DAILY MARKET COMMENTARY
30 March 2012 – 8:00 GMT
Friday
_____________________________________________________________________
Market Analysis Desk
Foreign Exchange Research: www.fibosignals.com/5585/resources.html
_____________________________________________________________________
TECHNICAL DATA
EURUSD BULLISH A rise through 1.3386 would signal extension of gains to the key high of 1.3486. Support lies at 1.3252.
USDJPY BEARISH The pair is testing the key support at 81.96; a close below the level would be an important bearish development to open 81.47 next. Resistance is at 82.50.
GBPUSD BULLISH Resistance targets this week's high of 1.6001; a clear break of the level would open 1.6096. Support lies at 1.5861.
USDCHF BEARISH A move below the recent low of 0.9016 would open up the way towards 0.8961, the 62% retracement of Oct/Jan rally. Resistance is at 0.9137.
AUDUSD BEARISH Trend is bearish; a move below yesterday's low of 1.0305 would open 1.0260. Resistance is at 1.0463.
USDCAD NEUTRAL Trend conditions are unclear; initial resistance is at 1.0034 ahead of 1.0052, while support lies at 0.9947.
EURCHF NEUTRAL Resistance is at 1.2082 ahead of 1.2147. Support is at 1.2040.
EURGBP NEUTRAL Initial resistance is at 0.8395 ahead of the key bull trigger at 0.8424. Support lies at 0.8300.
EURJPY NEUTRAL Support at 108.49 is still intact; a rise above the mid-point of recent sell-off at 110.01 would signal resumption of gains and open 111.26.
SCHEDULE
Please visit our Economic Calendar for a for a schedule of market news and events: http://www.fibosignals.com/5585/calendar.html.
A. White
Analyst at Fibosignals.com
DISCLAIMER: Fibosignals.com’s Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. Fibosignals.com assumes no responsibility or liability from gains or losses incurred by the information herein contained. Opinions, conclusions and other information expressed in this message are not given or endorsed by Fibosignals.com unless otherwise indicated by an authorized representative.
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Friday, March 30, 2012
30th of March 2012 - Fundamental Forex Market Overview
DAILY MARKET COMMENTARY
30 March 2012 – 8:00 GMT
Friday
____________________________________________________________________
Market Analysis Desk
Foreign Exchange Research: www.fibosignals.com/5585/resources.html
_____________________________________________________________________
FUNDAMENTAL ANALYSIS at 0800 GMT
WORLD
Price action in Asia was dominated by month-end and quarter-end flows into the Tokyo fix, on this the last day of Japan's fiscal year. The euro, and Australian and New Zealand dollars received a boost, but USDJPY remains heavy as UST yields continue to drift lower. We are wary of joining the rally in commodity currencies given the likelihood of a weak official Chinese March PMI over the weekend, and we would expect risk appetite to begin next week on a softer tone. The latest US economic data was uninspiring with jobless claims falling to 359k from (a revised up) 364k. Q4 GDP growth was unchanged at a 3.0% annual rate though. Fed Chairman Bernanke completed his four-part economics lecture series noting the pace of recovery has been "extremely sluggish" and that the unemployment rate remains "painfully high". He did acknowledge though that the economy's need for Fed support will diminish "at some point". Fed President Plosser said he has not participated in any discussion about so-called sterilized QE - an idea first floated in a Wall Street journal article a month ago. The remarks suggest any discussion about this as a possible policy tool is still at a very preliminary stage.
Asian equities were mixed after the S&P500 recovered most of its losses into the New York close. Ahead today, we have the Eurozone finance ministers meeting, plus US personal income/spending and consumer sentiment data. Tonight, the IMF may release a quarterly report on the currency composition of FX reserves. Given the BoE's revelations of overseas buying interest in Gilts in Q4, the sterling composition of reserves will be of particular interest this time around. The SNB has already published its reserve composition for Q4, showing an uptick in sterling holdings to 5% (prev. 4%) of total reserve assets.
