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2012-06-15 05:30 GMT
Euphoria over Greece turns to Anxiety over Spain
It didn’t take much time for the euphoria over the Greek elections to die out, as markets are falling in morning trade. The focus is shifting to the bigger economy of Spain and its ever-growing borrowing costs. Spanish Bond yields ended well above the 7% mark. The SGX Nifty is trading higher by 3 points, tracking other peers.
On the economic front, we have the Zew Sentiments from the Euro-zone, which could come in lower and pressurize the euro. From the US, Housing Starts and Building permits are both expected to come in higher and could support the dollar but the main events are the G20 meetings, the FOMC meetings and the EU Summit.
Read More
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2012-06-19 08:30 GMT
UK - Consumer & Retail Price Index
2012-06-19 09:00 GMT
EMU - Construction Output & ZEW Survey
2012-06-19 12:30 GMT
US - Building Permits & Housing Starts
2012-06-19 22:45 GMT
New Zealand - Current Account
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2012-06-19 04:30 GMT
EUR/USD above 1.2600 again
2012-06-19 04:20 GMT
GBP/USD gently bid ahead of UK CPI data
2012-06-19 03:53 GMT
EUR/USD to finish the year substantially above current level - HSBC
2012-06-19 02:30 GMT
EUR/JPY sits around 99.50 in quiet session
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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
Overbought
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MARKET ANALYSIS - Intraday Analysis
Technical's remain mixed - RSI stalling at 50 suggests waning potential for further upswing ( which was accomplished just a bit ago ) but then the EUR tumbled. At this writing, indicators are moving quickly RSI has moved to neutral and Stochastic shows a buy in the daily reading. MACD daily has moved to sell. In the short term all indicators are reading strong buys. The pair sits around the 1.26 handle. After this we have the psychological barrier, and the correction trendline. A break below this TL, near 1.2520, should be a signal of a bearish continuation, with support in 1.24-1.2410 area.
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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
Overbought
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MARKET ANALYSIS - Intraday Analysis
Technical's here are quite mixed with resistance seen at 38.2% Fibonacci retracement (1.5708) of May decline. 1.56 may well be grounds for support. There is a psychological barrier that, if broken, may open up the downside toward 1.5240. Before opening up this low, the near term chart shows that there is a trendline that is near 1.55 we are even more likely opening up the 1.5240 low. Today the pair are expected to be range bound
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SUMMARY
Neutral
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TREND
Sideway
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MA10
Bearish
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MA20
Bullish
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STOCHASTIC
Neutral
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MARKET ANALYSIS - Intraday Analysis
Technical's have become very mixed and even contradictory; near term support seen at 200 day MA (78.75). Short term all point to sell, except for MACD which has reversed to a buy. When we move to daily, the signals have all moved in different directions, there is no support for any decision. MA's all the way out to 200day read sell, MACD reads sell but RSI and Stochastic show neutral. Resistance levels: 79.51 80.37 81.22 and support levels: 78.59 77.62 76.80. The pair reversed its direction at 78.60 and current bias is positive, for a break through 79.50, towards 80.60. Minor intraday support can be spotted at 79.02.
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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
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