Daily i-Forex Report by www.epicresearch.co 7th March 2013

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indore, India (prHWY.com) March 7, 2013 - HEADLINE
 Forex: AUD/USD Breaks Higher As Dow Hits Record, Wait On ECB For EUR/USD
 Pound Falls Below 1.50 As US Dollar Corrects Earlier Losses
 Dollar Threatening Serious Reversal as Dow Index Hits Record High

Euro Looks to GDP Revision to Set the Stage for ECB Rate Decision
Revised fourth-quarter Euro zone GDP figures headline the economic calendar. Economists expect confirmation of initial estimates showing a 0.6 contraction. That would mark the deepest quarterly downturn in nearly four years. A worse-than-expected result may weigh on the Euro as traders speculate the ECB may move to open the door for stimulus to counteract deepening recession and offset de-facto tightening from LTRO repayments. With that said, the central bank has been reluctant to ease against a backdrop rising sovereign risk, claiming swelling risk premiums priced into bond yields undermine policy transmission. Recent political jitters in Italy have seen yields on the country's benchmark 10-year note trend higher, hinting Mario Draghi may prefer to remain on the sidelines until a concrete government emerges and funding stress unwinds. An upgrade on the GDP figure could thus drive the single currency higher, giving the bank just enough space to stay put this week.

TRADING TIPS
* BUY EURUSD
BELOW 1.3025
tgs 1.3005/1.2985
sl 1.3055

* SELL USDJPY
BELOW 92.90
tgt 92.70/92.50
SL 93.20

* SELL GBPUSD
BELOW 1.5065
Tgt 1.5045/1.5025
SL 1.5095



ANALYSIS
HOURLY EURUSD CHART

OPEN: 1.3047
HIGH: 1.3070
LOW: 1.3024
CLOSE: 1.3033



* EURUSD LOOKS DOWNWARD
* TREND : BEARISH
* STRATEGY: SELL ON RISE
* MACD =>-.000(BULLISH SIGNAL)
* RSI => 45(BULLISH SIGNAL)


ANALYSIS

HOURLY USDJPY CHART

OPEN: 93.29
HIGH: 93.50
LOW: 93.00
CLOSE: 93.42



* USDJPY LOOKS DOWNWARD
* TREND: BEARISH
* STRATEGY: SELL ON RISE
* MACD => -0.02(BEARISH SIGNAL)
* RSI =>60(BEARISH SIGNAL)





ANALYSIS

HOURLY GBPUSD CHART

OPEN: 1.5136
HIGH: 1.5155
LOW: 1.5063
CLOSE: 1.5090



* GBPUSD LOOKS DOWNWARD
* TREND: BULLISH
* STRATEGY: SELL ON RISE
* MACD => .005( BEARISH SIGNAL)
* RSI => 42(BEARIISH SIGNAL)

HOURLY EURGBP CHART
OPEN: 0.8620
HIGH: 0.8649
LOW: 0.8620
CLOSE: 0.8630


* EURGBP LOOKS DOWNWARDS
* TREND: BEARISH
* STRATEGY: SELL ON RISE
* MACD =>-.003(BEARISH SIGNAL)
* RSI =>56(BEARISH SIGNAL)


HOURLY USDINDEX CHART

OPEN: 82.0420
HIGH: 82.2030
LOW: 81.9250
CLOSE: 82.1430




* USDINDEX LOOKS UPWARD
* TREND: BULLISH
* STRATEGY: BUY ON DEEPS
* MACD =>0.79(BEARISH SIGNAL)
* RSI =>59(BEARISH SIGNAL)

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