Daily Forex Analysis from FXCC Nov 30 2012

Moody's predicts softer EU GDPs in 2013

Following comments from Moody’s about Greece struggling to be back on a sustainable debt path, also adding that they see high odds of Greek default on privately held debt, the rating agency hit back again on Thursday, this time to remind Eurozone countries that growth for 2013 is expected to be meager. According to Moody's, the Euro zone GDP is expected to rise 0.2% next year, with France GDP projection at 0.4%, Germany to show a 1.2% increase, while contractions in the tune of 4.2% and 1.5% are expected in Greece and Spain respectively. If Greece leaves the euro zone, the EU GDP would fall 4.5%, Moody’s forecasts.

An official from the Greek finance ministry announced on Wednesday plans of hiring Deutsche Bank and Morgan Stanley to carry out the voluntary bond buyback. He affirmed that Deutsche Bank would take on the role of the principal supervisor, but would work closely together with Morgan Stanley. This decision comes after the EU and the IMF reached an agreement on conducting a debt repurchase aimed at reducing Greek debt to sustainable levels. Details of the buyback will be announced next week by the Greek debt management agency. As it has almost run out of money, the Greek government proposed that it would borrow 10 billion euros from the EFSF, which would allow it to buy 30 billion euros worth of debt, reducing thus its outstanding obligations by 20 billion euros. Greece still hasn't decided at what price it will offer the bond buyback to private holders of bonds.-FXstreeet.com
https://support.fxcc.com/email/technical/30112012/


UPCOMING EVENTS :
2012-11-30 07:00 GMT | Germany. Retail Sales (YoY) (Oct)
2012-11-30 10:00 GMT | European Monetary Union. Unemployment Rate (Oct)
2012-11-30 13:30 GMT | United States. Core Personal Consumption Expenditure - Prices Index (YoY) (Oct)
2012-11-30 13:30 GMT | Canada. Gross Domestic Product Annualized (QoQ) (Q3)

FOREX NEWS :
2012-11-30 05:39 GMT | GBP/USD flat below 1.6050, ‘favors the upside’ – V.Bednairk
2012-11-30 05:26 GMT | USD/JPY higher for the session, but still flat for the week
2012-11-30 04:28 GMT | EUR/USD soon expected to crack 1.30 - UBS
2012-11-30 03:42 GMT | GBP/JPY capped below 8-month highs 132.50

----------------------
EURUSD :
HIGH 1.30067 LOW 1.29694 BID 1.30015 ASK 1.30022 CHANGE 0.18% TIME 08:21:10



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

MARKET ANALYSIS - Intraday Analysis

Upwards scenario: Extension of the stability above the 1.3013 (R1) level would keep the bullish structure intact and validate next intraday targets at 1.3028 (R2) and 1.3042 (R3). Downwards scenario: The hourly structure might turn into negative scenario if the price mange to overcome next support level at 1.2982 (S1) later on today. Supportive areas locates at 1.2967 (S2) and 1.2951 (S3).

Resistance Levels: 1.3013, 1.3028, 1.3042
Support Levels: 1.2982, 1.2967, 1.2951

---------------------------------
GBPUSD :
HIGH 1.60485 LOW 1.60346 BID 1.60462 ASK 1.60470 CHANGE 0.04% TIME 08:21:11



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

Upwards scenario: GBPUSD might find buyers above the important resistance level at 1.6058 (R1) (High of the 27/11/2012). Break here would open route towards to our next targets at 1.6067 (R2) and 1.6077 (R3). Downwards scenario: In regard to the descending movement, opportunities for bearish oriented traders is seen below the support level at 1.6033 (S1). Loss here would enable next supports at 1.6024 (S2) and 1.6013 (S3).

Resistance Levels: 1.6058, 1.6067, 1.6077
Support Levels: 1.6033, 1.6024, 1.6013

------------------------
USDJPY :
HIGH 82.545 LOW 82.046 BID 82.380 ASK 82.385 CHANGE 0.32% TIME 08:21:12



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

Upwards scenario: A violation of next resistance at 82.55 (R1) might call for a run towards to next target at 82.67 (R2) and any further appreciation would then be targeting 82.81 (R3). Downwards scenario: Near-term risks are directed to a drop back to the consolidation formation below the support at 82.28 (S1). In such case our intraday expected targets would be 82.14 (S2) and 82.00 (S3).

