Market analysis and trade recommendations by FBS

[riki143]

MARKET NEWS
Feb. 3: MARKET OVERVIEW

EUR/USD is above 1.1300. The single currency is supported by hopes for a deal on Greek debt and lower than expected US economic data.

According to the figures released on Monday, American consumer spending fell and construction spending rose less than expected in December, while ISM Manufacturing PMI slid from 55.5 to 53.5 in January. Asian stocks sagged amid ongoing growth concerns. USD/JPY returned below 117.00.

AUD/USD hit 0.7650, the lowest level since March 2009, as the Reserve Bank of Australia cut its benchmark rate by 25 bps to 2.25% in order to encourage the nation’s economic growth. New Zealand’s solar was also hit by this move: NZD/USD slid to a 4-year low at 0.7190.

US crude oil rose to $49.88 a barrel. Some investors think that this commodity has finally hit the bottom. Canadian dollar is trading a bit on the downside after correcting up on Monday.

Here are the main events to watch for today:

More:
http://fxbazooka.com/en/news/show/2219

 

[riki143]

MARKET NEWS
Key option levels
3 February 2015

FXBAZOOKA.com - Market prices tend to move towards the strike price at the time large vanilla options (ordinary put and call options) expire. It happens (all things equal) as each side of the deal seeks to hedge its risk exposure. This action is most noticeable ahead of 10 a.m. New York time when the majority of options expire (15:00 GMT).

Here are the key options expiring today:

EUR/USD: 1.1200/10 (EUR 520m), 1.1300 (EUR 552m), 1.1400 (EUR 270m);

USD/JPY: 115.00 (USD 5bln), 116.00 (USD 9.5bln), 116.45-50 (USD 1.5bln), 117.00 (USD 848m), 118.00 (USD 3.8bln), 118.30/40 (USD 1.5bln), 119.00 (USD 1.7bln);

USD/CAD: 1.2400 (USD 270m);

AUD/USD: 0.7750 (AUD 470m), 0.7800 (AUD 691m), 0.7900 (AUD 677m), 0.8000 (AUD 230m);

NZD/USD: 0.7300 (NZD 200m), 0.7350 (NZD 201m), 0.7390 (NZD 259m), 0.7400 (NZD 367m).

More:
http://fxbazooka.com/en/news/show/2222

 

[riki143]

Forex Analytics
Forex trading plan for Feb. 4

EUR/USD has breached to the upside the triangle within which it was consolidating for about 5 days. Above 1.1440 (23.6% Fibo of the December-January decline) the pair may rise to 1.1500, 1.1550 and 1.1655 (38.2% Fibo). However, you should be aware of the risks to euro’s correction up: bad data from the euro area (watch the region’s retail sales at 10:00 GMT) and good data from the US (watch ADP Employment report at 13:15 GMT and ISM Non-Manufacturing PMI at 15:00 GMT). In addition, there will be news from the euro area: Greek Prime Minister Alexis Tsipras will meet with European Commission President Jean-Claude Juncker. Support for EUR/USD is at 1.1320, 1.1275 and 1.1210.

NZD/USD followed the Aussie on Tuesday, but found support at 0.7170 in the Asian trade. New Zealand is scheduled to release labor market data late on Tuesday (21:45 GMT). The RBNZ Governor Wheeler will deliver a speech later, at 23:00 GMT. Given the recent RBNZ dovish rhetoric, the kiwi could come under resumed pressure. Next bearish target for the pair lies at 0.7100 (2011 low). The bullish move will likely be limited by the $0.7300 mark (upper border of the January bearish channel).

AUD/USD broke below the $0.7700 support on Tuesday following the unexpected RBA rate cut by 25 bps. However, the sellers failed to break below 0.7620 so far – this is where the lower border of the 2013-2014 bearish trend lies. Get ready to sell AUD/USD on a break below this area targeting 0.7160 and 0.7000 in the medium term. Major resistance is now seen at 0.8000.There is now releases to watch in Australia on Wednesday. Don’t miss the retail sales data on Thursday and fresh RBA economic projections on Friday.

