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he G-20 communiqué provied little fresh headlines to market participants, with the main take away on FX-relate news being the permissive stance towards Japan's monetary policies to beat deflation. The G20 communiqué is basically echoing the same position by the G7 back in February. As noted by Eamonn Sheridan of Forexlive: "Leading into the G20 meeting market concern was that Japan would come under fire for its deflation-fighting policies (which have, as a side-effect, a weaker yen or are have as a central component the aim of a weaker yen, depending on your point of view). It became clear on Friday that Japan had escaped censure from the G20 over its policies, a position made officially clear at the conclusion of the meetings."
The section in the G20 communique that makes references to currencies, stated: "We reiterate our commitments to move more rapidly toward more market-determined exchange rate systems and exchange rate flexibility to reflect underlying fundamentals, and avoid persistent exchange rate misalignments. We will refrain from competitive devaluation and will not target our exchange rates for competitive purposes, and we will resist all forms of protectionism and keep our markets open." It added: "We reiterate that excess volatility of financial flows and disorderly movements in exchange rates have adverse implications for economic and financial stability. Monetary policy should be directed toward domestic price stability and continuing to support economic recovery according to the respective mandates of central banks. We will be mindful of unintended negative side effects stemming from extended periods of monetary easing."
[url]http://blog.fxcc.com/forex-technical-market-analysis-april-22-2013/[/url]
FOREX ECONOMIC CALENDAR :
2013-04-22 08:00 GMT | Switzerland. Monthly Statistical Bulletin
2013-04-22 12:30 GMT | USA. Chicago Fed National Activity Index (Mar)
2013-04-22 14:00 GMT | EMU. Consumer Confidence (Apr)Preliminar
2013-04-22 14:00 GMT | USA. Existing Home Sales Change (MoM) (Mar)
FOREX ECONOMIC CALENDAR :
2013-04-22 04:41 GMT | USD/JPY marches towards 100.00, BOJ rate decision due out end of week
2013-04-22 04:01 GMT | USD and Yen ease post-G20; Napolitano reelected
2013-04-22 03:23 GMT | Prefer to keep selling GBP/USD – RBS
2013-04-22 02:52 GMT | EUR/USD drifting sideways as range bound behavior continues
Upwards scenario: Market remains sideways oriented. Next hurdle on the upside might be found at 1.3084 (R1). Break here would open road towards to our interim aim at 1.3097 (R2) and enable final intraday resistive measure at 1.3110 (R3). Downwards scenario: Failure to establish positive bias today might lead to the recovery action in near term perspective. Next immediate support locates at 1.3046 (S1). Break here is required to enable bearish pressure towards to our targets at 1.3033 (S2) and 1.3020 (S3).
Resistance Levels: 1.3084, 1.3097, 1.3110
Support Levels: 1.3046, 1.3033, 1.3020
Upwards scenario: Upside risk aversion is seen above the next resistance level at 1.5251 (R1). Appreciation above it might lead to the positive intraday bias formation towards to our next targets at 1.5269 (R2) and 1.5287 (R3). Downwards scenario: Negative tendency development might occur below the key support level at 1.5216 (S1). Break here would open road towards to next supportive measure at 1.5198 (S2) and then final supportive bastion could be found at 1.5180 (S3).
Resistance Levels: 1.5251, 1.5269, 1.5287
Support Levels: 1.5216, 1.5198, 1.5180
Upwards scenario: Intraday market sentiment is shifted to the negative side after the losses provided during the Asian session, however market appreciation is possible above the next resistance at 99.89 (R1). Loss here would suggest next intraday targets at 100.19 (R2) and 100.49 (R3). Downwards scenario: Possibility of the price depreciation is seen below the next support level at 99.37 (S1). Break here could provide sufficient momentum and expose our next intraday targets at 99.05 (S2) and 98.75 (S3).
Resistance Levels: 99.89, 100.19, 100.49
Support Levels: 99.37, 99.05, 98.75
Source: FX Central Clearing Ltd,( [url=http://www.fxcc.com] Forex Trading System | Forex Trading Software | Best ECN Broker | FXCC [/url] )
The EU signalized on Tuesday that Spain might be granted two more years to reach the deficit target. Additionally, the President of the European Commission José Manuel Durão Barroso said yesterday that 2013 deficit targets for other EU countries could also be eased. EU sources suggested that the European Commission could allow Spain to have a budget deficit of 6.5% this year and that deadline for it to reach 3% could be extended by two more years. Barroso said that the correction of budgetary imbalances in Greece, Portugal and Spain has been very impressive and that the European Commission is considering extending the deadlines for the correction of excessive deficits also for other EU Member States, as the objective is to combine the adjustment of deficits and debt with growth in the short term.
Yesterday weak German PMI data release (47.9 actual vs. 49.1 estimates) fueled more talk of possible ECB rate cuts in the coming months. Although the EURUSD did close below the 1.3000 level, some analysts found the lack of follow through to the downside impressive and believe the key will be to see how it reacts to data in coming sessions. The main report due out today will be the German IFO which is released at 8:00 GMT. Economic data out of the UK is light in the coming session, with Mortgage Approvals due out at 8:30 GMT. The US session will also be fairly quiet with Durable Goods due out at 12:30 GMT.
