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MARKET UPDATE 13.09.2012

2012-09-13 04:34 GMT

QE3 done deal or coinflip?

An overwhelming majority, as reflected by recent USD selling, sees it obvious that the economy in the US is weak, and with Bernanke reminding how well past QEs have worked in his speech at Jackson Hole, not to forget the last straw being the big miss in last Friday's NFP reports, talking about a fresh wave of money printing announced today seems logical. On the other hand, there is a case that points towards 'disappointment' being a prospect not that distant. With Europe having kicked the can down the road yet again thru new stimulus policies by the ECB – subject to Spain bailout request and the economic data in the US modestly upbeat in general in early September, one may also make the case for another month of 'wait-and-see” by the Fed. Not to forget is election time in the US, and any new 'money printing' may be controversial.

London session ahead will be a quite one data related waiting for the key event for the day in the form of FOMC Fed fund rates at 16:30 GMT. During the European hours, few major risk events will be coming from Switzerland, so some volatility could be expected around EUR/CHF cross given latest moves, while for EUR macro data related the EU will publish ECB monthly bulletin at 08:00 GMT at the same time than Italy CPI, followed 1 hour later by EU labor costs index.

Read More

2012-09-13 07:30 GMT

Switzerland. SNB Interest Rate Decision

2012-09-13 08:00 GMT

E.M.U. ECB Monthly Report

2012-09-13 18:15 GMT

United States. Fed's Monetary Policy Statement and press conference

2012-09-13 16:30 GMT

United States. Fed Interest Rate Decision

2012-09-13 04:34 GMT

GBP/USD moving sideways above 1.61

2012-09-13 04:33 GMT

EUR/USD threatening recent 4-month highs

2012-09-13 01:16 GMT

EUR/AUD prints “Pin,” set for bullish continuation?

2012-09-13 00:54 GMT

Potential for further USDJPY selling post FOMC - UBS

AUDUSD
1.04814 / 821
NZDUSD
0.82215 / 223
USDCHF
0.93596 / 606
USDCAD
0.97599 / 606
GBPJPY
125.257 / 267
EURCHF
1.20965 / 979
GOLD
1731.40 / .68
SILVER
33.23 / .25
EURUSD 1.29249 / 1.29254
DAILY WEEKLY MONTHLY

1.3086

1.3018

1.2952

1.2876

1.2817

1.2748

SUMMARY

Up

TREND

Up
trend

MA10

Bullish

MA20

Bullish

STOCHASTIC

Neutral

 

MARKET ANALYSIS - Intraday Analysis

Following the German ratification of the ESM, EURUSD bounced though closed trading session on the positive tone. The Focus will now shift to Thursday's FOMC meeting at 18:15 GMT. Currently pair is moving towards to our next resistance level at 1.2952 (R1). Clearance here would suggest next targets at 1.3018 (R2) and 1.3086 (R3). The downside trend evolvement is limited by next support level at 1.2876 (S1), brake here might lead to the next targets execution at 1.2817 (S2) and 1.2748 (S3).

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GBPUSD 1.61173 / 1.61182
DAILY WEEKLY MONTHLY

1.6235

1.6186

1.6136

1.6079

1.6035

1.5985

SUMMARY

Up

TREND

Up
trend

MA10

Bullish

MA20

Bullish

STOCHASTIC

Neutral

 

MARKET ANALYSIS - Intraday Analysis

Pair has settled positive bias on the hourly timeframe but recently looks overbought. From the technical side, upside pressure might force the market to test next resistance level at 1.6136 (R1). Successful penetration above it might provide sufficient space for the price increase towards to our next targets at 1.6186 (R2) and 1.6235 (R3). On the flip side, depreciation below the support level at 1.6079 (S1) would enable our targets at 1.6035 (S2) and 1.5985 (S3) in potential.

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USDJPY 77.717 / 77.721
DAILY WEEKLY MONTHLY

78.17

78.01

77.86

77.69

77.51

77.33

SUMMARY

Down

TREND

Downward
penetration

MA10

Bearish

MA20

Bearish

STOCHASTIC

Neutral

 

MARKET ANALYSIS - Intraday Analysis

Current installation might suggest us about the bearish market sentiment. Morning decline below the key support level at 77.69 (S1) might open the road towards to lower targets, located at the same levels as yesterday for the downside penetration: 77.51 (S2) and 77.33 (S3).A move above the resistance level at 77.86 (R1) might drive price towards to the next target at 78.01 (R2) and any further rise would then be limited by last resistance at 78.17 (R3).

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