Daily Forex Analysis October 31, 2012

311012eurusd

Fundamental Part

First news for today will concern about German retail sales which will be released at 7:00 am GMT. Analysts are expecting increase from 0.1 to 0.4 percent and a medium impact on the euro.

At 10:00 am GMT Eurostat is going to publish figures about unemployment rate in the Eurozone. Previous numbers showed unemployment at 11.4 percent and the same figures are expected today. Also it will have a medium impact on the euro.

Last news for today will concern about Chicago PMI which will be released at 1:45 pm GMT. It is expected rise from 49.7 to 51.0 points. The new readings above level 50.0 will be indicating expansion. Moreover medium impact on the dollar can be awaited.


 

Technical Part

The EURUSD analysis

311012eurusd

Sideway moving Alligator is suggesting consolidation while Stochastic is holding near the oversold zone. Strong downtrend is being indicated by Aroon and MACD after forming top now confirms consolidation.

Narrowing Bollinger bands and price below SMA are suggesting downside movement and RSI holding at level fifty suggests consolidation. CCI in the seller´s zone is favoring further fall.

According to the previous events the market is suggesting bearish opportunity.

If price holds above daily pivot at 1.2946 and below resistance 1.2968 consolidation will be continue. But break above resistance will open way towards resistance at 1.3044. Also sustained decline below daily pivot will confirm objective at 1.2911 support and deeper decline towards 1.2886 hasn´t been excluded.

311012eurusd2


 

The USDJPY analysis

311012usdjpy

Sideway moving Alligator is suggesting consolidation and Stochastic in the oversold zone indicates rebound. According to the Aroon strong downtrend is also in favor. MACD moving slightly above zero line confirms consolidation.

Narrowing Bollinger bands and price above SMA are suggesting possible rise. RSI holding below level fifty and in the seller´s zone is suggesting decline but also a sideways move. CCI will probably indicate buy signal and enter buyer´s zone.

According to the previous events the market is suggesting bearish opportunity.

Price is holding below daily pivot at 79.649 which indicates consolidation and decline below 79.440 support will confirm target at 79.293 support. Further fall will then approach next target at 78.993 support. But if price breaks above daily pivot it will negate previous conclusions and target will be at 79.805 resistance.

311012usdjpy2


 

The GBPUSD analysis

311012gbpusd

The Alligator is suggesting slight upward movement. It is also confirmed by Stochastic which has entered overbought zone. On the other hand weakening uptrend indicated by Aroon is suggesting trend reversal. MACD holding close zero line confirms consolidation.

Expanding Bollinger bands and price above SMA are suggesting upside move. RSI holding in the buyer´s zone confirms further rise. CCI is also in the buyer’s zone indicating increase.

According to the previous events the market is suggesting bullish opportunity.

Price will be soon testing resistance at 1.6086 and rise above this level will focus on next target at 1.6103 resistance. Further rise towards 1.6119 hasn´t been excluded. On the other hand rebound and decline below 1.6070 support will re-test daily pivot at 1.6060 and break below this level will open way towards 1.6035 support.

311012gbpusd2


 

The USDCHF analysis

311012usdchf

The Alligator seems it could rebound ad rise will be in favor. Stochastic is probably rebounding supporting rise but uptrend indicated by Aroon is weakening and suggesting trend reversal. According to the MACD price has formed bottom and now consolidation is in favor.

Sideway moving Bollinger bands are suggesting consolidation and price below RSI suggests consolidation. CCI is indicating buy signal and it will soon enter overbought zone.

According to the previous events the market is suggesting bearish opportunity.

If price holds between daily pivot at 0.9332 and support at 0.9319 consolidation will be in favor unless price breaks above daily pivot. Subsequent rise will then focus on the resistance at 0.9351. Also decline below support will open way towards objective at 0.9302 support and further decline hasn´t been excluded.

311012usdchf2

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Daily Forex Analysis November 13, 2012


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Fundamental Part First news for today will be published at 9:30 am GMT when Office for National Statistics will release...

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