Resistance Levels: 82.55, 82.67, 82.81
Support Levels: 82.28, 82.14, 82.00

Source: FX Central Clearing Ltd,( Forex Calendar | Forex Trading Strategies | ECN Trading Forex | FXCC )

Daily Forex Analysis from FXCC Dec 04 2012

Spain makes formal request for EU funds to recapitalize ailing banks

Spain has formally requested aid for its ailing banking sector on Monday. 36.5 billion euros of bailout funds, including 2.5 billion euros for the “bad bank", are due to be released on December 12. Four nationalized Spanish banks will be the recipients of the funds: 18 billion will go to Bankia; 9 billion to CatalunyaBanc, 5 billion to Nova Caixa Galicia; 4.5 billion to Banco de Valencia. The release of the aid is expected to be approved by the Eurogroup during their monthly meeting today in the European afternoon.

Even though it is not the full sovereign bailout request awaited by the markets, the news caused the euro to spike to the 1.3075 region, a new six-week high against the dollar. - FXstreet.com
https://support.fxcc.com/email/technical/04122012/

UPCOMING EVENTS :
2012-12-04 10:00 GMT | European Monetary Union.Producer Price Index (YoY) (Oct)
2012-12-04 14:00 GMT | Canada.BoC Interest Rate Decision (Jan 4)
2012-12-04 14:00 GMT | Canada.BOC Rate Statement
2012-12-04 22:30 GMT | Australia.AiG Performance of Services Index (Nov)

FOREX NEWS :
2012-12-04 05:36 GMT | EUR/GBP in a 10 pip range for last 11 hours above 0.81
2012-12-04 03:20 GMT | EUR/JPY bulls looking for break above 107.65
2012-12-04 01:58 GMT | More EUR/USD gains yet to come - V.Bednarik
2012-12-04 01:10 GMT | USD/JPY double roof materializing at 78.6% Fibo


EURUSD :
HIGH 1.30645 LOW 1.30459 BID 1.30570 ASK 1.30575 CHANGE 0.04% TIME 08:05:53



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

MARKET ANALYSIS - Intraday Analysis

We expect resuming of the uptrend formation if the price manages to overcome next resistance level at 1.3071 (R1). Immediate focus comes on 1.3088 (R1) and 1.3103 (R3) in such scenario.

Resistance Levels: 1.3071, 1.3088, 1.3103
Support Levels: 1.3041, 1.3030, 1.3020

-------------------------
GBPUSD :
HIGH 1.61024 LOW 1.60865 BID 1.60943 ASK 1.60949 CHANGE 0.02% TIME 08:05:54



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

Break above the resistance level at 1.6115 (R1) might change market structure and determine medium term uptrend development. In such case, we suggest next targets at 1.6138 (R2) and any further rise would then be targeting to 1.6161 (R3) intraday.

Resistance Levels: 1.6115, 1.6138, 1.6161
Support Levels: 1.6072, 1.6059, 1.6049


USDJPY :
HIGH 82.249 LOW 82.042 BID 82.111 ASK 82.116 CHANGE -0.16% TIME 08:05:55



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

Our next support level stays at 82.06 (S1). Loss here might drive market price towards to next targets at 81.96 (S2) and 81.88 (S3) in perspective.

Resistance Levels: 82.28, 82.46, 82.68
Support Levels: 82.06, 81.96, 81.88

Source: FX Central Clearing Ltd,( ECN Forex Trading System | What Is Forex | Forex Live | FXCC )

Daily Forex Analysis from FXCC Dec 05 2012

No breakthrough on banking union due to Franco-German dispute

A clash between France and Germany over banking supervision in the Eurozone prevented the Eurogroup from reaching an agreement on the EU banking union on Tuesday. EU finance ministers decided to hold an additional meeting on December 12, just ahead of the EU summit on December 13, by which time a deal on the banking union needs to be made. France and Germany are divided over the scope of ECB's powers as the Eurozone bank supervisor. France pushes for a solution in which the central bank would regulate all the financial institutions in the region, while Germany would like smaller banks to be excluded from this supervision. Berlin is also not too keen on seeing a full banking union formed that quickly, as it fears it will be obliged to pay for potential future banking losses in other Member States.

German finance minister Wolfgang Schäuble commented on France's proposition saying that there was no possibility for the central bank to supervise so many financial institutions, while his French counterpart Pierre Moscovici stated that the EU cannot introduce a system of dual supervision."We have no mandate for a dual system of supervision which would call into question the existence of a single system for some banks," the French finance minister argued. - FXstreet.com
https://support.fxcc.com/email/technical/05122012/


UPCOMING EVENTS :
2012-12-05 15:00 GMT | United States. ISM Non-Manufacturing PMI (Nov)
2012-12-05 20:00 GMT | New Zeeland. RBNZ Interest Rate Decision
2012-12-05 20:00 GMT | New Zeeland. Monetary Policy Statement
2012-12-05 20:00 GMT | New Zeeland. RBNZ Press Conference