USD/CAD retraced towards the 1.2500 area at the beginning of the week. Demand for the loonie increased amid the ongoing oil market recovery. In our view, the decline won’t be long-playing. Next support for the pair lies at 1.2380 and 1.2290 (23.6% Fibo). January Ivey PMI release at 15:00 GMT on Wednesday is a risk event for the pair.

USD/JPY has twice found support just below 117.00, but it still facing much of resistance on the upside at 117.90 and 118.50. We expect consolidation ahead of the US data releases. GBP/USD remains consolidative as well. Resistance is at 1.5185 and we favor selling in this area targeting 1.4915 with stops above 1.5270.

More:
http://fxbazooka.com/en/analitycs/show/3462

 

[riki143]

MARKET NEWS
Feb. 4: MARKET OVERVIEW

US dollar declined during the US session on Tuesday and the Asian session on Wednesday. USD index lost 0.9% suffering the biggest one-day fall since October, 2013. The greenback was driven down as the commodity currencies surged amid the recovery in oil prices.

Brent crude oil traded in the $57.76 zone after an almost 6% advance on Tuesday. US crude traded around $52.39 up from $43.58 seen last week.

AUD/USD rose to 0.7850 as investors covered short positions after the drop caused by the RBA’s decision to cut interest rates. USD/CAD corrected down to 1.2400. NZD/USD rose to 0.7440. The RBNZ Governor Wheeler said that the central bank expects to keep rates on hold for some time, though “rate cut could be appropriate if demand weakens”. Wheeler also underlined that NZD was still unjustifiably high. USD/JPY once again tested resistance at 117.90 as Nikkei jumped by 1.8%.

EUR/USD rose to 1.1533 and is now trading in the 1.1480 area. Euro rose on hopes that Greece may secure a new debt deal with the creditors, although risks that the European partners won’t accept the proposal are high. EUR/CHF is above 1.0600.

Here are the main economic releases for today:

More:
http://fxbazooka.com/en/news/show/2226

 

[riki143]

Forex Analytics
Danske Bank: trade signals for Feb. 4

Open positions:

USD/JPY: Hold LONG at 117.35, TAKE PROFIT 118.92, STOP LOSS 116.62

USD/CHF: Hold LONG at 0.8755, TAKE PROFIT 0.9445, STOP LOSS 0.9168

USD/CAD: Hold SHORT at 1.2430, TAKE PROFIT 1.2200, STOP LOSS 1.2488

EUR/JPY: Hold LONG at 132.80, TAKE PROFIT 136.55, STOP LOSS 132.38

EUR/CHF: Hold LONG at 1.0195, TAKE PROFIT 1.0669, STOP LOSS 1.0350

EUR/CAD: Hold LONG at 1.4250, TAKE PROFIT 1.4645, STOP LOSS 1.4110

GBP/JPY: Hold LONG at 175.85, TAKE PROFIT 179.95, STOP LOSS 176.55

NZD/USD: Hold LONG at 0.7330, TAKE PROFIT 0.7495, STOP LOSS 0.7275

Trade ideas:

EUR/USD: BUY at 1.1427, TAKE PROFIT 1.1652, STOP LOSS 1.1360

GBP/USD: BUY at 1.5105, TAKE PROFIT 1.5270, STOP LOSS 1.5045

AUD/USD: BUY

EUR/GBP: SELL

_________________________________

*Danske Bank applies trailing stop orders

More:
http://fxbazooka.com/en/analitycs/show/3467

 

[riki143]

Forex Analytics
Forex trading plan for Feb. 5

EUR/USD has spiked above 1.1500 on Tuesday, but was capped by 100-period MA at H4. The rally has slowed down despite the upbeat euro zone’s PMIs, retail sales and weaker-than-expected US NFP by ADP, all released on Wednesday. According to our forecast, the downtrend in EUR/USD will soon resume. Decline below 1.1440 will bring euro down to 1.1355. Next support is at 1.1275 and 1.1210. Watch the German factory orders and the EU economic forecasts on Thursday. News from Greece will also impact the market. US are scheduled to release trade balance and unemployment claims tomorrow.