[url]https://support.fxcc.com/email/technical/24042013/[/url]
FOREX ECONOMIC CALENDAR :
2013-04-24 04:26 GMT | EUR/USD pressured by German PMI data, German IFO on tap next
2013-04-24 03:08 GMT | GBP/USD still forming possible “bear flag” on daily chart
2013-04-24 02:25 GMT | AUD/JPY still range bound after Aussie CPI data disappoints
2013-04-24 02:09 GMT | NZD/USD eases below 0.8450
----------------------------
EURUSD :
HIGH 1.30104 LOW 1.29882 BID 1.30053 ASK 1.30059 CHANGE 0.03% TIME 08 : 44:38
OUTLOOK SUMMARY : Down
TREND CONDITION : Downward penetration
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Medium
MARKET ANALYSIS - Intraday Analysis
Upwards scenario: Instrument gained momentum on the downside recently, turning short-term bias to the negative side. However upwards penetration above the resistance at 1.3012 (R1) would enable bullish forces and might drive market price towards to our initial targets at 1.3031 (R2) and 1.3051 (R3). Downwards scenario: Fresh low formed today offers an important supportive mark at 1.2987 (S1). Depreciation below it might shift medium-term tendency to the bearish side and validate our next intraday targets at 1.2970 (S2) and 1.2953 (S3).
Resistance Levels: 1.3012, 1.3031, 1.3051
Support Levels: 1.2987, 1.2970, 1.2953
----------------------------
GBPUSD :
HIGH 1.52502 LOW 1.52265 BID 1.52483 ASK 1.52491 CHANGE 0.08% TIME 08 : 44:38
OUTLOOK SUMMARY : Neutral
TREND CONDITION : Sideway
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : Medium
Upwards scenario: Upside formation is limited now to the next resistive barrier at 1.5253 (R1). Clearance here is required to provide a space for a move towards to next target at 1.5267 (R2) and then final aim would be 1.5282 (R3). Downwards scenario: On the other side, any prolonged movement below the support at 1.5225 (S1) might enable downside forces and drive market price towards to supportive means at 1.5211 (S2) and 1.5197 (S3) later on today
Resistance Levels: 1.5253, 1.5267, 1.5282
Support Levels: 1.5225, 1.5211, 1.5197
----------------------------
USDJPY :
HIGH 99.761 LOW 99.193 BID 99.386 ASK 99.391 CHANGE -0.06% TIME 08 : 44:39
OUTLOOK SUMMARY : Up
TREND CONDITION : Upward penetration
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Medium
Upwards scenario: USDJPY trapped to the consolidation phase after the upside development. Fresh high at 99.77 (R1) offers a good resistance level. Break here is required to take the pair towards to initial targets at 100.13 (R2) and 100.48 (R3). Downwards scenario: On the other hand, prolonged movement below the initial support level at 99.15 (S1) might trigger protective orders execution and drive market price towards to supportive means at 98.77 (S2) and 98.40 (S3).
Resistance Levels: 99.77, 100.13, 100.48
Support Levels: 99.15, 98.77, 98.40
Source: FX Central Clearing Ltd,( [url=http://www.fxcc.com] ECN Exchange Market FX Brokers | Forex Blog | Currency Converter | FXCC [/url] )
Italian President Giorgio Napolitano, who was reelected to the post last weekend, has given the mandate to form a government to center-left deputy leader Enrico Letta on Wednesday.After accepting the nomination the new Italian Prime Minister said that he would form "a government of service to the country." He stressed that politics in Italy should regain credibility in order to make head against the crisis. He said that the situation in Italy was very difficult at the moment and that the most urgent issues which should be addressed were unemployment, poverty and problems faced by small businesses. He suggested that the Eurozone should not press so much for austerity and rather focus on boosting growth in the area. 46 year old Enrico Letta is the second youngest Prime Minister in the history of Italian politics. He is the nephew of Gianni Letta, Silvio Berlusconi's close ally and despite his young age he has extensive government experience (he held various ministerial positions in the Italian government and served as a Member of the European Parliament for the North-East region) The cabinet formed by Letta will receive support mainly from Berlusconi's People of Freedom (PDL) party, Letta's Democratic Party (PD) and Mario Monti's centrist Civic Choice.
[url]http://blog.fxcc.com/forex-technical-market-analysis-april-25-2013/[/url]
FOREX ECONOMIC CALENDAR :
2013-04-25 08:30 GMT | UK. Gross Domestic Product
2013-04-25 12:30 GMT | USA. US Initial Jobless Claims
2013-04-25 14:00 GMT | USA. Treasury Sec Lew Speech
2013-04-25 23:30 GMT | Japan. National Consumer Price Index
FOREX ECONOMIC CALENDAR :
2013-04-25 05:04 GMT | Window still open for the Yen to recover – JPMorgan
2013-04-25 04:31 GMT | EUR/USD – Will next week’s ECB Rate decision end the range bound behavior?
