Market Overview by FXCC Oct 22 2012

Rajoy gets landslide victory in Galicia

El PaÍs reported a landslide victory by Rajoy in Galicia. In Europe, things seem to be progressing. Reuters is reporting that the Troika deal is 90% complete, according to the Greek Finance Minister, and that the Greek Prime Minister expects his nation to receive the next tranche of loans by the end of November; the November timeline is key, given that Greece will reportedly run out of adequate reserves by the 16th of that month.

Elsewhere in the region, eyes are on Spain as the Spanish province of Galicia becomes a focus for global investors, with a key election underway today; Mariano Rajoy's ruling People's Party is in the lead according to early exit polls. Economists continue to expect that Spain will do what is needed to secure ECB help in November, and a bailout would certainly help to soothe persistent fears about the breakup of the European Union.
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UPCOMING EVENTS :
2012-10-22 06:00 GMT | United Kingdom. Nationwide Housing Prices
2012-10-22 07:00 GMT | Switzerland. Monthly Statistical Bulletin
2012-10-22 07:00 GMT | Australia. RBA Assist Gov Debelle Speech

FOREX NEWS :
2012-10-22 04:15 GMT | EUR/AUD consolidation a continuation pattern?
2012-10-22 01:51 GMT | EUR/JPY, post '4-yr trendline' era; 104.00 still tough
2012-10-22 00:19 GMT | AUD/USD tests bids through 1.3000

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EURUSD : 1.30560 / 1.30565
DAILY WEEKLY MONTHLY



1.3111 | 1.3089 | 1.3066
1.3031 | 1.3007 | 1.2983

SUMMARY : Up
TREND : Upward penetration
MA10 : Bullish
MA20 : Bearish
STOCHASTIC : Overbought


MARKET ANALYSIS - Intraday Analysis

Technical Summary: Technically, EURUSD is under the uptrend formation on the medium term perspective and appreciation above the expected resistance levels might open road towards to new targets. Main scenario: Our next resistance level could be found at 1.3066 (R1). Appreciation above it might enable next targets at 1.3089 (R2) and 1.3111(R3) in potential. Alternative scenario: We expect to see retest of our support at 1.3031 (S1) today. Easing below it would suggest next targets at 1.3007 (S2) and 1.2983 (S3) in potential.

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GBPUSD : 1.60303 / 1.60311
DAILY WEEKLY MONTHLY



1.6089 | 1.6068 | 1.6046
1.6011 | 1.5989 | 1.5965

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


MARKET ANALYSIS - Intraday Analysis

Technical Summary: GBPUSD aimed to recover previous day’s losses by trading most of the time on the positive side today. We expect further appreciation towards to our resistance levels today however medium term bias remains negative. Main scenario: If the pair manages to overcome our next resistance level at 1.6046(R1), we expect further progress towards to new targets at 1.6068 (R2) and 1.6089 (R3) in potential. Alternative scenario: Next support level locates at 1.6011 (S1). Decline below it might resume weakness towards to 1.5989 (S2). Selling pressure might face final support at 1.5965 (S3) intraday.

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USDJPY : 79.619 / 79.621
DAILY WEEKLY MONTHLY



79.93 | 79.82 | 79.66
79.46 | 79.30 | 79.13

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


MARKET ANALYSIS - Intraday Analysis

Technical Summary: USDJPY gained momentum on the positive side today and our main scenario is bullish on the short term perspective, though further market decline is possible later on today. Main scenario: Climb above the resistance level at 79.66 (R1) might open way for the price appreciation towards to the target at 79.82 (R2). Last target for today locates at 79.93 (R3). Alternative scenario: If the price manage to stabilize on current levels and clearly brake our next support level at 79.46 (S1) we expect correction development with next targets at 79.30 (S2) and 79.13 (S3).

Source: FX Central Clearing Ltd, (ECN Forex Broker | ECN Forex Trading Platform | Foreign Currency Exchange | Best Currency Online Trading | FXCC)

Market Overview by FXCC Oct 23 2012

Spain is now where Greece was three years ago.

Steen Jakobsen, Chief Investment Officer at Saxo Bank, on an attempt to emphasize the dire financial picture in Spain, and what may come further down the road, notes Spain is now where Greece was three years ago. Mr. Jakobsen notes: "Spain is facing negative fiscal multipliers as any move toward austerity will aggravate the negative economic spiral. Even the IMF has now admitted that fiscal multipliers are far higher than previously assumed (0.9 to 1.7 vs. previous 0.5), meaning the end is not near to this crisis. The problem for Spain is the same as for Greece: a mandate for change forced on the population by unelected and non-accountable officials in offices in Brussels or Frankfurt is never going to last for long. "

Moody's Investors Service announced downgrades by one or two notches the ratings in five Spanish regions, including Andalucia, Extremadura, Castilla-La Mancha, Catalunya, and Murcia. In the statement, Moody's also confirms the ratings of the Basque Country and the Diputacion Foral de Bizkaia at Baa2. In addition, the ratings of the regions of Madrid, Castilla y Leon and Galicia have also been confirmed at Baa3. The ratings of Valencia were also confirmed at B1.
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UPCOMING EVENTS :
2012-10-23 12:30 GMT | Canada. Retail Sales
2012-10-23 13:00 GMT | Canada. BoC Interest Rate Decision
2012-10-23 14:00 GMT | E.M.U. Consumer Confidence
2012-10-23 17:00 GMT | United Kingdom. BoE's Governor King Speech