EUR
A meeting of Eurozone finance minister is due to start at 0800 GMT today. The key objective is to agree a final design for the combined EFSF/ESM lending facility that is due to become operational in July. Wire reports are likely to focus on the headline figures, and Germany's Finance Minister Schaeuble has already floated a figure of EUR800 bn, which he said should be enough to convince markets. We expect to hear a final announcement on this later today or over the weekend, but it has been well telegraphed, so the FX reaction should be relatively modest.
Our fixed income strategists note that the Dutch government is facing difficulties passing additional austerity measures to meet the Maastricht deficit criteria by 2013. Meanwhile Spanish and Italian 10y sovereign yields are rising again amid newswire reports of a clearing house raising margins.
JPY
Inflation in Japan picked up in February, but there are still plenty of reasons to expect further rounds of BoJ easing ahead. The BoJ's preferred measure (nationwide CPI excluding fresh food) strayed into positive territory for the first time in five months rising to +0.1% y/y (cons. -0.1%). We do not see this as early evidence of the success of the BoJ's latest round of easing. Rather, higher electricity charges and gas prices were to blame. Also, Tokyo CPI, which is seen as a leading indicator for the nationwide figure, continues to languish in negative territory and fell -0.3% y/y in March.
Tokyo University Professor and former BoJ official Tsutomu Watanabe warned "there's a possibility prices may still be falling" even if consumer prices move towards 1%, the BoJ's recently-adopted inflation goal. He claimed the official statistics understate the degree of deflation in Japan.
Japan's manufacturing PMI rose to 51.1 in March, setting a 7-month high. In particular, the new export orders sub-index rose sharply to 50.2 (prev. 47.1). A weaker yen since the Feb. 14 BoJ policy meeting surely helped here, but we would not be surprised if the prospect of stronger exports to the US also had a positive influence - after all, February's trade data released last week revealed a sharp rise in exports to the US. This also suggests the US economy is picking up steam and supports our stronger dollar view.
It is still unclear who will succeed the two BoJ board members whose terms expire next week. A majority of DPJ members attending a financial affairs committee meeting on Thursday voiced their opposition to Ryutaro Kono's nomination to the BoJ's Policy Board. Party official Shinsuke Amiya asserted "with the main policy goal being measures to get out of deflation, there was doubt expressed on whether the nominee has been making proposals in the same direction". This serves reminder of the considerable political pressure on the BoJ for further easing, reinforcing our view that more concessions are in the pipeline. It also raises the risk that two of the nine policy board seats will be empty when the BoJ holds its next policy meeting on April 10.
A Japan MoF official said that Japan remains on guard in case the yen rises rapidly.
GBP
The BoE announced that mortgage approvals fell to 49k in February, below a revised 57.9k in the previous month. Our economists note the result was disappointing; in fact, the outturn was the lowest since June last year and well below the 53-58k range observed recently. There is no credit story behind the data. The latest BoE credit conditions survey shows that credit availability was broadly unchanged in the three months to March, and the survey also shows that demand for property held up during this period. The BoE also noted that foreign investors were net buyers of GBP9.4 bn in gilts in February.
A. White
Analyst at Fibosignals.com
DISCLAIMER: Fibosignals.com’s Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. Fibosignals.com assumes no responsibility or liability from gains or losses incurred by the information herein contained. Opinions, conclusions and other information expressed in this message are not given or endorsed by Fibosignals.com unless otherwise indicated by an authorized representative.
