends to find resistance at 60. The one-hour RSI is showing some bearish divergence. A break above 1.2330 exposes the 1.24 key resistance level.

------------------
GBPUSD : 1.56427 / 1.56434
DAILY WEEKLY MONTHLY



1.5834 | 1.5756 | 1.5710
1.5586 | 1.5508 | 1.5462

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


MARKET ANALYSIS - Intraday Analysis

Technicals remain bullish with a shift to neutral with strong resistance at 50 day MA 1.5647 could limit further gain. The sterling rally has carried price into channel resistance. Resistance is reinforced by the low at 15641 and channel that defines the rally from 15392. The pair continued to struggle around SMA 50 but the bullish sign on Stochastic remains intact. Our outlook keeps the bullish scenario for the rest of the day; noting that a break above 1.5680 will confirm and accelerate the bullish direction towards 1.5780.

---------------
USDJPY : 78.993 / 78.999
DAILY WEEKLY MONTHLY



79.585 | 79.380 | 79.230
78.880 | 78.675 | 78.525

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


MARKET ANALYSIS - Intraday Analysis

Technicals remain mixed and are hovering close to key 200 day MA 79.05 and declines are limited below 78.80. The pair has reached the -2nd Bollinger band for the first time since early June. The pair has been trapped within a very narrow range since attempting to stabilize at the 79.00 levels. Meanwhile, RSI 14 continued to stabilize below the value of 50.00 suggesting further losses over intraday basis. 7890 is the important support line, if price breaks through we could see a decline to the wide support zones between 78.20 and 77.95. The current trading range is between the key support at 77.60 and key resistance at 80.30.

Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)

[alayoua]

Market Overview by FXCC July 20 2012

The USD is weakened by lackluster jobs data as earnings soar.

Asian stocks are trading mixed early this morning with gains in China and Japan whereas the Kospi and Hang Seng indices show slight declines. The euro has also given up its overnight gains as it trades below the 1.23$ mark. Weaker jobs data from the US has increased pressure for the world’s largest economy. European shares soared to a four month high on Thursday as another string of estimate-beating corporate results surprised investors who had braced for a weak show. U.S. Stocks closed higher for a third-straight session in choppy trading Thursday, with the S&P 500 hitting its best level since May, but gains were limited following some disappointing economic reports that underscored ongoing weakness in the recovery.

On the economic front, German PPI is to be closely watched. These are expected to come in higher at -0.20%, versus the -0.30% previously. This could provide affect support to the euro in the European session. There are no major data releases from the U.S. Crude oil and gold continued to climb in yesterday's session with tensions in the mid east rising pressurizing prices
Read More
https://support.fxcc.com/email/technical/20072012/

UPCOMING EVENTS :
2012-07-20 06:00 | GMT Germany - Producer Price Index (Jun)
2012-07-20 08:30 | GMT UK - Public Sector Net Borrowing (Jun)
2012-07-20 n/a | EMU - European Council meeting
2012-07-20 12:30 GMT | CAD - Consumer Price Index (Jun)

FOREX NEWS :
2012-07-20 04:26 GMT | EUR/USD waiting for Eurogroup below 1.2300
2012-07-20 02:35 GMT | USD/JPY at session lows, bear trend intact
2012-07-20 02:32 GMT | EUR/JPY at session lows below 96.50
2012-07-20 01:45 GMT | EUR/USD set to end week unchanged

---------------
EURUSD: 1.22628 / 1.22632
DAILY WEEKLY MONTHLY



1.2417 | 1.2370 | 1.2324
1.2231 | 1.2184 | 1.2138

SUMMARY : Down
TREND : Down trend
MA10 : Bullish
MA20 : Bearish
STOCHASTIC : Overbought


MARKET ANALYSIS - Intraday Analysis

The pair has worked out the Flag figure and declined to 1.21813. Despite the attempt above 1.2316, there is nothing about the action to suggest that this is an important turn. It’s possible that a high is already in place at 1.2316 but any additional strength should be capped by 1.2333. The pair managed to move above the middle resistance. It retested the level and is now trying to recapture 1.23. This upward move is probably a correction and the downtrend will resume toward 1.20. Support lies at 1.2210 and 1.2160.

--------------
GBPUSD : 1.57021 / 1.57026
DAILY WEEKLY MONTHLY



1.5856 | 1.5796 | 1.5756
1.5656 | 1.5596 | 1.5556

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


MARKET ANALYSIS - Intraday Analysis

Signals are bullish as near term resistance at the 50 day MA 1.5629 has been broken, the pair is aiming to the MA 100 at 1.57071. The technical pattern is being reinforced by resistance created by the 1.5740 June 17th high. Further barriers above are likely to compound the sentiment, at the 1.5750 figure. MACD is additionally supportive of a short term retracement, showing a sharp bearish divergence in the hourly time frame. Supports are seen at the 21-DMA line at 1.5585 and then at the 10-DMA line at 1.5563. On the other hand, resistance levels are seen at 1.5722 and then at 1.5731 which is the 21-DMA upper Bollinger level.

---------------
USDJPY: 78.614 / 78.619
DAILY WEEKLY MONTHLY



79.245 | 79.025 | 78.885
78.525 | 78.300 | 78.165

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


MARKET ANALYSIS - Intraday Analysis

Technicals remain bearish and the decline continues following breach of 200 day MA 79.07 but signals are moving to the overbought zone. The pair is completing a Head and Shoulders, the first aim was 79.070 which is has broken and the 2nd aim is at 78.345 to complete the move. It has breached temporary support from the lower channel line of the move down and it is possible it may rebound from here although there is not strong reversal pattern yet. A move above the 76.4% Fibonacci line at 79.02 would encourage an upward reaction.

Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)