FOREX NEWS :
2012-10-23 04:50 GMT | GBP/USD flat above 1.6000, bearish below 1.5970
2012-10-23 02:52 GMT | EUR/AUD set for breakout, but in which direction?
2012-10-22 23:52 GMT | USD/JPY threatening 80.00
2012-10-22 21:26 GMT | EUR/JPY surges toward 61.8% Fibo resistance

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EURUSD : 1.30580 / 1.30583
DAILY WEEKLY MONTHLY



1.3099 1.3087 1.3075
1.3048 1.3037 1.3025

SUMMARY : Down
TREND : Downward penetration
MA10 : Bearish
MA20 : Bullish
STOCHASTIC : Oversold


MARKET ANALYSIS - Intraday Analysis

Technical Summary: Instrument tested negative side today and we see possibility of further market decline later on today. Main scenario: A short-term neutral bias might face immediate support at 1.3048 (S1). Lower targets are placed at 1.3037 (S2) and 1.3025 (S3) in case of successful penetration here. Alternative scenario: Next resistance is placed above the fresh high at 1.3075 (R1), a break above it would extend gains towards to next targets at 1.3087 (R2) and 1.3099 (R3).

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GBPUSD : 1.60146 / 1.60154
DAILY WEEKLY MONTHLY



1.6052 1.6038 1.6024
1.6006 1.5992 1.5977

SUMMARY : Down
TREND : Downward penetration
MA10 : Bullish
MA20 : Bearish
STOCHASTIC : Neutral


MARKET ANALYSIS - Intraday Analysis

Technical Summary: Both moving averages now are pointing down and we expect further easing today below the expected support levels. Main tendency on the medium term remains negative. Main scenario: Downside direction is limited by next support level at 1.6006 (S1), price decrease below it would be targeting next supports at 1.5992 (S2) and 1.5977 (S3). Alternative scenario: Our next resistance locates at 1.6024 (R1). Successful attack here would put in focus next target at 1.6038 (R2) and any further rise would then be targeting to 1.6052 (R3).

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USDJPY : 79.909 / 79.913
DAILY WEEKLY MONTHLY



80.31 80.15 80.01
79.78 79.64 79.49

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


MARKET ANALYSIS - Intraday Analysis

Technical Summary: Positive tendency remains in power today however in near future we expect to see some consolidation and possibly pull back from its initial price increase. Main scenario: Our next resistance stay at 80.01 (R1), break here is required for market expansion towards to next targets at 80.15 (R2) and 80.31 (R3). Alternative scenario: If the marked decline below the support at 79.78 (S1), we expect price downgrade towards to our targets at 79.64 (S2) and 79.49 (S3) as a part of consolidation.

Source: FX Central Clearing Ltd,( Forex Trading Basics | ECN Forex Trading Education | Best Forex Trading Platform )

Market Overview by FXCC Oct 24 2012

Euro searching for catalyst strong enough to break its range, FOMC eyed

Looking ahead, the Federal Reserve's policy setting committee began a two-day meeting, with a policy statement to be released Wednesday.According to Marc Chandler, Global Head of Currency Strategy at BBH, given the proximity of the election and the fact that an open-ended asset purchase plan was announced last month (QE3 or QE+), there will be a great deal more talk than action at the FOMC meeting.

"There are two issues that market expects the Fed to discuss. The first may fall under communication, but is really more substantive", says BBH. "Currently the Fed uses a calendar date approach, now mid-2015 to guide expectations of the minimum amount of time the Fed will keep interest rates low. There has been some talk…that perhaps the Fed should provide numerical targets". The second issue addresses the amount of securities the Fed is purchasing, says BBH analyst. "The question here is whether the Fed should roll the $45 bln a month in Treasuries it is buying under Operation Twist (and selling short-end holdings) and roll them into QE3+", he explains. "This would mean buying $85 bln a month in MBS and Treasuries a month".
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UPCOMING EVENTS :
2012-10-24 14:00 GMT | United States. New Home Sales
2012-10-24 15:15 GMT | Canada. BoC Press Conference
2012-10-24 18:15 GMT | United States. Fed's Monetary Policy Statement and press conference
2012-10-24 | European Monetary Union. ECB President Mario Draghi Visits Germany

FOREX NEWS :
2012-10-24 05:02 GMT | EUR/USD looking ahead to EZ PMI, FOMC
2012-10-24 00:43 GMT | AUD/USD spike hits 1.0300 post-AU CPI
2012-10-23 23:23 GMT | Buy dips on gold towards a $1775 target - Nomura
2012-10-23 21:24 GMT | AUD/JPY bears protecting 82.70


EURUSD : 1.29865 / 1.29869
DAILY WEEKLY MONTHLY



1.3037 | 1.3013 | 1.2994
1.2971 | 1.2951 | 1.2930

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


MARKET ANALYSIS - Intraday Analysis

Technical Summary: Plenty of macroeconomic data releases ahead. Today in focus ECB President Mario Draghi speech at 14:00 GMT and Fed's Monetary Policy Statement and press conference at 18:15 GMT. Technically, instrument extended its weakening and determined negative bias on the medium term perspective. Main scenario: Risk of further depreciation is seen below the next support level at 1.2971 (S1). Clearance here might put selling pressure to the pair and enable next targets at 1.2951 (S2) and 1.2930 (S3). Alternative scenario: Our next resistance level is placed above the fresh high, provided today at 1.2994 (R1). Strengthening above it would suggest higher targets at 1.3013(R2) and 1.3037 (R3).