30 March 2012 – 8:00 GMT
Friday
____________________________________________________________________
Market Analysis Desk
Foreign Exchange Research: www.fibosignals.com/5585/resources.html
_____________________________________________________________________
FUNDAMENTAL ANALYSIS at 0800 GMT
WORLD
Price action in Asia was dominated by month-end and quarter-end flows into the Tokyo fix, on this the last day of Japan's fiscal year. The euro, and Australian and New Zealand dollars received a boost, but USDJPY remains heavy as UST yields continue to drift lower. We are wary of joining the rally in commodity currencies given the likelihood of a weak official Chinese March PMI over the weekend, and we would expect risk appetite to begin next week on a softer tone. The latest US economic data was uninspiring with jobless claims falling to 359k from (a revised up) 364k. Q4 GDP growth was unchanged at a 3.0% annual rate though. Fed Chairman Bernanke completed his four-part economics lecture series noting the pace of recovery has been "extremely sluggish" and that the unemployment rate remains "painfully high". He did acknowledge though that the economy's need for Fed support will diminish "at some point". Fed President Plosser said he has not participated in any discussion about so-called sterilized QE - an idea first floated in a Wall Street journal article a month ago. The remarks suggest any discussion about this as a possible policy tool is still at a very preliminary stage.
Asian equities were mixed after the S&P500 recovered most of its losses into the New York close. Ahead today, we have the Eurozone finance ministers meeting, plus US personal income/spending and consumer sentiment data. Tonight, the IMF may release a quarterly report on the currency composition of FX reserves. Given the BoE's revelations of overseas buying interest in Gilts in Q4, the sterling composition of reserves will be of particular interest this time around. The SNB has already published its reserve composition for Q4, showing an uptick in sterling holdings to 5% (prev. 4%) of total reserve assets.
EUR
A meeting of Eurozone finance minister is due to start at 0800 GMT today. The key objective is to agree a final design for the combined EFSF/ESM lending facility that is due to become operational in July. Wire reports are likely to focus on the headline figures, and Germany's Finance Minister Schaeuble has already floated a figure of EUR800 bn, which he said should be enough to convince markets. We expect to hear a final announcement on this later today or over the weekend, but it has been well telegraphed, so the FX reaction should be relatively modest.
Our fixed income strategists note that the Dutch government is facing difficulties passing additional austerity measures to meet the Maastricht deficit criteria by 2013. Meanwhile Spanish and Italian 10y sovereign yields are rising again amid newswire reports of a clearing house raising margins.
JPY
Inflation in Japan picked up in February, but there are still plenty of reasons to expect further rounds of BoJ easing ahead. The BoJ's preferred measure (nationwide CPI excluding fresh food) strayed into positive territory for the first time in five months rising to +0.1% y/y (cons. -0.1%). We do not see this as early evidence of the success of the BoJ's latest round of easing. Rather, higher electricity charges and gas prices were to blame. Also, Tokyo CPI, which is seen as a leading indicator for the nationwide figure, continues to languish in negative territory and fell -0.3% y/y in March.
Tokyo University Professor and former BoJ official Tsutomu Watanabe warned "there's a possibility prices may still be falling" even if consumer prices move towards 1%, the BoJ's recently-adopted inflation goal. He claimed the official statistics understate the degree of deflation in Japan.
Japan's manufacturing PMI rose to 51.1 in March, setting a 7-month high. In particular, the new export orders sub-index rose sharply to 50.2 (prev. 47.1). A weaker yen since the Feb. 14 BoJ policy meeting surely helped here, but we would not be surprised if the prospect of stronger exports to the US also had a positive influence - after all, February's trade data released last week revealed a sharp rise in exports to the US. This also suggests the US economy is picking up steam and supports our stronger dollar view.
It is still unclear who will succeed the two BoJ board members whose terms expire next week. A majority of DPJ members attending a financial affairs committee meeting on Thursday voiced their opposition to Ryutaro Kono's nomination to the BoJ's Policy Board. Party official Shinsuke Amiya asserted "with the main policy goal being measures to get out of deflation, there was doubt expressed on whether the nominee has been making proposals in the same direction". This serves reminder of the considerable political pressure on the BoJ for further easing, reinforcing our view that more concessions are in the pipeline. It also raises the risk that two of the nine policy board seats will be empty when the BoJ holds its next policy meeting on April 10.
A Japan MoF official said that Japan remains on guard in case the yen rises rapidly.
