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Forex Technical & Market Analysis FXCC Jun 10 2013
Forex Technical & Market Analysis FXCC Jun 10 2013
EUR/USD still searching for direction after NFP Data
After trading as high as 1.3284 ahead of the US Non Farm Payroll data, the EUR/USD was unable to hold onto early gains and ended the session 68 pips lower 1.3216. The lack of follow through after the sharp gains early in the week is somewhat concerning, but thus far the pair has been able to hold onto the critical support level located in the 1.3200 area. Some analysts are pointing towards a combination between the Non Farm Payroll data, as well as comments from ECB President Draghi at the most recent ECB meeting as reasons to expect limited upside for the EUR/USD in coming days. According to Marc Chandler, Head of Currency Strategy at BBH, “We warned that although the technical factors looked constructive for the dollar, the fundamentals, in the form of the ECB not delivering on the negative deposit rate (that Draghi said he had an open mind about) and additional aid for small and medium size businesses, were less supportive.”
Although he believes the jobs number was not strong enough to warrant any QE tapering in the near future, Chandler noted downside potential in the USD is limited at current levels. “We anticipated that the jobs data would not support notions from some Fed officials (and market participants) that tapering of the purchases of long-term assets could being as early as this month. Now we suspect the dollar's down move has been largely exhausted and we anticipate a recovery in the dollar into a new trading range,” Chandler concluded.
[url]https://support.fxcc.com/email/technical/10062013/[/url]
FOREX NEWS :
2013-06-10 04:37 GMT | EUR/USD still searching for direction after NFP Data
2013-06-10 03:35 GMT | Kiwi attempting bounce towards 0.7900
2013-06-10 02:51 GMT | AUD/JPY consolidating below 92.50
2013-06-10 02:20 GMT | USD/JPY advances capped below 98.50
EURUSD :
HIGH 1.32285 LOW 1.31852 BID 1.31975 ASK 1.31978 CHANGE -0.13% TIME 08 : 26:07
OUTLOOK SUMMARY : Up
TREND CONDITION : Downward penetration
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : Low
MARKET ANALYSIS - Intraday Analysis
Upwards scenario: Market sentiment is neutral according to the technical indicators. Though any prolonged movement above the resistive measure at 1.3242 (R1) would suggest next intraday targets at 1.3277 (R2) and 1.3311 (R3). Downwards scenario: Medium-term ascending structure might lose its power if the price manages to overcome next support level at 1.3187 (S1). Clearance here might determine intraday negative bias and expose our initial targets at 1.3159 (S2) and 1.3129 (S3).
Resistance Levels: 1.3242, 1.3277, 1.3311
Support Levels: 1.3187, 1.3159, 1.3129
--------------------------
GBPUSD :
HIGH 1.55627 LOW 1.55179 BID 1.55262 ASK 1.55274 CHANGE -0.17% TIME 08 : 26:08
OUTLOOK SUMMARY : Up
TREND CONDITION : Downward penetration
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : Low
Upwards scenario: GBPUSD remains under correction mode after initial uptrend formation. However strengthening above the next resistive structure at 1.5565 (R1) might activate bullish pressure and expose our intraday targets at 1.5602 (R2) and 1.5641 (R3). Downwards scenario: Key support level lies at 1.5486 (S1). Penetration below it might shift medium-term tone to the negative side. Our intraday targets locates at 1.5449 (S2) and 1.5411 (S3).
Resistance Levels: 1.5565, 1.5602, 1.5641
Support Levels: 1.5486, 1.5449, 1.5411
-----------------------
USDJPY :
HIGH 98.427 LOW 97.71 BID 98.235 ASK 98.240 CHANGE 0.73% TIME 08 : 26:09
OUTLOOK SUMMARY : Up
TREND CONDITION : Upward penetration
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Low
Upwards scenario: Market gradually recovers previous week losses. If pair gains momentum on the upside and overcome our next resistance at 98.58 (R1), we would suggest next resistances at 98.95 (R2) and 99.33 (R3) as possible targets. Downwards scenario: On the other hand, depreciation below the technically important support level at 97.77 (S1) would allow further market decline on the medium-term perspective. Possible targets lies at 97.36 (S2) and 96.92 (S3).
