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2012-12-27 14:17 GMT
Fiscal cliff looms as US lawmakers play game of brinkmanship
The "fiscal cliff" steadfastly approaches and it is a fair assumption that no one will come up with a deal in time to stop the country from careening off the edge. Nearly everyone involved claims they want to avoid the automatic tax increases and colossal budget cuts that will start kicking in at the start of 2013, however few are ready to make the compromises necessary to make that happen.
As expected, anti-tax purists in the House Republican Caucus have gotten in the way of Speaker John A. Boehners attempts to come up with a fix for the fiscal cliff. Last week, he withdrew his doomed Plan B rather than let it go to a vote he knew he would lose. Democrats were united in their opposition, though what ultimately killed the scheme was the refusal of conservatives in Boehner’s own caucus to go along with a tax increase for millionaires.
Boehner now seems to have washed his hands of responsibility and says it is up to the president and Democrats in the Senate to save the country from the New Year’s program cuts and tax increases that will come so fast and furiously that the economy could suffer. President Obama cut short his Hawaii vacation to return to the snow-covered capital hoping to concoct a last-minute deal in the eleventh hour.
-FXstreet.com
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N/A
Italy. 10-y Bond Auction
2012-12-28 07:45 GMT
France. Gross Domestic Product (YoY) (Q3)
2012-12-28 15:00 GMT
United States. Pending Home Sales (YoY) (Nov)
2012-12-28 16:00 GMT
United States. EIA Crude Oil Stocks change (Dec 21)
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2012-12-28 04:21 GMT
EUR/JPY stalling below 114.70 around fresh 16-month highs
2012-12-28 02:12 GMT
EUR/USD below 1.3250 waiting for a 'fiscal cliff' outcome, what else?
2012-12-28 00:56 GMT
USD/JPY shooting up above 86.50 on extreme overbought readings
2012-12-27 20:12 GMT
USD/CAD reaches 1-month high
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EURUSD
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HIGH
1.32527
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LOW
1.32295
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BID
1.32420
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ASK
1.32426
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CHANGE
0.06%
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TIME
07:51:55
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OUTLOOK SUMMARY
Down
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TREND CONDITION
Downward
penetration
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TRADERS SENTIMENT
Bearish
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IMPLIED VOLATILITY
Low
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MARKET ANALYSIS - Intraday Analysis
Upwards scenario: Price action looks mainly consolidative, though violation of our resistance at 1.3253 (R1) would be a signal of possible uptrend formation with next targets ahead at 1.3264 (R2) and 1.3276 (R3).
Downwards scenario: Depreciation below the support at 1.3227 (S1) might trigger correction formation towards to next targets at 1.3215 (S2) and 1.3203 (S3)
Resistance Levels: 1.3253, 1.3264, 1.3276
Support Levels: 1.3227, 1.3215, 1.3203
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GBPUSD
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HIGH
1.61211
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LOW
1.60981
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BID
1.61189
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ASK
1.61199
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CHANGE
0.13%
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TIME
07:51:56
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OUTLOOK SUMMARY
Neutral
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TREND CONDITION
Sideway
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TRADERS SENTIMENT
Bearish
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IMPLIED VOLATILITY
Low
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Upwards scenario: Market sentiment looks neutral and upside movement is limited to resistance level at 1.6127 (R1). Surpassing of this level might enable next target at 1.6139 (R2) and any further gain would then be limited to last resistance at 1.6152 (R3).
Downwards scenario: A break below the support at 1.6102 (S1) would allow bears remaining in play on the medium-term perspective. Next targets could be found at 1.6090 (S2) and 1.6078 (S3).
Resistance Levels: 1.6127, 1.6139, 1.6152
Support Levels: 1.6102, 1.6090, 1.6078
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USDJPY
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HIGH
86.629
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LOW
86.066
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BID
86.450
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ASK
86.458
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CHANGE
0.41%
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TIME
07:51:57
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OUTLOOK SUMMARY
Up
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TREND CONDITION
Up
trend
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TRADERS SENTIMENT
Bearish
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IMPLIED VOLATILITY
Low
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Upwards scenario: USDJPY might find buyers above the important resistance level at 86.63 (R1). Break here would open route towards to our next targets at 86.80 (R2) and 86.63 (R3).
Downwards scenario: While instrument trades below the next resistance level, our intraday bias forecast would be negative. Penetration below the support level at 86.14 (S1) might open way towards to lower targets at 85.95 (S2) and 85.75 (S3).
Resistance Levels: 86.63, 86.80, 86.98
Support Levels: 86.14, 85.95, 85.75
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