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GBPUSD : 1.59487 / 1.59488
DAILY WEEKLY MONTHLY



1.5993 | 1.5975 | 1.5956
1.5931 | 1.5913 | 1.5894

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


MARKET ANALYSIS - Intraday Analysis

Technical Summary: Technically, picture is negative for GBPUSD. We expect gradual market decline later on today however possibility of consolidation development is seen above our resistance levels. Main scenario: Next support level in focus at 1.5931 (S1), if it manages to break our support here we suggest next targets at 1.5913 (S2) and 1.5894 (S3). Alternative scenario: Successful attack to the next resistance level at 1.5956 (R1) might establish retracement formation with next targets at 1.5975 (R2) and 1.5993 (R3) in focus.

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USDJPY : 79.807 / 79.809
DAILY WEEKLY MONTHLY



80.22 | 80.08 | 79.94
79.78 | 79.64 | 79.49

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


MARKET ANALYSIS - Intraday Analysis

Technical Summary: Yesterday USDJPY continued its consolidation and now is settled for a move. We expect retest of our resistance level today. If it fails to establish positive bias likely we will see a correction development on the hourly timeframe. Main scenario: Next resistance at 79.94 (R1) comes ahead. The break here is required for the price appreciation towards to next target at 80.08 (R2) and any further rise would then be targeting to 80.22 (R3). Alternative scenario: Downside fluctuations remains for now limited by next support level at 79.78 (S1), only clear break here would be a signal of market easing, targeting 79.64 (S2) and 79.49 (S3) in potential.

Source: FX Central Clearing Ltd,( Best Forex Trading System | Forex Trading Platforms | Automated Forex Trading Software | FXCC )

Market Overview by FXCC Oct 25 2012

RBNZ rate cut expected ‘next few months'

As expected, the Reserve Bank of New Zealand (RBNZ) kept its cash rate on hold at 2.5% today, with Gov. Wheeler noting that market sentiment has improved, that the risks to the global outlook have become more balanced, that a strong NZD undermines the fundamentals of the NZ’s economy, which, he says, is expected to continue growing at a modest pace.

Daniel Martin, economist at Capital Economics (Asia) notes: “Recent data suggest that GDP stabilised or even picked up slightly in Q3, after a slowdown in Q2. However, we expect subdued global growth and currency strength to prompt the RBNZ into a rate cut over the next few months.”
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UPCOMING EVENTS :
2012-10-25 08:30 GMT | United Kingdom. Gross Domestic Product
2012-10-25 12:30 GMT | United States. Durable Goods Orders
2012-10-25 21:00 GMT | New Zealand. Trade Balance
2012-10-25 23:30 GMT | Japan. National Consumer Price Index

FOREX NEWS :
2012-10-25 05:29 GMT | EUR/USD stops come first, technicals later
2012-10-25 04:41 GMT | GBP/USD in tight range ahead of UK GDP data
2012-10-25 03:28 GMT | AUD/JPY retesting 83.00 range resistance
2012-10-25 01:32 GMT | AUD/USD slowly inching higher; key Fibo nearby

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EURUSD : 1.29861 / 1.29864
DAILY WEEKLY MONTHLY



1.3029 | 1.3013 | 1.2997
1.2977 | 1.2961 | 1.2945

SUMMARY : Down
TREND : Upward penetration
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Neutral


MARKET ANALYSIS - Intraday Analysis

Technical Summary: EURUSD stabilized on the positive side today and attempt to reach yesterday high. If it fails to overcome it we expect further market decline as main scenario for today. Main scenario: Risk of further market weakening is seen below the next support level at 1.2977 (S1). Break here is required to expose next targets at 1.2961 (S2) and 1.2945 (S3). Alternative scenario: In case of market appreciation above the next resistance at 1.2997 (R1), we suggest next target at 1.3013 (R2) and any further rise would then be targeting 1.3029 (R3).

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GBPUSD : 1.60472 / 1.60479
DAILY WEEKLY MONTHLY



1.6095 | 1.6081 | 1.6067
1.6048 | 1.6033 | 1.6019

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


MARKET ANALYSIS - Intraday Analysis

Technical Summary: GBPUSD gained momentum on the positive side and currently trades on its high. We expect further price appreciation later on today towards to our resistance levels. Main scenario: Our next resistance level is placed at 1.6067(R1). Clearance here would suggest next targets at 1.6081(R2) and 1.6095 (R3). Alternative scenario: Fall below the support level at 1.6048 (S1) would provide us with a signal of further downtrend formation. We expect next targets at 1.6033 (S2) and 1.6019 (S3) in such scenario.

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USDJPY : 80.054 / 80.058
DAILY WEEKLY MONTHLY



80.50 : 80.34 : 80.17
79.95 : 79.79 : 79.63

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


MARKET ANALYSIS - Intraday Analysis

Technical Summary: Instrument has settled correction on the hourly timeframe and currently trades under the bullish pressure. Further rise is likely scenario for today. Main scenario: We expect attack to the next resistance level at 80.17 (R1). Clearance here is required for the instrument strengthening towards to our next targets at 80.34 (R2) and 80.50 (R3) in potential. Alternative scenario: The downside trend evolvement is limited by next support level 79.95 (S1), break here might lead to the targets execution at 79.79 (S2) and 79.63 (S3).