2013-04-25 03:28 GMT | GBP/USD buoyed by Verizon/Vodafone buzz
2013-04-25 02:25 GMT | AUD/USD drifting higher towards resistance at 1.0345
Upwards scenario: Retracement action is reasonable scenario for EURUSD today. Our focus is shifted to the key resistive barrier at 1.3061 (R1). If the price manages to overcome it we would suggest next intraday targets at 1.3079 (R2) and 1.3096 (R3). Downwards scenario: Possible downside expansion would attack our support levels at 1.3017 (S2) and 1.3000 (S3). However prior reaching our targets, market should manage to overcome key resistive structure at 1.3034 (S1).
Resistance Levels: 1.3061, 1.3079, 1.3096
Support Levels: 1.3034, 1.3017, 1.3000
Upwards scenario: The recent price acceleration on the upside suggests a possible move higher. Next on tap is resistive barrier at 1.5334 (R1) on the way towards to higher targets at 1.5347 (R2) and 1.5361 (R3). Downwards scenario: On the other hand, if the price failed to gain momentum on the upside we expect retest of our next support level at 1.5298 (S1). Clearance here is required to keep the downside extension intact and enable our lower targets at 1.5285 (S2) and 1.5270 (S3).
Resistance Levels: 1.5334, 1.5347, 1.5361
Support Levels: 1.5298, 1.5285, 1.5270
Upwards scenario: Measures of resistance might be activating when the pair approaches the 99.77 (R1) mark. Break here would suggest next interim target at 100.13 (R2) and If the price keeps its momentum we expect an exposure of 100.48 (R3). Downwards scenario: Signal of instrument depreciation would be created below the next support level at 99.15 (S1). In such case we would suggest next interim target at 98.77 (S2) and then our final aim at 98.40 (S3).
Resistance Levels: 99.77, 100.13, 100.48
Support Levels: 99.15, 98.77, 98.40
Source: FX Central Clearing Ltd,( [url=http://www.fxcc.com] http://www.fxcc.com [/url] )
EUR/USD – The week we’ve all been waiting for? ECB and Fed meetings on tap
EUR/USD has started the week off on a strong note, benefiting from the headlines that Enrico Letta has been elected as the new Italian Prime Minister. At one point earlier in the session, the pair had traded as high as 1.3068, but is now back to consolidating near the opening print of 1.3050. According to analysts at FXStreet.com, “After two months of an irreconcilable political deadlock, Enrico Letta, 46, and member of the centre-left Democratic Party (PD), was sworn in as new Italian Prime Minister on Sunday. Letta, who has managed to pull together a 21-member Cabinet, while becoming the third youngest Prime Minister since World War II, nominated an unprecedented seven women to his Cabinet. Fabrizio Saccomanni was appointed finance minister, taking on the responsibility to overlook and bring forward much needed economic reforms to the economy.”
The main event later this week will be the upcoming ECB Monetary Policy meeting on May 2nd at 11:45 GMT. Analysts have been pointing to the weak economic data from Germany, and continued dovish comments from ECB officials as a good reason to expect an adjustment to current policy.
[url]http://blog.fxcc.com/forex-technical-market-analysis-april-29-2013/[/url]
FOREX ECONOMIC CALENDAR :
2013-04-29 12:00 GMT DE. Consumer Price Index (YoY) (Apr)Preliminar
2013-04-29 12:00 GMT DE. Consumer Price Index (MoM) (Apr)Preliminar
2013-04-29 12:00 GMT DE. Harmonised Index of Consumer Prices (MoM) (Apr)Preliminar
2013-04-29 12:00 GMT DE. Harmonised Index of Consumer Prices (YoY) (Apr)Preliminar
FOREX NEWS :
2013-04-29 04:14 GMT EUR/USD – The week we’ve all been waiting for? ECB and Fed meetings on tap
2013-04-29 03:58 GMT AUD/USD to stay near 1.05 next few quarters
2013-04-29 03:04 GMT USD/JPY continues to trade lower, breaks through initial support of 97.55
2013-04-29 00:31 GMT GPB/USD adds to gains during Asia session
-----------
Forex Technical Analysis EURUSD :
MARKET ANALYSIS – Intraday Analysis
Upwards scenario: We are not expecting significant volatility increase today however upside risk aversion is seen above the next resistance level at 1.3076 (R1). Price evaluation above this level would suggest next targets at 1.3094 (R2) and 1.3111 (R3). Downwards scenario: Price regress below the support level at 1.3037 (S1) would increase likelihood of failing towards to our key supportive barrier at 1.3026 (S2) and any further market decline would then be targeting final support for today at 1.3014 (S3).
