Forex Technical & Market Analysis: December 11 2012

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2012-12-11 07:10 GMT

Silvio Berlusconi Makes Trouble For EURUSD Bulls
Although the single currency is higher on the day, it’s abundantly clear that the recent resignation by Italian Prime Minister Mario Monti is keeping Euro bulls at bay. The prime minister is now scheduled to step down following the 2013 budget vote taking place before the end of the year – instead of serving till April of next year. The announcement changes the political landscape of the largest of the troubled peripheral nations, and will likely add to recent pessimism when it comes to the single currency. However, with public discontent over recent austerity and tax increases rising, many of Monti’s previous allies have fallen away. In particular, former Prime Minister Silvio Berlusconi and his People of Freedom (PDL) party, have become disenchanted with the current administration. The sentiment was heightened last week when representatives of the PDL walked out of an economic reform vote – calling for a vote of no-confidence in the prime minister. The notion was unfortunately backed by several other members of the Democratic Party – Monti’s major backer in the political arena.

With Monti’s final resignation to come in the next few weeks, it will be up to Italian President Giorgio Napolitano to dissolve parliament, and either appoint a successor or keep Monti as the country’s PM. General elections will follow, placing the date somewhere in February 2013 at the earliest. – FXstreet.com

Forex Economic Calendar
2012-12-11 10:00 GMT | Germany.ZEW Survey – Economic Sentiment (Nov)
2012-12-11 13:30 GMT | USA.Trade Balance (Oct)
2012-12-11 23:30 GMT | Australia.Westpac Consumer Confidence (Dec)
2012-12-11 23:50 GMT | Japan.Machinery Orders (YoY) (Oct)

Forex News
2012-12-11 04:59 GMT | AUD/USD strengthens on China data
2012-12-11 04:42 GMT | EUR/USD breaking to fresh session highs on better than expected China data
2012-12-11 03:55 GMT | GBP/JPY bears defending 132.50
2012-12-11 01:20 GMT | EUR/AUD on fresh session highs following bad Aussie confidence data

EURUSD
HIGH: 1.29622 | LOW: 1.29287 | BID: 1.29597 | ASK: 1.29601 | CHANGE: 0.15% | TIME: 08:05:06

OUTLOOK SUMMARY: Up
TREND CONDITION: Downward penetration
TRADERS SENTIMENT: Bearish
IMPLIED VOLATILITY: Low

MARKET ANALYSIS – Intraday Analysis
We expect resuming of the uptrend formation if the price manages to overcome next resistance level at 1.2968 (R1). Immediate focus comes on 1.2981 (R2) and 1.2996 (R3) in such scenario.

Resistance Levels: 1.2968, 1.2981, 1.2996
Support Levels: 1.2905, 1.2891, 1.2877

GBPUSD
HIGH: 1.60873 | LOW: 1.6069 | BID: 1.60870 | ASK: 1.60879 | CHANGE: 0.08% | TIME: 08:05:07

OUTLOOK SUMMARY: UP
TREND CONDITION: Downward penetration
TRADERS SENTIMENT: Bearish
IMPLIED VOLATILITY: Low

The initial uptrend formation was resumed later today. Possible targets are located at 1.6094 (R2) and 1.6102 (R3), in case of successful penetration above the next resistance level at 1.6087 (R1).

Resistance Levels: 1.6087, 1.6094, 1.6102
Support Levels: 1.6063, 1.6052, 1.6042

USDJPY
HIGH: 82.437 | LOW: 82.305 | BID: 82.310 | ASK: 82.315 | CHANGE: -0.06% | TIME: 08:05:08

OUTLOOK SUMMARY: Sideway
TREND CONDITION: Sideway
TRADERS SENTIMENT: Bearish
IMPLIED VOLATILITY: Low

USD/JPY trades in non-directional basis on the medium term perspective. Further price decrease is expected below the next support level at 82.28 (S1). Break here is required to enable next targets at 82.20 (S2) and 82.14 (S3).

Resistance Levels: 82.44, 82.50, 82.56
Support Levels: 82.28, 82.20, 82.14

 

Prepared/Published By FXCC Forex Trading Blog.

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