Source: FX Central Clearing Ltd,( Forex Trading Account | ECN Forex Trading Courses | Forex Currency Trading System )

Market Overview by FXCC Nov 05 2012

Greece to present new austerity package today

FXstreet.com (Barcelona) - The Greece government, still in despair trying to find new ways to cut public spending, will present a new austerity proposal to parliament on Monday. In the proposal, it will be key to win enough acceptance if the country is to comply with the Troika requirements and not put at risk a still 'doubtful' next aid tranche worth over EUR 31.5 billion. The country faces a new week with tensions in the street escalating fast, with plans of strikes and protests. A 2-day strike against the next austerity bill is expected on Tuesday, with marches through Athens' city centre taking place. Greek parliament will be voting on an austerity package mounting 13.5 billion euros, mainly aimed at tax hikes and more flexibility for firms to enroll people on temporary labour contracts and make them redundant.

"These will be the last cuts in wages and pensions," Samaras said on Sunday, cited by Reuters. "We promised to avert the country's exit from the euro and this is what we are doing. We have given absolute priority to this because if we do not achieve this everything else will be meaningless" Samaras added. As Richard Lee, FXstreet contributor, notes: "A dead vote on the austerity measure would place significant pressure on the single currency, as a delay of disbursement by the EU’s Troika could technically place Greece in a sovereign default. Greek benchmark 10-year bonds are reflective of the sentiment, with the yield rising a little over 40 basis point to 18.18% in the last two days."
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UPCOMING EVENTS :
2012-11-05 00:00 GMT | All. G20 Meeting
2012-11-05 09:28 GMT | United Kingdom. Markit Services PMI
2012-11-05 09:30 GMT | European Monetary Union. Sentix Investor Confidence
2012-11-05 15:30 GMT | United States ISM Non-Manufacturing PMI

FOREX NEWS :
2012-11-05 05:14 GMT | Short EUR/USD, target around 1.26 - Saxo Bank
2012-11-05 04:50 GMT | GBP/USD holding above 1.60 on low volatility
2012-11-05 03:12 GMT | EUR/AUD gaping below 1.2400
2012-11-05 01:30 GMT | USD/JPY capped below 80.50


EURUSD HIGH 1.28393 LOW 1.28159 BID 1.28305 ASK 1.28310 CHANGE -0.06% TIME 08:46:31



OUTLOOK SUMMARY : Down
TREND CONDITION : Down trend
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Medium

MARKET ANALYSIS - Intraday Analysis

Long direction: Market formed fresh low today and currently deviates from its initial downtrend formation. Next resistance level ahead is seen at 1.2844 (R1), break here is required to enable next target at 1.2868 (R2) and any further rise would then be limited to 1.2892 (R3). Short direction: Market sentiment is negative on EURUSD as of Friday sharp fall. If EURUSD gains momentum today and overcome our next support level at 1.2814 (S1), we suggest next targets at 1.2791 (S2) and 1.2767 (S3).

Resistance Levels: 1.2844, 1.2868, 1.2892
Support Levels: 1.2814, 1.2791, 1.2767

GBPUSD HIGH 1.60358 LOW 1.60085 BID 1.60288 ASK 1.60296 CHANGE 0.04% TIME 08:46:32



OUTLOOK SUMMARY : Down
TREND CONDITION : Down trend
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Medium

Long direction: If we take a look on the hourly chart we can see that medium-term bias is clearly negative however today instrument intend to provide retracement formation. Break above the next resistance level at 1.6039 (R1) would suggest next targets at 1.6054 (R2) and 1.6070 (R3) in potential. Short direction: Fresh low, formed on Friday is our key point for today. Next support level lie at 1.6007 (S1), below here opens the road towards to next targets at 1.5993 (S2) and 1.5978 (S3).

Resistance Levels: 1.6039, 1.6054, 1.6070
Support Levels: 1.6007, 1.5993, 1.5978

USDJPY HIGH 80.562 LOW 80.337 BID 80.353 ASK 80.357 CHANGE -0.15% TIME 08:46:33



OUTLOOK SUMMARY : Down
TREND CONDITION : Downward penetration
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Low

Long direction: Technically, medium term tendency on USDJPY is positive and current pull back might be considered as a correction. If USDJPY gains momentum and rose above the resistance at 80.47 (R1) we expect next targets at 80.55 (R2) and 80.63 (R3). Short direction: Both moving averages is acting now as dynamic resistance levels and while price is quoted below them we expect further market decline. Downside direction is limited by next support level at 80.31 (S1), price decrease below it would be targeting next supports at 80.24 (S2) and 80.15 (S3).

Resistance Levels: 80.47, 80.55, 80.63
Support Levels: 80.31, 80.24, 80.15

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

Daily Forex Market Analysis from FXCC Nov 08 2012

Small chance of a ECB rate cut in November; BoE might introduce additional QE

Market experts' views on the ECB and the BoE November monetary policy meetings are rather mixed, as recent economic data and the developments in the European debt crisis as well as the implications of the central banks' latest decisions leaves them with options for action this month. Almost all of the analysts contributing to the special forecast report agree that there is a very slight possibility of the ECB carrying out an interest rate cut at the upcoming meeting because, as Ilian Yotov writes, "with the OMT bond buying program plan already in place" the central bank can afford to wait for another month." Only Yohay Elam believes that "there is a good chance that the ECB will cut the rates by 0.25%" in November, in the light of "a small slide in inflation, the worsening economic situation, and fear of another credit crunch."

