Daily Forex Market by FXCC 16Jan2012

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Daily Forex Market by FXCC 16Jan2012

MARKET OVERVIEW – JANUARY 16 2012
The euro hits a fresh all-time low of AUD 1.2264 on Monday
With the U.S. markets closed on Monday, due to Martin Luther King day, the currency markets and the euro in isolation may experience a slight reprieve, particularly if France's debt auction gets away with good numbers. The euro fell 0.3 percent to $1.2643 as of 8:15 a.m. in Tokyo from the close in New York on Jan. 13 when it touched $1.2624, the least since Aug. 25, 2010. The shared currency depreciated 0.4 percent to 97.23 yen after dropping to 97.17, the lowest since December 2000. EUR/AUD has opened on Monday with a starting price of 1.2275, down from 1.2304 Friday in New York, the paring has closed the gap, climbing to a session high of 1.2300 from the recent all-time low. At the start of the week's session this Monday, the Japanese yen in gaining versus its European and American counterparts. USD/JPY has fallen sharply down from its starting price of 77.06, it was last at 76.88 some 10 pips below Friday’s close. EUR/JPY has slipped, opening the week offered at 97.36 from 97.58 late Friday. Last quoted at 97.21, EUR/JPY is down 0.38% so far in the early part of the trading session the day. The USD/JPY is down 0.05%. Cable is off slightly printing at 1.5297, down 0.03%, sterling is down versus the yen at 1.1762, down 0.08%.
The Aussie and Kiwi are down versus the dollar by 0.15% and 0.08% respectively. The loonie is down versus the dollar by 0.06%

UPCOMING EVENTS
2012-01-16 00:00 GMT | UK - Rightmove House Price Index (YoY) (Jan)
2012-01-16 12:30 GMT | Australia - Home Loans (Nov)
2012-01-16 07:00 GMT | Germany - Wholesale Price Index (YoY) (Dec)
2012-01-16 09:00 GMT | Italy - Consumer Price Index (YoY) (Dec)

FOREX NEWS
2012-01-16 05:02 GMT | Japan Dec Consumer Confidence Index 38.9
2012-01-16 02:03 GMT | S&P downgrades will affect reserve managers
2012-01-16 00:33 GMT | Some Aussie buying post home loans, adverts report
2012-01-16 00:00 GMT | United Kingdom Jan Rightmove House Price Index (YoY) 0.4%
 
EURUSD 1.26549 / 1.26555
High: 1.26259 | Low: 1.26259 | Chg: -0.0018 -0.14%
SUMMARY: Down
INTRADAY TREND: Downtrend
MA10: Bearish
MA20: Bearish
STOCHASTIC: Neutral



Resistance Levels: 1.2944 | 1.2820 | 1.2812 | 1.2727
Support Levels: 1.2621 | 1.2592 | 1.2560 | 1.2513

Intraday Analysis: EURUSD fell and formed a bottom at 1.2621 (S1) and now it seems that it is heading towards 1.2592 (S1) a Fibonacci retracement level - 76.40%. A break below that level, we can expect the price to retest 1.2560 (S3). We can see clearly that the pair is in a downtrend move and both of our Moving Averages are above the price (bearish signal), but a correction upwards is expected leading to a further decline.


 
GBPUSD 1.53146 / 1.53160
High: 1.53269 | Low: 1.53160 | Chg: 0.0003 0.02%
SUMMARY: Up
INTRADAY TREND: Sideway
MA10: Neutral
MA20: Neutral
STOCHASTIC: Neutral



Resistance Levels: 1.5629 | 1.5579 | 1.5487 | 1.5400
Support Levels: 1.5275 | 1.5233 | 1.5203 | 1.5164

Intraday Analysis: GBPUSD fell sharply yesterday and continued to decline from 1.5400 (R1) to 1.5233 (S2). If GBPUSD breaks above 1.5400 (R1), we can expect re-testing resistance at 1.5487 (R2). Further rise will then focus on 1.5579 (R3). On the downside, decline below current support level 1.5275 (S1) will retest 1.5233 (S2) and 1.5203 (S3). Since the pair is moving above 1.5233 a strong support level (daily) in technical and psychological way for the bullish, we look for long positions with a stop loss below 1.5233 (S2).

 
USDJPY 76.831/ 76.837
High: 77.831 | Low: 76.81 | Chg: -0.116 -0.15%
SUMMARY: Down
INTRADAY TREND: Downtrend
MA10: Bullish
MA20: Bearish
STOCHASTIC: Oversold



Resistance Levels: 78.03 | 77.56 | 77.33 | 77.05
Support Levels: 76.60 | 76.03 | 75.54 | 75.13

Intraday Analysis: USDJPY lost momentum yesterday and made a bottom at 76.66 after forming a top at 77.05 (R1). A break below our support level at 76.60 (S1), will give us a proper confirmation for short positions, as we expect the pair to continue its downwards pressure. A stop loss should be placed above 77.05 (S1).

Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)
URL: https://support.fxcc.com/email/technical/16012012