Daily Forex Market by FXCC 20Jan2012

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Daily Forex Market by FXCC 20Jan2012
MARKET OVERVIEW – JANUARY 20 2012
Euro appreciates to two week high versus the greenback, is 1.3000 in sight, then 1.3200?
The euro appreciated to a two-week high of $1.2927 before trading 0.2 percent higher at $1.2890. It reached a 16-month low of $1.2624 on Jan.13th. The Dollar Index fell 0.1 percent to 80.372 today. The dollar was little changed at $1.2964 per euro as of 8:24 a.m. in Tokyo from yesterday in New York. The yen was at 99.93 per euro from 99.99 yesterday when it reached 100.06, also the lowest since Jan. 4. The U.S. currency traded fairly static at 77.09 yen.
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UPCOMING EVENTS
2012-01-20 04:30 GMT | Japan All Industry Activity Index (MoM) (Nov)
2012-01-20 05:00 GMT | Japan Leading Economic Index (Nov)
2012-01-20 07:00 GMT | Germany Producer Price Index (MoM) (Dec)
2012-01-20 09:30 GMT | United Kingdom Retail Sales (YoY) (Dec)

FOREX NEWS
2012-01-20 04:32 GMT | Japan: All Industry Activity Index (MoM) (Nov): -1.1%
2012-01-20 02:51 GMT | Japan contribution to the IMF contingent on US
2012-01-20 02:39 GMT | Japan - HSBC Manufacturing PMI signals industry contraction for third consecutive month
2012-01-20 00:33 GMT | Australia 4Q Export Price Index (QoQ) -1.5%
 
EURUSD 1.29673 / 1.29680
High: 1.29808 | Low: 1.29538 | Chg: -0.0002 -0.01%
SUMMARY: Up
INTRADAY TREND: Uptrend
MA10: Bullish
MA20: Bullish
STOCHASTIC: Neutral



Resistance Levels: 1.3260 | 1.3206 | 1.3120 | 1.3050
Support Levels: 1.2876 | 1.2809 | 1.2711 | 1.2624

Intraday Analysis: EURUSD moved upwards and formed a high at 1.2980 this morning. The upward moved started from 13th of January and since then the EUR picked up and has successfully penetrated upwards the downtrend trend line. We expect the price to reach 1.3050 (R1) and then to bounce back for a correction. If the price breaks above our first resistance then we have a new trend (uptrend) and the next target is set at 1.3120 (R2).


 
GBPUSD 1.54880 / 1.54888
High: 1.54966 | Low: 1.54749 | Chg: 0.0001 0.01%
SUMMARY: Up
INTRADAY TREND: Uptrend
MA10: Bullish
MA20: Bullish
STOCHASTIC: Neutral



Resistance Levels: 1.5862 | 1.5775 | 1.5669 | 1.55572
Support Levels: 1.5410 | 1.5344 | 1.5281 | 1.234

Intraday Analysis: GBPUSD has successfully broke above yesterday resistance and now it seems that is heading towards 1.5572 (R1). Fail to reach that level then we expect the price to retest 1.5410 (S1) and then further decline will limited to 1.5344 (S2). On the intraday, the pair is moving upwards – uptrend valid trend line and both of our Moving Averages are bullish. The bearish are under pressure as a lot of stop losses have been hit yesterday as we are in a strong upward momentum at the moment.

 
USDJPY 77.131 / 77.134
High: 77.206 | Low: 77.053 | Chg: 0.024 0.03%
SUMMARY: Down
INTRADAY TREND: Trading Range
MA10: Bullish
MA20: Bullish
STOCHASTIC: Neutral



Resistance Levels: 78.21 | 77.78 | 77.56 | 77.33
Support Levels: 76.80 | 76.59 | 76.10 | 75.56

Intraday Analysis: USDJPY made a sharp move yesterday (60 pips) and formed a top at 77.33 (R1) a strong resistance level. A break above that level we expect the price to retest 77.56 (R2). At the moment, the price it seems that is still moving downwards and it is possible to retest our support levels at 76.80 (S1) and 76.59 (S2) a strong technical and psychological level. It is very important to see a move above our first resistance or our first support to get a clearer picture of the trend. In the long run a break below 76.59 (S2) will confirm the downtrend – No position.

Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)
URL: https://support.fxcc.com/email/technical/20012012