GBP/USD was boosted to the levels above 1.5200 by the better-than-expected UK services PMI (57.2 vs. 56.5). However, pound approached the downtrend resistance line just below 1.5300. Tomorrow traders will be focused on the Bank of England’s meeting at 12:00 GMT. No changes in policy are expected. A break above 1.5300 can trigger an increase to 1.5475. USD/JPY may continue being sold on the upside in the area between 117.90 and 118.30 and bought on the downside in the 117.00 area.

NZD/USD pushed higher on Wednesday, supported by the neutral RBNZ stance and higher-than-expected milk prices. However, the pair faced resistance at $0.7450 (38.2% Fibo) and returned below the $0.7390 support later in the day. AUD/USD has also recovered some ground, retracing most of the post-RBA losses. The pair is facing resistance at 0.7850 and is vulnerable for a return to 0.7700. Next resistance is at 0.8000. Watch the Australian retail sales release at 00:30 GMT. USD/CAD can weaken to 1.2300. Resistance is at 1.2500 and 1.2625. EUR/GBP will be a sell in case of the break below 0.7500.

More:
http://fxbazooka.com/en/analitycs/show/3483

 

[riki143]

MARKET NEWS
Feb. 5: MARKET OVERVIEW

FXBAZOOKA.com - The euro was hit as the European Central Bank said it would not accept Greek bonds as collateral. EUR/USD fell to the levels just above 1.1300. EUR/CHF slid below 1.0500.

The ECB’s decision was also negative for the market’s risk sentiment. Asian shares declined. USD/JPY has once again lowered to support in the 117.00 area. Traders are awaiting the release of American unemployment claims later today (12:30 GMT) as a preview to Friday's all important non-farm payrolls data (NFP).

Chinese equities, however, managed to rise as China’s central bank cut the level of reserves banks must hold in order to encourage lending and economic growth. AUD/USD and NZD/USD edged a bit higher. Australian retail sales grew less than expected.

Another negative development for the mood of the bulls was the decline in crude oil price after the US announced that that its oil inventories reached a record high.

GBP/USD is trading in the 1.5200 ahead of the Bank of England’s meeting. The central bank is expected to leave policy unchanged.

Here are the main events to watch today (see more in the economic calendar):

More:
http://fxbazooka.com/en/news/show/2231

 

[riki143]

Forex Analytics
Danske Bank: trade signals for Feb. 5

Open positions:

EUR/USD: Hold SHORT at 1.1357, TAKE PROFIT 1.1262, STOP LOSS 1.1407

USD/JPY: Hold LONG at 117.35, TAKE PROFIT 118.92, STOP LOSS 116.62

USD/CHF: Hold LONG at 0.8755, TAKE PROFIT 0.9445, STOP LOSS 0.9168

AUD/USD: Hold LONG at 0.7773, TAKE PROFIT 0.7942, STOP LOSS 0.7710

EUR/CHF: Hold LONG at 1.0195, TAKE PROFIT 1.0669, STOP LOSS 1.0350

EUR/CAD: Hold LONG at 1.4250, TAKE PROFIT 1.4645, STOP LOSS 1.4110

GBP/JPY: Hold LONG at 175.85, TAKE PROFIT 179.95, STOP LOSS 176.55

NZD/USD: Hold LONG at 0.7330, TAKE PROFIT 0.7495, STOP LOSS 0.7275

Trade ideas:

GBP/USD: BUY at 1.5165, TAKE PROFIT 1.5486, STOP LOSS 1.5080

USD/CAD: BUY

EUR/JPY: BUY

EUR/GBP: SELL

More:
http://fxbazooka.com/en/analitycs/show/3488

 

[riki143]

MARKET NEWS
Key option levels
5 February 2015

FXBAZOOKA.com - Market prices tend to move towards the strike price at the time large vanilla options (ordinary put and call options) expire. It happens (all things equal) as each side of the deal seeks to hedge its risk exposure. This action is most noticeable ahead of 10 a.m. New York time when the majority of options expire (15:00 GMT).