Resistance Levels: 98.58, 98.95, 99.33
Support Levels: 97.77, 97.36, 96.92
Source: FX Central Clearing Ltd,( [url=http://www.fxcc.com] Forex Software | Forex Basics | Forex ECN Trading Account | FXCC [/url] )
Forex Technical & Market Analysis FXCC Jun 11 2013
Forex Technical & Market Analysis FXCC Jun 11 2013
USD/JPY searching for direction after BoJ Meeting
The USD/JPY has experienced a fairly volatile Asia session, at one point declining all the way down to 97.78 before finding support and currently consolidating near the 98.30 level. The main catalyst for the sharp drop appeared to come right after the Bank of Japan announced they wouldn’t be making any changes to current monetary policy.
Analysts on the FXStreet.com team noted although many had expected the policy to remain unchanged, there were rumors circling of possible adjustments to help control the recent government bond market volatility which may have helped spark the initial declines when market participants saw the adjustments to current policy were not made. “The Bank of Japan monetary policy meeting offered no particular response to the latest episodes of market volatility in JGB, which includes the failure to change maturities of fixed rate operations in order to ease bond market volatility. Also, there had been some rumors about a proposal to extend the loans to 2 years, something that was not accepted, leading to a strong selling in both the Nikkei and USD/JPY,” FXstreet.com team concluded.
[url]https://support.fxcc.com/email/technical/11062013/[/url]
FOREX ECONOMIC CALENDAR :
N/A | Japan. BoJ Monetary Policy Statement
N/A | Germany. Germany Constitutional court ruling on OTM bond buying
2013-06-11 08:30 GMT | UK. Manufacturing Production
2013-06-11 14:00 GMT | UK. NIESR GDP Estimate
2013-06-11 05:00 GMT | USD/JPY searching for direction after BoJ Meeting
2013-06-11 04:43 GMT | 10% appreciation by the USD in 12-18 months - Societe Generale
2013-06-11 04:34 GMT | AUD/USD faces deeper falls on clean 0.94 breakout - JPMorgan
2013-06-11 04:01 GMT | GBP/USD possibly gunning for 1.5800 - 2ndSkies
EURUSD :
HIGH 1.32917 LOW 1.32474 BID 1.32702 ASK 1.32705 CHANGE 0.11% TIME 08 : 27:25
OUTLOOK SUMMARY : Up
TREND CONDITION : Upward penetration
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : Medium
MARKET ANALYSIS - Intraday Analysis
Upwards scenario: Market remains relatively stable, though clearance of next resistance level at 1.3292 (R1) might initiates bullish pressure. Above the local high locates our resistive means at 1.3321 (R2) and 1.3350 (R3). Downwards scenario: Activation of bearish forces is possible below the support level at 1.3244 (S1). Clearance here would suggest next interim target at 1.3216 (S2) and if the price holds its momentum we would suggest final aim at 1.3187 (S3).
Resistance Levels: 1.3292, 1.3321, 1.3350
Support Levels: 1.3244, 1.3216, 1.3187
----------------------
GBPUSD :
HIGH 1.5602 LOW 1.55563 BID 1.55820 ASK 1.55825 CHANGE 0.06% TIME 08 : 27:25
OUTLOOK SUMMARY : Up
TREND CONDITION : Upward penetration
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : Medium
Upwards scenario: Resistance level at 1.5602 (R1) acts as reference point for further market strengthening. Break here is required to enable next interim target at 1.5635 (R2) en route towards to final aim for today at 1.5667 (R3). Downwards scenario: Though, possibility of correction is high. Devaluation below the support at 1.5552 (S1) would initiate bearish pressure. On the way our next interim support at 1.5521 (S2) en route to final target at 1.5488 (S3).
Resistance Levels: 1.5602, 1.5635, 1.5667
Support Levels: 1.5552, 1.5521, 1.5488
--------------------
USDJPY :
HIGH 99.056 LOW 97.791 BID 98.226 ASK 98.231 CHANGE -0.52% TIME 08 : 27:26
OUTLOOK SUMMARY : Down
TREND CONDITION : Downward penetration
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Medium
Upwards scenario: USDJPY commence correction phase and currently any upside action is limited to the next resistive structure at 98.58 (R1). Break here is required to enable upside pressure towards to intraday targets at 98.95 (R2) and 99.33 (R3). Downwards scenario: Prolonged movement below the supportive measure at 97.77 (S1) is required to activate downtrend expansion. Next aim on the way would be mark at 97.36 (S2) and then final target could be met at 96.97 (S3).