FOREX NEWS :
2012-12-05 05:42 GMT | GBP/USD moves above 1.61, eyes 1.6130
2012-12-05 04:30 GMT | EUR/USD breaks above fresh 8-week highs
2012-12-05 03:00 GMT | EUR/JPY surges to 8-month highs on Nishimura statement
2012-12-05 04:55 GMT | AUD/USD bears defending 1.05

------------------------
EURUSD :
HIGH 1.31253 LOW 1.30906 BID 1.31074 ASK 1.31082 CHANGE 0.09% TIME 08:07:22



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

MARKET ANALYSIS - Intraday Analysis

Medium term bias is positive for the pair. Risk of market appreciation is seen above the next resistance level at 1.3116 (R1). Loss here would suggest next target at 1.3129 (R2) and any further rise would then be targeting 1.3142 (R3).

Resistance Levels: 1.3116, 1.3129, 1.3142
Support Levels: 1.3090, 1.3080, 1.3072

----------------------
GBPUSD :
HIGH 1.61185 LOW 1.60938 BID 1.61062 ASK 1.61072 CHANGE 0.06% TIME 08:07:23



OUTLOOK SUMMARY : Up
TREND CONDITION : Downward penetration
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : High

Market is forming the right shoulder of the Head and shoulders figure on the hourly chart currently, from our next resistance level at 1.6115 (R1). Above here retracement formation might expand its power towards to resistance levels at 1.6124 (R2) and 1.6138 (R3).

Resistance Levels: 1.6115, 1.6124, 1.6138
Support Levels: 1.6091, 1.6080, 1.6064

-----------------------------
USDJPY :
HIGH 82.338 LOW 81.796 BID 82.263 ASK 82.268 CHANGE 0.45% TIME 08:07:24



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

Instrument moves sideways. In terms of technical levels next resistance level could be found at 82.29 (R1). Appreciation above it might enable next targets at 82.37 (R2) and 82.46 (R3) in potential.

Resistance Levels: 82.29, 82.37, 82.46
Support Levels: 82.16, 82.07, 81.94

Source: FX Central Clearing Ltd,( ECN Forex Trader | Forex Strategies | Forex Trading Software | FXCC )

Daily Forex Analysis from FXCC Dec 06 2012

S&P downgrades Greece to selective default

In an unsurprising headline, reflected by the marginal losses in EUR/USD since the news broke, the rating agency S&P has downgraded Greece's long-term debt rating to selective default from CCC. Greece is technically default. The Greek government invitation to private sector bondholders involvement to participate in the debt buybacks program triggered the decision by S&P. However, according to Jamie McGeever, Editor and presenter at Reuters TV, "once Greek buyback is done, probably on or around Dec 17, selective default will be over, so S&P will likely lift Greece back to CCC rating."

British Chancellor George Osborne delivered his Autumn Budget Statement before the parliament on Wednesday. He emphasized that the Eurozone debt crisis had been weighing on the UK economy and informed that the Office of Budget Responsibility slashed its GDP forecast to -0.1% in 2012 from +0.8%. The predictions for 2012 and 2013 are 1.2% and 2.0%, respectively. - FXstreet.com
https://support.fxcc.com/email/technical/06122012/

UPCOMING EVENTS :
2012-12-06 10:00 GMT | European Union. Gross Domestic Product s.a. (QoQ) (Q3)
2012-12-06 10:00 GMT | European Union. Gross Domestic Product s.a. (YoY) (Q3)
2012-12-06 12:00 GMT | UK. BoE Interest Rate Decision (Dec 6)
2012-12-06 12:45 GMT | ECB Interest Rate Decision

FOREX NEWS :
2012-12-06 06:01 GMT | GBP/USD below 1.61 ahead of BoE
2012-12-06 03:59 GMT | EUR/JPY in tight range below 108, ahead of ECB
2012-12-06 03:04 GMT | GBP/JPY pressing on fresh 8-month highs above 132.50
2012-12-06 00:40 GMT | AUD/USD on the rise after better than expected Aus jobs data

-----------------------
EURUSD :
HIGH 1.30769 LOW 1.30453 BID 1.30568 ASK 1.30572 CHANGE -0.06% TIME 08:12:20



OUTLOOK SUMMARY : Up
TREND CONDITION : Up trend
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : High

MARKET ANALYSIS - Intraday Analysis

We expect resuming of the uptrend formation if the price manages to overcome next resistance level at 1.3085 (R1). Immediate focus comes on 1.3104 (R1) and 1.3126 (R3) in such scenario.

