FXCC Market Update 26-04-2012

MARKET UPDATE

26.04.2012

2012-04-26 07:00 GMT

EUR/USD holds steady ahead of EZ, Germany data

EUR/USD has traded a very limited range in Asia between 1.3215 and 1.3232, hovering below its 3-week high after the dollar took a recent hit on USD-negative comments from the Fed, in particular, that the central bank stands ready to use additional measures (more QE) if necessary, which fueled a broad greenback selloff. In the European session ahead, the risk focus for EUR will be Euro-zone consumer confidence data along with Euro-zone economic and industrial confidence data for April, due for release at 09:00 GMT. A few hours later, at 12:30 GMT, German CPI figures are to be published, with economists anticipating a +2.0% reading in the year to April.

EUR/JPY extended its bounce from the 50% retracement of the 104.60/107.98 upswing in overnight trading, reaching the 107.65 price zone before closing at 107.50. So far in Asia, the pair is edging lower, on the verge of losing all of the previous day’s gains, last at 107.33.

2012-04-26 08:30 GMT

United Kingdom BBA Mortgage Approvals (Mar)

2012-04-26 09:00 GMT

European Monetary Union Consumer Confidence (Apr)

2012-04-26 09:00 GMT

European Monetary Union Economic Confidence (Apr)

2012-04-26 12:30 GMT

Germany Consumer Price Index (YoY) (Apr) Preliminar

2012-04-26 04:57 GMT

GBP/USD consolidating recent gains ahead of Europe

2012-04-26 04:32 GMT

Japan Feb All Industry Activity Index (MoM) improves to -0.1% vs -1%

2012-04-26 03:26 GMT

EUR/JPY correcting lower

2012-04-26 01:24 GMT

EUR/USD trading at 3-week highs

AUDUSD
1.03765 / 771

NZDUSD
0.81646 / 663

USDCHF
0.90859 / 869

USDCAD
0.98219 / 226

GBPJPY
131.273 / 290

EURCHF
1.20161 / 174

GOLD
1648.07 / .35

SILVER
30.72 / .75

EURUSD 1.32246 / 1.32251

DAILY

WEEKLY

MONTHLY

1.3391

1.3341

1.3275

1.3234

1.3180

1.3118

1.3057

1.3000

SUMMARY

TREND

Up
trend

MA10

Bullish

MA20

Bullish

STOCHASTIC

Neutral

MARKET ANALYSIS - Intraday Analysis

The EURUSD didn’t make any significant moves in yesterday’s trading session as it moved between the first support and resistance level. A break in either direction will determine the trading bias in today`s session. A break below 1.3180 will confirm our short positions targeting 1.3118 (S2) and a further fall will be limited to 1.3057 (S3). On the other hand, if the pair breaks above the first resistance level of 1.3234 (R1), we would expect the price to retest 1.3275 (R2) and a further rise will then focus at 1.3341(R3).

GBPUSD 1.61712 / 1.61721

DAILY

WEEKLY

MONTHLY

1.6351

1.6292

1.6247

1.6183

1.6078

1.6009

1.5963

1.5909

SUMMARY

TREND

Up
trend

MA10

Bullish

MA20

Bullish

STOCHASTIC

Neutral

MARKET ANALYSIS - Intraday Analysis

GBPUSD made a high at 1.6183(R2) as it continued its move upwards since middle of April. A break above 1.6183 (R1) would suggest target at 1.6247 (R2) and further rise will then be limited at 1.6292 (R3). On the other hand a break below 1.6078 (S1) would suggest target at 1.6009(S2) and further fall will then be limited at 1.5963 (S3).

USDJPY 81.177 / 81.183

DAILY

WEEKLY

MONTHLY

83.33

82.81

82.42

81.77

80.85

80.29

79.81

79.37

SUMMARY

Neutral

TREND

Sideway

MA10

Neutral

MA20

Bearish

STOCHASTIC

Neutral

MARKET ANALYSIS - Intraday Analysis

USDJPY released a lot of volatility in yesterday’s trading session moving upwards above 81.50 and then moved downwards breaking below that level touching our support level. After that the price bounced from 81.00 level and moved upwards successfully penetrating our resistance level. It seems that the pair is gaining momentum and is moving towards 81.77. A break above that level would suggest a target at 82.42 (R2) a strong technical level. Look for long positions above 81.77 (R1) targeting 82.42 (R2).

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.