Resistance Levels: 1.3076, 1.3094, 1.3111
Support Levels: 1.3037, 1.3026, 1.3014
--------------
Forex Technical Analysis GBPUSD :
Upwards scenario: On the upside potential is seen for a break above the resistance at 1.5525 (R1). In such case we would suggest next target at 1.5546 (R2) and any further rise would then be limited to final resistance at 1.5571 (R3). Downwards scenario: Further correction development is limited now to 1.5481 (S1). If the price manages to surpass it we would suggest next intraday targets at 1.5454 (S2) and 1.5426 (S3).
Resistance Levels: 1.5525, 1.5546, 1.5571
Support Levels: 1.5481, 1.5454, 1.5426
-----------
Forex Technical Analysis USDJPY :
Upwards scenario: Market comfortably moves in descending channel formation on the hourly chart. If pair gains momentum on the upside and overcome our next resistance at 97.97 (R1), we would suggest next resistances at 98.16 (R2) and 98.34 (R3) as intraday targets. Downwards scenario: On the other hand, successful retest of our next support level at 97.45 (S1) might provide sufficient momentum for the price acceleration towards to interim target at 97.27 (S2). Final aim for today locates at 97.08 (S3).
Resistance Levels: 97.97, 98.16, 98.34
Support Levels: 97.45, 97.27, 97.08
Source: FX Central Clearing Ltd,( [url=http://www.fxcc.com] Best ECN Forex Brokers | Forex ECN Broker Software | FXCC [/url] )
Forex Technical & Market Analysis FXCC May 02 2013
Forex Technical & Market Analysis FXCC May 02 2013
Will the ECB Kill the EUR Rally?
The euro has performed extremely well leading up to Thursday's European Central Bank monetary policy announcement. In fact, it may be hard for some investors to believe that the majority of economists are looking for the ECB to cut interest rates by 25bp. Traditionally, expectations for easier monetary policy is negative for a currency but in the case of the euro, since the central bank started dropping hints about the potential for lower rates and economic data confirmed the need for more stimulus, the euro appreciated in value, rising to its highest level against the U.S. dollar in 2 months today.
The European Central Bank has done a great job of setting expectations for this month's monetary policy meeting. They are known for preparing the market for any upcoming changes in policy with the hopes of minimizing volatility when the actual change is made. Since the last meeting, we have heard consistently cautious comments from policymakers who all sound as if they are warming to idea of more stimulus if data warrants it and it certainly does given the widespread weakness in German business, consumer and investor confidence along with the decline in manufacturing and service activity. - [url]https://support.fxcc.com/email/technical/02052013/[/url]
FOREX NEWS :
2013-05-02 03:00 GMT | GBP/USD - Another day of gains, but unable to take out 1.5600 resistance
2013-05-02 02:23 GMT | AUD/USD continues to lose ground in Asia session
2013-05-02 00:43 GMT | EUR/USD forms a false break at 1.32
2013-05-02 00:08 GMT | USD/JPY slips to session lows post-BoJ minutes
EURUSD :
HIGH 1.31898 LOW 1.31662 BID 1.31709 ASK 1.31713 CHANGE -0.07% TIME 08 : 12:16
OUTLOOK SUMMARY : Down
TREND CONDITION : Up trend
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : High
MARKET ANALYSIS - Intraday Analysis
Upwards scenario: Next barrier on the upside lie at 1.3185 (R1). Surpassing of this level might enable our initial target at 1.3213 (R2) and any further gains would then be limited to last resistive structure at 1.3239 (R3). Downwards scenario: On the other hand, successful retest of our next support level at 1.3156 (S1) might provide sufficient momentum for the price acceleration towards the interim target at 1.3120 (S2). Final aim for today locates at 1.3084 (S3).
Resistance Levels: 1.3185, 1.3213, 1.3239
Support Levels: 1.3156, 1.3120, 1.3084
GBPUSD :
HIGH 1.55724 LOW 1.55409 BID 1.55475 ASK 1.55483 CHANGE -0.05% TIME 08 : 12:17
OUTLOOK SUMMARY : Down
TREND CONDITION : Downward penetration
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : High
Upwards scenario: Possibility of market strengthening is seen above the immediate resistive barrier at 1.5573 (R1). Price extension above it is required to validate our next intraday targets at 1.5598 (R2) and 1.5629 (R3). Downwards scenario: If the price manages to overcome our next support barrier at 1.5527 (S1), we expect to see further market decline towards to our next target at 1.5507 (S2) and then next stop could be found at 1.5481 (S3) mark.
Resistance Levels: 1.5573, 1.5598, 1.5629
Support Levels: 1.5527, 1.5507, 1.5481
USDJPY :
HIGH 97.422 LOW 97.088 BID 97.191 ASK 97.195 CHANGE -0.21% TIME 08 : 12:18
OUTLOOK SUMMARY : Down
TREND CONDITION : Sideway
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : High
Upwards scenario: Pair has settled sideways formation on the hourly timeframe. However potential to move higher is seen above the resistance level at 97.42 (R1) mark. Loss here would suggest next intraday targets at 97.61 (R2) and 97.82 (R3). Downwards scenario: On the other hand, our next support level aligns at 97.11 (S1) and possible price regress below it might encounter downside rally. In such scenario we would suggest next intraday targets to be placed at 96.89 (S2) and 96.70 (S3).
