12th of April 2012 - Technical Forex Market Overview

DAILY MARKET COMMENTARY
12 April 2012 – 8:00 GMT
Thursday

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Market Analysis Desk
Foreign Exchange Research: www.fibosignals.com/5585/resources.html
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TECHNICAL DATA

EURUSD NEUTRAL A break below 1.3004 would resume weakness towards important support area at 1.2976/54. Resistance is at 1.3210.

USDJPY NEUTRAL Initial support is at 80.57, a break here would open 80.10. Initial resistance is at 81.85.

GBPUSD BEARISH Support lies at 1.5805 ahead of 1.5779, the 62% retracement of the March rally. Resistance is at 1.5964 ahead of 1.6063.

USDCHF NEUTRAL The pair has found resistance at 0.9223, a clearance of this level would expose 0.9335, the March high. Support lies at 0.9094 ahead of 0.9002.

AUDUSD BEARISH Initial support is at 1.0226, a break here would open significant level at 1.0119, the 62% retracement of Nov/Feb rally. Initial resistance is at 1.0471.

USDCAD BULLISH The recovery continues to test the Feb high at 1.0052, watch for a clear break through this level to open the way to 1.0103. Support lies at 0.9945.

EURCHF NEUTRAL Resistance is at 1.2049 ahead of 1.2070, while support lies at 1.2000.

EURGBP BEARISH Trend conditions are bearish, focus is on support at 0.8222; a clearance of this level would open 0.8201. Near-term resistance is at 0.8279.

EURJPY BEARISH A correction has materialised following the test of 105.65 support. Support lies at 105.05. Resistance is at 107.47.


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

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