Resistance Levels: 1.3085, 1.3104, 1.3126
Support Levels: 1.3045, 1.3027, 1.3008

-----------------------
GBPUSD :
HIGH 1.61002 LOW 1.60859 BID 1.60882 ASK 1.60892 CHANGE -0.02% TIME 08:12:21



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

A medium-term bias is negative now though intraday bullish forces might be activated if the pair penetrates above the resistance level at 1.6115 (R1). Next immediate resistance levels holds at 1.6121 (R2) and 1.6129 (R3).

Resistance Levels: 1.6115, 1.6121, 1.6129
Support Levels: 1.6085, 1.6073, 1.6062

---------------------------
USDJPY :
HIGH 82.617 LOW 82.358 BID 82.442 ASK 82.445 CHANGE -0.03% TIME 08:12:22



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

We are not expecting significant price deviation later on today, though risk of positive tone establishment is seen above the next resistance level at 82.65 (R1). Any penetration above this level would put in focus higher targets at 82.77 (R2) and 92.97 (R3).

Resistance Levels: 82.65, 82.77, 82.97
Support Levels: 82.04, 81.92, 81.81


Source: FX Central Clearing Ltd,( Best Forex Broker | ECN Online Forex Trading | Forex Signal | FXCC )

Daily Forex Analysis from FXCC Dec 07 2012

ECB, Berlusconi Hit EURUSD Hard

Lower by 0.73% in the morning session, the EURUSD is being weighed down by major developments in Europe. Specifically, sparks of political instability in one of the troubled EU members, as well as a pessimistic outlook on Europe’s growth potential is making it difficult for traders to be bullish the Euro. The sentiment has traders and technicians eyeing the 1.2900 as the next viable support barrier. Although leaving the benchmark interest rate at 0.75% early in the morning, the European Central Bank issued a dour note when it came time to assess the economic future of the European Union. In a post decision press conference, ECB President Mario Draghi noted that significant headwinds had placed pressure on a potential regional recovery. So much so that growth prospects for next year were forecasted lower, with the 17-member Union looking to either remain unchanged or contract slightly. Official estimates now lie between a 0.3% pace of growth and a 0.9% contraction in 2013.

Additionally, Draghi noted that “available statistics and survey indicators continue to signal further weakness in activity in the last quarter of the year”.This isn’t seen as favorable for the Euro, which was expecting a slight recovery in the European Union next year – at a pace of 0.5%. - FXstreet.com
https://support.fxcc.com/email/technical/07122012/

UPCOMING EVENTS :
2012-12-07 10:00 GMT | EMU.ECB President Draghi's Speech
2012-12-07 13:30 GMT | Canada.Net Change in Employment (Nov)
2012-12-07 13:30 GMT | Canada.Unemployment Rate (Nov)
2012-12-07 13:30 GMT | USA.Nonfarm Payrolls (Nov)

FOREX NEWS :
2012-12-07 05:50 GMT | GBP/USD unchanged around 1.0650; UK, US data eyed
2012-12-07 02:58 GMT | EUR/JPY grinds back up to 107 after overnight drop
2012-12-07 06:06 GMT | Will NFP confirm EUR/USD weekly losses?
2012-12-07 00:38 GMT | AUD/USD, Australia trade number discourages volatility; stops above 1.0525

----------------------
EURUSD :
HIGH 1.29724 LOW 1.29548 BID 1.29564 ASK 1.29571 CHANGE -0.09% TIME 08:05:55



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

MARKET ANALYSIS - Intraday Analysis

Current price deviation might face next support level at 1.2950 (S1). We expect price downgrade towards to our targets at 1.2942 (S2) and 1.2931 (S3) as a part of consolidation formation in case of successful penetration below it.

Resistance Levels: 1.3048, 1.3070, 1.3092
Support Levels: 1.2950, 1.2942, 1.2931

-----------------------
GBPUSD :
HIGH 1.60573 LOW 1.60359 BID 1.60533 ASK 1.60542 CHANGE 0.02% TIME 08:05:56



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

Price might retest our support at 1.6034 (S1) on the downside. Break here would suggest next target at 1.6037 (S2) and any further fall would then be targeting to 1.6012 (S3).

Resistance Levels: 1.6082, 1.6094, 1.6117
Support Levels: 1.6034, 1.6027, 1.6012

--------------------
USDJPY :
HIGH 82.564 LOW 82.363 BID 82.379 ASK 82.384 CHANGE 0% TIME 08:05:57



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

Instrument trapped to the range mode trading and we are not expecting significant deviation from its average parameters today. Risks of market strengthening are seen above the next resistance level at 82.46 (R1). Our suggested targets locate at 82.55 (R2) and 82.61 (R3).