Resistance Levels: 97.42, 97.61, 97.82
Support Levels: 97.11, 96.89, 96.70
Source: FX Central Clearing Ltd,( [url=http://www.fxcc.com] Forex ECN Broker | Forex Trading Blog | Forex Software | FXCC [/url] )
Forex Technical & Market Analysis FXCC May 03 2013
Forex Technical & Market Analysis FXCC May 03 2013
Sustainability of Dollar Rally Hinges on Payrolls
With the European Central Bank's monetary policy announcement behind us, the focus of the forex market will now turn to the non-farm payrolls report. The newly delivered stimulus from the ECB and the better than expected U.S. jobless claims report boosted the attractiveness of the U.S. dollar against all major currencies. Whether or not the sell-off in the EUR/USD and rally in USD/JPY can be sustained will hinge on Friday's non-farm payrolls report. This week's FOMC statement tell us that that Federal Reserve officials aren't overly concerned about the health of the labor market as they completely ignored last month's sharp drop in payrolls, choosing instead to repeat that the labor market is improving.
They better be right or else the dollar and U.S. stocks for that matter will come crashing down. Currently economists are looking for payrolls to rise by 140K in April, up from 88K in March. The drop in jobless claims and consumer confidence supports a stronger release and we believe that as long as payrolls rise by 150K or more, the dollar will rally. By cutting interest rates today and signaling that they are prepared to do more, the ECB has set a low bar for tomorrow's NFP release.
[url]https://support.fxcc.com/email/technical/03052013/[/url]
FOREX NEWS :
2013-05-03 02:50 GMT | GBP/USD ends six day winning streak, fails again at 1.5600 resistance
2013-05-03 02:12 GMT | GBP/JPY closes higher but remains in consolidation on daily chart
2013-05-03 01:22 GMT | AUD/NZD pressing lower against 1.2050 level
2013-05-03 01:02 GMT | EUR/USD volatile day ends with sharply lower close
------------------------------
EURUSD :
HIGH 1.30775 LOW 1.30555 BID 1.30710 ASK 1.30715 CHANGE 0.05% TIME 08 : 19:12
OUTLOOK SUMMARY : Down
TREND CONDITION : Upward penetration
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : High
MARKET ANALYSIS - Intraday Analysis
Upwards scenario: On the upside potential is seen for a break above the resistance at 1.3084 (R1). In such case we would suggest next target at 1.3120 (R2) and any further rise would then be limited to final resistance at 1.3156 (R3). Downwards scenario: Further correction development is limited now to the session low - 1.3057 (S1). If the price manages to surpass it we would suggest next intraday targets at 1.3037 (S2) and 1.3016 (S3).
Resistance Levels: 1.3084, 1.3120, 1.3156
Support Levels: 1.3057, 1.3037, 1.3016
------------------------
GBPUSD :
HIGH 1.55408 LOW 1.552 BID 1.55240 ASK 1.55248 CHANGE -0.06% TIME 08 : 19:13
OUTLOOK SUMMARY : Down
TREND CONDITION : Downward penetration
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : High
Upwards scenario: Possibility of market strengthening is seen above the resistance level at 1.5573 (R1). Clearance here is required to validate next interim target at 1.5598 (R2) and any further rise would then be targeting mark at 1.5629 (R3). Downwards scenario: We would shift our short-term technical outlook to the negative if the price manage to penetrate below the key support at 1.5522 (S1). Loss here would suggest next initial targets at 1.5489 (S2) and 1.5448 (S3).
Resistance Levels: 1.5573, 1.5598, 1.5629
Support Levels: 1.5522, 1.5489, 1.5448
-------------------------
USDJPY :
HIGH 98.052 LOW 97.881 BID 97.987 ASK 97.991 CHANGE 0.05% TIME 08 : 19:14
OUTLOOK SUMMARY :
TREND CONDITION : Upward penetration
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : High
Upwards scenario: Next actual resistance level is seen at 98.15 (R1). If the market manages to surge higher, our focus would returned to the next target at 98.51 (R2) and further recovery action could be exhausted at 98.85 (R3) intraday. Downwards scenario: Any downside extension is limited now to the next support level at 97.82 (S1). Break here is required to open a route towards to next target at 97.61 (S2) and then any further easing would be targeting final support at 97.42 (S3).
Resistance Levels: 98.15, 98.51, 98.85
Support Levels: 97.82, 97.61, 97.42
Source: FX Central Clearing Ltd,( [url=http://www.fxcc.com] http://www.fxcc.com [/url] )
Forex Technical & Market Analysis FXCC May 06 2013
Forex Technical & Market Analysis FXCC May 06 2013
EUR/USD still searching for direction after busy week of economic data
After what was an extremely busy week of economic releases and central bank monetary policy meetings, the EUR/USD finished the week up 87 pips at 1.3116. The price action remains extremely choppy with neither side being able to sustain any follow through for a substantial amount of time. Many analysts are now wondering whether or not the “risk on” mentality which was boosted by the better than expected US Jobs data will have any follow through going into upcoming week and how will it influence the foreign exchange market.
