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Old 26-04-2012, 09:33 AM   #4
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Default Daily Forex Market by FXCC 26Apr2012

Daily Forex Market by FXCC 26Apr2012

EUR/USD holds steady ahead of EZ, Germany data

EUR/USD has traded a very limited range in Asia between 1.3215 and 1.3232, hovering below its 3-week high after the dollar took a recent hit on USD-negative comments from the Fed, in particular, that the central bank stands ready to use additional measures (more QE) if necessary, which fueled a broad greenback selloff. In the European session ahead, the risk focus for EUR will be Euro-zone consumer confidence data along with Euro-zone economic and industrial confidence data for April, due for release at 09:00 GMT. A few hours later, at 12:30 GMT, German CPI figures are to be published, with economists anticipating a +2.0% reading in the year to April.

EUR/JPY extended its bounce from the 50% retracement of the 104.60/107.98 upswing in overnight trading, reaching the 107.65 price zone before closing at 107.50. So far in Asia, the pair is edging lower, on the verge of losing all of the previous day’s gains, last at 107.33.
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2012-04-26 08:30 GMT | United Kingdom BBA Mortgage Approvals (Mar)
2012-04-26 09:00 GMT | European Monetary Union Consumer Confidence (Apr)
2012-04-26 09:00 GMT | European Monetary Union Economic Confidence (Apr)
2012-04-26 12:30 GMT | Germany Consumer Price Index (YoY) (Apr) Preliminar

2012-04-26 04:57 GMT | GBP/USD consolidating recent gains ahead of Europe
2012-04-26 04:32 GMT | Japan Feb All Industry Activity Index (MoM) improves to -0.1% vs -1%
2012-04-26 03:26 GMT | EUR/JPY correcting lower
2012-04-26 01:24 GMT | EUR/USD trading at 3-week highs

EURUSD 1.32246 / 1.32251

1.3391 | 1.3341 | 1.3275 | 1.3234
1.3180 | 1.3118 | 1.3057 | 1.3000

TREND : Up trend
MA10 : Bullish
MA20 : Bullish

MARKET ANALYSIS - Intraday Analysis

The EURUSD didn’t make any significant moves in yesterday’s trading session as it moved between the first support and resistance level. A break in either direction will determine the trading bias in today`s session. A break below 1.3180 will confirm our short positions targeting 1.3118 (S2) and a further fall will be limited to 1.3057 (S3). On the other hand, if the pair breaks above the first resistance level of 1.3234 (R1), we would expect the price to retest 1.3275 (R2) and a further rise will then focus at 1.3341(R3).

GBPUSD : 1.61712 / 1.61721

1.6351 | 1.6292 | 1.6247 | 1.6183
1.6078 | 1.6009 | 1.5963 | 1.5909

TREND : Up trend
MA10 : Bullish
MA20 : Bullish

MARKET ANALYSIS - Intraday Analysis

GBPUSD made a high at 1.6183(R2) as it continued its move upwards since middle of April. A break above 1.6183 (R1) would suggest target at 1.6247 (R2) and further rise will then be limited at 1.6292 (R3). On the other hand a break below 1.6078 (S1) would suggest target at 1.6009(S2) and further fall will then be limited at 1.5963 (S3).

USDJPY : 81.177 / 81.183

83.33 | 82.81 | 82.42 | 81.77
80.85 | 80.29 | 79.81 | 79.37

SUMMARY : Neutral
TREND : Sideway
MA10 : Neutral
MA20 : Bearish

MARKET ANALYSIS - Intraday Analysis

USDJPY released a lot of volatility in yesterday’s trading session moving upwards above 81.50 and then moved downwards breaking below that level touching our support level. After that the price bounced from 81.00 level and moved upwards successfully penetrating our resistance level. It seems that the pair is gaining momentum and is moving towards 81.77. A break above that level would suggest a target at 82.42 (R2) a strong technical level. Look for long positions above 81.77 (R1) targeting 82.42 (R2).

Source: FX Central Clearing Ltd, (
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