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Old 04-05-2012, 08:58 AM
alayoua alayoua is offline
Senior Investor
Join Date: Jul 2011
Posts: 537
Default Daily Forex Market by FXCC 05Apr2012

Daily Forex Market by FXCC 05Apr2012

EUR/USD quietly advances to session highs

EUR/USD is printing fresh session highs at 1.3158 following China services PMI in line with expected at 53.3 which means expansion, and market participants have taken it as a risk on relief for a while, either exiting existing positions, or entering new ones pushing USD lower across the board. Local share markets also are on the bounce from multi-week lows, with yen selling off currently at 82.29 for USD/JPY. Euro kind of lags in the reaction, like against AUD for example, with EUR/AUD cross siting at session lows 1.2783. With only main macro risk event ahead in the form of German industrial production at 10:00 GMT, and many countries getting ready for a three to four day weekend for Eastern, everything will be set up for big day Friday with US NFP which will bring plenty of volatility given low liquidity available with almost all Europe on holidays.

AUD/JPY is currently at 84.61, retreating from session highs at 84.81, following last dip in USD/JPY with yen demand on the rise as Nikkei index keeps falling another -0.77% adding to yesterday's -2.29% loss. Main focus for current Asian session, ahead of the 4-day weekend coming tomorrow in Australia, will be Chinese PMI services at 02:30 GMT
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2012-04-05 08:30 GMT United Kingdom Industrial Production (YoY) (Feb)
2012-04-05 10:00 GMT Germany Industrial Production s.a. w.d.a. (YoY) (Feb)
2012-04-05 11:00 GMT United Kingdom BoE Interest Rate Decision
2012-04-05 11:00 GMT United Kingdom BoE Asset Purchase Facility

2012-04-05 02:46 GMT USD/JPY at fresh session lows after China PMI
2012-04-05 02:34 GMT China Mar HSBC China Services PMI decreases to 53.3
2012-04-05 00:53 GMT AUD/JPY at a crossroads below 85.00
2012-04-04 23:22 GM GBP/USD hovers below 1.59 in early Asia

EURUSD : 1.31541 / 1.31548

1.3340 | 1.3277 | 1.3248 | 1.3189
1.3108 | 1.3057 | 1.3011 | 1.2967

TREND : Down trend
MA10 : Bullish
MA20 : Bullish

MARKET ANALYSIS - Intraday Analysis

EURUSD couldn’t hold in yesterday’s trading session and fell, breaking below our support level and forming a new low at 1.3108 (S1). A break below that level would suggest a target at 1.3057 (S2) and a further fall will focus attention on 1.3011 (S3) a significant technical and psychological level. On the other hand if the pair moves upwards and manages to break above 1.3189 (R1) we expect the price to retest 1.3248 (R2) and any further rise will then be limited to 1.3277 (R3).

GBPUSD : 1.59010 / 1.59022

1.6098 | 1.6063 | 1.5977 | 1.5934
1.5832 | 1.5799 | 1.5732 | 1.5668

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

MARKET ANALYSIS - Intraday Analysis

GBPUSD fell below our first support and formed a bottom at 1.5832. After that the price rise and closed just below of yesterday’s first resistance. We expect the GBPUSD to continue its move downwards and to complete the correction at the level of 1.5732 (S3). A proper confirmation for the short positions will be when the price manages to break below the first support level of 1.5832 (S1). A stop loss should be placed at 1.5934 (R1).

USDJPY : 82.231 / 82.233

84.51 | 83.79 | 83.31 | 82.98
82.08 | 81.54 | 80.81 | 80.23

TREND : Down trend
MA10 : Bearish
MA20 : Bearish

MARKET ANALYSIS - Intraday Analysis

The USDJPY moved closer to support levels at 82.08, retested it twice but didn’t manage to break below it. After that, the price rise and now is trading above 82.08 (S1). If price will be able to break below that level, USDJPY target is at 81.54 (S2). Further decline will re-test support at 80.81 (S3). A stop loss should be placed below 82.98 (R1).

Source: FX Central Clearing Ltd, (
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