Forex Technical & Market Analysis: December 04 2012

Dec 4 • Market Analysis • 1626 Views • Comments Off on Forex Technical & Market Analysis: December 04 2012

2012-12-03 09:47 GMT

Spain makes formal request for EU funds to recapitalize ailing banks
Spain has formally requested aid for its ailing banking sector on Monday. 36.5 billion euros of bailout funds, including 2.5 billion euros for the “bad bank”, are due to be released on December 12. Four nationalized Spanish banks will be the recipients of the funds: 18 billion will go to Bankia; 9 billion to CatalunyaBanc, 5 billion to Nova Caixa Galicia; 4.5 billion to Banco de Valencia. The release of the aid is expected to be approved by the Eurogroup during their monthly meeting today in the European afternoon.

Even though it is not the full sovereign bailout request awaited by the markets, the news caused the euro to spike to the 1.3075 region, a new six-week high against the dollar. – FXstreet.com

Forex Economic Calendar
2012-12-04 10:00 GMT | European Monetary Union.Producer Price Index (YoY) (Oct)
2012-12-04 14:00 GMT | Canada.BoC Interest Rate Decision (Jan 4)
2012-12-04 14:00 GMT | Canada.BOC Rate Statement
2012-12-04 22:30 GMT | Australia.AiG Performance of Services Index (Nov)

Forex News
2012-12-04 05:36 GMT | EUR/GBP in a 10 pip range for last 11 hours above 0.81
2012-12-04 03:20 GMT | EUR/JPY bulls looking for break above 107.65
2012-12-04 01:58 GMT | More EUR/USD gains yet to come – V.Bednarik
2012-12-04 01:10 GMT | USD/JPY double roof materializing at 78.6% Fibo

EURUSD
HIGH: 1.30645 | LOW: 1.30459 | BID: 1.30570 | ASK: 1.30575 | CHANGE: 0.04% | TIME: 08:05:53

OUTLOOK SUMMARY: Up
TREND CONDITION: Up trend
TRADERS SENTIMENT: Bullish
IMPLIED VOLATILITY: High

MARKET ANALYSIS – Intraday Analysis
We expect resuming of the uptrend formation if the price manages to overcome next resistance level at 1.3071 (R1). Immediate focus comes on 1.3088 (R1) and 1.3103 (R3) in such scenario.

Resistance Levels: 1.3071, 1.3088, 1.3103
Support Levels: 1.3041, 1.3030, 1.3020

GBPUSD
HIGH: 1.61024 | LOW: 1.60865 | BID: 1.60943 | ASK: 1.60949 | CHANGE: 0.02% | TIME: 08:05:54

OUTLOOK SUMMARY: Up
TREND CONDITION: Up trend
TRADERS SENTIMENT: Bullish
IMPLIED VOLATILITY: High

Break above the resistance level at 1.6115 (R1) might change market structure and determine medium term uptrend development. In such case, we suggest next targets at 1.6138 (R2) and any further rise would then be targeting to 1.6161 (R3) intraday.

Resistance Levels: 1.6115, 1.6138, 1.6161
Support Levels: 1.6072, 1.6059, 1.6049

USDJPY
HIGH: 82.249 | LOW: 82.042 | BID: 82.111 | ASK: 82.116 | CHANGE: -0.16% | TIME: 08:05:55

OUTLOOK SUMMARY: Down
TREND CONDITION: Down trend
TRADERS SENTIMENT: Bullish
IMPLIED VOLATILITY: High

Our next support level stays at 82.06 (S1). Loss here might drive market price towards to next targets at 81.96 (S2) and 81.88 (S3) in perspective.

Resistance Levels: 82.28, 82.46, 82.68
Support Levels: 82.06, 81.96, 81.88

 

Prepared/Published By FXCC Forex Trading Blog.

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