Daily Forex Market by FXCC 05Mar2012

Sterling near 2-weak high vs euro, but drops on dollar

EUR/USD opened marginally lower at 1.3191 at the weekly open, but managed to climb to 1.3213 after bouncing off support ahead of 1.3180 during the Asian session. The pair has since been bracketed between the mentioned range and now holds around 1.3190. AUD/USD has broken below intraday support at 1.0715 from an earlier high of 1.0741 following PMI data out of China, enabling the pair to slide to a fresh 5-day low in the 1.0700 area before stalling, last at 1.0704, recording a 0.23% loss on the day. The GBP/USD opened the week practically unchanged from its closing price at the end of trading last week, having operated between 1.5829 and 1.5843 so far in Asia, last quoted near the session high.

AUD/CAD is holding around last week's lows, last at 1.0613, with session lows at 1.0591 and highs at 1.0641. The cross is lower by -0.61% from previous weekly open, and still above Feb lows, since Jan 25. AUD/JPY is currently at 87.52, dealing with session lows set at 87.44 for the moment, below last Friday's lows. Losing some -0.31% for the session, the cross still holds above Feb 27/March 01 highs.
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URL: https://support.fxcc.com/email/technical/05032012

UPCOMING EVENTS
2012-03-05 09:00 GMT | Germany Purchasing Manager Index Services (Feb)
2012-03-05 09:00 GMT | EU - Purchasing Manager Index Services (Feb)
2012-03-05 09:30 GMT | United Kingdom Purchasing Manager Index Services (Feb)
2012-03-05 10:00 GMT | EU - Retail Sales (YoY) (Jan)

FOREX NEWS
2012-03-05 02:42 GMT | China: HSBC Services PMI signals renewed growth at 53.9
2012-03-05 00:33 GMT | Australia ANZ Job Advertisements 3.3% in Feb
2012-03-05 00:31 GMT | Australia Company Gross Operating Profits -6.5% in 4Q
2012-03-05 00:30 GMT | GBP/USD unchanged in Asia; support at 1.5800


EURUSD : 1.32055 / 1.32066
DAILY WEEKLY MONTHLY



1.3486 | 1.3424 | 1.3366 | 1.3280
1.3150 | 1.3108 | 1.3027 | 1.2969

SUMMARY : Down
TREND : Down trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Neutral


MARKET ANALYSIS - Intraday Analysis

EURUSD formed a low at 1.3182 profiting on all our targets recommended in Friday’s analysis gaining a total of 69 pips!! A break below that level will be suggesting target at 1.3150 (S2) a technical level as we are still in a correction phase of our uptrend (daily). On the other hand if price manage to stay above 1.3182 we will then expect the price to retest 1.3280 (R1) and then further rise will then approach towards 1.3366 (R2). Our recommendation for today trading session is no position. I believe the pair it will continue its downward move and it will find a strong support at 1.3150 (S1). A level that it is very significant as it will determine if we are still in an uptrend (daily) or if we are heading to a trend reversal.

GBPUSD : 1.58247 / 1.58258
DAILY WEEKLY MONTHLY



1.6068 | 1.6029 | 1.5991 | 1.5896
1.5755 | 1.5680 | 1.5633 | 1.5587

SUMMARY : Down
TREND : Down trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Neutral


MARKET ANALYSIS - Intraday Analysis

The GBPUSD fell from 1.5991 and broke below first and second resistance in our Friday’s recommended target gaining a total of 85 pips!!! After forming a top at 1.5991 (R2), price fell and made a support at 1.5808. A break below that level will suggest target at 1.5755(S1) and further fall will then be limited at 1.5680 (S2). On the other hand if price manage to stay above current level, we expect the price to retest 1.5896 (R1) and a break above that level we suggest target at 1.5991 (R2) a strong resistance level for the bears .

USDJPY : 81.270 / 81.278
DAILY WEEKLY MONTHLY



83.40 | 82.79 | 82.22 | 81.87
81.00 | 80.40 | 80.00 | 79.35

SUMMARY : Up
TREND : Up trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Oversold


MARKET ANALYSIS - Intraday Analysis

The USDJPY rise on Friday and closed above Friday’s resistance giving us a small profit of 20 pips. After that the price fell sharply and formed a bottom around 81.15. We expect the price to continue its upward move as it is under bullish pressure (daily), but before that we can expect for a retest and correction downwards towards 81.00 (S1) and then to continue upwards. Look for long positions at 81.00 (S1) with a stop loss at 80.40 (S2) targeting 81.87 (R1) a strong technical level for the bulls.

Source: FX Central Clearing Ltd, (http://www.fxcc.com)