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2012-06-18 05:30 GMT
Greeks party has 3 days to form government while the G20 meetings and the US FOMC meet this week
In the week ahead, the world will be watching the Greece elections are a make or break for financial markets worldwide. Although the New Democracy, the pro EU party has captured the lead, they now have to form a government. They have three days to negotiate with other parties to secure a majority. With the debt-laden nation running out of money to pay its bills by the end of this month. If the New Democracy manages to secure enough votes along with Pasok support, Greece could survive for the next few months at least. The official information should be finalized early Monday morning. This is not as easy as it seems. The parties could not negotiate and form a government in a similar situation just 6 weeks ago.
In the US, the Federal Open Market Committee, which sets the course of central bank policy, begins a two-day meeting on June 19. The group may address a cooling expansion, weaker job growth and the financial crisis in Europe. The G20 meetings begin this week, where the focus will be on central bank intervention to protect the global banking system and growth.
Read More
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2012-06-18 11:30 GMT
UK - BOE Deputy Governor Paul Tucker speaks
2012-06-18 12:30 GMT
CAD - Canadian portfolio investment in foreign securities
2012-06-18 12:30 GMT
CAD - Foreign portfolio investment in Canadian securities
2012-06-18 14:00 GMT
USA - NAHB Housing Market Index
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2012-06-18 04:31 GMT
EUR/USD above 1.27 after Greek election
2012-06-18 04:30 GMT
GBP/USD sits around 1.5700
2012-06-18 02:53 GMT
USD/JPY well bid above 79.00
2012-06-18 02:21 GMT
Aussie, kiwi dollars still bid after dip to session lows
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SUMMARY
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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 short term trend is basically sideways as investors try to make heads or tails out of the Greece situation.. A break above could push up to the next resistance at 1.2901. Lower target this week is the bottom at 1.2300. The (ATR) for the pair at present 114 pips. The long term outlook remains grossly bearish, but for short-term there is a bit more upside before a fresh lower top is sought out. Look for the latest positive weekly close to open the door for acceleration into the 1.2800-1.3000. Daily technical's give a strong buy signal where as weekly are moving to neutral and are mixed.
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SUMMARY
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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 pair have approached the 1.57 expect a correction back to the resistance at 1.5650 and then a climb towards the resistance at 1.5887. A breakdown could send the pair as low as 1.5268. Short term signals are moving away from oversold and might allow for a necessary short-term corrective bounce, the test will come at 1.5440 where the pair will either gather the strength to move back up, to chase the 1.58 price otherwise look for a bottom around 1.54
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SUMMARY
Neutral
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TREND
Up
trend
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MA10
Bearish
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MA20
Bullish
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STOCHASTIC
Oversold
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MARKET ANALYSIS - Intraday Analysis
The pair are trading at the 79. price level having formed a new top at 78.60 level. The pair will most likely trade sideways today although they could move either We are looking at a range from 77.66 to 81.04. The market has been rather volatile, with signals collapsing through the 200-Day SMA before finally finding support by 77.65. There have been attempts at recovery and the market should continue to move higher. We will need to see a break and close back above 80.00 to officially alleviate downside pressures and reaffirm bullish outlook. Stealth intervention by the BoJ is suspected, caution remains the key word here.
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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
and involves substantial risk of loss. It is possible to lose all your capital.
Forex and CFDs may not be suitable for all investors. Only invest with money you
can afford to lose. Please ensure you fully understand the risks involved before
investing. Seek independent advice if necessary.
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