Resistance Levels: 98.58, 98.95, 99.33
Support Levels: 97.77, 97.36, 96.97
Source: FX Central Clearing Ltd,( [url=http://www.fxcc.com] http://www.fxcc.com [/url] )
Forex Technical & Market Analysis FXCC Jun 12 2013
Forex Technical & Market Analysis FXCC Jun 12 2013
Strong technical set up helps EUR/USD post highest close since mid February
The EUR/USD finished the session sharply higher, surpassing the critical resistance level near 1.3300 and closing up 57 pips at 1.3312 (highest daily close since Feb 19th). In what was a quiet day of economic releases from both the EU and US, analysts were searching for catalyst to help explain the impressive strength. Derek Halpenny, European Head of Global Markets Research at Bank of Tokyo Mitsubishi UFJ, was pointing towards recent hawkish comments from ECB President Draghi as an initial catalyst for the sharp move higher. “The euro remains incredibly solid and has advanced further versus the dollar. ECB President Draghi did speak yesterday and stated that rates would rise once the euro-zone economy improved – a statement of the obvious.”
In further discussing his views, Halpenny went on to comment, “We suspect that the current euro demand is probably emanating from the unwinding of long high yielding currency positions. Both the dollar and the euro were likely used as funding currencies for these positions and hence the euro is modestly out-performing the dollar.” To conclude his view, Halpenny went on to say he expects the EUR/USD will start to decline once the position unwind is completed.
[url]https://support.fxcc.com/email/technical/12062013/[/url]
FOREX NEWS :
2013-06-12 04:10 GMT | German CPI next: Impact on EUR/USD
2013-06-12 03:43 GMT | USD/CAD has found a short term base - TDS
2013-06-12 03:36 GMT | AUD/JPY advances capped near 91.50
2013-06-12 02:40 GMT | AUD/USD inching higher towards 0.9500
-------------------------
EURUSD :
HIGH 1.33172 LOW 1.32972 BID 1.33003 ASK 1.33004 CHANGE -0.1% TIME 08 : 24:49
OUTLOOK SUMMARY : Up
TREND CONDITION : Downward penetration
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : Medium
MARKET ANALYSIS - Intraday Analysis
Upwards scenario: Upwards penetration is limited now to next resistive structure at 1.3321 (R1). Break here is required to enable higher targets at 1.3350 (R2) and 1.3378 (R3). Downwards scenario: On the other hand, depreciation below the support level at 1.3271 (S1) would suggest next intraday target at 1.3244 (S2) and any further weakening would then be limited to final support level at 1.3216 (S3).
Resistance Levels: 1.3321, 1.3350, 1.3378
Support Levels: 1.3271, 1.3244, 1.3216
--------------------
GBPUSD :
HIGH 1.56519 LOW 1.56337 BID 1.56362 ASK 1.56370 CHANGE -0.06% TIME 08 : 24:50
OUTLOOK SUMMARY : Up
TREND CONDITION : Downward penetration
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : Medium
Upwards scenario: Possible upwards formation is limited now to resistive measure at 1.5654 (R1). A break above it would suggest next intraday target at 1.5686 (R2) and if the price holds its momentum we can expect price increase towards to final resistance at 1.5717 (R3). Downwards scenario: On the downside our focus is shifted to the next support level at 1.5618 (S1). Loss here is required to push the price towards to our next interim targets at 1.5584 (S2) en route towards to final support at 1.5550 (S3)
Resistance Levels: 1.5654, 1.5686, 1.5717
Support Levels: 1.5618, 1.5584, 1.5550
------------------
USDJPY :
HIGH 96.778 LOW 95.918 BID 96.738 ASK 96.743 CHANGE 0.76% TIME 08 : 24:51
OUTLOOK SUMMARY : Down
TREND CONDITION : Upward penetration
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Medium
Upwards scenario: A violation of next resistance at 97.29 (R1) might call for a run towards to next target at 97.71 (R2) and any further appreciation would then be limited to final target at 98.13 (R3). Downwards scenario: Negative developments might be settled below the important support level at 96.21 (S1). Any price action below it would then be targeting support at 95.79 (S2) and final target could be exposed at 95.37 (S3) mark.
