Daily i-Forex Report by www.epicresearch.co 18th March 2013
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HEADLINE
 Forex: EUR/USD- Trading the U.S. Consumer Price Report
 US Dollar Breaks Trend Support, S&P 500 Eyes Record High
 Euro to Overlook CPI, Aussie to Follow Dollar Higher on US Data
Euro Unlikely to Find Volatility in CPI Data, EU Summit Outcome
US Dollar, Aussie May Rise on Another Supportive Set of US Data
New Zealand Dollar Sold as Consumer Confidence Gauge Slumps
February's Eurozone CPI report headlines a quiet European economic calendar. Expectations call for the headline year-on-year inflation rate to print at 1.8 percent, the lowest in 29 months. While soft price growth gives the ECB room to introduce stimulus to offset the Eurozone recession, the central bank seems unlikely to act while political instability in Italy undermines policy transmission. With that in mind, the data's impact on the Euro is likely to be limited. The EU Leaders' Summit enters its second day, but the sit-down is unlikely to yield demonstrable progress on the most significant issue facing the region - the political gridlock in Italy. Indeed, we discussed yesterday, there seems relatively little that can be done at the EU level (at least publically) until an increasingly likely repeat election is played out.
TRADING TIPS
* BUY EURUSD
ABOVE 1.3070
tgs 1.3090/1.3110
sl 1.3040
* BUY USDJPY
ABOVE 96.25
tgt 95.45/96.65
SL 95.00
* SELL GBPUSD
BELOW 1.5170
Tgt 1.5190/1.5210
SL 1.5140
ANALYSIS
HOURLY EURUSD CHART
OPEN: 1.3012
HIGH: 1.3070
LOW: 1.3002
CLOSE: 1.3064
* EURUSD LOOKS UPWARD
* TREND : BULLISH
* STRATEGY: BUY ON DEEPS
* MACD =>-.0004(BULLISH SIGNAL)
* RSI =>70(BULLISH SIGNAL)
ANALYSIS
HOURLY USDJPY CHART
OPEN: 95.94
HIGH: 96.27
LOW: 95.88
CLOSE: 96.14
* USDJPY LOOKS UPWARD
* TREND: BULLISH
* STRATEGY: BUY ON DEEPS
* MACD => -0.05(BULLISH SIGNAL)
* RSI =>62(BULLISH SIGNAL)
ANALYSIS
HOURLY GBPUSD CHART
OPEN: 1.5090
HIGH: 1.5168
LOW: 1.5068
CLOSE: 1.5154
* GBPUSD LOOKS UPWARD
* TREND: BULLISH
* STRATEGY: BUY ON DEEPS
* MACD => .002( BEARISH SIGNAL)
* RSI =>73(BEARISH SIGNAL)
HOURLY EURGBP CHART
OPEN: 0.8623
HIGH: 0.8636
LOW: 0.8602
CLOSE: 0.8619
* EURGBP LOOKS DOWNWARDS
* TREND: BEARISH
* STRATEGY: SELL ON RISE
* MACD =>-.003(BEARISH SIGNAL)
* RSI =>40(BEARISH SIGNAL)
HOURLY USDINDEX CHART
OPEN: 82.5370
HIGH: 83.6130
LOW: 82.2490
CLOSE: 82.2740
* USDINDEX LOOKS DOWNWARD
* TREND: BEARISH
* STRATEGY: SELL ON RISE
* MACD =>0.79(BEARISH SIGNAL)
* RSI =>30(BEARISH SIGNAL)
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