Here are the key options expiring today:

EUR/USD: 1.1300 (EUR 1bln), 1.1350-60 (EUR 737m), 1.1450 (EUR 656m), 1.1500 (EUR 2.6bln), 1.1595/1.1600 (1.8bln);

GBP/USD: 1.5145/50 (GBP 430m), 1.5250 (GBP 200m), 1.5275 (GBPUSD 275m);

USD/JPY: 116.00 (USD 368m), 117.00 (USD 1bln), 117.75 (USD 752m), 119.00 (USD 941m);

USD/CAD: 1.2490 (USD 410m), 1.2570 (USD 440m), 1.2630 (USD 440m);

AUD/USD: 0.7750 (AUD 389m), 0.7775 (AUD 318m), 0.7850 (AUD 407m).

More:
http://fxbazooka.com/en/news/show/2235

 

[riki143]

Forex Analytics
Forex trading plan for Feb. 6

EUR/USD is expected to consolidate in the 1.1500/1.1300 area as the market players await news from the US (NFP at 12:30 GMT on Friday) and Greece (here we regrettably don’t have a time schedule). The pressure on Greece to accept responsibilities on the terms of repaying its debt is increasing. The nation will likely find a way to reach an agreement with its creditors, but before that more stress is very likely. Greek Finance Minister Yanis Varoufakis met with German counterpart Wolfgang Schäuble, and as Schäuble put it, they’ve agreed to disagree. Above the 1.1500 resistance is at 1.1600 and 1.1655. The break below 1.1300 will send EUR/USD towards 1.1300.

As for the US labor market data, on balance it’s expected to be good. At the same time, the positive impact on USD may be limited as the US economic growth has slowed down in Q4. GBP/USD is on the strong foot on good data from the UK and generally lower figures seen in the US this week. Pound may rise to 1.5480. The Bank of England has left its monetary policy unchanged. GBP/USD faces resistance at 1.5270 and 1.5350. Support is in the 1.5125/10 area and then at 1.5033. EUR/GBP is vulnerable for decline towards 0.7400.

USD/JPY may continue being sold on the upside in the area between 117.90 and 118.30 and bought on the downside in the 117.00 area. AUD/USD is trying to base above 0.7700. Above the neckline of the inversed H&S at 0.7857 Aussie will get a chance to rise to the 0.800 area. The Reserve Bank of Australia will release monetary policy statement early on Friday. The statement will include the RBA’s view economic conditions and inflation.

More:
http://fxbazooka.com/en/analitycs/show/3506

 

[riki143]

MARKET NEWS
Feb. 6: MARKET OVERVIEW

FXBAZOOKA.com - Asian shares edged higher on Friday and oil prices continued to recovered, but investors were cautious ahead of the US jobs data at 12:30 GMT. According to the forecasts, American non-farm payrolls probably increased 236K in January after advancing 252K in December. The unemployment rate is expected to remain at a 6-1/2-year low of 5.6%, while average hourly earnings were forecast to show a rise of 0.3% following the previous month’s fall of 0.2%. US data on Thursday were mixed, so investors are waiting for today’s figures for clues on the timing of the Fed’s first interest rate hike.

Brent crude futures traded a bit higher in the area of $56.98 a barrel. Oil recovered on the escalating conflict in Libya and after China’s central bank easing increased the expectations of oil demand.

EUR/USD is trading just below 1.1500. The euro is trading on the upside for the second day on the news that the European Central Bank had agreed to allow Greece’s national central bank to grant its banks emergency funding of up to 60 billion euro. In addition, the single currency was supported by the talk that the National Bank had bought euros to weaken the Swiss franc.

AUD/USD is trading just below resistance at 0.7850 as the Reserve Bank of Australia gave no clear hints on further monetary easing.

