Market Overview by FXCC July 18 2012

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[b]Market Overview by FXCC July 18 2012

Fed Bernanke Keeps Mum... no additional clues

Asian markets have started the day off mixed after US markets rebounded amid hopes for further monetary easing in the United States. The comeback was triggered after Federal Reserve Chief Ben Bernanke gave a gloomy assessment of the economy to Congress and said the Fed would act if the situation worsened, exactly as he had stated after the June FOMC meeting and as stated in the FOMC minutes. In New York, the Dow Jones Industrial Average closed at 12,805.54 on Tuesday, gaining 78.33 points (0.62 per cent) and more than erasing Monday's losses.

The Nikkei 225 index at the Tokyo Stock Exchange opened up 41.15 points at 8,796.15 this morning. The Hang Seng Index was off by 77.12 points, or 0.4 per cent, to 19,378.21in early trading. Market focus will shift back to the eurozone as we should see Spain and Italy back in the spotlight. Commodities and currencies ended pretty much where they had begun the day.
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UPCOMING EVENTS :
2012-07-18 08:30 GMT UK - Bank of England Minutes
2012-07-18 09:00 GMT EMU - Construction Output s.a (May)
2012-07-18 12:30 GMT US - Building Permits (Jun)
2012-07-18 14:00 GMT US - Fed's Bernanke testifies

FOREX NEWS :
2012-07-18 04:40 GMT NZD/USD may enter fresh 0.8005-0.8075 range soon
2012-07-18 04:29 GMT GBP/USD steady around 1.5650 ahead of BoE
2012-07-18 04:17 GMT EUR/USD failing to break above 1.2300
2012-07-18 04:11 GMT China House Price Index flat at -1.5% in Jun

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EURUSD : 1.22836 / 1.22842
DAILY WEEKLY MONTHLY



1.2472 | 1.2394 | 1.2345
1.2218 | 1.2140 | 1.2091

SUMMARY : Down
TREND : Down trend
MA10 : Bullish
MA20 : Bearish
STOCHASTIC : Oversold


MARKET ANALYSIS - Intraday Analysis

Technicals remain bearish, but a breach above last week