Resistance Levels: 82.46, 82.55, 82.61
Support Levels: 82.29, 82.19, 82.12

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

Daily Forex Analysis from FXCC Dec 10 2012

Italian PM Monti announces intention to resign; early elections likely in February

The political news coming from Italy, in which current primer minister Mario Monti plans to resign once the 2013 budget goes through parliament and is approved, are not sitting well with the Euro, as investors anticipate it may lead to a new chapter in the EU crisis. The prospects of higher Italian bond yields when Europe opens weighs on the Euro. The Italian general elections, upon final confirmation, will likely be celebrated in February. Former primer minister Silvio Berlusconi is to run as centre-right candidate, and with the threat of an 'Il Cavaliere'-led anti-euro campaign looming, traders have logically turned cautious. The leading centre-left PD party is still in control, with Berlusconi's centre-right PDL behind by over 16 points.

According to NAB: "Prospects of Italian bond yields spiking higher when Europe opens is driving the euro lower. EUR bears would though do well to note that the People of Liberty party currently trails the centre-left Democratic party by 20% points. Plus, the re-appearance of Mr Berlusconi to the centre of the Italian political stage may well prompt Mr Monti to make him himself available for re-selection as PM after elections now seen likely to occur next February, three months earlier than originally intended." - FXstreet.com
https://support.fxcc.com/email/technical/10122012/


UPCOMING EVENTS :
2012-12-10 13:15 GMT | Canada.Housing Starts s.a (YoY) (Nov)
2012-12-10 17:15 GMT | UK.BoE's Governor King Speech
2012-12-10 21:00 GMT | Australia.REINZ House Price Index (MoM) (Nov)
2012-12-10 21:45 GMT | Australia.Electronic Card Retail Sales (MoM)/(YoY) (Nov)

FOREX NEWS :
2012-12-10 05:33 GMT | GBP/USD outlook bearish below 1.6065 – V.Bednarik
2012-12-10 04:41 GMT | EUR/JPY offered toward 106.00; yen more bid
2012-12-10 03:49 GMT | EUR/USD bears beware ahead of Spanish bailout - UBS
2012-12-10 02:26 GMT | AUD/USD slips to 1.0465 on downbeat China trade numbers

----------------------------
EURUSD :
HIGH 1.29157 LOW 1.28871 BID 1.29066 ASK 1.29074 CHANGE -0.13% TIME 08:12:00



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

MARKET ANALYSIS - Intraday Analysis

Pair is losing its neutral structure, as the price has tested new lows today. Next immediate support locates at 1.2888 (S1). Break here is required to enable bearish pressure towards our targets at 1.2867 (S2) and 1.2846 (S3).

Resistance Levels: 1.2929, 1.2952, 1.2971
Support Levels: 1.2888, 1.2867, 1.2846

-----------------------
GBPUSD :
HIGH 1.60426 LOW 1.60172 BID 1.60240 ASK 1.60247 CHANGE -0.07% TIME 08:12:01



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

Bearish penetration below the support at 1.6007 (S1) might determine negative sentiment for the remaining of the day with possible targets in focus at 1.5994 (S2) and 1.5982 (S3) intraday.

Resistance Levels: 1.6041, 1.6057, 1.6070
Support Levels: 1.6007, 1.5994, 1.5982

------------------------
USDJPY :
HIGH 82.639 LOW 82.374 BID 82.410 ASK 82.415 CHANGE -0.07% TIME 08:12:04



OUTLOOK SUMMARY : Sideway
TREND CONDITION : Sideway
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Low

We are not expecting significant price deviation later on today, though risk of positive tone establishment is seen above the next resistance level at 82.57 (R1). Any penetration above this level would put in focus higher targets at 82.68 (R2) and 82.77 (R3).

Resistance Levels: 82.57, 82.68, 82.77
Support Levels: 82.30, 82.20, 82.11

Source: FX Central Clearing Ltd,( Forex Calculator | ECN Forex Training | Forex Demo Account | FXCC )

Daily Forex Analysis from FXCC Dec 11 2012

Silvio Berlusconi Makes Trouble For EURUSD Bulls

Although the single currency is higher on the day, it’s abundantly clear that the recent resignation by Italian Prime Minister Mario Monti is keeping Euro bulls at bay. The prime minister is now scheduled to step down following the 2013 budget vote taking place before the end of the year – instead of serving till April of next year. The announcement changes the political landscape of the largest of the troubled peripheral nations, and will likely add to recent pessimism when it comes to the single currency. However, with public discontent over recent austerity and tax increases rising, many of Monti’s previous allies have fallen away. In particular, former Prime Minister Silvio Berlusconi and his People of Freedom (PDL) party, have become disenchanted with the current administration. The sentiment was heightened last week when representatives of the PDL walked out of an economic reform vote – calling for a vote of no-confidence in the prime minister. The notion was unfortunately backed by several other members of the Democratic Party – Monti’s major backer in the political arena.