Resistance Levels: 97.29, 97.71, 98.13
Support Levels: 96.21, 95.79, 95.37
Source: FX Central Clearing Ltd,( [url=http://www.fxcc.com] ECN Currency Trading Blog | Forex Training and Tips | FXCC [/url] )
Forex Technical & Market Analysis FXCC Jun 13 2013
Forex Technical & Market Analysis FXCC Jun 13 2013
IMF approves €657 million bailout tranche for Portugal
The International Monetary Fund (IMF) approved the seventh tranche of Portugal's bailout Wednesday and gave the country more time to meet its budget-cutting goals. The IMF will disburse the next tranche worth €657 million after the successful review of a bailout program that started in 2011. Meanwhile, the fund eased conditions, allowing Portugal to lower its budget deficit to 3% of GDP by 2015 from 6.4% in 2012, instead of by 2014. "The Portuguese authorities have put forward a program that is economically well-balanced and has growth and job creation at its center", IMF acting Managing Director John Lipsky wrote in a statement.
With Chinese markets back in business after a 5 day weekend closed over holidays, local share markets were dumped with Nikkei index leading the way lower losing at one point more than -6%. USD posted fresh 4-month lows at 80.66 DXY with USD/JPY printing fresh 2-month lows at 94.36, and EUR/USD 3-month highs above 1.3360. Gold and Oil showed little changes on the move. Australian job market surprised to the upside adding 1.1k more jobs to the economy when -10k were expected, making AUD/USD dip below the 0.9450 level. RBNZ left interest rates unchanged at 2.5%, with NZD/USD hanging around the 0.79 figure.
[url]http://blog.fxcc.com/forex-technical-market-analysis-june-13-2013/[/url]
FOREX ECONOMIC CALENDAR :
2013-06-13 08:00 GMT | EMU. ECB Monthly Report
2013-06-13 12:30 GMT | USA. Retail Sales (MoM) (May)
2013-06-13 14:00 GMT | USA. Business Inventories (Apr)
2013-06-13 23:50 GMT | Japan. BoJ Monetary Policy Meeting Minutes
FOREX NEWS :
2013-06-13 04:55 GMT | USD/JPY technical set up continues to deteriorate as bears maintain control
2013-06-13 04:27 GMT | GBP/USD resting below 1.57 figure
2013-06-13 03:49 GMT | EUR/JPY cracks 127.00, further selling pressure revealed
2013-06-13 03:15 GMT | USD/CAD, sustained weakness below 1.0170/75 needed – TDS
Upwards scenario: Uptrend evolvement remains in power. Further appreciation above the resistive barrier at 1.3371 (R1) is compulsory to commence positive market structure and validate next intraday targets at 1.3395 (R2) and 1.3418 (R3). Downwards scenario: Any downside fluctuations remains for now limited to the key support barrier at 1.3335 (S1). Only clear break here would be a signal of possible market easing towards to our targets at 1.3311 (S2) and 1.3288 (S3) in potential.
Resistance Levels: 1.3371, 1.3395, 1.3418
Support Levels: 1.3335, 1.3311, 1.3288
Upwards scenario: market looks overbought and possibility of retracement is high. Though loss of the next resistive barrier at 1.5706 (R1) might push the price towards to our targets at 1.5733 (R2) and 1.5761 (R3) later on today. Downwards scenario: We placed our support level right above the Monday high at 1.5654 (S1). Clearance here is required to open way towards to our interim target at 1.5626 (S2) and then final aim locates at 1.5598 (S3).
Resistance Levels: 1.5706, 1.5733, 1.5761
Support Levels: 1.5654, 1.5626, 1.5598
Upwards scenario: Medium term bias is clearly negative on USDJPY however we expect see some recovery action later on today. Key resistive bastion lies at 95.12 (R1). If the price manages to break it, we would suggest next targets at 95.67 (R2) and 96.21 (R3). Downwards scenario: Risk of price depreciation is seen below the support level at 93.90 (S1). A fall below it might prolong the weakness towards to next target at 93.40 (S2) and any further market decline would then be limited to final support at 92.91 (S3).
