Forex Zone (Forex Zone)
Czech markets  |  August 28, 2012 10:26:34

Japan reduced the estimate of economic growth

Tonight were released home sales in Australia, which were worse than expected. To do this, the report added that Japan lowers growth estimate of the local economy. Japanese Finance Minister Azumi said he sees the risk of drying Finance Minister. The reaction to this news was weakening risky assets.

Yesterday took place on U.S. equity indices in the trading range where it traded for most of the first half of August. As you may recall, in this price range is traded at a record low trading volumes. Very low trading volumes were also on the NYSE yesterday. Risk currency pairs yesterday showed a split in the correlation. AUD, NZD and GBP weakened, while CAD and EUR closed near their opening values.

On the monitored pair EUR / USD yesterday declaration German Ifo index had virtually no impact, which surprised us. The rest of the day was unusual from our perspective. Thus small daily price range of EUR / USD (a little over 50 pips) long remember. On the daily chart is thus created inside candle.Penetration inside candles usually brings continued price movement in the direction of penetration.

Due to bad macro news from Japan and Australia were low penetration inside day candle over tonight. The initial drop in prices came down to the Reviews Support around 1.2472, for which we are warned yesterday . After breaking with candles inside for today we tend to test more prices below. The most likely scenario, however, we expect a rotation rates between the supports and the development of resistance and to the side, before a steep sale, because today published the macro data is not particularly significant.

Market in the short term flips from moving sideways to downtrend, but we have to remember uptrend on the daily chart. Still apply our medium-term view, which we have repeatedly pointed out that we see room for prices to test the area around 1.2400. Before there but price Forge, will have to overcome significant support.

Currently the pair EUR / USD traded at 1.2383 price. Below this we see significant price supports of about 1.2460 and about 1.2432, 1.2410 and 1.2385. Above we see the current price around major resistance around 1.2500 and 1.2545 and 1.2580.

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