With Monti’s final resignation to come in the next few weeks, it will be up to Italian President Giorgio Napolitano to dissolve parliament, and either appoint a successor or keep Monti as the country’s PM. General elections will follow, placing the date somewhere in February 2013 at the earliest. - FXstreet.com
https://support.fxcc.com/email/technical/11122012/

UPCOMING EVENTS :
2012-12-11 10:00 GMT | Germany.ZEW Survey - Economic Sentiment (Nov)
2012-12-11 13:30 GMT | USA.Trade Balance (Oct)
2012-12-11 23:30 GMT | Australia.Westpac Consumer Confidence (Dec)
2012-12-11 23:50 GMT | Japan.Machinery Orders (YoY) (Oct)

FOREX NEWS :
2012-12-11 04:59 GMT | AUD/USD strengthens on China data
2012-12-11 04:42 GMT | EUR/USD breaking to fresh session highs on better than expected China data
2012-12-11 03:55 GMT | GBP/JPY bears defending 132.50
2012-12-11 01:20 GMT | EUR/AUD on fresh session highs following bad Aussie confidence data

----------------------------
EURUSD :
HIGH 1.29622 LOW 1.29287 BID 1.29597 ASK 1.29601 CHANGE 0.15% TIME 08:05:06



OUTLOOK SUMMARY : Up
TREND CONDITION : Downward penetration
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : Low

MARKET ANALYSIS - Intraday Analysis

We expect resuming of the uptrend formation if the price manages to overcome next resistance level at 1.2968 (R1). Immediate focus comes on 1.2981 (R2) and 1.2996 (R3) in such scenario.

Resistance Levels: 1.2968, 1.2981, 1.2996
Support Levels: 1.2905, 1.2891, 1.2877

-------------------
GBPUSD :
HIGH 1.60873 LOW 1.6069 BID 1.60870 ASK 1.60879 CHANGE 0.08% TIME 08:05:07



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

The initial uptrend formation was resumed later today. Possible targets are located at 1.6094 (R2) and 1.6102 (R3), in case of successful penetration above the next resistance level at 1.6087 (R1).

Resistance Levels: 1.6087, 1.6094, 1.6102
Support Levels: 1.6063, 1.6052, 1.6042

-----------------
USDJPY :
HIGH 82.437 LOW 82.305 BID 82.310 ASK 82.315 CHANGE -0.06% TIME 08:05:08



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

USD/JPY trades in non-directional basis on the medium term perspective. Further price decrease is expected below the next support level at 82.28 (S1). Break here is required to enable next targets at 82.20 (S2) and 82.14 (S3).

Resistance Levels: 82.44, 82.50, 82.56
Support Levels: 82.28, 82.20, 82.14

Source: FX Central Clearing Ltd,( Forex Blog | Forex Market Hours | ECN Automated Forex Trading] | FXCC )

Forex Technical Market Analysis December 12 2012

Greek banks tender rest of Greek debt holdings to help reach buyback target
According to reports, Greece has reached the bond buyback target at 31.5 billion euros on Tuesday. The deadline for submitting bids was extended by one more day yesterday, due to the inability to reach the expected 30 billion euros by initial deadline which ended on December 7 at 17:00 GMT. Greek banks probably tendered the total amount of the Greek debt they hold in order to help cover the difference between the 26.5 billion euros received last Friday and the the expected 30 billion euros. This means that the EU and the IMF will now be able to unblock the next bailout tranche for the indebted country.

Spain held a debt auction on Tuesday during which it managed to sell 3.89 billion euros of 12- and 18 -month government bods, above the targeted 3.5 billion euros. 2.39 billion euros of 12-month bills were auctioned at an average yield of 2.556%, down from 2.797% seen at the previous auction. The bid to cover ratio was at 2.46, compared with the previous 2.12. 1.5 billion euros of 18-month bonds were sold at an average yield of 2.778% versus 3.034%. The bid to cover ratio was at 2.7 from 5.72 seen previously.
http://blog.fxcc.com/forex-technical...ember-12-2012/


Forex Calendar
2012-12-12 09:30 GMT | UK.Claimant Count Change (Nov)
2012-12-12 17:30 GMT | USA.Fed Interest Rate Decision (Dec 12)
2012-12-12 19:00 GMT | USA.FOMC Economic Projections
2012-12-12 19:15 GMT | USA.Fed’s Monetary Policy Statement and press conference

