FX Daily Dose – December 10, 2013

December 10, 2013 in FX Daily Dose

FX Daily Dose

Forex Daily Dose presents a EUR/AUD, EUR/GBP, USD/INR, USD/CAD, EUR/USD, GBPUSD, USDJPY and AUD/JPY for the immediate and medium-term outlook. Please note that the daily outlook is for current pairs in focus and we may add or remove some of the currency pairs accordingly.

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Currency pair

Near-term Outlook

Comments – Overall Outlook


bullish USD/JPY has tried to break over 103.37 resistance by touching 103.39. This suggests that we can expect further gains towards 103.73 resistance. With any failure of 103.73 resistance, USD/JPY may target 104.10/104/20 also. The support is now expected at the previous resistance of 102.84 and any break below that will indicate a short-term topping and may bring some consolidation towards 102.32 before another recovery.


Neutral EUR/USD moved as we had indicate in yesterday’s update. The pair went up to 1.3768 which was 2 pips below the target range indicated yesterday. We still expect resistance in the range of 1.3770/1.3785 next. If the resistance holds then some consolidation towards 1.3715/1.3720 should take place. In case this support fails then consolidation towards 1.3618 may take place.


Bearish USD/CAD is very close to the support of 1.0622 which we had indicated yesterday. However we expect a failure of that support. The outlook remains same as yesterday that a failure of 1.0622 support should find a strong support in the range of 1.0580 to 1.0590. With these supports holding, any break above 1.0666 should target 1.0700 or more.


bullish CAD/JPY moved the way we had indicated yesterday and after touching retesting 97.09 it went as high as 97.27. If support at 96.93 holds then further gains are expected towards the resistance zone of 97.48 to 97.66 of September 19th and July 24th respectively. This is not expected today but any decisive break over 97.66 should bring further gains to target 98.60. If the support at 96.93 fails then second level support should come in the range of 96.60 to 96.70.


bullish The first level of support is expected over 1.6419 and with that we expect GBP/USD to test 1.6500 now. In case the support at 1.6419 fails then another stronger support should come in the range of 1.6380 to 1.6385.


Neutral EUR/GBP dropped to 0.8353 with the resistance at 55-day EMA. Further drop towards 0.8315 or even more may take place but the current price is finding support at 22-day EMA and we stay neutral till there is any break below 0.8347. However if the support over 0.8347 holds then a retest of 0.8395 will be expected. A break over 0.8395 should target 0.8415 to 0.8425 next. Our overall outlook stays bearish but we are neutral initially.


bullish If support holds in the range of 1.5073 to 1.5085  holds then EUR/AUD should target a retest 1.5163 now and then possibly 1.5235. Our immediate outlook stays bullish for EUR/AUD and that will neutralize only if the price action breaks below 1.5007.


Neutral USD/INR found support at 60.64 which was in line with what we had indicated that support at or over 60.54 may prove to be critical. Further gains towards 61.40 resistance may take place. Even if that resistance fails, we will expect a very strong resistance at or below 61.70. We stay neutral initially. Overall we remain in the favor of further drop and the only thing which is sustaining USD/JPY from further downward consolidation is the psychological support of 60.00.

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You may also check the daily and weekly analysis for 8 currency pairs on the following pages:

Daily Analysis:

  1. EUR/USD daily analysis
  2. USD/JPY daily analysis
  3. GBP/USD daily analysis
  4. USD/CHF daily analysis
  5. AUD/USD daily analysis
  6. EUR/JPY daily analysis
  7. GBP/JPY daily analysis
  8. AUD/JPY daily analysis

Weekly Forex outlook

  1. EUR/USD outlook
  2. USD/JPY outlook
  3. GBP/USD outlook
  4. USD/CHF outlook
  5. AUD/USD outlook
  6. EUR/JPY outlook
  7. GBP/JPY outlook
  8. AUD/JPY outlook

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