Forex Zone (Forex Zone)
Czech markets  |  January 23, 2013 09:52:52

Japan and Australia in focus

The European debt crisis is almost do not write (it does not mean that it is over) and Europe looks like it's cool. In the U.S. goes full earnings season, stock indices attacking several annual maxima and the media so they have something to write about and to shift to the sidelines, what about the new year was the number one topic. Yes we refer to the postponement of the final solution to avert a fiscal cliff, which is expected to be in the interest of the media in five minutes to twelve.

Key messages to come out of Japan, where after the press conference, the local central bank JPY began to strengthen. In our view, however, is the first choice of profits. Before extended sales strong downtrend we now expect several weeks of consolidation trading range. Rhetoric Japanese leaders remains strong and is seen to weaken the effort, but the question is if that happens.

Other important news comes from Australia, which, according to Finance Minister inflation under control and he begins to speculate on rate cuts. Next meeting of the Australian central bank is 5 February, but according to available reports and comments yet rate cuts expected.But remember the end of last year, when the RBA surprised and cut rate.

As regards developments in the monitored pair EUR / USD, so that looking at the daily chart showed indecisive development (doji candle). While the development of the day was pretty wild. After the publication of the German ZEW index price fell by 100 pips to the 1.3270 level where but quickly strengthened back. After the start of the U.S. session, the price returned near the daily low and then strengthened by the opening price. So even though the daily chart we decide doji candle, so from our perspective today were more active shoppers.

Even today, yet we feel that buying prevents 1.3300 level. Given that it is the third level tested within 24 hours, thus increasing the chances of it breaking. Today, however, not expected major macro news, so the more we tend to a scenario that could lead to a test below yesterday's low, but in this case we expect support around 1.3250 price drop any more stops. Towards the above test, we expect the level of 1.3350 and possibly 1.3370.

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Waiting for the Japanese central bank

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