Forex News
2012-12-12 05:48 GMT | GBP/USD tight in range ahead of UK, US events
2012-12-12 04:00 GMT | GBP/JPY just 30 pips below year 2012 highs
2012-12-12 02:27 GMT | AUD/USD stalls below 1.0540 awaiting RBA Stevens
2012-12-12 00:49 GMT | EUR/USD: tight ranges circa 1.3000 expected pre-Fed

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EURUSD
HIGH: 1.30141 | LOW: 1.29968 | BID: 1.29974 | ASK: 1.29980 | CHANGE: -0.06% | TIME: 08:14:53



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

MARKET ANALYSIS – Intraday Analysis
Price setup is looking for a pullback development. Downside fluctuations remains for now limited to next support level at 1.2984 (S1), only clear break here would be a signal of market easing with next targets at 1.2971 (S2) and 1.2958 (S3).

Resistance Levels: 1.3014, 1.3028, 1.3042
Support Levels: 1.2984, 1.2971, 1.2958

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GBPUSD
HIGH: 1.61203 | LOW: 1.60999 | BID: 1.61110 | ASK: 1.61119 | CHANGE: -0.01% | TIME: 08:14:54



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

The market seems to be trading in a range. If the market participants manage to push the price below the support level at 1.6089 (S1) the instrument has an increased likelihood of failing towards to next targets at 1.6071 (S2) and 1.6054 (S3).

Resistance Levels: 1.6130, 1.6144, 1.6158
Support Levels: 1.6089, 1.6071, 1.6054

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USDJPY
HIGH: 82.69 | LOW: 82.481 | BID: 82.654 | ASK: 82.659 | CHANGE: 0.19% | TIME: 08:14:55



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

USD/JPY did not find priority in direction yet. Climb above the next resistance level at 82.70 (R1) might provide market with sufficient bullish power and attack next targets at 82.76 (R2) and 82.82 (R3) later on today.

Resistance Levels: 82.70, 82.76, 82.82
Support Levels: 82.32, 82.26, 82.20

Source: FX Central Clearing Ltd,( Forex Strategy | ECN Forex Trading Systems | Forex Exchange Rates | FXCC )

Forex Technical & Market Analysis Dec 13 2012

After the agreement among EU finance ministers to allow the ECB to supervise banks in the Euro-zone, a stream of follow-up headlines continues via Reuters, saying that the ECB new supervisory role should be up and running by end of 2013. Decision was unanimous, EU’s Commissioner Faull said. Meanwhile, French Finance Minister Pierre Moscovic notes, via Reuters: “ECB will supervise 3 biggest banks in each country, with the Euro area to have uniform banking rules.” He also added that “the ECB supervision is first step to Euro banking union…”

Schaeuble, German FinMin said to Reuters reporters “the EU wants the ECB oversight in full in 2014″, with other parallel comments from officials saying ECB supervisor “should help break bank-sovereign link.” – FXstreet.com
http://blog.fxcc.com/forex-technical...ember-13-2012/


Forex Economic Calendar
2012-12-13 13:30 GMT | USA.Initial Jobless Claims (Dec 8)
2012-12-13 13:30 GMT | USA.Producer Price Index ex Food & Energy (YoY) (Nov)
2012-12-13 13:30 GMT | USA.Retail Sales (MoM) (Nov)
2012-12-13 15:00 GMT | USA.Business Inventories (Oct)

Forex News
2012-12-13 06:03 GMT | GBP/USD bounces from intraday lows; reproaching 1.6150
2012-12-13 04:58 GMT | EUR/USD again peters out ahead of 1.31
2012-12-13 01:36 GMT | USD/JPY at almost 9-month highs above 83.30
2012-12-13 00:32 GMT | USD/CHF steady around 0.9260 ahead of SNB

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EURUSD
HIGH: 1.30909 | LOW: 1.3056 | BID: 1.30806 | ASK: 1.30814 | CHANGE: 0.06% | TIME: 08:14:52



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

MARKET ANALYSIS – Intraday Analysis
Medium term bias is positive for the pair. Risk of market appreciation is seen above the next resistance level at 1.3097 (R1). Loss here would suggest next target at 1.3120 (R2) and any further rise would then be targeting 1.3141 (R3).

Resistance Levels: 1.3097, 1.3120, 1.3141
Support Levels: 1.3061, 1.3037, 1.3018

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GBPUSD
HIGH: 1.61478 | LOW: 1.61252 | BID: 1.61404 | ASK: 1.61410 | CHANGE: -0.05% | TIME: 08:14:53



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

Instrument show up -0.05% decrease today and any further appreciation needs to clear barrier at 1.6171 (R1). Intraday targets could be found at 1.6183 (R2) and then at 1.6205 (R3).

