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MARKET UPDATE 31.08.2012

2012-08-31 00:24 GMT

ECB bond buying plan unlikely to be fully unveiled at the Sep ECB meeting - TDS

With summer drawing to a close, "it's time to see if the monetary weapons will be revealed", says Rich Kelly, research analyst at TDS. "Disappointment at some stage along the way is a real possibility and we eventually expect the ECB’s new bond buying plan to satisfy the market, but it is unlikely to be fully unveiled at the September ECB meeting, and once announced, there will be a lag before Spain asks for it, and markets hate waiting and uncertainty" the analyst notes.

In the sessions ahead, the UK’s non-seasonally adjusted Nationwide Housing Prices data for August will be key risk event for GBP, but the market is likely to be distracted as it awaits Bernanke’s speech at Jackson Hole.

Read More

2012-08-31 09:30 GMT

E.M.U. Unemployment Rate (Jul)

2012-08-31 12:30 GMT

Canada. Gross Domestic Product (YoY) (Q2)

2012-08-31 14:00 GMT

United States. Fed's Bernanke Speaks at Jackson Hole

2012-08-31 18:30 GMT

All. IMF's Lagarde Speaks at Jackson Hole

2012-08-31 03:45 GMT

USD/JPY dips to 6-day lows, still in range

2012-08-31 03:01 GMT

NZD/USD finding resistance below 0.80

2012-08-31 02:11 GMT

GBP/JPY sideways around 124.00

2012-08-31 02:46 GMT

EUR/AUD within quiet, narrow range

AUDUSD
1.02955 / 964
NZDUSD
0.79911 / 922
USDCHF
0.95976 / 988
USDCAD
0.99212 / 221
GBPJPY
123.874 / 888
EURCHF
1.20090 / 100
GOLD
1655.24 / .52
SILVER
30.36 / .38
EURUSD 1.25109 / 1.25114
DAILY WEEKLY MONTHLY

1.2577

1.2550

1.2523

1.2481

1.2451

1.2417

SUMMARY

Up

TREND

Downward
penetration

MA10

Bearish

MA20

Bearish

STOCHASTIC

Neutral

 

MARKET ANALYSIS - Intraday Analysis

Today major market drivers would be Fed's Bernanke Speech at 14:00 GMT and IMF's Lagarde Speech at 18:30 GMT at Jackson Hole. However some macroeconomic data would be released during the European trading session, in focus E.M.U. Unemployment Rate at 09:00 GMT and Germany Retail Sales at 06:00 GMT. Appreciation above the next resistance level at 1.2523 (R1) potentially might expose higher targets at 1.2550 (R2) and 1.2577 (R3) later on today. Bearish penetration below the suggested yesterday support at 1.2513 targeting 1.2481 (S1) and 1.2451(S2) in potential. Final support level for today locates at 1.2417 (S3).

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GBPUSD 1.57932 / 1.57941
DAILY WEEKLY MONTHLY

1.5859

1.5830

1.5800

1.5770

1.5741

1.5712

SUMMARY

Up

TREND

Downward
penetration

MA10

Bearish

MA20

Bearish

STOCHASTIC

Neutral

 

MARKET ANALYSIS - Intraday Analysis

Yesterday Instrument made an attempt to establish positive bias but failed to go much higher our suggested resistance level at 1.5838. During the US Session pair recovered all gains and met our downside direction target at 1.5772. Fresh low, formed yesterday is our next support level at 1.5770 (S1), brake here might shift market sentiment to the “Bearish” side. In such scenario we expect further decline towards to next targets at 1.5741 (S2) and 1.5712 (S3). Risk of GBPUSD strengthening is seen above the resistance level at 1.5800 (R1). Progress above it might expose targets at 1.5830 (R2) and 1.5859 (R3) in potential.

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USDJPY 78.435 / 78.440
DAILY WEEKLY MONTHLY

78.91

78.85

78.57

78.28

78.10

77.92

SUMMARY

Down

TREND

Sideway

MA10

Bearish

MA20

Bearish

STOCHASTIC

Oversold

 

MARKET ANALYSIS - Intraday Analysis

Market remains in sideways mode trading however potential volatility increase due to the Jackson Hole Symposium might assist to the trend development on the market. Signal of market sentiment change to the bearish would be provided if market drop below the next support level at 78.28 (S1). Suggested targets locates at 78.10 (S2) and 77.92 (S3). On the other side, brake above the resistance at 78.57 (R1) might lead to the bullish scenario and expose targets at 78.85 (R2) and 78.91 (R3).

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