As far as the BoE monetary policy meeting is concerned, the experts' projections range from "it should be interesting" to "as usual, a non event." The majority believes that there is a possibility of an extension of the asset purchase program by an additional 50 billion pounds. The upcoming BoE and ECB monetary policy decisions will be announced today at 12:00 and 12:45 GMT, respectively - FXstreet.com

UPCOMING EVENTS :
2012-11-08 **:00 GMT : United Kingdom. BoE Monetary Policy Statement
2012-11-08 12:00 GMT : United Kingdom. BoE Asset Purchase Facility
2012-11-08 13:30 GMT : European Monetary Union. ECB Monetary policy statement and press conference
2012-11-08 13:30 GMT : United States. Trade Balance

FOREX NEWS :
2012-11-08 05:59 GMT : GBP/USD unchanged ahead of BoE meeting
2012-11-08 05:13 GMT : EUR/JPY still under bear pressure; risk weighs
2012-11-08 03:15 GMT : GBP/JPY breaks and holds below 128
2012-11-08 03:02 GMT : Top-heavy NZD/JPY rests around 65.30

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EURUSD
HIGH 1.27802 LOW 1.27428 BID 1.27625 ASK 1.27631 CHANGE -0.07% TIME 08 : 18 : 29



OUTLOOK SUMMARY : Down
TREND CONDITION : Downward penetration
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : High

MARKET ANALYSIS - Intraday Analysis

Long direction: Today in focus ECB Monetary policy statement and press conference at 13:30 GMT. If the market manage to climb above the resistance level at 1.2783 (R1) we expect next target to be achieved at 1.2803 (R2) and any further rise would then be targeting to 1.2824 (R3). Short direction: The low, formed yesterday is our reference point for further downtrend formation. Decline below the support level at 1.2736 (S1) might open road towards to lower targets, located at 1.2717 (S2) and 1.2698 (S3).

Resistance Levels: 1.2783, 1.2803, 1.2824
Support Levels: 1.2736, 1.2717, 1.2698

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GBPUSD
HIGH 1.59921 LOW 1.59697 BID 1.59819 ASK 1.59826 CHANGE -0.02% TIME 08 : 18 : 30



OUTLOOK SUMMARY : Sideway
TREND CONDITION : Sideway
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : High

Long direction: Important macroeconomic data release might push the market in any direction today as it is not stable. Next announcement in focus 12:00 GMT- BoE Asset Purchase Facility. If the pair manages to penetrate above the resistance level at 1.5994 (R1), we suggest next targets at 1.6009 (R2) and 1.6024 (R3). Short direction: We placed our next support level at 1.5963 (S1). Loss here might enable further bearish pressure and downgrade Cable towards to expected targets at 1.5949 (S2) and 1.5935 (S3).

Resistance Levels: 1.5994, 1.6009, 1.6024
Support Levels: 1.5963, 1.5949, 1.5935

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USDJPY
HIGH 80.003 LOW 79.775 BID 79.905 ASK 79.908 CHANGE -0.11% TIME 08 : 18 : 31



OUTLOOK SUMMARY : Down
TREND CONDITION : Sideway
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Medium

Long direction: USDJPY trades in gradual descending channel on the hourly chart. Climb above the next resistance level at 80.03 (R1) might provide market with sufficient power to attack next target at 80.11(R2) and any further rise would then be limited to 80.20 (R3). Short direction: Today instrument tested negative side and formed fresh low, which is our next support level at 79.77 (S1). Break here is required to enable next targets at 79.68 (S2) and 79.60 (S3).

Resistance Levels: 80.03, 80.11, 80.20
Support Levels: 79.77, 79.68, 79.60

Source: FX Central Clearing Ltd,( ECN Forex Trading For Beginners | Automated Forex Trading Systems | Forex Automated Trading )

Daily Forex Market Analysis from FXCC Nov 09 2012

ECB's Draghi: Growth momentum to remain weak in 2013

As expected, the ECB Governing Council decided to keep the main interest rate unchanged at a record low of 0.75% at their November monetary policy meeting. Speaking at the press conference following the meeting ECB head Mario Draghi commented on the considerations underlying the decision. The president suggested that inflation should stay above 2% throughout the rest of 2012 and fall below 2% in the course of of 2013, adding that “over the policy-relevant horizon, in an environment of modest growth in the euro area and well-anchored long-term inflation expectations, underlying price pressures should remain moderate.”

Mario Draghi said that growth momentum in the Eurozone would remain weak in 2013. He assured however that ECB's monetary policy was directed at stimulating growth in the area and that its readiness to activate the OMT program was boosting market confidence. He urged EU governments to continue reducing fiscal imbalances and applying structural reforms to strengthen growth potential in the area. He said that positive effects of the fiscal consolidation efforts so far could already be seen and that a quick implementation of the fiscal compact would further reassure markets - FXstreet.com
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UPCOMING EVENTS :
2012-11-09 07:00 GMT : Germany. Harmonised Index of Consumer Prices
2012-11-09 09:30 GMT : United Kingdom. Total Trade Balance
2012-11-09 14:55 GMT : United States. Reuters/Michigan Consumer Sentiment Index
2012-11-09 15:00 GMT : United States. Wholesale Inventories

FOREX NEWS :
2012-11-09 05:52 GMT : EUR/USD needs break of key fibo to resume bear's party
2012-11-09 05:27 GMT : GBP/USD finding buyers above 1.6000
2012-11-09 04:56 GMT : EUR/NZD stalling around 38.2% Fibo retrace at 1.5650
2012-11-09 03:50 GMT : AUD/CAD near 3-month highs above 1.04

--------------------------
EURUSD :
HIGH 1.279 LOW 1.27334 BID 1.27758 ASK 1.27762 CHANGE 0.23% TIME 08:18:01



OUTLOOK SUMMARY : Up
TREND CONDITION : Upward penetration
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Low

MARKET ANALYSIS - Intraday Analysis

Long direction: We are not expecting significant moves today however current market installation might extend its power towards to our resistance levels later on today. Our next resistance level holds at 1.2803 (R1). A break here might expose next targets 1.2828 (R2) and 1.2852 (R3). Short direction: If it fails to establish intraday positive bias we expect retest of our next support level at 1.2761 (S1). Price penetration below it might open way towards to next targets at 1.2735 (S2) and 1.2708 (S3).