According to Kathy Lien of BK Asset Management, “Investors put on their rose colored glasses today and drove currencies and equities sharply higher on the back of stronger job growth in the month of April. At a time when other central banks like the ECB and BoJ are kick starting a new round of easing, the better than expected labor market report will keep the Fed comfortably on hold. The question now is whether the payroll driven rally in FX (and stocks) will last. With far less important data on the calendar next week, we think investors will remain optimistic.”
[url]http://blog.fxcc.com/forex-technical-market-analysis-may-06-2013/[/url]
FOREX ECONOMIC CALENDAR :
2013-05-06 13:00 GMT | EU.ECB President Draghi's Speech
2013-05-06 14:00 GMT | CA.Ivey Purchasing Managers Index (Apr)
2013-05-06 14:00 GMT | CA.Ivey Purchasing Managers Index s.a (Apr)
2013-05-06 23:30 GMT | AUD.AiG Performance of Construction Index (Apr)
FOREX NEWS :
2013-05-06 04:09 GMT | EUR/USD still searching for direction after busy week of economic data
2013-05-06 03:18 GMT | GBP/JPY notches highest close since August 2009
2013-05-06 01:44 GMT | AUD/USD edges lower after weak Aussie retail sales number
2013-05-06 01:02 GMT | NZD/USD edges higher in early Asia trade
Upwards scenario: Possibility of market strengthening is seen above the resistance level at 1.3156 (R1). Clearance here is required to validate next interim target at 1.3185 (R2) and any further rise would then be targeting mark at 1.3219 (R3). Downwards scenario: On the other hand, instrument retests our next support level at 1.3117 (S1) today. Market decline below it would create a stronger bearish sentiment and enable our interim target at 1.3084 (S2). Final support for today locates at 1.3057 (S3).
Upwards scenario: On the upside potential is seen for a break above the resistance at 1.5525 (R1). In such case we would suggest next target at 1.5546 (R2) and any further rise would then be limited to final resistance at 1.5571 (R3). Downwards scenario: Further correction development is limited now to 1.5481 (S1). If the price manages to surpass it we would suggest next intraday targets at 1.5454 (S2) and 1.5426 (S3).
Upwards scenario: Possibility of market strengthening is seen above the immediate resistive barrier at 92.02 (R1). Price extension above it is required to validate our next intraday targets at 98.16 (R2) and 98.30 (R3). Downwards scenario: Any downside extension is limited now to the next support level at 97.59 (S1). Break here is required to open a route towards to next target at 97.42 (S2) and then any further easing would be targeting final support at 97.27 (S3).
Resistance Levels: 98.02, 98.16, 98.30
Support Levels: 97.59, 97.42, 97.27
Source: FX Central Clearing Ltd,( [url=http://www.fxcc.com] Learn Forex Training | ECN Forex Account | forex trader blog | FXCC [/url] )
Forex Technical & Market Analysis FXCC May 07 2013
Forex Technical & Market Analysis FXCC May 07 2013
EUR/USD still searching for direction after busy week of economic data
After what was an extremely busy week of economic releases and central bank monetary policy meetings, the EUR/USD finished the week up 87 pips at 1.3116. The price action remains extremely choppy with neither side being able to sustain any follow through for a substantial amount of time. Many analysts are now wondering whether or not the “risk on” mentality which was boosted by the better than expected US Jobs data will have any follow through going into upcoming week and how will it influence the foreign exchange market.
According to Kathy Lien of BK Asset Management, “Investors put on their rose colored glasses today and drove currencies and equities sharply higher on the back of stronger job growth in the month of April. At a time when other central banks like the ECB and BoJ are kick starting a new round of easing, the better than expected labor market report will keep the Fed comfortably on hold. The question now is whether the payroll driven rally in FX (and stocks) will last. With far less important data on the calendar next week, we think investors will remain optimistic.”
[url]https://support.fxcc.com/email/technical/06052013/[/url]
FOREX ECONOMIC CALENDAR :
2013-05-06 13:00 GMT | EU.ECB President Draghi's Speech
2013-05-06 14:00 GMT | CA.Ivey Purchasing Managers Index (Apr)
2013-05-06 14:00 GMT | CA.Ivey Purchasing Managers Index s.a (Apr)
2013-05-06 23:30 GMT | AUD.AiG Performance of Construction Index (Apr)
FOREX NEWS :
2013-05-06 04:09 GMT | EUR/USD still searching for direction after busy week of economic data
2013-05-06 03:18 GMT | GBP/JPY notches highest close since August 2009
2013-05-06 01:44 GMT | AUD/USD edges lower after weak Aussie retail sales number
2013-05-06 01:02 GMT | NZD/USD edges higher in early Asia trade
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EURUSD :
HIGH 1.31408 LOW 1.31084 BID 1.31214 ASK 1.31219 CHANGE 0.05% TIME 08 : 16:42
OUTLOOK SUMMARY : Up
TREND CONDITION : Downward penetration
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : Medium
MARKET ANALYSIS - Intraday Analysis
Upwards scenario: Possibility of market strengthening is seen above the resistance level at 1.3156 (R1). Clearance here is required to validate next interim target at 1.3185 (R2) and any further rise would then be targeting mark at 1.3219 (R3). Downwards scenario: On the other hand, instrument retests our next support level at 1.3117 (S1) today. Market decline below it would create a stronger bearish sentiment and enable our interim target at 1.3084 (S2). Final support for today locates at 1.3057 (S3).
