Market Overview by FXCC Aug 01 2012

[alayoua]

Market Overview by FXCC Aug 01 2012

China's housing sector has begun to recover

Standard Chartered proprietary survey of 30 developers has just been released, supporting the bank's macro-view that the sector has begun to recover. The bank concludes "land and apartment prices appear to have bottomed as appartment sales volumes pick up, with local policy loosening supporting the market" the report notes. While Standard Chartered believes it will be a long, hard slog back to boom, they are starting to gather growing positive indications that a recovery appears to have begun as noted above. "Our proprietary survey of 30 developers across the country suggests that apartment sales are rising in many cities, helped by price cuts and a shift in sentiment" the team adds.

The HSBC Manufacturing Purchasing Managers Index (PMI) remains in contractionary territory, having posted a 49.3 reading in July from a revised 48.2 in June, signaling only a marginal deterioration in Chinese manufacturing sector operating conditions, according to Markit Economics. The month-on-month increase in the index was the largest in 21 months, as manufacturing output rose for first time in five months.
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UPCOMING EVENTS :
2012-08-01 08:30 GMT | United Kingdom Markit Manufacturing PMI (Jul)
2012-08-01 14:00 GMT | U.S. ISM Manufacturing PMI (Jul)
2012-08-01 18:15 GMT | United States Fed Interest Rate Decision
2012-08-01 18:15 GMT | United States Fed's Monetary Policy Statement

FOREX NEWS :
2012-08-01 04:50 GMT | USD/JPY at attractive levels for establishing longs - RBS
2012-08-01 04:03 GMT | AUD/USD to hold its ground in the short term - OCBC
2012-08-01 03:15 GMT | GBP/JPY prints fresh weekly lows above 122.00
2012-08-01 01:39 GMT | USD/JPY bounces back to 78.00 after China PMI dip

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EURUSD : 1.23136 / 1.23140
DAILY WEEKLY MONTHLY



1.2460 | 1.2390 | 1.2332
1.2249 | 1.2174 | 1.2099

SUMMARY : Up
TREND : Upward penetration
MA10 : Bearish
MA20 : Bullish
STOCHASTIC : Neutral


MARKET ANALYSIS - Intraday Analysis

Today major market drivers would be US ISM Manufacturing PMI announcement at 14:00 GMT and the US Fed Interest Rate Decision at 18:15 GMT. Technically, we expect increase of volatility later on today and break one of our suggested levels. Clearance of next resistance level at 1.2332 (R1) would open road to the next targets at 1.2390 (R2) and 1.2460 (R3). From the other side, loss of next support at 1.2249 (S1) might encourage executing of orders and drive market price towards to the next targets at 1.2174 (S2) and 1.2099 (S3) levels.

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GBPUSD : 1.56709 / 1.56715
DAILY WEEKLY MONTHLY



1.5875 | 1.5804 | 1.5732
1.5625 | 1.5552 | 1.5469

SUMMARY : Up
TREND : Upward penetration
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Neutral


MARKET ANALYSIS - Intraday Analysis

GBPUSD consolidated after the upwards movement on the last week and ready to go for new targets. Next news in focus from UK is Manufacturing PMI for July at 08:30 GMT that might push market higher or encourage deeper correction. Next important technical resistance stay at 1.5732 (R1), brake here is required for market expansion to the targets at 1.5804 (R2) and 1.5875 (R3). Failure to go higher might push markets to retest previous day low at 1.5625 (S1), which is currently our next support level. Brake here would suggest next target at 1.5552 (S2) and any further fall would then be limited by last support at 1.5469 (S3).

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USDJPY : 78.143 / 78.146
DAILY WEEKLY MONTHLY



78.49 | 78.32 | 78.18
77.91 | 77.74 | 77.58

SUMMARY : Sideway
TREND : Down trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Neutral


MARKET ANALYSIS - Intraday Analysis

From the technical side picture on the USDJPY is not clear. Market trades in consolidation mode and sentiment looks balanced. We suggest waiting for clear directional signal, any macroeconomic data release might affect current situation. Next resistance levels for today stay at 78.18 (R1) and 78.32 (R2) in focus. Support levels locates at 77.91 (S1) and 77.74 (S2).

Source: FX Central Clearing Ltd, ( Forex Charts | Forex Exchange | ECN Forex Online | FXCC )

[Terrijhon]

thanks for sharing information..