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Daily Forex Market by FXCC 28Mar2012

EURUSD is trading bellow 1.3400 level

After losing ground Tuesday on a strong dollar advance, EUR/USD is gently bid in early Asia, having inched up to a session high of 1.3335 from an earlier low of 1.3312, last quoted near the top of the range, 30 pips above its opening price.Cable is currently at 1.5955, inside a very limited range 1.5944/61 the pair has been within since session started from the lower part of it. Local share markets are in a risk-off mode bringing down Nikkei index by -1.15% among others, with oil and gold at session lows.

After a second attempt at critical resistance just shy of 111.50 on Tuesday, EUR/JPY pulled back to close modestly higher on the day at 110.74 from110.61. So far this Wednesday in Asia, the pair is trading a limited range between 110.52 and 110.86, last at 110.60. Support is noted at 110.12 (19 March high), while resistance is at 110.91 (intraday).
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UPCOMING EVENTS
2012-03-28 08:30 GMT | United Kingdom Current Account (Q4)
2012-03-28 08:30 GMT | United Kingdom Gross Domestic Product (QoQ) (Q3)
2012-03-28 08:30 GMT | United Kingdom Gross Domestic Product (YoY) (Q3)
2012-03-28 08:30 GMT | United Kingdom Total Business Investment (YoY) (Q4)

FOREX NEWS
2012-03-28 04:09 GMT | Aussie at session lows vs. USD, JPY
2012-03-28 01:18 GMT | USD/JPY breaks below 83.00
2012-03-28 00:45 GMT | EUR/USD inching higher, reaches 1.3335
2012-03-28 00:14 GMT | AUD/USD dips below 1.0440

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EURUSD : 1.33316 / 1.33324
DAILY WEEKLY MONTHLY



1.3550 | 1.3493 | 1.3441 | 1.3382
1.3284 | 1.3220 | 1.3177 | 1.3133

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


MARKET ANALYSIS - Intraday Analysis

EURUSD didn’t made any significant moves yesterday as it moved in a consolidation mode between the 1.3284 (S1) and 1.3382 (R1) levels. The bulls face a major hurdle at the 1.3370 (R1) level, a significant both psychological and technical level. As we want to continue our winning streak on this pair our recommendations for today’s trading session is no position until we see a break above first resistance and continuation of the uptrend or a break below 1.3284 (S1) that it will trap the pair in a trading range. No position.

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GBPUSD : 1.59554 / 1.59563
DAILY WEEKLY MONTHLY



1.6149 | 1.6096 | 1.6057 | 1.6000
1.5907 | 1.5817 | 1.5769 | 1.5711

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


MARKET ANALYSIS - Intraday Analysis

GBPUSD formed a low below 1.5817 (S2) and after that the pair rebounded and rise moving closer to our resistance level at 1.6000 level (R1). After a successful run the pair fell and trapped again in a trading range between 1.5907 (S1) and 1.6000 (R1). A break above 1.6000 level could trigger further bullish pressure targeting 1.6057 (R2) while a break below 1.5907 (S1) could trigger further bearish pressure towards support levels. Look for long positions above 1.6000 level targeting resistance levels. A stop loss should be placed at 1.5950.

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USDJPY : 82.908 / 82.917
DAILY WEEKLY MONTHLY



84.59 | 84.08 | 83.81 | 83.39
82.64 | 82.31 | 81.97 | 81.31

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


MARKET ANALYSIS - Intraday Analysis

The USDJPY continued to rise from 81.97 (S3) and reached a high yesterday at 83.39 (R1). It seems the pair made a correction downwards and it will retest the first resistance soon. Look for long positions at current price, as the pair is moving upwards towards 84.00 level with a strong bullish momentum. A stop loss should be placed above 82.31 (S2).

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