Resistance Levels: 95.12, 95.67, 96.21
Support Levels: 93.90, 93.40, 92.91
Source: FX Central Clearing Ltd,( [url=http://www.fxcc.com] Currency Trading Blog | Best ECN Broker | Forex Trading System | FXCC [/url] )
Forex Technical & Market Analysis FXCC Jun 14 2013
Forex Technical & Market Analysis FXCC Jun 14 2013
Draghi says OMT necessary, effective and within ECB mandate
Mario Draghi defended the Outright Monetary Transactions (OMT) a day after the ECB and the Bundesbank confronted in a public hearing at Germany's top court on the legality of the bond-buying program. ECB President said the program was necessary, effective and in line with the ECB mandate. He pointed that benefits are 'visible to everybody' across Europe including Germany, in particular, falling bond yields in Italy and Spain.
"It is fully in line with our mandate because it is designed to preserve price stability for the euro area and uses instruments foreseen in the Statute," Draghi said according to the transcript of a video statement after receiving the responsible leadership award 2013 from the European School of Management and Technology in Berlin. Meanwhile, Draghi urged eurozone leaders to stick reforms and to push for greater integration "to build a stronger economic and monetary union based on shared sovereignty and greater legitimacy". "For the euro area now to move forward and establish itself on stronger ground, we need all decision makers to take their responsibilities," Draghi said.
[url]https://support.fxcc.com/email/technical/14062013/[/url]
FOREX ECONOMIC CALENDAR :
2013-06-14 09:00 GMT | EMU. Consumer Price Index (YoY) (May)
2013-06-14 12:30 GMT | USA. Producer Price Index (YoY) (May)
2013-06-14 13:15 GMT | USA. Industrial Production (MoM) (May)
2013-06-14 13:55 GMT | USA. Reuters/Michigan Consumer Sentiment Index (Jun)
FOREX NEWS :
2013-06-14 04:21 GMT | GBP/USD treading water around 1.57 figure
2013-06-14 03:08 GMT | AUD/USD dealing with 0.9600 bids
2013-06-14 01:06 GMT | USD/JPY knocks on 94.50 session lows
2013-06-14 01:06 GMT | EUR/USD, look for highly corrective pullbacks to join bulls - 2ndSkies
EURUSD :
HIGH 1.33745 LOW 1.33422 BID 1.33468 ASK 1.33474 CHANGE -0.21% TIME 08 : 20:56
OUTLOOK SUMMARY : Up
TREND CONDITION : Sideway
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : Medium
MARKET ANALYSIS - Intraday Analysis
Upwards scenario: While instrument trades above the 20 SMA, it keeps immediate upside potential. Next resistance is seen at 1.3379 (R1), break above it might extend gains towards to next targets at 1.3412 (R2) and 1.3444 (R3). Downwards scenario: Failure to establish positive bias today might lead to the recovery action in near term perspective. Next immediate support locates at 1.3305 (S1). Break here is required to enable bearish pressure towards to our targets at 1.3272 (S2) and 1.3239 (S3).
Resistance Levels: 1.3379, 1.3412, 1.3444
Support Levels: 1.3305, 1.3272, 1.3239
------------------
GBPUSD :
HIGH 1.57199 LOW 1.56943 BID 1.57021 ASK 1.57034 CHANGE -0.1% TIME 08 : 20:57
OUTLOOK SUMMARY : Up
TREND CONDITION : Up trend
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : Medium
Upwards scenario: GBPUSD keeps bullish potential. Next hurdle on the upside might be found at 1.5737 (R1). Break here would open road towards to our interim aim at 1.5768 (R2) and enable final intraday resistive measure at 1.5799 (R3). Downwards scenario: Retracement action might occur below the key support level at 1.5671 (S1). Break here would open road towards to next supportive measure at 1.5639 (S2) and then final supportive bastion could be found at 1.5606 (S3).
Resistance Levels: 1.5737, 1.5768, 1.5799
Support Levels: 1.5671, 1.5639, 1.5606
--------------------------
USDJPY :
HIGH 95.797 LOW 94.429 BID 95.309 ASK 95.314 CHANGE -0.05% TIME 08 : 20:57
OUTLOOK SUMMARY : Down
TREND CONDITION : Upward penetration
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Medium
Upwards scenario: Instrument resumed consolidation phase from its initial downtrend formation. Resistance level at 95.67 (R1) is a key technical point on the upside. Penetration above it would suggest higher targets at 96.21 (R2) and 96.75 (R3) later on today. Downwards scenario: Market decline below the supportive mean at 94.38 (S1) might trigger bearish pressure and enable lower target at 93.85 (S2). Final target for today locates at 93.26 (R3) price level.