Resistance Levels: 1.3156, 1.3185, 1.3219
Support Levels: 1.3117, 1.3084, 1.3057
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GBPUSD :
HIGH 1.55981 LOW 1.55334 BID 1.55812 ASK 1.55823 CHANGE 0.07% TIME 08 : 16:42
OUTLOOK SUMMARY : Up
TREND CONDITION : Up trend
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : Low
Upwards scenario: While price is quoted above the moving averages out technical outlook would be positive. Yesterday high offers next resistance level at 1.5598 (R1). Any price action above it would suggest next targets at 1.5629 (R2) and 1.5659 (S3). Downwards scenario: On the downside our attention is shifted to the immediate support level at 1.5573 (S1). Break here is required to enable bearish forces and expose our intraday targets at 1.5550 (S2) and 1.5522 (S3).
Resistance Levels: 1.5598, 1.5629, 1.5659
Support Levels: 1.5573, 1.5550, 1.5522
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USDJPY :
HIGH 99.205 LOW 99.06 BID 99.095 ASK 99.099 CHANGE 0.1% TIME 08 : 16:43
OUTLOOK SUMMARY : Up
TREND CONDITION : Upward penetration
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Low
Upwards scenario: Medium term bias remains positive however further market rise is limited now to the key resistive barrier at 99.27 (R1), clearance here is required to enable next resistances at 99.60 (R2) and last one at 99.88 (R3). Downwards scenario: On the short-term perspective the pair might encounter supportive measures at 98.97 (S1). Loss here might change intraday technical structure and opens the way for a test of 98.57 (S2) and 98.15 (S3) later on today.
Resistance Levels: 99.27, 99.60, 99.88
Support Levels: 98.97, 98.57, 98.15
Source: FX Central Clearing Ltd,( [url=http://www.fxcc.com] Best Forex Trader | Forex Broker Demo Account | Forex Software | FXCC [/url] )
Forex Technical & Market Analysis FXCC May 08 2013
Forex Technical & Market Analysis FXCC May 08 2013
What Equity Rally Says About Currencies
Over the past week, all of the action has been in equities. U.S. stocks powered to new record highs while currencies consolidated quietly. The U.S. dollar weakened against the euro and Japanese Yen and strengthened against the British pound, Swiss Franc, Australian and New Zealand dollars. This divergent price action confirms that there isn't one directional interest in currencies. Part of the reason why currencies have not enjoyed the same type of strong trend as equities is because this is a QE driven rally and with central banks around the world engaged in new rounds of easing, the availability of more stimulus has been ambiguously positive for stocks. Unfortunately these simultaneous easing programs has also clouded the outlook for currencies as investors wonder which central bank will win the race to debase.
The rally in stocks and consolidation in currencies also tells us that investors are much more interested in joining the trend in equities than try to figure out whether support or resistance will be broken in currencies. Eventually this will change but for the time being we can't ignore the fact that the big moves are happening in other markets. However what stocks have done for currencies is keep them supported - if not for the equity market rally, we would have probably seen a deeper sell-off in the EUR/USD and AUD/USD.
[url]https://support.fxcc.com/email/technical/08052013/[/url]
FOREX NEWS :
2013-05-08 04:35 GMT | EUR/USD unable to find direction as global equities continue higher
2013-05-08 03:32 GMT | GBP/USD rally runs out of steam, finishes day sharply lower
2013-05-08 02:37 GMT | Aussie attempting to claw back some losses during Asia trade
2013-05-08 00:24 GMT | USD/JPY edging lower during early Asia trade
EURUSD :
HIGH 1.30975 LOW 1.30716 BID 1.30926 ASK 1.30932 CHANGE 0.12% TIME 08 : 12:49
OUTLOOK SUMMARY : Up
TREND CONDITION : Sideway
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : Low
MARKET ANALYSIS - Intraday Analysis
Upwards scenario: While price is quoted above the moving averages out technical outlook would be positive. Yesterday high offers next resistance level at 1.3119 (R1). Any price action above it would suggest next targets at 1.3156 (R2) and 1.3185 (S3). Downwards scenario: Next support level is seen at 1.3072 (S1), any penetration below it might activate downside pressure and enable lower target at 1.3043 (S2). Any further market decline would then be limited to 1.3010 (S3).
