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MARKET UPDATE 22.03.2012

2012-03-22 07:00 GMT

GBP/USD bracketed between 1.5855/82 ahead of key UK data

EUR/USD is currently at 1.3230 slightly off session highs, before worse than expected Chinese PMI figures came out at 48.1. The Euro has been relatively well supported specially against AUD given the risk-off round in the Asia-Pacific market after the PMI data, lifting EUR/AUD to fresh 2012 highs at 1.2737. The pair holds onto +0.19% gains since session started, still below 0.618 retrace of yesterday's leg down 1.3285/1.3178. GBP/USD traded a limited range between 1.5855 and 1.5882 during the Asia-Pacific session, last quoted just a few pips below its starting price this Thursday at 1.5867.In the European session ahead, risk event for the Pound will be February UK Retail Sales data due for release at 0930 GMT, considered one of the most important consumer indicators.

The Australian dollar (AUDJPY) is sliding across the board this Thursday in Asia after a surprisingly weak reading of China's HSBC Flash PMI, reigniting concerns of a sharp slowdown in the world's second largest economy, shrinking in March for a fifth successive month to 48.1. The EURJPY after remaining well on course for the 111.57 intervention high, the pair had a violent turnaround on Wednesday, courtesy of heavy yen buying across the board, taking the rate as low as 110.03 post NY close and even extending to new lows at 109.87 post trade balance results in Japan, which came better than expected due to an increase in US car sales and steel exports.

Read More

2012-03-22 09:00 GMT

EU Purchasing Manager Index Manufacturing (Mar) Preliminar

2012-03-22 09:00 GMT

EU Purchasing Manager Index Services (Mar) Preliminar

2012-03-22 09:30 GMT

United Kingdom Retail Sales (YoY) (Feb)

2012-03-22 09:30 GMT

United Kingdom Retail Sales ex-Fuel (YoY) (Feb)

2012-03-22 06:01 GMT

EUR/USD at session highs in late Asia

2012-03-22 04:14 GMT

USD/JPY still above 83.00

2012-03-22 02:30 GMT

China HSBC Manufacturing PMI declines to 48.1 in Mar

2012-03-22 00:03 GMT

Japan: Feb Merchandise Trade Balance surprisingly srtong at Y32.9B

AUDUSD
1.04081 / 091
NZDUSD
0.80919 / 939
USDCHF
0.91012 / 026
USDCAD
0.99211 / 223
GBPJPY
132.219 / 236
EURCHF
1.20559 / 573
GOLD
1651.49 / .77
SILVER
32.17 / .20
EURUSD 1.32450 / 1.32459
DAILY WEEKLY MONTHLY

1.3343

1.3371

1.3325

1.3284

1.3177

1.3119

1.3048

1.3003

SUMMARY

Neutral

TREND

Sideway

MA10

Bullish

MA20

Bullish

STOCHASTIC

Neutral

 

MARKET ANALYSIS - Intraday Analysis

EURUSD has been moving upwards since the middle of March and the bulls face a major hurdle at the 1.3284 level (resistance), a level that is significant both psychologically and technically. A break above 1.3284 (R1) would suggest a target at 1.3325 (R2) and further rise will then be limited at 1.3371 (R3). On the other hand if the price manages to stay below our first resistance level then we expect the price to retest 1.3177 (S1) and a break below that level the expected target is at 1.3119 (S2).

GBPUSD 1.58725 / 1.58738
DAILY WEEKLY MONTHLY

1.6048

1.5995

1.5968

1.5913

1.5816

1.5734

1.5654

1.5605

SUMMARY

Neutral

TREND

Sideway

MA10

Bullish

MA20

Bullish

STOCHASTIC

Neutral

 

MARKET ANALYSIS - Intraday Analysis

The GBPUSD rise and find a strong resistance at 1.5913 (R1) and after that it trapped in a trading range between this level and 1.5816 (S1). A break in either direction will determine our trading bias for today. A break below 1.5816 (S1), the expected target is at 1.5734 (S2). On the other hand if the pair gain momentum to the upwards and breaks above 1.5913 (R1) would suggest target at 1.5968 (R2).

USDJPY 83.300 / 83.306
DAILY WEEKLY MONTHLY

85.72

85.21

84.67

84.18

83.00

82.58

81.94

81.51

SUMMARY

Neutral

TREND

Sideway

MA10

Bearish

MA20

Bearish

STOCHASTIC

Neutral

 

MARKET ANALYSIS - Intraday Analysis

The USDJPY retested the 84.18 twice without succeeding to break above it with a result to trapped in a trading range between 84.18 (R1) and 83.00 (S1). A break below 83.00 (S1) would suggest target at 82.58 (S2) and further fall will then be limited at 81.94 (S3). On the other hand if the price rises from the current level we expect to retest first resistance for third time. Look for short positions at 83.00 level targeting support levels.

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