Resistance Levels: 95.67, 96.21, 96.75
Support Levels: 94.38, 93.85, 93.26
Source: FX Central Clearing Ltd,( [url=http://www.fxcc.com] FX Central Clearing Ltd [/url] )
Forex Technical & Market Analysis FXCC Jun 17 2013
Forex Technical & Market Analysis FXCC Jun 17 2013
Dollar Outlook Next Week Hinges on Bernanke
The month of June has proven to be an extremely volatile period in the forex market as the U.S. dollar fell aggressively against many major currencies. Unfortunately we can't expect the markets to calm anytime soon with a heavy dose of economic data expected from countries around the world. The U.K. and Australia will release monetary policy minutes, the Swiss National Bank will hold a monetary policy meeting and of course - we also have the Federal Reserve's monetary policy announcement on the calendar. In addition to these event risks, Eurozone PMIs, New Zealand GDP, UK retail sales, US manufacturing data and Canadian retail sales are also scheduled for release. Yet there's no question that of all these events, the most important will be the Fed meeting. Much of the volatility in the financial markets has been caused by the uncertainty of Fed policy. There's been a lot of talk about tapering asset purchases, which has caused stocks to weaken but at the same time, central bank officials and noted Fed watchers have stressed that a reduction in Quantitative Easing does not equate to tightening. They are absolutely right and we think that the rest of the market is beginning to realize this connection as well but based on the reaction to Jon Hilsenrath's article this week, there are still a subset who need convincing.
[url]https://support.fxcc.com/email/technical/17062013/[/url]
FOREX ECONOMIC CALENDAR :
24h | All. G8 Meeting
2013-06-17 09:00 GMT | EMU. Labour cost (Q1)
2013-06-17 09:00 GMT | EMU. Trade Balance n.s.a. (Apr)
2013-06-17 12:30 GMT | USA. NY Empire State Manufacturing Index (Jun)
FOREX NEWS :
2013-06-17 04:55 GMT | EUR/AUD testing 1.3850 support on Euro weakness
2013-06-17 04:02 GMT | EUR/USD dips to fresh session lows ahead of G-8
2013-06-17 02:23 GMT | USD/JPY extends gains above 94.50
2013-06-17 00:49 GMT | Aussie pops above 0.96 USD
EURUSD :
HIGH 1.33573 LOW 1.33184 BID 1.33187 ASK 1.33191 CHANGE -0.16% TIME 08 : 14:08
Upwards scenario: EURUSD trapped to the consolidation phase. Local high at 1.3358 (R1) offers a key resistance level. Break here is required to take the pair towards to initial targets at 1.3379 (R2) and 1.3399 (R3). Downwards scenario: Penetration below the support level at 1.3294 (S1) might maintain a negative tone and prolong corrective action. Price devaluation would then be targeting our supportive measures at 1.3272 (S2) and 1.3250 (S3) in potential.
Resistance Levels: 1.3358, 1.3379, 1.3399
Support Levels: 1.3294, 1.3272, 1.3250
---------------------
GBPUSD :
HIGH 1.57319 LOW 1.56927 BID 1.56935 ASK 1.56944 CHANGE -0.02% TIME 08 : 14:09
OUTLOOK SUMMARY : Up
TREND CONDITION : Sideway
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : Low
Upwards scenario: GBPUSD is approaching our next resistive barrier at 1.5737 (R1) on the upside. Surpassing of this level may initiate bullish pressure towards to next visible targets at 1.5768 (R2) and 1.5799 (R3). Downwards scenario: If the price failed to overcome our next resistance level we expect market easing below the support level at 1.5671 (S1). Loss here would shift our intraday outlook to the bearish side with expected targets at 1.5639 (S2) and 1.5606 (S3).
Resistance Levels: 1.5737, 1.5768, 1.5799
Support Levels: 1.5671, 1.5639, 1.5606
----------------------
USDJPY :
HIGH 94.837 LOW 94.098 BID 94.722 ASK 94.726 CHANGE 0.67% TIME 08 : 14:09
OUTLOOK SUMMARY : Down
TREND CONDITION : Sideway
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Low
Upwards scenario: Upside formation is limited now to the next resistive barrier at 95.05 (R1). Clearance here is required to provide a space for a move towards to next target at 95.53 (R2) and then final aim would be 96.04 (R3). Downwards scenario: On the other hand, an element of supportive measures could be found at 94.24 (S1). Clearance here would suggest possible downtrend development towards to initial targets, located at 93.75 (S2) and 93.27 (S3).