GBP
The BoE announced that mortgage approvals fell to 49k in February, below a revised 57.9k in the previous month. Our economists note the result was disappointing; in fact, the outturn was the lowest since June last year and well below the 53-58k range observed recently. There is no credit story behind the data. The latest BoE credit conditions survey shows that credit availability was broadly unchanged in the three months to March, and the survey also shows that demand for property held up during this period. The BoE also noted that foreign investors were net buyers of GBP9.4 bn in gilts in February.
A. White
Analyst at Fibosignals.com
DISCLAIMER: Fibosignals.com’s Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. Fibosignals.com assumes no responsibility or liability from gains or losses incurred by the information herein contained. Opinions, conclusions and other information expressed in this message are not given or endorsed by Fibosignals.com unless otherwise indicated by an authorized representative.
Thursday, March 29, 2012
29th of March 2012 - Technical Forex Market Overview
DAILY MARKET COMMENTARY
29 March 2012 – 8:00 GMT
Thursday
_____________________________________________________________________
Market Analysis Desk
Foreign Exchange Research: www.fibosignals.com/5585/resources.html
_____________________________________________________________________
TECHNICAL DATA
EURUSD BULLISH Recovery stalled at 1.3386; a move above the level would shift our focus to the key high of 1.3486. Support lies at 1.3192.
USDJPY BULLISH Outlook is bullish; a move above 83.39 would pave the way for a climb to the key high of 84.18. Support lies at 82.33.
GBPUSD BULLISH Resistance is at this week's high of 1.6001 ahead of 1.6096. Support lies at 1.5842 ahead of 1.5801.
USDCHF BEARISH Clearance of 0.8961, the 62% retracement of Oct/Jan rally, would open 0.8931. Resistance is at 0.9137.
AUDUSD BEARISH The pair is approaching the last week's low of 1.0336; a break here would open 1.0260. Resistance is at 1.0462.
USDCAD NEUTRAL Initial resistance is at 1.0034 ahead of 1.0052, while support lies at 0.9901.
EURCHF NEUTRAL Resistance is at 1.2082 ahead of 1.2147. Support is at 1.2040.
EURGBP NEUTRAL Clearance of 0.8424 would trigger further gains towards 0.8470. Support lies at 0.8335.
EURJPY BULLISH A recovery through key resistance at 111.44 would expose 111.94. Support lies at 109.18
SCHEDULE
Please visit our Economic Calendar for a for a schedule of market news and events: http://www.fibosignals.com/5585/calendar.html.
A. White
Analyst at Fibosignals.com
DISCLAIMER: Fibosignals.com’s Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. Fibosignals.com assumes no responsibility or liability from gains or losses incurred by the information herein contained. Opinions, conclusions and other information expressed in this message are not given or endorsed by Fibosignals.com unless otherwise indicated by an authorized representative.
29 March 2012 – 8:00 GMT
Thursday
_____________________________________________________________________
Market Analysis Desk
Foreign Exchange Research: www.fibosignals.com/5585/resources.html
_____________________________________________________________________
TECHNICAL DATA
EURUSD BULLISH Recovery stalled at 1.3386; a move above the level would shift our focus to the key high of 1.3486. Support lies at 1.3192.
USDJPY BULLISH Outlook is bullish; a move above 83.39 would pave the way for a climb to the key high of 84.18. Support lies at 82.33.
GBPUSD BULLISH Resistance is at this week's high of 1.6001 ahead of 1.6096. Support lies at 1.5842 ahead of 1.5801.
USDCHF BEARISH Clearance of 0.8961, the 62% retracement of Oct/Jan rally, would open 0.8931. Resistance is at 0.9137.
AUDUSD BEARISH The pair is approaching the last week's low of 1.0336; a break here would open 1.0260. Resistance is at 1.0462.
USDCAD NEUTRAL Initial resistance is at 1.0034 ahead of 1.0052, while support lies at 0.9901.
EURCHF NEUTRAL Resistance is at 1.2082 ahead of 1.2147. Support is at 1.2040.
EURGBP NEUTRAL Clearance of 0.8424 would trigger further gains towards 0.8470. Support lies at 0.8335.