Resistance Levels: 1.2803, 1.2828, 1.2852
Support Levels: 1.2761, 1.2735, 1.2708

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GBPUSD :
HIGH 1.60192 LOW 1.59692 BID 1.60073 ASK 1.60079 CHANGE 0.16% TIME 08:18:02



OUTLOOK SUMMARY : Neutral
TREND CONDITION : Sideway
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Medium

Long direction: Technically, instrument moves without priority in direction on the hourly chart. In such situation we suggest waiting for a clear signal of market sentiment change. Possible strengthening might arise above the next resistance level at 1.6020 (R1). Next targets holds at 1.6035 (R2) and 1.6048 (R3) levels. Short direction: A break of next support level at 1.5983 (S1) might extend easing towards to expected targets at 1.5969 (S2) and 1.5955 (S3) levels.

Resistance Levels: 1.6020, 1.6034, 1.6048
Support Levels: 1.5983, 1.5969, 1.5955

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USDJPY :
HIGH 79.61 LOW 79.424 BID 79.560 ASK 79.563 CHANGE 0.11% TIME 08:18:03



OUTLOOK SUMMARY : Down
TREND CONDITION : Upward penetration
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : Low

Long direction: Instrument stabilized after the fresh low provided yesterday. If it manages to stay above it we expect retracement development towards to resistance level at 79.62 (R1). Clearance here would suggest next targets at 79.71 (R2) and 79.82 (R3). Short direction: Decrease below the support level at 79.45 (S1) might open route towards to next targets at 79.35 (S2) and 79.25 (S3) and extends its bearish pressure on the medium term perspective.

Resistance Levels: 79.62, 79.71, 79.82
Support Levels: 79.45, 79.35, 79.25

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

Daily Forex Analysis from FXCC Nov 12 2012

Greece passes 2013 budget bill

After holding a vote on its 2013 national budget, the Greek government has passed the bill, one that includes additional cuts touching the most controversial areas of pensions, salaries and benefits. The reaction by the markets has been very subdued, with Euro ticking marginally higher. At present, worries are far greater on the prospects of Greece facing a default scenario this week, something that renowned papers like the Financial Times highlight on its front-cover. Greece should find a way to raise as much as €5bn in order to avoid default in a coupon of debt maturity, with the Troika and European paymasters, including Germany, still stuck in an impasse as to how to ease the country's debt burden, and with authorities still in disagreement over providing Greece the next aid tranche worth over €31.5 billion.

For the short term, the Financial Times reports in a weekend article that "the country’s debt management office has announced plans to cover the full amount through a treasury bill auction on Tuesday, but Greek banks expected to buy the issue can only raise about €3.5bn of collateral acceptable to the ECB, according to two senior Athens bankers" the paper reports. It is thought that in case of a shortfall in the capital raised, Greece will have to tap funds from a reserve for bank recapitalisation held by the Hellenic Financial Stability Fund, worth over €3 billion, as option of last resort-FXstreet.com
https://support.fxcc.com/email/technical/12112012/

UPCOMING EVENTS :
2012-11-12 **:** GMT : European Monetary Union. Eurogrup meeting
2012-11-12 06:00 GMT : Japan. Machine Tool Orders
2012-11-12 21:45 GMT : New Zealand. Food Price Index


FOREX NEWS :
2012-11-12 05:15 GMT : GBP/USD stands at 1.59, above 200 DMA
2012-11-12 05:15 GMT : EUR/GBP waiting for Eurogroup Meeting, flat at 0.8 round
2012-11-12 04:12 GMT : USD/JPY may test 79.70-80.00 - BBH



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EURUSD :
HIGH 1.27365 LOW 1.27095 BID 1.27289 ASK 1.27294 CHANGE 0.15% TIME 08 : 19 : 31



OUTLOOK SUMMARY : Down
TREND CONDITION : Upward penetration
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Medium

MARKET ANALYSIS - Intraday Analysis

Long direction: Fresh cross of moving averages might be a signal of possible correction ahead. Next resistance level is in focus at 1.2740 (R1). Rise above it would then be targeting to 1.2769 (R2) and 1.2797 (R3) in perspective. Short direction: Though, EURUSD might spend most of the day in a narrow range amid limited tier-one data flow. Our downside targets at 1.2679 (S2) and 1.2648 (S3) might expose if the downside extension below the support level at 1.2708 (S1) occur later on today

Resistance Levels: 1.2740, 1.2769, 1.2797
Support Levels: 1.2708, 1.2679, 1.2648

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GBPUSD :
HIGH 1.59124 LOW 1.5891 BID 1.59099 ASK 1.59102 CHANGE 0.11% TIME 08 :19 : 32



OUTLOOK SUMMARY : Down
TREND CONDITION : Upward penetration
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Low

Long direction: The low from 08-11-2012 at 1.5928 (S1) is acting now as key resistance level for upside formation. If the price manages to break it, we expect retracement development with next targets in focus 1.5955 (R2) and 1.5982 (R3). Short direction: Risks of further depreciation is seen below the support at 1.5886 (S1). Break through here might take the pair towards to eventual targets located at 1.5861 (S2) and 1.5836 (S3) in potential.