Resistance Levels: 95.05, 95.53, 96.04
Support Levels: 94.24, 93.75, 93.27
Source: FX Central Clearing Ltd,( [url=http://www.fxcc.com] Forex Account | Best ECN Forex Brokers | Forex Trading Systems | FXCC [/url] )
Forex Technical & Market Analysis FXCC Jun 18 2013
Forex Technical & Market Analysis FXCC Jun 18 2013
Dollar Strengthens, Stocks Soar as Traders Position for FOMC
Yesterday we saw how much of a difference a few hours can make with the dollar recovering earlier losses to end the North American session higher against most of the major currencies. With only one day to go before the Federal Reserve's monetary policy announcement, the big move in equities and the reversal in currencies suggests that traders are beginning to position for FOMC. Yet taking a look at how the various markets are trading, there seems to be more confusion than clarity on what the central bank will say or do. The rise in the dollar and the increase in U.S. Treasury yields imply that currency and equity traders believe that the main takeaway from this week's meeting will be that the central bank is gearing up to taper. However the rally in U.S. equities suggest that stock traders believe that the Fed will make a point to distinguish tapering from tightening and reassure investors that cheap and easy money will remain available for a very long period of time. If Bernanke is successful in convincing the market that they will take a very gradualist approach to tapering, the U.S. dollar could give up its gains. However if Bernanke emphasizes the central bank's plans for tapering over its difference with tightening, the dollar could extend its rise.
[url]https://support.fxcc.com/email/technical/18062013/[/url]
FOREX ECONOMIC CALENDAR :
N/A | UK. BOE Inflation Letter
2013-06-18 06:00 GMT | EMU. ECB President Draghi's Speech
2013-06-18 08:30 GMT | UK. Consumer Price Index (YoY) (May)
2013-06-18 12:30 GMT | USA. Consumer Price Index (YoY) (May)
----------------------
EURUSD :
HIGH 1.33676 LOW 1.33466 BID 1.33526 ASK 1.33527 CHANGE -0.1% TIME 08 : 36:46
OUTLOOK SUMMARY : Neutral
TREND CONDITION : Sideway
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : High
MARKET ANALYSIS - Intraday Analysis
Upwards scenario: Current price setup might suggest volatility increase in near term perspective. If the price get acceleration on the upside and manages to surpass our resistive measure at 1.3382 (R1), we would suggest next targets at 1.3402 (R2) and 1.3422 (R3). Downwards scenario: On the other hand, an element of supportive measures could be found at 1.3326 (S1). Clearance here would suggest possible downtrend development towards to initial targets at 1.3307 (S2) and 1.3286 (S3).
Resistance Levels: 1.3382, 1.3402, 1.3422
Support Levels: 1.3326, 1.3307, 1.3286
------------------------
GBPUSD :
HIGH 1.57227 LOW 1.56943 BID 1.56961 ASK 1.56970 CHANGE -0.14% TIME 08 : 36:47
OUTLOOK SUMMARY : Neutral
TREND CONDITION : Downward penetration
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : High
Upwards scenario: Clearance of our next resistive structure at 1.5739 (R1) would open way towards to our initial target at 1.5766 (R2) and any further market rise would then be targeting 1.5796 (R3). Downwards scenario: Any downside fluctuations remains for now limited to the next support level at 1.5679 (S1), only clear break here would be a signal of possible market easing towards to next targets at 1.5652 (S2) and 1.5624 (S3) in potential.
Resistance Levels: 1.5739, 1.5766, 1.5796
Support Levels: 1.5679, 1.5652, 1.5624
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USDJPY :
HIGH 94.955 LOW 94.436 BID 94.797 ASK 94.799 CHANGE 0.34% TIME 08 : 36:48
OUTLOOK SUMMARY : Down
TREND CONDITION : Sideway
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : High
Upwards scenario: USDJPY stabilized on the hourly chart however appreciation above the next resistance at 95.23 (R1) might be a good catalyst for a recovery action towards to next targets at 95.66 (R2) and 96.11 (R3). Downwards scenario: On the other hand, if the pair accelerates on the downside and manage to break our next support level at 94.26 (S1), it is likely to trigger our next support level at 93.82 (S2) and 93.37 (S3) later on today.
