Forex Technical & Market Analysis: December 17 2012
MARKET OVERVIEW
2012-12-14 07:00 GMT
U.S. Fiscal Cliff: Republican leadership softens stance on tax rates
The Fiscal Cliff negotiations are showing signs of progress after the weekend brought an offer from GOP lawmakers to allow tax rates to rise on those making more than $1mn; President Obama had been demanding that tax rates rise on those earning over $250k. “With progress remaining slow and messages mixed expect ongoing debt negotiations to well and truly steal the limelight in the lead up to Christmas,” says OzForex Research.
According to Cliff Wachtel, author of The Sensible Guide To Forex, the general fiscal cliff uncertainty is bearish: “Given the widespread consensus that there would be a deal deferring most of the potential government spending cuts and tax increases, and that most global stock indexes remain within 10% of their decade highs, it’s safe to say that markets have not priced in a failure to reach a deal.”-FXstreet.com
Forex Economic Calendar
2012-12-17 09:00 GMT | European Monetary Union. Labour cost (Q3)
2012-12-17 14:00 GMT | United States. Net Long-Term TIC Flows (Oct)
2012-12-17 18:00 GMT | United States. Fed’s Lacker speech
2012-12-17 23:00 GMT | Australia. Conference Board Australia Leading Index (Oct)
Forex News
2012-12-17 05:18 GMT | GBP/USD limited below 1.6200
2012-12-17 05:15 GMT | EUR/USD stalled below 1.3190; Draghi eyed
2012-12-17 04:12 GMT | EUR/JPY stalls above 111.00 on taking profits
2012-12-17 03:01 GMT | AUD/JPY retracing from 20-month highs above 89.00
| AUDUSD | NZDUSD | USDCHF | USDCAD | GBPJPY | EURCHF | GOLD | SILVER |
|---|---|---|---|---|---|---|---|
| 1.05298/302 | 0.84317/334 | 0.91834/844 | 0.98654/660 | 135.858/877 | 1.20819/831 | 1689.70/.98 | 32.19/.21 |
TECHNICAL ANALYSIS
EURUSD
HIGH: 1.31871 | LOW: 1.31441 | BID: 1.31574 | ASK: 1.31581 | CHANGE: -0.03% | TIME: 09:29:57
OUTLOOK SUMMARY: Up
TREND CONDITION: Up trend
TRADERS SENTIMENT: Bearish
IMPLIED VOLATILITY: Low
MARKET ANALYSIS – Intraday Analysis
Upwards scenario: Extension of the stability above the 1.3190 (R1) level might keep the bullish pressure intact and validate next intraday targets at 1.3210 (R2) and 1.3230 (R3). Downwards scenario: The hourly structure might turn into negative territory if the price mange to overcome our next support level at 1.3139 (S1). Supportive areas locates at 1.3120 (S2) and 1.3100 (S3).
Resistance Levels: 1.3190, 1.3210, 1.3230
Support Levels: 1.3139, 1.3120, 1.3100
GBPUSD
HIGH: 1.61988 | LOW: 1.61574 | BID: 1.61789 | ASK: 1.61800 | CHANGE: 0.08% | TIME: 09:29:58
OUTLOOK SUMMARY: Up
TREND CONDITION: Up trend
TRADERS SENTIMENT: Bullish
IMPLIED VOLATILITY: Low
Upwards scenario: GBPUSD might find buyers above the next important resistance level at 1.6199 (R1). Break here would open way towards to our next resistances at 1.6214 (R2) and 1.6229 (R3). Downwards scenario: In regard to the descending movement, risk of market decline is seen below the support level at 1.6157 (S1). Loss here would enable next targets at 1.6143 (S2) and 1.6128 (S3).
Resistance Levels: 1.6199, 1.6214, 1.6229
Support Levels: 1.6157, 1.6143, 1.6128
USDJPY
HIGH: 84.318 | LOW: 83.854 | BID: 83.974 | ASK: 83.979 | CHANGE: 0.57% | TIME: 09:29:58
OUTLOOK SUMMARY: Up
TREND CONDITION: Upward penetration
TRADERS SENTIMENT: Bullish
IMPLIED VOLATILITY: Low
Upwards scenario: A violation of next resistance at 84.34 (R1) might call for a run towards to next target at 84.53 (R2) and any further appreciation would then be targeting 84.72 (R3). Downwards scenario: Near-term risks are directed to a drop back to the consolidation formation below the support at 83.77 (S1). In such case our intraday expected targets would be 83.61 (S2) and 83.45 (S3).
Resistance Levels: 83.34, 84.53, 84.72
Support Levels: 83.77, 83.61, 83.45
Prepared/Published By FXCC Forex Trading Blog.
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