Resistance Levels: 1.5928, 1.5955, 1.5982
Support Levels: 1.5886, 1.5861, 1.5836

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USDJPY :
HIGH 79.563 LOW 79.401 BID 79.480 ASK 79.483 CHANGE 0.02% TIME 08 :19 : 33



OUTLOOK SUMMARY : Down
TREND CONDITION : Upward penetration
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Low

Long direction: Instrument trades in narrow range on the short term perspective. Clearance of next resistance level 79.57 (R1) might determine positive bias for the day and suggest next targets at 79.68 (R2) and 79.79 (R3). Short direction: On the longer term, tendency on USDJPY remains negative and current stabilization might be considered as a part of correction. If the market manage to break next support level at 79.35 (S1), we expect exposure of targets at 79.25 (S2) and 79.15 (S3) in potential.

Resistance Levels: 79.57, 79.68, 79.79
Support Levels: 79.35, 79.25, 79.15

Source: FX Central Clearing Ltd,( Best Forex Trading Software | ECN Forex News Trading | Forex Options Trading | FXCC )

Daily Forex Analysis from FXCC Nov 13 2012

U.S. ‘Fiscal Cliff’ likely to rock USD – Goldman Sachs

Looking ahead to December 31, 2012 and January 1, 2013, Goldman Sachs’ Global FX Monthy Analyst, says the upcoming U.S. ‘fiscal cliff’ episode has noteworthy potential to boost USD initially, followed by a sharp USD sell-off. Goldman Sachs explains: “The logic of this price action closely follows the pattern of markets temporarily losing confidence in the ability of polarised policymakers to compromise. During this period it may look as if the ‘fiscal cliff’ is becoming reality and that the economy could face a negative fiscal shock of up to 5% of GDP. The temporary negative response in cyclical assets would likely also trigger a broader USD rally.” Goldman Sachs continues: “After that, when policymakers do find a compromise, possibly helped by the market concerns reflected in cyclical asset weakness, risk sentiment could improve rapidly and the USD would weaken again.”

Busy day ahead for the London session A bunch of data releases will keep traders glued to the wires today. The show starts with French jobs data and current account at 07:45 GMT, followed 15 minutes later by Spanish CPI, Italian CPI at 09:00 GMT, and the highly followed German ZEW at 10:00 GMT, while the ECOFIN meeting, held in Brussels, will take place all day long. Bank of Portugal will also release its Autumn economic bulletin, with CPI figures for Portugal at 10:00 GMT. At 14:30 GMT Greek FinMin Stournaras will speak to EU lawmakers, while EU managing director of the Institute of International Finance Dallara will hold talks with senior government officials and private sector leaders regarding Greece and the Euro Area. In the sovereign debt auctions front, Italy will deliver 12 month bills, with 10 year bond yields standing barely above 5.03%, steady around the 5% figure for last 2 months, while Greece will try to sell 13-weeks T-Bill, as mentioned above.


2012-11-13 **:** GMT : United Kingdom. BOE Inflation Letter
2012-11-13 09:30 GMT : United Kingdom. Consumer Price Index
2012-11-13 10:00 GMT : Germany. ZEW Survey - Economic Sentiment
2012-11-13 19:00 GMT : United States. Monthly Budget Statement


2012-11-13 05:52 GMT : GBP/USD weakens ahead of UK CPI
2012-11-13 05:02 GMT : GBP/JPY cracks 126.00 to multi-week lows
2012-11-13 04:05 GMT : AUD/NZD prints inside day pin at 200 EMA
2012-11-13 03:08 GMT : USD/JPY pressured as risk wanes

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EURUSD :
HIGH 1.27098 LOW 1.26731 BID 1.26854 ASK 1.26859 CHANGE -0.18% TIME 08 : 31: 38



OUTLOOK SUMMARY : Down
TREND CONDITION : Down trend
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : High

MARKET ANALYSIS - Intraday Analysis

Upwards scenario: We expect busy session ahead. Yesterday low is acting now as key resistance level at 1.2698 (R1). Appreciation above it might enable next targets at 1.2722 (R2) and 1.2746 (R3) in potential. Downwards scenario: Medium term bias remains negative as both moving averages are pointing down. We expect retest of our support at 1.2672 (S1). Easing below it would suggest next targets at 1.2648 (S2) and 1.2624 (S3) in potential.

Resistance Levels: 1.2698, 1.2722, 1.2746
Support Levels: 1.2672, 1.2648, 1.2624

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GBPUSD :
HIGH 1.58776 LOW 1.58577 BID 1.58683 ASK 1.58691 CHANGE -0.05% TIME 08 : 31: 39



OUTLOOK SUMMARY : Down
TREND CONDITION : Down trend
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : High

Upwards scenario: Instrument gained momentum on the negative side, though we expect formation of retracement ahead. Progress above the resistance level at 1.5888 (R1) would suggest next targets at 1.5911 (R2) and 1.5933 (R3) in potential. Downwards scenario: Immediate focus comes on our next support level at 1.5856 (S1). Price penetration below it might open way towards to next targets at 1.5834 (S2) and 1.5811(S3).