EURJPY BULLISH A recovery through key resistance at 111.44 would expose 111.94. Support lies at 109.18
SCHEDULE
Please visit our Economic Calendar for a for a schedule of market news and events: http://www.fibosignals.com/5585/calendar.html.
A. White
Analyst at Fibosignals.com
DISCLAIMER: Fibosignals.com’s Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. Fibosignals.com assumes no responsibility or liability from gains or losses incurred by the information herein contained. Opinions, conclusions and other information expressed in this message are not given or endorsed by Fibosignals.com unless otherwise indicated by an authorized representative.
29th of March 2012 - Fundamental Forex Market Overview
DAILY MARKET COMMENTARY
29 March 2012 – 8:00 GMT
Thursday
____________________________________________________________________
Market Analysis Desk
Foreign Exchange Research: www.fibosignals.com/5585/resources.html
_____________________________________________________________________
FUNDAMENTAL ANALYSIS at 0800 GMT
WORLD
The Australian dollar struggled through the overnight session, weighed down by lingering concern over how severe the slowdown in China could become. A McCrann article in the Australian press added to the selling pressure, claiming that a cut to the RBA's cash rate at next Tuesday's meeting is actually more likely than not. This is not the view of our analysts who instead expect the RBA to remain on hold at 4.25% for the rest of this year. The rates market too is skeptical of the claim, but has seen fit to price in 10bp of easing just in case. The official China PMI for March due out on Sunday is also looming large, especially given the weakness of the private-sector flash PMI released last week. We are certainly alert to the near-term risks for AUDUSD, and reiterate our 3m forecast of 1.00. We are however comforted by the fact that Chinese demand for Australia's main export (iron ore) has not declined and, unlike many other commodities, its spot price is still rising.
Our team is also constructive on iron ore's price outlook as their new quarterly forecasts published overnight indicate. Equity markets still look fragile though - something AUD cannot ignore. The Nikkei-225 is down -0.7% at the time of writing, and the Shanghai Composite has sustained similar losses. A further decline in US initial jobless claims today could help turn sentiment around though, especially if our analysts also get the upward revision they expect to US Q4 GDP. Ordinarily the third estimate of a previous quarter's GDP is not a market-moving affair, but the sterling selloff in the wake of yesterday's downward revision to UK Q4 GDP (-0.3% q/q) is a reminder that investors remain firmly in data-watch mode, and can punish or reward currencies on the narrowest surprise. Fed Chairman Bernanke will continue his college lecture series today, and speeches are due from Fed Presidents Lacker, Lockhart and Plosser.
EUR
The IMF's mission chief in Greece, Thomsen, warned that there is no more scope for tax increases, and further across-the-board cuts in wages or pensions are not feasible either. He implied that the only way forward now is to enforce mandatory public sector redundancies - something the government has been reluctant to do in the past. We note that the Greek unemployment rate had already reached 20.7% by the end of Q4 2011.
Newswire sources from the Eurozone dismissed speculation that Spain might need a financial rescue and said the private sector will meet most of the funding needs for Spanish banks.
Discussion is still ongoing about how to boost the firepower of the combined EFSF/ESM. There is still a difference of opinion on how to utilise the remaining capacity of the EFSF. The possibility of governments making accelerated cash payments into the ESM is also being looked at.
Greek opinion polls suggest that no single party will obtain a clear majority at the upcoming elections - a date for which has still not been set.
JPY
MoF weekly data showed that Japanese investors were actually net buyers of foreign bonds in the week ended March 24. It appears that any fiscal year-end repatriation effects have almost entirely run their course.
GBP
The final Q4 UK GDP release came in below expectations, revised lower to -0.3% q/q from -0.2% q/q. Our economists note that at the margin this will encourage some MPC members to argue for more QE in May, but that decision will depend on the preliminary Q1 GDP print that will be released towards the end of April . As of now, it looks as if the economy will expand by around 0.2-0.3% q/q in Q1. If correct, the UK economy has stagnated in the last 6 months.