Resistance Levels: 1.3119, 1.3156, 1.3185
Support Levels: 1.3072, 1.3043, 1.3010
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GBPUSD :
HIGH 1.54891 LOW 1.54704 BID 1.54798 ASK 1.54805 CHANGE -0.02% TIME 08 : 12:50
OUTLOOK SUMMARY : Down
TREND CONDITION : Downward penetration
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : Low
Upwards scenario: GBP extended its decline versus the USD and determined a negative short-term technical outlook. However above the resistance at 1.5488 (R1) opens a route towards to next resistive measures at 1.5503 (R2) and 1.5522 (R3). Downwards scenario: On the downside our attention is shifted to the immediate support level at 1.5474 (S1). Break here is required to enable bearish forces and expose our intraday targets at 1.5460 (S2) and 1.5449 (S3).
Resistance Levels: 1.5488, 1.5503, 1.5522
Support Levels: 1.5474, 1.5460, 1.5449
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USDJPY :
HIGH 99.15 LOW 98.64 BID 98.965 ASK 98.969 CHANGE -0.03% TIME 08 : 12:51
OUTLOOK SUMMARY : Down
TREND CONDITION : Downward penetration
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Low
Upwards scenario: Yesterday high offers key resistance level at 99.27 (R1). Clearance here is required to resume uptrend structure towards to next target at 99.43 (R2) and any further price appreciation would then be limited to last resistance for today at 99.63 (R3). Downwards scenario: On the other hand, price pattern suggests bearish potential if the instrument manages to overcome next support level at 98.78 (S1). Possible price regress could expose our initial targets at 98.62 (S2) and 98.40 (S3) in potential.
Resistance Levels: 99.27, 99.43, 99.63
Support Levels: 98.78, 98.62, 98.40
Source: FX Central Clearing Ltd,( [url=http://www.fxcc.com] FX Central Clearing Ltd [/url] )
Forex Technical & Market Analysis FXCC May 09 2013
Forex Technical & Market Analysis FXCC May 09 2013
EUR/USD notches a solid day of gains as ‘risk on’ mentality continues
In a day where risk assets were primarily well bid across the board, the Euro was able to notch some decent gains, finishing up 81 pips at 1.3159. The initial catalyst which seemed to help push the pair higher was the German Industrial Production (MoM) release which came in at 1.2% actual vs. -0.1% forecast. According to analysts at TD Securities, “In Europe, a solid German industrial production release has boosted the EUR. Not significantly though, as the very well established range that has held since early April remains firmly intact. EUR focus remains on the evolving ECB message, which as we heard last week remains open to another rate cut. They have not signaled any balance sheet expanding programs, however, which overall could leave the EUR well supported.”
The German data also seemed to give a boost to both commodities and equities, with oil notching its’ highest close since late March and the S&P 500 closing at a new all time high of 1632.59. The recent behavior of the EUR/USD is beyond confusing as it appears to follow risk assets some days and others have no correlation to outside markets at all. Although it must be noted, the EUR does continue to outperform the commodity currencies such as the AUD and NZD. [url]http://blog.fxcc.com/forex-technical-market-analysis-may-09-2013/[/url]
FOREX NEWS :
2013-05-09 03:11 GMT | GBP/USD continues to consolidate ahead BOE Rate Decision
2013-05-09 01:19 GMT | Aussie rockets higher after AUD jobs data crushes estimates
2013-05-09 01:19 GMT | EUR/JPY ready for the next leg up?
2013-05-08 23:42 GMT | AUD/JPY finishes slightly lower after narrow range day
Upwards scenario: Instrument stabilized after the gains provided yesterday. Penetration above the resistive structure at 1.3185 (R1) might encourage protective orders execution and drive market price towards to the next resistive means at 1.3206 (R2) and 1.3226 (R3). Downwards scenario: On a slightly longer term we expect pullback formation. Risk of market depreciation is seen below the next support level at 1.3152 (S1). Clearance here would suggest lower targets at 1.3128 (S2) and 1.3105 (S3) in potential.
Upwards scenario: Pair has settled sideways formation on the hourly timeframe. However potential to move higher is seen above the resistance level at 1.5549 (R1) mark. Loss here would suggest next intraday targets at 1.5565 (R2) and 1.5581 (R3). Downwards scenario: Possible downside expansion would attack our support levels at 1.5517(S2) and 1.5498 (S3). However prior reaching our targets, market should manage to overcome the resistive structure at 1.5533 (S1).
Upwards scenario: USD/JPY tested negative side the past days, however break above the resistance at 99.00 (R1) is liable to stimulate bullish pressure and validate next targets at 99.14 (R2) and 99.27 (R3). Downwards scenario: Loss of our support level at 96.68 (S1) would open road for a market decline towards to our next target at 98.57 (S2). Any further price weakening would then be limited to final support for today at 98.40 (S3).
Resistance Levels: 99.00, 99.14, 99.27
Support Levels: 98.68, 98.57, 98.40
Source: FX Central Clearing Ltd,( [url=http://www.fxcc.com] Forex Trading Blog | Learn Forex Training | Best Forex Accounts | FXCC [/url] )
Forex Technical & Market Analysis FXCC Apr 22 2013
