Forex Market Overview

2012-09-14 00:12 GMT

On USD/JPY intervention watch today – Westpac
According to Sean Callow, senior currency strategist at Westpac: “Some support came from NY traders telling news wires that the Bank of Japan had checked prices. We also heard an anonymous Japanese govt official deeming post-FOMC yen moves to be ‘very excessive, speculative’.” Westpac are very much on Intervention watch today.
London session ahead will bring EU CPI and employment figures, along with Italy current account at 09:00 GMT, with no more EUR/USD macro data related for the day till the NY session time, when before it opens, US CPI and retail sales are expected at 12:30 GMT. No sovereign debt auction in the euro zone as usual for Fridays. Monthly currency options expire during the weekend.

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FOREX CALENDAR

2012-09-14 09:00 GMT | E.M.U. Consumer Price Index (YoY) (Aug)
2012-09-14 12:30 GMT | United States. Retail Sales (MoM) (Aug)
2012-09-14 13:15 GMT | United States. Industrial Production (MoM) (Aug)
2012-09-14 13:55 GMT | United States. Reuters/Michigan Consumer Sentiment Index (Sep) Preliminar
2012-09-14 04:36 GMT | EUR/USD above 1.30 ahead of ECOFIN
2012-09-14 02:39 GMT | AUD/JPY hits 82.00
2012-09-14 01:56 GMT | AUD/USD breaks NY highs; targeting 1.0615
2012-09-14 23:23 GMT | USD/JPY: BoJ eyeing 77.00 – V.Bednarik

FOREX TECHNICAL ANALYSIS:

https://support.fxcc.com/email/technical/14092012/EURUSD.gif

MARKET ANALYSIS – Intraday Analysis

The European Council meeting today might bring additional volatility to the markets. We expect that EURUSD decline today however medium term bias remains positive. Uptrend development might face next resistance level at 1.3086 (R1). Brake here is essential for the bullish market participants with next targets in focus at 1.3179 (R2) and 1.3267 (R3). On the downturn, a consolidation might take the pair towards to eventual supports located at 1.2959 (S1), 1.2874 (S2) and 1.2789 (S3). Consumer Price Index release at 09:00 GMT is the next macroeconomic data in focus.

https://support.fxcc.com/email/technical/14092012/GBPUSD.gif

MARKET ANALYSIS – Intraday Analysis

GBPUSD gained momentum and maintained uptrend development. Currently pair trades at the day high and we see potential for further appreciation towards to next resistance at 1.6235 (R1). Brake here would suggest next targets at 1.6289 (R2) and 1.6347 (R3). Though, our short –term outlook is negative and easing towards to our next support level at 1.6164 (S1) is possible. Clear break here is required for further depreciation with next intraday targets at 1.6106 (S2) and 1.6048 (S3) in potential.

https://support.fxcc.com/email/technical/14092012/USDJPY.gif

MARKET ANALYSIS – Intraday Analysis

USDJPY eased yesterday below the suggested support level at 77.69 and managed to reach our final target at 77.33. Market sentiment is bearish and brake below the support at 77.51 (S1) would suggest next target at 77.35 (S2). Price level at 77.17 (S3) is acting as final support level for the pair today. On the other hand, If the market manage to climb above the resistance level at 77.74 (R1) we expect next target to be achieved at 77.92 (R2) and any further rise would then be targeting to 78.09 (R3).

Source: FX Central Clearing Ltd, https://www.fxcc.com/