Fiscal cliff looms as US lawmakers play game of brinkmanship
The "fiscal cliff" steadfastly approaches and it is a fair assumption that no one will come up with a deal in time to stop the country from careening off the edge. Nearly everyone involved claims they want to avoid the automatic tax increases and colossal budget cuts that will start kicking in at the start of 2013, however few are ready to make the compromises necessary to make that happen.
As expected, anti-tax purists in the House Republican Caucus have gotten in the way of Speaker John A. Boehners attempts to come up with a fix for the fiscal cliff. Last week, he withdrew his doomed Plan B rather than let it go to a vote he knew he would lose. Democrats were united in their opposition, though what ultimately killed the scheme was the refusal of conservatives in Boehner’s own caucus to go along with a tax increase for millionaires. Boehner now seems to have washed his hands of responsibility and says it is up to the president and Democrats in the Senate to save the country from the New Year’s program cuts and tax increases that will come so fast and furiously that the economy could suffer. President Obama cut short his Hawaii vacation to return to the snow-covered capital hoping to concoct a last-minute deal in the eleventh hour. -FXstreet.com
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Italy. 10-y Bond Auction
2012-12-28 07:45 GMT
France. Gross Domestic Product (YoY) (Q3)
2012-12-28 15:00 GMT
United States. Pending Home Sales (YoY) (Nov)
2012-12-28 16:00 GMT
United States. EIA Crude Oil Stocks change (Dec 21)
2012-12-28 04:21 GMT
EUR/JPY stalling below 114.70 around fresh 16-month highs
2012-12-28 02:12 GMT
EUR/USD below 1.3250 waiting for a 'fiscal cliff' outcome, what else?
2012-12-28 00:56 GMT
USD/JPY shooting up above 86.50 on extreme overbought readings
2012-12-27 20:12 GMT
USD/CAD reaches 1-month high
AUDUSD
1.03766 / 772
NZDUSD
0.81995 / 016
USDCHF
0.91261 / 278
USDCAD
0.99491 / 507
GBPJPY
139.345 / 366
EURCHF
1.20835 / 851
GOLD
1662.28 / .56
SILVER
30.27 / .29
EURUSD
HIGH1.32527
LOW1.32295
BID1.32420
ASK1.32426
CHANGE0.06%
TIME07:51:55
OUTLOOK SUMMARY
Down
TREND CONDITION
Downward
penetration
TRADERS SENTIMENT
Bearish
IMPLIED VOLATILITY
Low
MARKET ANALYSIS - Intraday Analysis
Upwards scenario: Price action looks mainly consolidative, though violation of our resistance at 1.3253 (R1) would be a signal of possible uptrend formation with next targets ahead at 1.3264 (R2) and 1.3276 (R3). Downwards scenario: Depreciation below the support at 1.3227 (S1) might trigger correction formation towards to next targets at 1.3215 (S2) and 1.3203 (S3)
Resistance Levels: 1.3253, 1.3264, 1.3276
Support Levels: 1.3227, 1.3215, 1.3203
GBPUSD
HIGH1.61211
LOW1.60981
BID1.61189
ASK1.61199
CHANGE0.13%
TIME07:51:56
OUTLOOK SUMMARY
Neutral
TREND CONDITION
Sideway
TRADERS SENTIMENT
Bearish
IMPLIED VOLATILITY
Low
Upwards scenario: Market sentiment looks neutral and upside movement is limited to resistance level at 1.6127 (R1). Surpassing of this level might enable next target at 1.6139 (R2) and any further gain would then be limited to last resistance at 1.6152 (R3). Downwards scenario: A break below the support at 1.6102 (S1) would allow bears remaining in play on the medium-term perspective. Next targets could be found at 1.6090 (S2) and 1.6078 (S3).
Resistance Levels: 1.6127, 1.6139, 1.6152
Support Levels: 1.6102, 1.6090, 1.6078
USDJPY
HIGH86.629
LOW86.066
BID86.450
ASK86.458
CHANGE0.41%
TIME07:51:57
OUTLOOK SUMMARY
Up
TREND CONDITION
Up
trend
TRADERS SENTIMENT
Bearish
IMPLIED VOLATILITY
Low
Upwards scenario: USDJPY might find buyers above the important resistance level at 86.63 (R1). Break here would open route towards to our next targets at 86.80 (R2) and 86.63 (R3). Downwards scenario: While instrument trades below the next resistance level, our intraday bias forecast would be negative. Penetration below the support level at 86.14 (S1) might open way towards to lower targets at 85.95 (S2) and 85.75 (S3).
Resistance Levels: 86.63, 86.80, 86.98
Support Levels: 86.14, 85.95, 85.75
Disclaimer
The analysis we provide is based on the average estimate of price movements in one day. Does not guarantee what we deliver is actually a proper and correct. Everything that happens in the decisions you make on your trading transaction is to be Your responsibilities.
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