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Daily Forex Market by FXCC 17Apr2012

Forex: EUR/USD holding above 1.3100 ahead of German ZEW

EUR/USD is currently bouncing at 1.3122 from session lows at 1.3106 following RBA minutes and worse than expected foreigners investment figures in China for the 5th consecutive month, following a -6% for the month of March. The pair retraces from yesterday's highs at 1.3148, and higher from yesterday's and 8-week lows at 1.2994. The London session ahead will be a busy one according to EUR macro data related being released, including German ZEW economic sentiment survey and EU CPI figures both at 09:00 GMT. Earlier at 08:30 GMT will take place the Spanish short term sovereign debt auction, according to Bloomberg, which will focus market's attention. Later at 12:30 GMT ECB's chairman Mario Draghi will give a speech at a conference in Frankfurt.

After operating in consolidation mode for over 6 days, the EUR/GBP pair finally broke lower overnight to fresh 2012 lows, touching 0.8208 before regaining the upside to close on Monday at 0.8263, ending 0.2% above past Friday’s close. USD/CAD is currently at 1.0003, marginally higher from yesterday's weekly open in Asia-Pacific, climbing from Friday's lows 0.9926, and retracing from yesterday's highs 1.0030. The pair is trading at the upper bound of a price range has been into since late January this year, reaching as low as 0.9842 by March 01 since then.
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UPCOMING EVENTS
2012-04-17 08:00 GMT | United Kingdom Consumer Price Index (YoY) (Mar)
2012-04-17 09:00 GMT | EU - Consumer Price Index (YoY) (Mar)
2012-04-17 09:00 GMT | EU - Consumer Price Index - Core (YoY) (Mar)
2012-04-17 12:30 GMT | European Monetary Union ECB President Draghi's Speech

FOREX NEWS
2012-04-17 05:00 GMT | Japan Mar Consumer Confidence Index increase to 40.3
2012-04-17 03:52 GMT | Forex: EUR/GBP trades down to 0.8250
2012-04-17 01:40 GMT | RBA Minutes: CPI Q1 to dictate case for easier policies
2012-04-17 01:32 GMT | Australia Mar New Motor Vehicle Sales increase to 4%

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EURUSD 1.31103 / 1.31106
DAILY WEEKLY MONTHLY



1.3313 | 1.3257 | 1.3214 | 1.3147
1.3047 | 1.3000 | 1.2951 | 1.2913

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


MARKET ANALYSIS - Intraday Analysis

After the EURUSD formed a bottom at 1.3000 (S2) the pair rose and penetrated upwards all of our resistance levels forming a new high (intraday) at 1.3147 (R1). If it breaks above that level we can expect a target at 1.3214 (R2). On the other hand if a break occurs below the first support at 1.3047 (S1) expect the price to retest 1.3000 (S2) a strong technical and psychological level for the bulls.

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GBPUSD 1.58729 / 1.58741
DAILY WEEKLY MONTHLY



1.6088 | 1.6042 | 1.5984 | 1.5909
1.5858 | 1.5804 | 1.5764 | 1.5706

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


MARKET ANALYSIS - Intraday Analysis

GBPUSD made a sharp move upwards and broke above yesterday’s resistance level forming a new top at 1.5909 (R1). A break above that level would suggest a target at 5984 (R2) a strong technical and psychological level. On the other hand if the price manages to hold below 1.5909 we expect a retest of the first support level at 1.5858 (S1). A break below that level will suggest target at 1.5804 (S2).

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USDJPY 80.417 / 80.422
DAILY WEEKLY MONTHLY



82.43 | 81.82 | 81.20 | 80.73
80.29 | 79.57 | 79.13 | 78.67

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


MARKET ANALYSIS - Intraday Analysis

The USDJPY fell and broke below our Friday’s resistance level forming a new low at 80.29 (S1) and it seems that it will continue its downward movement. Both of our Moving Averages are bearish creating a strong resistance to the price. Look for short positions around 80.29 targeting 79.57 (S2). A stop loss should be placed at 80.73 (R1).

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