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MARKET UPDATE 05.04.2012

2012-04-05 07:00 GMT

EUR/USD quietly advances to session highs

EUR/USD is printing fresh session highs at 1.3158 following China services PMI in line with expected at 53.3 which means expansion, and market participants have taken it as a risk on relief for a while, either exiting existing positions, or entering new ones pushing USD lower across the board. Local share markets also are on the bounce from multi-week lows, with yen selling off currently at 82.29 for USD/JPY. Euro kind of lags in the reaction, like against AUD for example, with EUR/AUD cross siting at session lows 1.2783. With only main macro risk event ahead in the form of German industrial production at 10:00 GMT, and many countries getting ready for a three to four day weekend for Eastern, everything will be set up for big day Friday with US NFP which will bring plenty of volatility given low liquidity available with almost all Europe on holidays.

AUD/JPY is currently at 84.61, retreating from session highs at 84.81, following last dip in USD/JPY with yen demand on the rise as Nikkei index keeps falling another -0.77% adding to yesterday's -2.29% loss. Main focus for current Asian session, ahead of the 4-day weekend coming tomorrow in Australia, will be Chinese PMI services at 02:30 GMT

Read More

2012-04-05 08:30 GMT

United Kingdom Industrial Production (YoY) (Feb)

2012-04-05 10:00 GMT

Germany Industrial Production s.a. w.d.a. (YoY) (Feb)

2012-04-05 11:00 GMT

United Kingdom BoE Interest Rate Decision

2012-04-05 11:00 GMT

United Kingdom BoE Asset Purchase Facility

2012-04-05 02:46 GMT

USD/JPY at fresh session lows after China PMI

2012-04-05 02:34 GMT

China Mar HSBC China Services PMI decreases to 53.3

2012-04-05 00:53 GMT

AUD/JPY at a crossroads below 85.00

2012-04-04 23:22 GM

GBP/USD hovers below 1.59 in early Asia
AUDUSD
1.03019 / 023
NZDUSD
0.81702 / 717
USDCHF
0.91478 / 488
USDCAD
0.99610 / 617
GBPJPY
130.754 / 766
EURCHF
1.20339 / 352
GOLD
1624.25 / .53
SILVER
31.51 / .53
EURUSD 1.31541 / 1.31548
DAILY WEEKLY MONTHLY

1.3340

1.3277

1.3248

1.3189

1.3108

1.3057

1.3011

1.2967

SUMMARY

Down

TREND

Down
trend

MA10

Bullish

MA20

Bullish

STOCHASTIC

Neutral
 

MARKET ANALYSIS - Intraday Analysis

EURUSD couldn’t hold in yesterday’s trading session and fell, breaking below our support level and forming a new low at 1.3108 (S1). A break below that level would suggest a target at 1.3057 (S2) and a further fall will focus attention on 1.3011 (S3) a significant technical and psychological level. On the other hand if the pair moves upwards and manages to break above 1.3189 (R1) we expect the price to retest 1.3248 (R2) and any further rise will then be limited to 1.3277 (R3).
GBPUSD 1.59010 / 1.59022
DAILY WEEKLY MONTHLY

1.6098

1.6063

1.5977

1.5934

1.5832

1.5799

1.5732

1.5668

SUMMARY

Down

TREND

Down
trend

MA10

Bullish

MA20

Bullish

STOCHASTIC

Overbought
 

MARKET ANALYSIS - Intraday Analysis

GBPUSD fell below our first support and formed a bottom at 1.5832. After that the price rise and closed just below of yesterday’s first resistance. We expect the GBPUSD to continue its move downwards and to complete the correction at the level of 1.5732 (S3). A proper confirmation for the short positions will be when the price manages to break below the first support level of 1.5832 (S1). A stop loss should be placed at 1.5934 (R1).
USDJPY 82.231 / 82.233
DAILY WEEKLY MONTHLY

84.51

83.79

83.31

82.98

82.08

81.54

80.81

80.23

SUMMARY

Down

TREND

Down
trend

MA10

Bearish

MA20

Bearish

STOCHASTIC

Neutral
 

MARKET ANALYSIS - Intraday Analysis

The USDJPY moved closer to support levels at 82.08, retested it twice but didn’t manage to break below it. After that, the price rise and now is trading above 82.08 (S1). If price will be able to break below that level, USDJPY target is at 81.54 (S2). Further decline will re-test support at 80.81 (S3). A stop loss should be placed below 82.98 (R1).

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