Daily Forex Market by FXCC 27Mar2012

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Daily Forex Market by FXCC 27Mar2012

EUR/USD breaking below 1.3360 in late Asia

EUR/USD is currently at 1.3350 retreating from a double intraday high at 1.3366, right below 0.23 retrace of latest leg down 1.3485/1.3003, and Feb 27 lows. Just 10 pips now below its opening price in Asia-Pacific, the pair has been in a quiet range all session long, with highs around same price NY close.After a timid break out above 83.00, USDJPY handle reaching 2-day highs at 80.03 highest since past Thursday, minutes before Tokyo opening, the pair is back to previous opening prices, last at 82.84. The pair still trades above weekly opening prices by some +0.52%.

EUR/JPY is back trading near its starting price after threatening the 111.00 mark this Tuesday. Coming off a sharp overnight rally into the 110.60 price zone, the pair managed to reach a 4-day high of 110.91 earlier in the Asia-Pacific, but has since retreated and is now quoted just above session lows at 110.55, 5 pips below its starting price. Beyond the 111.00 psychological figure, resistance is noted at 111.41 (21 March high), while EUR/JPY may encounter support at 109.91 (27 Feb high).
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UPCOMING EVENTS
2012-03-27 07:30 GMT | Sweden Producer Price Index (MoM) (Feb)
2012-03-27 07:30 GMT | Sweden Trade Balance (MoM) (Feb)
2012-03-27 13:00 GMT | United StatesS&P/Case-Shiller Home Price Indices (YoY)
2012-03-27 14:00 GMT | United States Consumer Confidence (Mar)

FOREX NEWS
2012-03-27 04:34 GMT | EUR/USD breaking below 1.3350 in late Asia
2012-03-27 02:26 GMT | EUR/JPY struggling to take out 111.00
2012-03-27 00:41 GMT | AUD/JPY struggling below 87.50
2012-03-27 00:20 GMT | GBP/USD limited below 1.5970


EURUSD : 1.33518 / 1.33524
DAILY WEEKLY MONTHLY



1.3551 | 1.3487 | 1.3413 | 1.3368
1.3284 | 1.3220 | 1.3133 | 1.3048

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


MARKET ANALYSIS - Intraday Analysis
EURUSD moved upwards in yesterday’s trading session and successfully penetrated our second resistance forming a new top at 1.3368 (R1) profiting a total of 41 pips!! The pair is under bullish pressure since the price made a low at 1.3000 levels, it formed a higher bottoms and higher tops, breaking with success above 1.3180 with a result of a trend reversal (intraday) - uptrend. A break above the 1.3375 level would suggest a target at 1.3413 (R2) and a further rise will then focus on 1.3487 (R3) a significant strong technical level. Look for long positions above 1.3368 targeting resistance levels (R1 and R2). A stop loss should be placed above 1.3284 (S1).

GBPUSD : 1.59617 / 1.59630
DAILY WEEKLY MONTHLY



1.6147 | 1.6091 | 1.6046 | 1.5973
1.5907 | 1.5817 | 1.5769 | 1.5728

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


MARKET ANALYSIS - Intraday Analysis
GBPUSD rise from 1.5875 and made a sharp move upwards breaking above our yesterday’s resistance level and closing just above of our recommended target ending our day with profits (+55 pips)!! The pair is in a crucial moment as a break above 1.5980 February high, it will determine our trading bias targeting 1.6046 (R2). Look for long positions above first resistance targeting 1.6046 (R2). A stop loss should be placed above 1.5907 (S1).

USDJPY : 82.831 / 82.839
DAILY WEEKLY MONTHLY



84.69 | 84.18 | 83.44 | 83.00
82.32 | 81.94 | 81.51 | 81.08

SUMMARY : Neutral
TREND : Sideway
MA10 : Neutral
MA20 : Neutral
STOCHASTIC : Neutral


MARKET ANALYSIS - Intraday Analysis
USDJPY didn’t made any significant moves yesterday as it traded in a trading range between the 83.00 (R1) and 82.32 (S1) support level. We remain flat on USDJPY until we see in which direction it will move to develop a clear uptrend or a downtrend with more reliable support and resistance levels. No position.

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