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Daily Forex Market by FXCC 20Feb2012
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Daily Forex Market by FXCC 20Feb2012 1 year, 2 months ago #26

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Daily Forex Market by FXCC 20Feb2012

USD/JPY has rallied above the October 31st post-intervention high as Japan posts record trade deficit

USD/JPY has rallied above the October 31st post-intervention high of 79.52 in early Asia, extending to a 6-month high of 79.82 after closing the Friday NY session at 79.48, last quoted at 79.70. The seventeen nation shared common currency has jumped to as high as 1.3176 at the weekly opening from 1.3155 late Friday in NY, market sentiment is ‘risk-on’ lifting EUR/USD to a fresh 4-day high of 1.3200 ahead of resistance at 1.3213. GBP/USD broke above resistance (circa 1.5860) to reach a fresh 7-day high of 1.5876 in the early Asia session on Monday, up circa 40 pips above the end of trading late Friday in New York
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UPCOMING EVENTS
2012-02-20 00:01 GMT | United Kingdom Rightmove House Price Index (YoY) (Feb)
2012-02-20 05:00 GMT | Japan Leading Economic Index (Dec)
2012-02-20 07:00 GMT | Greece Current Account (YoY) (Dec)
2012-02-20 09:00 GMT | Italy Industiral Sales n.s.a. (YoY) (Dec)

FOREX NEWS
2012-02-20 05:21 GMT | Japan Dec Coincident Index up to 93.6
2012-02-20 05:20 GMT | Japan Dec Leading Economic Index up to 94
2012-02-20 00:23 GMT | USD/JPY capped below 79.90
2012-02-20 00:04 GMT | UK - Rightmove House Price Index (MoM) 4.1% in Feb

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EURUSD : 1.32089 / 1.32098
DAILY WEEKLY MONTHLY



1.3375 | 1.3322 | 1.3284 | 1.3237
1.3139 | 1.3080 | 1.3020 | 1.2973

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


MARKET ANALYSIS - Intraday Analysis

After the pair formed a bottom at 1.2973 (S4) – Fibonacci 50% (daily chart), the EURUSD was able to break above yesterday’s resistance at 1.3139 (S1) and we now expect the price to find a strong resistance around 1.3300 – February high. A break above the first resistance level of 1.3237 (R1) would suggest a target of 1.3284 (R2). On the other hand if the price fails to break above 1.3237 (R1), we can expect the pair to retest 1.3139 (S1). We should expect a correction downwards towards 1.3139 (S1) and then a continuation of the uptrend.

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GBPUSD : 1.58653 / 1.58671
DAILY WEEKLY MONTHLY



1.5993 | 1.5968 | 1.5928 | 1.5885
1.5815 | 1.5786 | 1.5735 | 1.5654

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


MARKET ANALYSIS - Intraday Analysis

The GBPUSD continued to rise from 1.5654 (S4) and reached a high yesterday at 1.5885 (R1). It seems the pair is heading for a correction and it will retest the first support level of 1.5815 (S1). A break below that level would suggest a target of 1.5786 (S2) and a further decline will then focus on the next target at 1.5735 (S3). On the upside, if the price rebounds from the first support level 1.5815 (S1) we can expect retesting of 1.5885 (R1). A further rise will then bring focus to the next resistance level at 1.5928 (R2) a strong technical resistance level – year high.

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USDJPY : 79.527 / 79.541
DAILY WEEKLY MONTHLY



80.93 | 80.67 | 80.23 | 79.87
78.97 | 78.19 | 77.36 | 76.53

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


MARKET ANALYSIS - Intraday Analysis

The USDJPY continued to rise from 76.02 (S4) and reached a high on Friday at 79.87 (R1) a strong resistance level as it has been retested 3 times in the past (March, April, June 2011). If the bulls do not overcome that level then we expect the price to move downwards for a correction and then to continue its upwards move. A break below first support level would suggest a target of 78.19 (S2) and a further decline will then focus on the next target at 76.53 (S3). On the upside, if the price rebounds from the second support level 78.19 (S2) we can expect retesting of 79.87 (R1).Sustained rise will be then indicating second objective at 80.23 (R2) resistance level.

Source: FX Central Clearing Ltd, (www.fxcc.com)
URL: support.fxcc.com/email/technical/20022012
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