weddyjhonson: Forex Technical & Market Analysis: December 13 2012

MARKET OVERVIEW

2012-12-13 07:15 GMT

Deal on ECB to oversight top EZ banks by end 2013

After the agreement among EU finance ministers to allow the ECB to supervise banks in the Euro-zone, a stream of follow-up headlines continues via Reuters, saying that the ECB new supervisory role should be up and running by end of 2013. Decision was unanimous, EU?s Commissioner Faull said. Meanwhile, French Finance Minister Pierre Moscovic notes, via Reuters: ?ECB will supervise 3 biggest banks in each country, with the Euro area to have uniform banking rules.? He also added that ?the ECB supervision is first step to Euro banking union??

Schaeuble, German FinMin said to Reuters reporters ?the EU wants the ECB oversight in full in 2014?, with other parallel comments from officials saying ECB supervisor ?should help break bank-sovereign link.? ? FXstreet.com

Forex Economic Calendar

2012-12-13 13:30 GMT | USA.Initial Jobless Claims (Dec 8)
2012-12-13 13:30 GMT | USA.Producer Price Index ex Food & Energy (YoY) (Nov)
2012-12-13 13:30 GMT | USA.Retail Sales (MoM) (Nov)
2012-12-13 15:00 GMT | USA.Business Inventories (Oct)

Forex News

2012-12-13 06:03 GMT | GBP/USD bounces from intraday lows; reproaching 1.6150
2012-12-13 04:58 GMT | EUR/USD again peters out ahead of 1.31
2012-12-13 01:36 GMT | USD/JPY at almost 9-month highs above 83.30
2012-12-13 00:32 GMT | USD/CHF steady around 0.9260 ahead of SNB

AUDUSD	NZDUSD	USDCHF	USDCAD	GBPJPY	EURCHF	GOLD	SILVER
1.05563/573	0.84467/481	0.92603/613	0.98372/383	134.879/896	1.21235/245	1699.65/.93	32.94/.97

TECHNICAL ANALYSIS

EURUSD

HIGH: 1.30909 | LOW: 1.3056 | BID: 1.30806 | ASK: 1.30814 | CHANGE: 0.06% | TIME: 08:14:52

OUTLOOK SUMMARY: Up
TREND CONDITION: Upward penetration
TRADERS SENTIMENT: Bearish
IMPLIED VOLATILITY: Medium

MARKET ANALYSIS ? Intraday Analysis
Medium term bias is positive for the pair. Risk of market appreciation is seen above the next resistance level at 1.3097 (R1). Loss here would suggest next target at 1.3120 (R2) and any further rise would then be targeting 1.3141 (R3).

Resistance Levels: 1.3097, 1.3120, 1.3141
Support Levels: 1.3061, 1.3037, 1.3018

GBPUSD

HIGH: 1.61478 | LOW: 1.61252 | BID: 1.61404 | ASK: 1.61410 | CHANGE: -0.05% | TIME: 08:14:53

OUTLOOK SUMMARY: Up
TREND CONDITION: Upward penetration
TRADERS SENTIMENT: Bearish
IMPLIED VOLATILITY: Medium

Instrument show up -0.05% decrease today and any further appreciation needs to clear barrier at 1.6171 (R1). Intraday targets could be found at 1.6183 (R2) and then at 1.6205 (R3).

Resistance Levels: 1.6171, 1.6183, 1.6205
Support Levels: 1.6117, 1.6093, 1.6070

USDJPY

HIGH: 83.671 | LOW: 83.127 | BID: 83.638 | ASK: 83.642 | CHANGE: 0.44% | TIME: 08:14:54

OUTLOOK SUMMARY: Up
TREND CONDITION: Upward penetration
TRADERS SENTIMENT: Bullish
IMPLIED VOLATILITY: Medium

Next on tap, resistance level at 83.82 (R1). A break higher could open the door for an attack to next target at 83.92 (R2) and final immediate resistance is seen at 84.08 (R3).

Resistance Levels: 83.82, 83.92, 84.08
Support Levels: 83.16, 83.00, 82.83

Prepared/Published By FXCC Forex Trading Blog.

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