BoE MPC Member Posen said he was not as worried about downside risks as before, but if core CPI did not drop then "something is wrong".
A. White
Analyst at Fibosignals.com
DISCLAIMER: Fibosignals.com’s Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. Fibosignals.com assumes no responsibility or liability from gains or losses incurred by the information herein contained. Opinions, conclusions and other information expressed in this message are not given or endorsed by Fibosignals.com unless otherwise indicated by an authorized representative.
29 March 2012 – 8:00 GMT
Thursday
____________________________________________________________________
Market Analysis Desk
Foreign Exchange Research: www.fibosignals.com/5585/resources.html
_____________________________________________________________________
FUNDAMENTAL ANALYSIS at 0800 GMT
WORLD
The Australian dollar struggled through the overnight session, weighed down by lingering concern over how severe the slowdown in China could become. A McCrann article in the Australian press added to the selling pressure, claiming that a cut to the RBA's cash rate at next Tuesday's meeting is actually more likely than not. This is not the view of our analysts who instead expect the RBA to remain on hold at 4.25% for the rest of this year. The rates market too is skeptical of the claim, but has seen fit to price in 10bp of easing just in case. The official China PMI for March due out on Sunday is also looming large, especially given the weakness of the private-sector flash PMI released last week. We are certainly alert to the near-term risks for AUDUSD, and reiterate our 3m forecast of 1.00. We are however comforted by the fact that Chinese demand for Australia's main export (iron ore) has not declined and, unlike many other commodities, its spot price is still rising.
Our team is also constructive on iron ore's price outlook as their new quarterly forecasts published overnight indicate. Equity markets still look fragile though - something AUD cannot ignore. The Nikkei-225 is down -0.7% at the time of writing, and the Shanghai Composite has sustained similar losses. A further decline in US initial jobless claims today could help turn sentiment around though, especially if our analysts also get the upward revision they expect to US Q4 GDP. Ordinarily the third estimate of a previous quarter's GDP is not a market-moving affair, but the sterling selloff in the wake of yesterday's downward revision to UK Q4 GDP (-0.3% q/q) is a reminder that investors remain firmly in data-watch mode, and can punish or reward currencies on the narrowest surprise. Fed Chairman Bernanke will continue his college lecture series today, and speeches are due from Fed Presidents Lacker, Lockhart and Plosser.
EUR
The IMF's mission chief in Greece, Thomsen, warned that there is no more scope for tax increases, and further across-the-board cuts in wages or pensions are not feasible either. He implied that the only way forward now is to enforce mandatory public sector redundancies - something the government has been reluctant to do in the past. We note that the Greek unemployment rate had already reached 20.7% by the end of Q4 2011.
Newswire sources from the Eurozone dismissed speculation that Spain might need a financial rescue and said the private sector will meet most of the funding needs for Spanish banks.
Discussion is still ongoing about how to boost the firepower of the combined EFSF/ESM. There is still a difference of opinion on how to utilise the remaining capacity of the EFSF. The possibility of governments making accelerated cash payments into the ESM is also being looked at.
Greek opinion polls suggest that no single party will obtain a clear majority at the upcoming elections - a date for which has still not been set.
JPY
MoF weekly data showed that Japanese investors were actually net buyers of foreign bonds in the week ended March 24. It appears that any fiscal year-end repatriation effects have almost entirely run their course.
GBP
The final Q4 UK GDP release came in below expectations, revised lower to -0.3% q/q from -0.2% q/q. Our economists note that at the margin this will encourage some MPC members to argue for more QE in May, but that decision will depend on the preliminary Q1 GDP print that will be released towards the end of April . As of now, it looks as if the economy will expand by around 0.2-0.3% q/q in Q1. If correct, the UK economy has stagnated in the last 6 months.
BoE MPC Member Posen said he was not as worried about downside risks as before, but if core CPI did not drop then "something is wrong".
A. White
Analyst at Fibosignals.com
DISCLAIMER: Fibosignals.com’s Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. Fibosignals.com assumes no responsibility or liability from gains or losses incurred by the information herein contained. Opinions, conclusions and other information expressed in this message are not given or endorsed by Fibosignals.com unless otherwise indicated by an authorized representative.
