Daily iforex report by epic research 18 dec 2013

DAILY IFOREX REPORT 18 DECEMBER 2013 TRADING TIPS

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SELL USD-JPY BELOW 102.40 TGT 102.15,101.75 SL 102.80 BUY EUR-GBP ABOVE 0.8465 TGT 0.8490 ,0.8530 SL 0.8425

HEADLINES

Name

Last

EUR/USD

1.3753

USD/JPY

102.691

GBP/USD

1.6258

USD/CHF

0.8869

AUD/USD

0.8905

USD/CAD

1.0605

EUR/CHF

1.2197

EUR/JPY

141.2245

EUR/GBP

0.846

GBP/CHF

1.4419

GBP/JPY

166.951

GBP/CAD

1.7243

GBP/AUD

1.8256

AUD/JPY

91.465

CAD/JPY

96.845

CHF/JPY

115.781

AUD/CAD

0.9445

AUD/CHF

0.7898

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Forex - EUR/USD gains on mixed U.S. data, solid European factory gauge

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Forex - Dollar lower against yen and euro in subdued trade

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Forex - Euro remains higher vs. dollar with Fed ahead

The Fed holds a policy two-day meeting that wraps up Wednesday, with markets unsure if the U.S. central bank will determine the economy has strengthened to the point to begin scaling back bond purchases, which weaken the dollar to spur recovery.

In U.S. trading on Monday, EUR/USD was up 0.14% at 1.3761, up from a session low of 1.3729 and off from a high of 1.3798.

The pair was likely to find support at 1.3695, the low from Dec. 9, and resistance at 1.3811, Wednesday's high.

London-based market research group Markit reported earlier that its preliminary U.S. manufacturing purchasing managers’ index declined to a seasonally adjusted 54.4 in December from a final reading of 54.7 in November.

Analysts were expecting the index to rise to 54.9 this month.

The Federal Reserve Bank of New York reported earlier that its Empire State manufacturing index came in at 0.98 in December compared to November's -2.21 reading, though analysts were expecting the index to rise to 4.75.

USD/JPY hit session lows of 102.65, down from Friday’s five year highs of 103.91, and was last down 0.22% to 102.98.

Investors remained cautious ahead of the outcome of the Fed’s upcoming policy meeting on Wednesday, with some expecting the bank to announce a small reduction in the pace of its USD85 billion-a-month asset purchase program.

EUR/USD hit session highs of 1.3798, and was last up 0.30% to 1.3782, near the two month peak of 1.3809 struck last Wednesday

HOURLY EURUSD CHART

ANALYSIS EURUSD LOOKS DOWNSIDE TREND: SIDEWAYS STRATEGY: BUY AROUND SUPPORT SELL AROUND RESISTANCE RESISTANCE: 1.3775 SUPPORT: 1.3740

HOURLY USDJPY CHART

ANALYSIS USDJPY LOOKS DOWNSIDE TREND: BEARISH STRATEGY: BUY AROUND SUPPORT SELL AROUND RESISTANCE RESISTANCE: 103.35 SUPPORT: 102.40

HOURLY EURGBP CHART

ANALYSIS USD/CHF LOOKS DOWNSIDE TREND: BEARISH STRATEGY: BUY AROUND SUPPORT SELL AROUND RESISTANCE RESISTANCE: 0.8910 SUPPORT: 0.8830

HOURLY EURGBP CHART

ANALYSIS USD/CAD LOOKS UPSIDE TREND: BULLISH STRATEGY: BUY AROUND SUPPORT SELL AROUND RESISTANC RESISTANCE: 1.0630 SUPPORT: 1.0575

HOURLY GBPUSD CHART

ANALYSIS GBPUSD LOOKS DOWNSIDE TREND: BEARISH STRATEGY: BUY AROUND SUPPORT SELL AROUND RESISTANCE RESISTANCE: 1.6360 SUPPORT: 1.6290

ECONOMIC CALLENDER Time

Cur.

Imp.

Event

Actual

Forecast

Previous

03:15:00 AM

NZD

MEDIUM

Current Account

-4.30B

-1.25B

04:00:00 AM

AUD

MEDIUM

RBA Governor Stevens Speaks

05:20:00 AM

JPY

MEDIUM

Adjusted Trade Balance

-1.19T

-1.07T

05:20:00 AM

JPY

MEDIUM

Trade Balance

-1,320B

-1,091B

02:30:00 PM

EUR

MEDIUM

German Business Expectations

106.5

106.3

02:30:00 PM

EUR

MEDIUM

German Current Assessment

112.5

112.2

02:30:00 PM

EUR

HIGH

German Ifo Business Climate Index

109.5

109.3

03:00:00 PM

GBP

MEDIUM

Average Earnings Index +Bonus

0.80%

0.70%

03:00:00 PM

GBP

HIGH

Claimant Count Change

-35.0K

-41.7K

03:00:00 PM

GBP

HIGH

MPC Meeting Minutes

03:00:00 PM

GBP

MEDIUM

Unemployment Rate

7.60%

7.60%

04:30:00 PM

GBP

MEDIUM

CBI Distributive Trades Survey

10

1

07:00:00 PM

CAD

MEDIUM

Wholesale Sales (MoM)

0.40%

0.20%

07:00:00 PM

USD

MEDIUM

Building Permits (MoM)

-4.70%

6.70%

07:00:00 PM

USD

MEDIUM

Building Permits

0.990M

1.039M

07:00:00 PM

USD

MEDIUM

Housing Starts

0.950M

0.890M

12/18/13

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