Here are the main events for today (seem more in the economic calendar):

More:
http://fxbazooka.com/en/news/show/2246

 

[riki143]

MARKET NEWS
Key option levels
6 February 2015

FXBAZOOKA.com - Market prices tend to move towards the strike price at the time large vanilla options (ordinary put and call options) expire. It happens (all things equal) as each side of the deal seeks to hedge its risk exposure. This action is most noticeable ahead of 10 a.m. New York time when the majority of options expire (15:00 GMT).

Here are the key options expiring today:

EUR/USD: 1.1300 (EUR 454m), 1.1400 (EUR 982m), 1.1450 (EUR 603m), 1.1500 (EUR 1.45bln), 1.1600 (EUR 1.25bln);

GBP/USD: 1.5300 (GBP 200m), 1.5175/80 (GBP 250m);

USD/JPY: 115.50 (USD 3bln), 117.00 (USD 1.8bln), 118.00 (USD 374m), 118.25/30 (USD 300m), 118.50 (USD 310m), 119.50 (USD 650m);

USD/CAD: 1.2470 (USD 210m), 1.2500 (USD 233m);

NZD/USD:0.7630 (NZD 606m).

More:
http://fxbazooka.com/en/news/show/2248

 

[riki143]

Forex Analytics
Danske Bank: trade signals for Feb. 6

Open positions:

USD/JPY: Hold LONG at 117.35, TAKE PROFIT 118.92, STOP LOSS 116.62

USD/CHF: Hold LONG at 0.8755, TAKE PROFIT 0.9445, STOP LOSS 0.9168 (revised)

AUD/USD: Hold LONG at 0.7773, TAKE PROFIT 0.7942, STOP LOSS 0.7723 (revised)

EUR/GBP: Hold SHORT at 0.7500, TAKE PROFIT 0.7307, STOP LOSS 0.7565

EUR/CHF: Hold LONG at 1.0195, TAKE PROFIT 1. 0700, STOP LOSS 1.0469 (revised)

EUR/CAD: Hold LONG at 1.4250, TAKE PROFIT 1.4645, STOP LOSS 1.4110

GBP/JPY: Hold LONG at 175.85, TAKE PROFIT 182.45, STOP LOSS 178.10 (revised)

NZD/USD: Hold LONG at 0.7330, TAKE PROFIT 0.7495, STOP LOSS 0.7275

Trade ideas

EUR/USD: Possibly BUY at 1.1391/95

GBP/USD: BUY at 1.5260, TAKE PROFIT 1.5486, STOP LOSS 1.5215 (revised)

EUR/JPY: BUY at 133.97, TAKE PROFIT 136.68, STOP LOSS 132.50

USD/CAD: Possibly BUY

__________________________________

*Danske Bank applies trailing stop orders

More:
http://fxbazooka.com/en/analitycs/show/3510

 

[riki143]

MARKET NEWS
Feb. 9: FOREX NEWS

FXBAZOOKA.com - US dollar remains supported by the better-than-expected payrolls data. 10-year Treasury note yield jumped to a near one-month high of 1.965% on Friday before taking some wind out of the dollar's surge by pulling back to 1.922%. USD/JPY is trying to break above the 119.00 handle.

AUD/USD opened with a gap down hurt by the concerns about the slowdown of Chinese economic growth. Data released on Sunday showed that China’s trade performance slumped in January, with exports falling 3.3% from year-ago levels while imports tumbled 19.9%.

EUR/USD opened with a gap down below 1.1300, but then rose above this level. Greece’s new Prime Minister Alexis Tsipras announced his anti-austerity government program on Sunday and rejected the extension to the nation’s current bailout.

