Forex Technical & Market Analysis: December 06 2012
2012-12-05 22:41 GMT
S&P downgrades Greece to selective default
In an unsurprising headline, reflected by the marginal losses in EUR/USD since the news broke, the rating agency S&P has downgraded Greece’s long-term debt rating to selective default from CCC. Greece is technically default. The Greek government invitation to private sector bondholders involvement to participate in the debt buybacks program triggered the decision by S&P. However, according to Jamie McGeever, Editor and presenter at Reuters TV, “once Greek buyback is done, probably on or around Dec 17, selective default will be over, so S&P will likely lift Greece back to CCC rating.”
British Chancellor George Osborne delivered his Autumn Budget Statement before the parliament on Wednesday. He emphasized that the Eurozone debt crisis had been weighing on the UK economy and informed that the Office of Budget Responsibility slashed its GDP forecast to -0.1% in 2012 from +0.8%. The predictions for 2012 and 2013 are 1.2% and 2.0%, respectively. – FXstreet.com
Forex Economic Calendar
2012-12-06 10:00 GMT | European Union. Gross Domestic Product s.a. (QoQ) (Q3)
2012-12-06 10:00 GMT | European Union. Gross Domestic Product s.a. (YoY) (Q3)
2012-12-06 12:00 GMT | UK. BoE Interest Rate Decision (Dec 6)
2012-12-06 12:45 GMT | ECB Interest Rate Decision
Forex News
2012-12-06 06:01 GMT | GBP/USD below 1.61 ahead of BoE
2012-12-06 03:59 GMT | EUR/JPY in tight range below 108, ahead of ECB
2012-12-06 03:04 GMT | GBP/JPY pressing on fresh 8-month highs above 132.50
2012-12-06 00:40 GMT | AUD/USD on the rise after better than expected Aus jobs data
EURUSD
HIGH: 1.30769 | LOW: 1.30453 | BID: 1.30568 | ASK: 1.30572 | CHANGE: -0.06% | TIME: 08:12:20
OUTLOOK SUMMARY: Up
TREND CONDITION: Up trend
TRADERS SENTIMENT: Bearish
IMPLIED VOLATILITY: High
MARKET ANALYSIS – Intraday Analysis
We expect resuming of the uptrend formation if the price manages to overcome next resistance level at 1.3085 (R1). Immediate focus comes on 1.3104 (R1) and 1.3126 (R3) in such scenario.
Resistance Levels: 1.3085, 1.3104, 1.3126
Support Levels: 1.3045, 1.3027, 1.3008
GBPUSD
HIGH: 1.61002 | LOW: 1.60859 | BID: 1.60882 | ASK: 1.60892 | CHANGE: -0.02% | TIME: 08:12:21
OUTLOOK SUMMARY: Up
TREND CONDITION: Sideway
TRADERS SENTIMENT: Bullish
IMPLIED VOLATILITY: High
A medium-term bias is negative now though intraday bullish forces might be activated if the pair penetrates above the resistance level at 1.6115 (R1). Next immediate resistance levels holds at 1.6121 (R2) and 1.6129 (R3).
Resistance Levels: 1.6115, 1.6121, 1.6129
Support Levels: 1.6085, 1.6073, 1.6062
USDJPY
HIGH: 82.617 | LOW: 82.358 | BID: 82.442 | ASK: 82.445 | CHANGE: -0.03% | TIME: 08:12:22
OUTLOOK SUMMARY: Sideway
TREND CONDITION: Sideway
TRADERS SENTIMENT: Bullish
IMPLIED VOLATILITY: High
We are not expecting significant price deviation later on today, though risk of positive tone establishment is seen above the next resistance level at 82.65 (R1). Any penetration above this level would put in focus higher targets at 82.77 (R2) and 92.97 (R3).
Resistance Levels: 82.65, 82.77, 82.97
Support Levels: 82.04, 81.92, 81.81
Prepared/Published By FXCC Forex Trading Blog.
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