2012-05-10 06:00 GMT
Hollande Sworn in as President of France Today
Today, French President elect Hollande will be sworn into office. Over the next few weeks he will build a government, in the meantime he will appoint an temporary government. These appointments should give us some insight into his economic and financial plans and thoughts.The negative sentiment from the eurozone colors the global markets, as risk aversion remains the mode. With the leadership and the direction of the EU in question and the ongoing turmoil in Greece and increasing debt problems in Spain, markets are worried about who and how the eurozone will attempt to control and turn around the future of Europe.
Data out this week might show that the eurozone has slipped back into recession.
The overflow of the eurozone declining economic situation is harming its neighbors around the globe from China to the US.
Commodities continue to fall, especially those that are USD denominated. The yen is reaching historical highs, which is a difficult situation for Japan. The USD still remains strong.
Greece either leaving or being ousted from the euro becomes more likely each passing day.
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2012-05-15 07:00 GMT
EUR German GDP
2012-05-15 09:00 GMT
EUR German ZEW Economic Sentiment
2012-05-15 12:30 GMT
USD Core CPI
2012-05-15 12:30 GMT
USD Core Retail Sales
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2012-05-15 05:00 GMT
Japan Apr Consumer Confidence Index declines to 40
2012-05-15 04:40 GMT
EUR/USD above 1.2800 ahead of a very busy morning in London
2012-05-15 04:23 GMT
GBP/USD within tight 20-pip range ahead of UK trade data
2012-05-15 03:32 GMT
AUD/JPY off 4-month lows, still below 80.00
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SUMMARY
Bearish
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TREND
Down
trend
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MA10
Bearish
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MA20
Bearish
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STOCHASTIC
Oversold
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MARKET ANALYSIS - Intraday Analysis
The risk adverse sentiment saw the pair march right through boundary at the 1.2875 and 1.2850 levels. In terms of technical levels, supports are seen at 1.2800, 1.2700 and then at 1.2624 (2012 low). On the other hand, resistance levels are seen at 1.2935/58 and then at 1.2979. The sustained closes below 1.3000 unlocks the important multi-month reversal pattern for a fast move into 1.2626. Daily indicators are all showing strong sell supported by MACD, RSI and ADX. MA 5-200 all read sell. Stochastic is deep in an oversold situation.
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SUMMARY
Neutral
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TREND
Up
trend
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MA10
Bearish
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MA20
Bearish
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STOCHASTIC
Bearish
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MARKET ANALYSIS - Intraday Analysis
There is still no indication of a trend reversal, even as the pace of the decline is halted. At this time the pair is at 1.6085 and bouncing on the S4. This appears to have corrected the last up move. We should see an initial bounce to go to 1.6125. We are bullish above 1.6125 to the R5 at 1.6199 with the lower target at the support at 1.6014.
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SUMMARY
Bearish
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TREND
Up
trend
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MA10
Bearish
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MA20
Bearish
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STOCHASTIC
Bearish
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MARKET ANALYSIS - Intraday Analysis
The U.S. dollar/yen is currently testing the 100-day simple moving average (SMA) which is around 79.70/79.75, and has acted as support on recent tests,. The pair remains within a bearish medium-term channel with resistance around the 21-day SMA and weekly cloud top that converge around 80.45.
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