Resistance Levels: 1.5888, 1.5911, 1.5933
Support Levels: 1.5856, 1.5834, 1.5811

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USDJPY :
HIGH 79.641 LOW 79.226 BID 79.292 ASK 79.293 CHANGE -0.25% TIME 08:31:40



OUTLOOK SUMMARY : Neutral
TREND CONDITION : Sideway
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : High

Upwards scenario: Neutral hourly studies point towards further consolidation, with a break required to spark stronger upside action. Our next resistance level is placed at 79.36 (R1). Break above it might open initial targets at 79.44 (R2) and 79.54 (R3) in potential. Downwards scenario: Fresh low offers initial support level at 79.22 (S1), possible pushdown of the price below it would suggest next targets at 79.13 (S2) and 79.05 (S3).

Resistance Levels: 79.36, 79.44, 79.54
Support Levels: 79.22, 79.13, 79.05

Source: FX Central Clearing Ltd,( forex trading brokers | automated forex trading system | forex trading for dummies | FXCC )

Daily Forex Analysis from FXCC Nov 14 2012

Bild story on bundled aid payment for Greece boosts sentiment.

German newspaper Bild Zeitung published an article in which it claims that the Berlin is preparing a 44 billion euro aid payment for Greece, combined from three pending bailout tranches. When asked about the report, German Finance Minister's spokeswoman said that no decision has been taken on the Greek bailout. “Color me skeptical”, writes Mark Chandler, Global Head of Currency Strategy for BBH. “To give Greece such a large sum at once is counter to the underlying strategy of doling out the aid in tranches to provide assurances of compliance. This is tantamount to unilateral disarmament by the creditors. Second, three euro area members require parliamentary approval, Germany, Finland and the Netherlands. It it unlikely to receive support.” The Bild report boosted sentiment and the Euro rebounded off a two-month low against the greenback.

The Greek Public Debt Management Agency held a bond auction on Tuesday in order to roll over 5 billion euros of debt maturing on November 16. It sold 4.062 billion euros worth of 1-month and 3-month T-bills and the total amount should reach 5 billion if all non-competitive bids are included. 1-month T-bills were sold at an average yield of 3.95%, while 3-month T-bills yielded 4.2%, compared to 4.24% seen in October. The auction was given the green light by the ECB which had to raise the ceiling on the amount of T-bills so that Athens would be able to continue refinancing short-term debt -FXstreet.com
https://support.fxcc.com/email/technical/14112012/

UPCOMING EVENTS :
2012-11-14 09:30 GMT : United Kingdom. ILO Unemployment Rate
2012-11-14 10:30 GMT : United Kingdom. BoE's Governor King Speech
2012-11-14 13:30 GMT : United States. Retail Sales
2012-11-14 19:00 GMT : United States. FOMC Minutes

FOREX NEWS :
2012-11-14 04:03 GMT : Outlook bullish on EUR/USD – Goldman Sachs
2012-11-14 03:19 GMT : AUD/NZD limited below 1.2800, 61.8% Fibo
2012-11-14 02:31 GMT : GBP/JPY back above 126.00; Regional bourses support
2012-11-14 01:08 GMT : AUD/JPY capped below 1H 200 SMA


EURUSD :
HIGH 1.27287 LOW 1.27001 BID 1.27216 ASK 1.27219 CHANGE 0.14% TIME 08:03:01



OUTLOOK SUMMARY : Up
TREND CONDITION : Upward penetration
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : Medium

MARKET ANALYSIS - Intraday Analysis

Upwards scenario: Pair has settled negative bias on the hourly timeframe but recently moved in sideways mode. Above the fresh high at 1.2730 (R1) is possible retracement development. Violation here might expose next targets at 1.2746 (R2) and 1.2763 (R3). Downwards scenario: Loss of next support at 1.2703 (S1) might drive market price towards to the next targets at 1.2684 (S2) and 1.2666 (S3).

Resistance Levels: 1.2730, 1.2746, 1.2763
Support Levels: 1.2703, 1.2684, 1.2666

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GBPUSD :
HIGH 1.58923 LOW 1.58663 BID 1.58917 ASK 1.58920 CHANGE 0.13% TIME 08:03:02



OUTLOOK SUMMARY : Down
TREND CONDITION : Sideway
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Medium

Upwards scenario: GBPUSD trades in positive tone on the short term perspective. Successful penetration above the resistance at 1.5900 (R1) might provide sufficient space for the price increase towards to our targets at 1.5915 (R2) and 1.5931 (R3). Downwards scenario: Medium term bias remains negative on the hourly chart. If the pair extend its bearish pressure below the next support level at 1.5866 (S1), we suggest next targets at 1.5849 (S2) and 1.5830 (S3).

Resistance Levels: 1.5900, 1.5915, 1.5931
Support Levels: 1.5866, 1.5849, 1.5830

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USDJPY :
HIGH 79.573 LOW 79.385 BID 79.565 ASK 79.566 CHANGE 0.23% TIME 08:03:02



OUTLOOK SUMMARY : Up
TREND CONDITION : Sideway
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Medium

Upwards scenario: USDJPY gained momentum on the positive side today and determined positive bias for the remaining day. We expect some consolidation ahead, though If the market manages to climb above the resistance level at 79.83 (R1) we suggest next targets at 79.92 (R2) and 80.02 (R3) in potential.Downwards scenario: Yesterday high is acting now as key support level at 79.64 (S1), clearance here is required to attack lower targets at 79.53 (S2) and 79.43 (S3).

Resistance Levels: 79.83, 79.92, 80.02
Support Levels: 79.64, 79.53, 79.43


Source: FX Central Clearing Ltd,( forex trading news | forex trading secrets | forex trading tools | FXCC )