Wednesday, March 28, 2012
28th of March 2012 - Technical Forex Market Overview
DAILY MARKET COMMENTARY
28 March 2012 – 8:00 GMT
Wednesday
_____________________________________________________________________
Market Analysis Desk
Foreign Exchange Research: www.fibosignals.com/5585/resources.html
_____________________________________________________________________
TECHNICAL DATA
EURUSD BULLISH A move above 1.3386 would expose the key high of 1.3486. Support lies at 1.3192.
USDJPY BULLISH Trend is bullish; a move above 83.39 would pave the way for a climb to the key high of 84.18. Support lies at 82.64.
GBPUSD BULLISH A close above 1.5993 would be an important bullish development to confirm the bull trend and open 1.6096. Support lies at 1.5886.
USDCHF BEARISH The pair remains under pressure; support lies at 0.8961, the 62% retracement of Oct/Jan rally, ahead of the 0.8931. Resistance is at 0.9137.
AUDUSD BEARISH The pair is back under pressure with focus on 1.0336; a break here would open 1.0260. Resistance is at 1.0558.
USDCAD NEUTRAL The pair is trading within a range extending from 1.0052 to 0.9842.
EURCHF NEUTRAL Resistance is at 1.2082 ahead of 1.2147. Support is at 1.2040.
EURGBP NEUTRAL Trend is sideways with resistance at 0.8372 and support at 0.8283.
EURJPY BULLISH Outlook is bullish; a recovery through key resistance 111.44 would expose 111.94. Support lies at 109.18.
SCHEDULE
Please visit our Economic Calendar for a for a schedule of market news and events: http://www.fibosignals.com/5585/calendar.html.
A. White
Analyst at Fibosignals.com
DISCLAIMER: Fibosignals.com’s Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. Fibosignals.com assumes no responsibility or liability from gains or losses incurred by the information herein contained. Opinions, conclusions and other information expressed in this message are not given or endorsed by Fibosignals.com unless otherwise indicated by an authorized representative.
28 March 2012 – 8:00 GMT
Wednesday
_____________________________________________________________________
Market Analysis Desk
Foreign Exchange Research: www.fibosignals.com/5585/resources.html
_____________________________________________________________________
TECHNICAL DATA
EURUSD BULLISH A move above 1.3386 would expose the key high of 1.3486. Support lies at 1.3192.
USDJPY BULLISH Trend is bullish; a move above 83.39 would pave the way for a climb to the key high of 84.18. Support lies at 82.64.
GBPUSD BULLISH A close above 1.5993 would be an important bullish development to confirm the bull trend and open 1.6096. Support lies at 1.5886.
USDCHF BEARISH The pair remains under pressure; support lies at 0.8961, the 62% retracement of Oct/Jan rally, ahead of the 0.8931. Resistance is at 0.9137.
AUDUSD BEARISH The pair is back under pressure with focus on 1.0336; a break here would open 1.0260. Resistance is at 1.0558.
USDCAD NEUTRAL The pair is trading within a range extending from 1.0052 to 0.9842.
EURCHF NEUTRAL Resistance is at 1.2082 ahead of 1.2147. Support is at 1.2040.
EURGBP NEUTRAL Trend is sideways with resistance at 0.8372 and support at 0.8283.
EURJPY BULLISH Outlook is bullish; a recovery through key resistance 111.44 would expose 111.94. Support lies at 109.18.
SCHEDULE
Please visit our Economic Calendar for a for a schedule of market news and events: http://www.fibosignals.com/5585/calendar.html.
A. White
Analyst at Fibosignals.com
DISCLAIMER: Fibosignals.com’s Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. Fibosignals.com assumes no responsibility or liability from gains or losses incurred by the information herein contained. Opinions, conclusions and other information expressed in this message are not given or endorsed by Fibosignals.com unless otherwise indicated by an authorized representative.
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