Forex Trading Signals for 3rd April 2013

                                                                                


Japan (Tokyo)                               United Kingdon (London)                        USA (New York)


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EUR/USD

Trading Range:   1.28500 - 1.27500

Down Trend : SELL

(1) SELL

E/P: 1.28307

T/P: 1.27800

S/L: 1.28700

(2) SELL

E/P: 1.28041

T/P: 1.27700

S/L: 1.28600

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GBP/USD

Trading Range: Trading Range:   1.51500 - 1.50000

Down Trend: SELL

(1) SELL

E/P: 1.50900

T/P: 1.50500

S/L: 1.51400

(2) SELL

E/P: 1.51488

T/P: 1.50500

S/L: 1.51800

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Forex - EUR/USD drops as eurozone jobs data misses expectations

The euro softened against the dollar on Tuesday, briefly approaching 4-month lows after data revealed that the eurozone unemployment rate hit an all-time high in February.

In U.S. trading on Tuesday, EUR/USD was down 0.11% at 1.2836, up from a session low of 1.2812 and off from a high of 1.2877.

The pair was likely to find support at 1.2772, Monday's low, and resistance at 1.3048, the high from March 25.

The eurozone unemployment rate hit an all-time high of 12% in February, up from January's original 11.9% reading, which was revised up to 12%.

The numbers sparked safe-haven demand for dollar as did eurozone factory data.

The eurozone’s manufacturing purchasing managers’ index hit 46.8 in March, according to Markit Economics, up from a final reading of 46.6 in February but still below the 50 mark that separates growth from contraction.

The manufacturing PMI in Germany, Europe's economic engine, came to 49.0 in March from a final reading of 48.9 in February, which gave the euro some support.

Across the Atlantic in the U.S., factory orders rose by 3.0% in February, above expectations for an increase of 2.9%, according to the Census Bureau.

The numbers supported the greenback.

Many market participants remained on the sidelines ahead of the European Central Bank’s upcoming policy meeting on Thursday.

While no changes to monetary policy are expected, many remained in wait-and-see mode ahead of ECB President Mario Draghi's press conference that will take place when the policy meeting concludes.

The euro, meanwhile, was up against the pound and up against the yen, with EUR/GBP trading up 0.62% at 0.8488, and EUR/JPY trading up 0.09% at 119.92.

On Wednesday, the eurozone is preliminary inflation data.

In the U.S., payroll processor ADP will release its monthly report on private-sector nonfarm payrolls, often a precursor to the official jobs report due for release on Friday. 

The U.S. is also to produce official data on crude oil stockpiles, while the ISM is to release a report on service-sector activity, a leading indicator of economic health.

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U.S. stocks open higher ahead of data; Dow Jones up 0.49%

U.S. stocks opened higher on Tuesday, as markets awaited the release of U.S. factory orders data later in the day, while investors ingnored earlier disappointing economic reports out of the euro zone. 

During early U.S. trade, the Dow Jones Industrial Average gained 0.49%, the S&P 500 index climbed 0.55%, while the Nasdaq Composite index advanced 0.82%. 

In the euro zone, official data showed that the unemployment rate rose to an all-time high of 12% in February compared with an original estimate of 11.9% for January, which was revised up to 12%.

A separate report showed that the euro zone’s manufacturing purchasing managers’ index ticked up to 46.8 in March, from a final reading of 46.6 the previous month, still substantially below the 50 mark that separates growth from contraction. 

Insurance companies, such as Humana and United Health led gains, surging 8.97% and 7.56%, after the Centers for Medicare and Medicaid Services released a final estimated payment growth rate of 3.3% for insurers. 

In February, the government proposed a payment reduction of more than 2%. 

Financial stocks added to gains, as shares in JP Morgan added 0.31% and Bank of America advanced 0.49%, while Citigroup climbed 0.71%. 

Goldman Sachs underperformed on the other hand, slipping 0.20% following reports the U.S. lender registered a fund that invests in risky credit products as a publicly traded business development company, in order to avoid some regulations that would otherwise limit its activity. 

Elsewhere, Apple rallied 0.89%, afterGoldman Sachs removed the iPhone maker from its "conviction buy" list, but still rated the stock a "buy." 

Separately, Apple CEO Tim Cook apologized for the company’s iPhone warranty and repair policies in China. The tech giant had received criticism from state-run media over customer service in its second-largest market. 

In the same sector, Hewlett-Packard plunged 5.71% after Goldman Sachs cut its rating on the tech company to "sell" from "neutral," saying sentiment about the company has moved ahead of reality. 

Oil and gas major Chevron was also on the downside, retreating 0.43%, after the company completed repairs to a central crude distillation unit at its San Francisco Bay-area refinery in Richmond, California, almost eight months after a massive fire struck the core of the plant. 

Across the Atlantic, European stock markets were sharply higher. The EURO STOXX 50 jumped 1.20%, France’s CAC 40 rallied 1.11%, Germany's DAX gained 1.15%, while Britain's FTSE 100 advanced 1.27%. 

During the Asian trading session, Hong Kong's Hang Seng Index rose 0.31%, while Japan’s Nikkei 225 Index tumbled 1.08%. 

Later in the day, the U.S. was to release a government report on factory orders.

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Forex - EUR/USD lower after euro zone data

The euro was lower against the dollar on Tuesday after weak data out of the euro zone fuelled doubts over the strength of the region’s recovery in the first quarter. 

EUR/USD hit 1.2825 during European afternoon trade, the session low; the pair subsequently consolidated at 1.2831, shedding 0.14%.

The pair was likely to find support at 1.2770, Monday’s low and resistance at 1.2888, the high of March 26.

Official data showed that the euro zone unemployment rate rose to an all-time high of 12% in February compared with an original estimate of 11.9% for January, which was revised up to 12%.

A separate report showed that the euro zone’s manufacturing purchasing managers’ index ticked up to 46.8 in March, from a final reading of 46.6 the previous month, still substantially below the 50 mark that separates growth from contraction.

Germany’s manufacturing PMI dropped back into contraction territory, falling to 49 in March from a final reading of 50.3 in February, as new orders fell.

Sentiment on the single currency also remained fragile amid concerns over the potential implications of a bailout for Cyprus.

Investors remained cautious ahead of the outcome of the European Central Bank’s upcoming policy meeting on Thursday.

The ECB was not expected to announce any changes to monetary policy, but investors were awaiting comments from President Mario Draghi at the bank’s post-policy meeting press conference.

The euro was higher against the pound, with EUR/GBP rising 0.28% to 0.8459 and edged lower against the yen, with EUR/JPY slipping 0.08% to 119.70.

Sterling weakened after data showed that the U.K. manufacturing PMI rose to 48.3 in March from 47.9 in February, but came in below expectations for a reading of 48.5.

The weak data added to fears over the risk of a triple-dip recession and fuelled expectations that the Bank of England could restart its asset purchase program as soon as this week.

The U.S. was to release a government report on factory orders later in the trading day.

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