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2012-07-03 05:48 GMT
US Markets closed tomorrow, ECB and BoE rate decision due on Thursday and US Nonfarm Payroll on Friday…
Asian equities have surged drastically and are up by 1.50%, whereas the US markets closed mixed. On the economic front today, we have U.K’s PMI construction and Net Consumer Credit data, which is expected to come in lower than before.
From the Eurozone, the PPI data is expected to come in slightly positive.
The dollar index, which compares the US unit to a basket of other currencies, was trading at
81.888 on Monday, up from 81.658 in North American trade late Friday.
US manufacturing shrank in June for the first time in nearly 3-years, adding to signs of a slowdown in the recovery but raised hopes for more easing from the Federal Reserve.
Iran's National Security and Foreign Policy Committee has drafted a bill calling for Iran to try to stop oil tankers from shipping crude through the Strait of Hormuz helped curb oil price losses, especially for Brent crude
Read More
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2012-07-03 08:30 GMT
UK - Consumer Credit (May)
2012-07-03 09:00 GMT
EMU - Producer Price Index (May)
2012-07-03 13:45 GMT
US - ISM New York index (Jun)
2012-07-03 14:00 GMT
US - Factory Orders (MoM) (May)
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2012-07-03 04:36 GMT
RBA leaves rates unchanged; monetary policy appropiate
2012-07-03 04:11 GMT
GBP/USD quiet around 1.5700; UK data ahead
2012-07-03 03:33 GMT
USD/JPY jumps to session highs 79.80
2012-07-03 02:20 GMT
EUR/NZD threatening all-time lows
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SUMMARY
Neutral
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TREND
Up
trend
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MA10
Bullish
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MA20
Bullish
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STOCHASTIC
Neutral
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MARKET ANALYSIS - Intraday Analysis
The euro has managed to sustain above 1.2575 level, and it may test higher levels of 1.2890, which is a 50% Fibonacci retracement level for the 1.3486-1.2286 range, in the near term. The RSI -14 momentum indicator is currently trading at 0.40 and is inching higher, supporting up move in the pair. Expect the euro to continue it's up move. The supports are at 1.2575 then 1.2477 and resistances are at 1.2742 then 1.2890. The pair tested the 8-period EMA on the weekly charts, but did not manage to close above it.
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SUMMARY
Up
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TREND
Up
trend
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MA10
Bullish
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MA20
Bullish
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STOCHASTIC
Oversold
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MARKET ANALYSIS - Intraday Analysis
The weekly chart indicates the pair forming a “triple-bottom pattern”. Currently, the GBP is trading above the 38.2% Fibonacci retracement level of the downward rally (1.6301-1.5265). The RSI-14 momentum indicator is hovering at 0.47 with a positive bias. Expect the pound to move higher and test levels of 1.5780. A break above this level will bring forth the next resistance at 1.5910, or 61.8% retracement level. Meanwhile, supports are evident at 1.5583 of a trendline and then at 1.5500
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SUMMARY
Neutral
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TREND
Sideway
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MA10
Bearish
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MA20
Bullish
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STOCHASTIC
Overbought
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MARKET ANALYSIS - Intraday Analysis
The charts indicate the support of a trend line drawn connecting the lower bottoms. The RSI-14 has been hovering around 0.50 for the last few weeks and is not indicating a clear trend for the pair. Expect the yen to once again test the lower trend line supports of 79.40-79.50 and to rebound from the same. If the yen manages to sustain above 80.18, which is the 38.2% Fibonacci retracement level for the 84.17-77.66 range, then the pair may test higher levels of 80.95. Supports are at 79.50 then 79.10 and resistances are at 80.17 then 80.94.
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MARKET INFORMATION AND OPINIONS: Any information provided by FXCC
on this newsletter, including but not limited to news, research, opinions, analyses
and prices, is provided as commentary on the Forex market generally -- in other
words, it is not, and should not be considered as, investment advice. Consequently,
FXCC shall not be liable for any loss or damage, including but not limited to loss
of profits, which arises directly or indirectly from reliance upon or use of information
contained on this newsletter.
RISK WARNING: Trading in Forex and Contracts for Difference (CFDs) is highly speculative
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Forex and CFDs may not be suitable for all investors. Only invest with money you
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investing. Seek independent advice if necessary.
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