Resistance Levels: 1.6171, 1.6183, 1.6205
Support Levels: 1.6117, 1.6093, 1.6070

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USDJPY
HIGH: 83.671 | LOW: 83.127 | BID: 83.638 | ASK: 83.642 | CHANGE: 0.44% | TIME: 08:14:54



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

Next on tap, resistance level at 83.82 (R1). A break higher could open the door for an attack to next target at 83.92 (R2) and final immediate resistance is seen at 84.08 (R3).

Resistance Levels: 83.82, 83.92, 84.08
Support Levels: 83.16, 83.00, 82.83

Source: FX Central Clearing Ltd,( ECN Forex Indicators | Learn Forex | Trade Forex | FXCC )

Forex Technical & Market Analysis Dec 14 2012

Leaders debate EMU consolidation after bank supervision deal

In order to achieve the completion of EMU, the 27-countries bloc made further progress on the roadmap to achieve such goals, after the agreement for a Euro bank supervisor by the ECB earlier on the week, which will police north of 200 flagship banks.Today's European leaders meeting, which again concluded over 2 hours past midnight Brussels time, showed some understandable differences on how to go about the next critical steps, such as a banking resolution, measure to reduce country's deficit and a budget for the whole bloc. One of the notorious opposed members to see mutualisation of the debts after the ECB bank's oversight role, was German Chancellor Angela Merkel, who continues to play it safely against passing new liabilities for German taxpayers ahead of next year's national elections.

As Reuters notes, "a German delegation source said that in the summit room, she opposed a joint resolution fund for banks at this stage and rejected any big "fiscal capacity" to help euro zone states cope with economic shocks or reward them for structural reforms. Instead, she said EU countries should concentrate on consolidating their own budgets, according to notes of the meeting and an account provided by one participant." Merkel, once out of the official meeting, told reporters that the bank union deal was a 'very important' decision taken by the EZ leaders, and that such agreement paves the way for future positive developments of a currency union. On the transaction tax, she suspects a solidarity fund for Euro zone states with limits 10 to 20 billion Euros. - https://support.fxcc.com/email/technical/14122012/


Forex Economic Calendar :
2012-12-14 10:00 GMT | EU.Consumer Price Index - Core (YoY) (Nov)
2012-12-14 10:00 GMT | EU.Consumer Price Index (YoY) (Nov)
2012-12-14 13:30 GMT | USA.Consumer Price Index (YoY) (Nov)
2012-12-14 13:30 GMT | USA.Consumer Price Index Ex Food & Energy (YoY) (Nov)

Forex News :
2012-12-14 05:51 GMT | GBP/USD rallies above 1.6120 resistance; scope for 50-pip run?
2012-12-14 04:50 GMT | AUD/JPY hits 9-month highs; eyes resistance at 88.60
2012-12-14 03:29 GMT | USD/JPY just spiked a bit; approaching 84.00
2012-12-14 00:53 GMT | EUR/USD still below 1.31; outlook remains bullish – V.Bednarik

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EURUSD :
HIGH 1.31 LOW 1.30662 BID 1.30890 ASK 1.30897 CHANGE 0.09% TIME 08:09:37



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

MARKET ANALYSIS - Intraday Analysis

Medium term bias is positive for the pair. Risk of market appreciation is seen above the next resistance level at 1.3126 (R1). Loss here would suggest next target at 1.3139 (R2) and any further rise would then be targeting 1.3155 (R3).

Resistance Levels: 1.3126, 1.3139, 1.3155
Support Levels: 1.3081, 1.3069, 1.3056

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GBPUSD :
HIGH 1.61287 LOW 1.61035 BID 1.61238 ASK 1.61249 CHANGE 0.08% TIME 08:09:38



OUTLOOK : SUMMARY
TREND CONDITION : Up trend
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : High

Price action looks mainly consolidative on the hourly chart. Our next resistance stays at 1.6152 (R1). Market expansion towards to next targets at 1.6163 (R2) and 1.6176 (R3) looks reasonable if the price manages to overcome it.

Resistance Levels: 1.6152, 1.6163, 1.6176
Support Levels: 1.6101, 1.6083, 1.6067

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USDJPY
HIGH 83.961 LOW 83.6 BID 83.894 ASK 83.897 CHANGE 0.3% TIME 08:09:39



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

While instrument trades below the resistance level at 83.97 (R1), market would try to form correction. Break above it is required to attack the upside target at 84.10 (R2) and 84.22 (R3) in potential.

Resistance Levels: 83.97, 84.10, 84.22
Support Levels: 83.62, 83.51, 83.41

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