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MARKET UPDATE 18.09.2012

2012-09-18 01:41 GMT

RBA minutes - Bias still to the downside

The RBA's minutes for this month's 4 Sep meeting is out, with plenty of downbeat commentary regarding the worsening outlook for Australia due to global and Chinese growth concerns, acknowledging prospects are now more uncertain. RBA added there is still scope to reduce the benchmark interest rate should outlook worsen significantly. The extent of RBA concern surrounding China appears to have worsened, while the potential for an October rate cut is very much on the cards. According to RBA, previous rate cuts are still working through economy.

London session ahead will only have a single risk event for the European morning coming out EUR related, but a key one, as German ZEW economic sentiment is, due at 09:00 GMT, which usually implies volatility. The UK will publish CPI figures at 08:30 GMT.

Read More

2012-09-18 08:30 GMT

United Kingdom. Core Consumer Price Index (Aug)

2012-09-18 09:00 GMT

Germany. ZEW Survey - Economic Sentiment (Sep)

2012-09-18 12:00 GMT

United States. Fed's Evans Speech

2012-09-18 12:30 GMT

United States. Current Account (Q2)

2012-09-18 04:39 GMT

GBP/USD flat around 1.6245 ahead of UK CPI data

2012-09-18 04:35 GMT

EUR/USD awaits ZEW around 1.31

2012-09-18 03:59 GMT

USD/JPY stalls below 79.00 ahead of BoJ

2012-09-18 04:14 GMT

NZD/USD gently bid above 0.8250

AUDUSD
1.04601 / 608
NZDUSD
0.82774 / 783
USDCHF
0.92720 / 728
USDCAD
0.97466 / 474
GBPJPY
127.757 / 773
EURCHF
1.21477 / 485
GOLD
1755.87 / .15
SILVER
34.09 / .12
EURUSD 1.31018 / 1.31021
DAILY WEEKLY MONTHLY

1.3355

1.3267

1.3179

1.3085

1.2995

1.2903

SUMMARY

Up

TREND

Up
trend

MA10

Bearish

MA20

Bullish

STOCHASTIC

Neutral

 

MARKET ANALYSIS - Intraday Analysis

EURUSD remains under the sideways direction and we leave all ours support and resistance at the same levels as yesterday. Upside direction is limited by the next resistance level at 1.3179 (R1), brake here would enable higher target at 1.3267 (R2). Sufficient momentum on the upside direction might expose last target at 1.3355 (R3) in potential. On the downturn, clear brake of support level at 1.3085 (S1) would enable target at 1.2995 (S2) and any further fall would then be limited by last support level at 1.2903 (S3). In focus the Germany ZEW Survey - Economic Sentiment release at 09:00 GMT.

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GBPUSD 1.62435 / 1.62444
DAILY WEEKLY MONTHLY

1.6392

1.6347

1.6301

1.6212

1.6165

1.6119

SUMMARY

Up

TREND

Up
trend

MA10

Bearish

MA20

Bullish

STOCHASTIC

Neutral

 

MARKET ANALYSIS - Intraday Analysis

BOE Inflation Letter might be a major market driver today for GBP however next important data release expected at 08:30 GMT - Core Consumer Price Index (Aug). GBPUSD penetrated above the suggested resistance level at 1.6255 yesterday but failed to establish positive tone. A further increase will then bring focus to the next resistance levels at 1.6301 (R1) and 1.6347 (R2). Final resistance can be found at 1.6392 (R3) level later on today. Next support level holds at 1.6212 (S1), brake below it would suggest next target at 1.6165 (S2) and any further fall would then be limited to 1.6119 (S3).

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USDJPY 78.648 / 78.654
DAILY WEEKLY MONTHLY

79.42

79.16

78.92

78.47

78.21

77.95

SUMMARY

Up

TREND

Up
trend

MA10

Bullish

MA20

Bullish

STOCHASTIC

Neutral

 

MARKET ANALYSIS - Intraday Analysis

USDJPY climbed yesterday above the suggested resistance level at 78.47 and hit our target at 78.81. Next resistance is spotted at 78.92 (R1), brake here might expose next target at 79.16 (R2) and any further rise would then be targeting 79.42 (R3). Our now bullish short term outlook will remain in place while USDJPY trades above the support at 78.47 (S1). A downside move below it might retest our next targets at 78.21 (S2) and 77.95 (S3) in potential.

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