Daily Forex Market by FXCC 04Apr2012

EUR/USD hovering over 1.3200

EURUSD is grinding lower on Wednesday ahead of the ECB rate decision due later on.After dropping more than 100 pips after the FOMC minutes in yesterday’s session, from the 1.3340 region to the 1.3220 area, the negative sentiment has extended into the Asian session dragging the cross as low as 1.3184 so far. Ahead in the day, PMI services and Factory Orders are expected in Germany, Retail Sales in the pan-European composite and the ECB interest rate decision. In the US, ISM non-manufacturing and the ADP employment change will also be published.

EUR/AUD is currently at 1.2847 retreating from session highs at 1.2870 when Australia's trade deficit was published, and a surplus was expected by market participants. Those highs are about the same seen yesterday and Monday as well, and last Thursday. Current yearly highs sit right above it few pips higher reached Friday at 1.2887. Recent weekly lows printed Tuesday after RBA no move on interest rates read 1.2733. Aussie has just momentarily broke below 2-month lows at 1.0300 reached right after Fed minutes were out suggesting no more QE is in the horizon, printing new lows at 1.0289 few minutes ago during current Asian session.
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UPCOMING EVENTS
2012-04-04 07:53 GMT | Germany Purchasing Manager Index Services (Mar)
2012-04-04 08:00 GMT | European Monetary Union Purchasing Manager Index Services (Mar)
2012-04-04 08:30 GMT | United Kingdom Purchasing Manager Index Services (Mar)
2012-04-04 09:00 GMT | European Monetary Union Retail Sales (MoM) (Feb)

FOREX NEWS
2012-04-04 06:16 GMT | GBP/USD below 1.5900 ahead of PMI
2012-04-04 03:56 GMT | EUR/AUD below 1.2850 back to where it was 4 days ago
2012-04-04 02:21 GMT | EUR/USD cracks 1.3200
2012-04-04 01:34 GMT | Australia Feb Trade Balance -480M

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EURUSD : 1.32036 / 1.32041
DAILY WEEKLY MONTHLY



1.3382 | 1.3340 | 1.3277 | 1.3248
1.3183 | 1.3134 | 1.3081 | 1.3014

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


MARKET ANALYSIS - Intraday Analysis

EURUSD moved all the way down from 1.3340 forming a new low at 1.3183 (S1). It seems the pair has found a strong support at that level, but we expect the pair to continue its downward move. Our Moving Averages both turned bearish and are providing a strong resistance to the price confirming us the break out and the downtrend. Look for short positions targeting 1.3134 (S2). A stop loss should be placed below 1.3248.

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GBPUSD : 1.58887 / 1.58895
DAILY WEEKLY MONTHLY



1.6124 | 1.6063 | 1.5977 | 1.5920
1.5842 | 1.5783 | 1.5713 | 1.5651

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


MARKET ANALYSIS - Intraday Analysis

GBPUSD fell this morning forming a new low at 1.5866 and now is trading below first resistance of 1.5920. A break above first resistance would suggest target at 1.5977 (R2). On the other hand if the price continues its downward move we expect the price to retest 1.5842. A break below that level would suggest target at 1.5783 (S2).

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USDJPY : 82.688 / 82.692
DAILY WEEKLY MONTHLY



84.51 | 83.81 | 83.31 | 82.97
82.41 | 81.54 | 81.05 | 80.57

SUMMARY : Up
TREND : Up trend
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Neutral


MARKET ANALYSIS - Intraday Analysis

USDJPY rise all the way from 81.54 and formed a new high at 82.98. A break above that level would suggest target at 83.31 (R2) and further rise will be limited at 83.81. On the other hand if price fails to move upwards we expect the price to retest 82.41 and a break below that level would suggest target at 81.54 yesterday’s first support level.

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