Here are the data releases to watch today:

More:
http://fxbazooka.com/en/news/show/2258

 

[riki143]

Forex Analytics
Danske Bank: trade signals for Feb. 9

Open positions*:

USD/JPY: Hold LONG at 117.35, TAKE PROFIT 119.77, STOP LOSS 117.58 (revised)

USD/CHF: Hold LONG at 0.8755, TAKE PROFIT 0.9445, STOP LOSS 0.9168

AUD/USD: Hold LONG at 0.7773, TAKE PROFIT 0.7942, STOP LOSS 0.7723

NZD/USD: Hold LONG at 0.7330, TAKE PROFIT 0.7495, STOP LOSS 0.7275

GBP/JPY: Hold LONG at 175.85, TAKE PROFIT 183.35, STOP LOSS 179.50 (revised)

EUR/GBP: Hold SHORT at 0.7500, TAKE PROFIT 0.7307, STOP LOSS 0.7520

Trade signals:

EUR/USD: SELL at 1.1390, TAKE PROFIT 1.1098, STOP LOSS 1.1445 (revised)

EUR/JPY: BUY at 134.30, TAKE PROFIT 137.31, STOP LOSS 133.40

USD/CAD: BUY at 1.2470, TAKE PROFIT 1.2775, STOP LOSS 1.2350

EUR/CAD: SELL at 1.4240, TAKE PROFIT 1.3805, STOP LOSS 1.4390

GBP/USD: SELL

EUR/CHF: SELL

___________________________________________________________

*Danske Bank applies trailing stop orders (moved together with the price)

More:
http://fxbazooka.com/en/analitycs/show/3539

 

[riki143]

Forex Analytics
Forex trading plan for Feb. 10

Strong US labor market figures released on Friday took the market by surprise. As a result, the EUR/USD and GBP/USD bullish recovery stopped dead. EUR/USD got rejected by resistance in the 1.1360 area. There will be some support at 1.1260, but we expect the euro to drift towards 1.1200 in the coming sessions. Watch French industrial production figures at 07:45 GMT on Tuesday. Greek parliament will vote on confidence to the government.

GBP/USD failed to close above 1.5300 on Friday and may test levels below 1.5100. Support is at 1.5033/00. Next bearish target is seen at 1.4815. The UK will release manufacturing production at 09:30 GMT on Tuesday (a slowdown from +0.7% to +0.3% is expected). Watch the January NIESR GDP Estimate at 15:00 GMT.

USD/JPY faced resistance in the 119.20 area and turned down aiming for support at 118.00 and 117.30.

AUD/USD has opened the week with a gap down, but then found support in the 0.7760 area and erased losses. Resistance is at 0.7850 and 0.7900. Support is at 0.7760 and 0.7720. Australia is scheduled to release January NAB Business Confidence tonight at 00:30 GMT. NZD/USD pushed higher on Monday, but holds below the 0.7445 resistance (38.2% Fibonacci). Next bullish target lies at 0.7520.

Note that China will release a bunch of important figures at 1:30 GMT: if inflation declines, the market will be waiting for more monetary stimulus. Such expectations may support the Australian and New Zealand dollars which are proxies for the optimism about Chinese economy.

More:
http://fxbazooka.com/en/analitycs/show/3568

 

[riki143]

MARKET NEWS
Feb. 10: FOREX NEWS

FXBAZOOKA.com - EUR/USD is consolidating above 1.1300 after dipping to 1.1270 on Monday. The market players await the meeting of the euro area’s finance ministers on Wednesday.

Chinese consumer inflation hit a 5-year minimum, encouraging hopes that the nation will increase monetary stimulus. Commodity currencies were supported by such expectations as well as by the notional bottoming-out of oil prices. AUD/USD edged up to 0.7840. NZD/USD rose t o0.7440. USD/CAD slid a bit to 1.2450.

USD/JPY is trading slightly on the downside after it failed to break above the resistance at 119.30 yesterday. Concerns about Greece deteriorate the market’s risk sentiment increasing demand for safe haven Japanese yen.

Here are the main events to watch today:

More:
http://fxbazooka.com/en/news/show/2264

 

[riki143]

Forex Analytics
Danske Bank: trade signals for Feb. 10

Open positions*:

EUR/USD: Hold SHORT AT 1.1310, TAKE PROFIT 1.1098, STOP LOSS 1.1401

USD/JPY: Hold LONG at 117.35, TAKE PROFIT 119.77, STOP LOSS 117.58 (revised)

USD/CHF: Hold LONG at 0.8755, TAKE PROFIT 0.9445, STOP LOSS 0.9168

AUD/USD: Hold LONG at 0.7773, TAKE PROFIT 0.7942, STOP LOSS 0.7723

GBP/JPY: Hold LONG at 175.85, TAKE PROFIT 183.35, STOP LOSS 179.50 (revised)

EUR/GBP: Hold SHORT at 0.7500, TAKE PROFIT 0.7307, STOP LOSS 0.7520

USD/CAD: Hold LONG at 1.2470, TAKE PROFIT 1.2775, STOP LOSS 1.2350

EUR/JPY: Hold LONG at 134.30, TAKE PROFIT 137.31, STOP LOSS 133.40

NZD/USD: Hold LONG at 0.7330, TAKE PROFIT 0.7495, STOP LOSS 0.7275

Trade signals:

EUR/CHF: SELL

EUR/CAD: SELL

GBP/USD: SELL

_____________________________________________

*Danske Bank applies trailing stop orders (moved together with the price)

More:
http://fxbazooka.com/en/analitycs/show/3576

 

[riki143]

Forex Analytics
Forex trading plan for Feb. 11

By: Kira Iukhtenko

Market sentiment on Tuesday remained fragile amid the increasing worries about the Greece’s future and the Ukrainian crisis. Meanwhile, expectations of the US rate hike support the American currency against the counterparts. Recovery on the oil market continues. US will release crude oil inventories data on Wednesday.

EUR/USD hovers around the 1.1300 mark. Eurogroup meeting will be the major event to watch on Wednesday: are the European financial officials ready to compromise? Any progress in the Greek question will render temporary support for the euro, but the overall picture remains negative. Any recoveries will likely be capped by the 1.5000/30 area. Next support lies at 1.1260, but we expect the euro to drift towards 1.1200 in the coming sessions if there is no good news for Greece.

GBP/USD holds above the 1.5200 mark, but the bullish demand is limited. UK released weak December manufacturing production figures on Tuesday (+0.1% versus +0.3% expected). There are no releases to watch on Wednesday, the market will be focused on the BOE inflation report that comes on Thursday. The inflation and economic forecasts can be lowered. Support for the cable is seen at 1.5033/00. Next bearish target lies at 1.4815.

USD/JPY pushed higher, testing the 119.20 area to the upside. Daily close above this mark would open the way to our next bullish target at 120.00 yen. USD/CHF consolidates below the 200-day MA at 0.9300.

Commodity block currencies remain under slight bearish pressure despite the increased expectations for monetary stimulus in China. AUD/USD remains supported at 0.7760 (short-term bullish trend line). Break lower would open the way to 0.7700. Watch Westpac consumer sentiment and new loans data tomorrow. NZD/USD holds in the 0.7445/7340 sideways range with the risks still skewed to the downside.

More:
http://fxbazooka.com/en/analitycs/show/3597

 

[riki143]

MARKET NEWS
Feb. 11: FOREX NEWS

FXBAZOOKA.com - Asian session was quite because Japanese markets are closed for a public holiday.

EUR/USD is flat just above 1.1300. The single currency remains under pressure because of uncertainty over a new debt deal for Greece. The nation didn’t manage to reach a new debt agreement without the austerity program. Euro area’s finance ministers meet later today in Brussels to discuss Greece’s problems ahead of the EU summit on Thursday. You can read more about the meeting here.

USD/JPY hit 1-month high at 119.66 yen. US currency was supported by gains in Treasury yields: 10-year yield rose above 2% on Tuesday for the first time in a month on the expectations that the Federal Reserve will raise interest rates by the middle of the year. In addition, the Bank of Japan Governor Haruhiko Kuroda said there was no criticism from the G20 of Japan’s aggressive easing that had driven the yen lower.

AUD/USD is trading on the upside, just below 0.7800. Australian currency strengthened after domestic data showed strong consumer confidence and a robust housing market.

Here are the events to watch today (see more in the economic calendar):

More:
http://fxbazooka.com/en/news/show/2270