Resistance Levels: 95.23, 95.66, 96.11
Support Levels: 94.26, 93.82, 93.37
Source: FX Central Clearing Ltd,( [url=http://www.fxcc.com] Forex Account | Best ECN Forex Brokers | Forex Trading Systems | FXCC [/url] )
Forex Technical & Market Analysis FXCC Jun 19 2013
Forex Technical & Market Analysis FXCC Jun 19 2013
EUR - Lifted by Stronger Investor Confidence
The euro traded higher against all of the major currencies today thanks to the improvement in Eurozone and German investor sentiment. The Eurozone ZEW survey rose to 30.6 from 27.6 and while investors grew less optimistic about current conditions in Germany, their confidence in future conditions improved with the expectations component of the German ZEW rising to 38.5 from 36.4. With the European Central Bank taking additional steps to stimulate the economy, this data indicates that investors are looking for a stronger recovery. In a farewell conference for Bank of Israel Governor Stanley Fischer today, European Central Bank President Mario Draghi talked about ECB monetary policy. He said the central bank would consider non-standard measures including the possibility of negative deposit rates. Draghi said, "We will look with an open mind at these measures that are especially effective in our institutional setup and that fall within our mandate." Yet he warned that these non-standard measures could also lead to unintentional consequences. Parts of the Eurozone have been unresponsive to monetary policy and Draghi has set to regain its steering capacity. He pointed out that the introduction of non-standard policy measures along with standard measures helped prevent the materialization of deflation risk.
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FOREX ECONOMIC CALENDAR :
2013-06-19 08:30 GMT | UK. Bank of England Minutes
2013-06-19 18:00 GMT | USA. Fed Interest Rate Decision
2013-06-19 18:30 GMT | USA. Fed's Monetary Policy Statement and press conference
2013-06-19 22:45 GMT | New Zeland. Gross Domestic Product (QoQ) (Q1)
FOREX NEWS :
2013-06-19 04:38 GMT | EUR/USD technical set up favors further upside ahead of FOMC
2013-06-19 03:37 GMT | GBP/JPY trapped inside the 149.50/148.50 range
2013-06-19 03:36 GMT | Bernanke not likely to backtrack on previous tapering comments - NAB
2013-06-19 03:03 GMT | EUR/AUD edging higher towards 1.4200
EURUSD :
HIGH 1.34023 LOW 1.33847 BID 1.33906 ASK 1.33911 CHANGE -0.03% TIME 08 : 30:42
OUTLOOK SUMMARY : Up
TREND CONDITION : Upward penetration
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : High
MARKET ANALYSIS - Intraday Analysis
Upwards scenario: Fresh portion of the economic data releases might increase volatility later on today. Clearance of our next resistive barrier at 1.3402 (R1) is required to push the price towards to our next visible targets at 1.3424 (R2) and 1.3445 (R3). Downwards scenario: On the other hand, the 1.3381 (S1) mark is a key support level on the downside. Below here is a route towards to next supports at 1.3360 (S2) and 1.3339 (S3).
Resistance Levels: 1.3402, 1.3424, 1.3445
Support Levels: 1.3381, 1.3360, 1.3339
-----------------------------
GBPUSD :
HIGH 1.56443 LOW 1.56177 BID 1.56325 ASK 1.56331 CHANGE -0.06% TIME 08 : 30:43
OUTLOOK SUMMARY : Down
TREND CONDITION : Upward penetration
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : High
Upwards scenario: The recent price acceleration on the downside suggests a possible recovery action. Next on tap is resistive barrier at 1.5657 (R1) on the way towards to higher targets at 1.5677 (R2) and 1.5697(R3). Downwards scenario: If the price failed to overcome our next resistance level we expect further market decline below the support level at 1.5616 (S1). Our intraday targets locates at 1.5597 (S2) and 1.5578 (S3).
Resistance Levels: 1.5657, 1.5677, 1.5697
Support Levels: 1.5616, 1.5597, 1.5578
-----------------------------
USDJPY :
HIGH 95.664 LOW 95.177 BID 95.336 ASK 95.339 CHANGE 0.01% TIME 08 : 30:43
OUTLOOK SUMMARY : Up
TREND CONDITION : Upward penetration
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Medium
Upwards scenario: Current price setup might suggest volatility increase in near term perspective. If the price get acceleration on the upside and manages to surpass our resistive measure at 95.66 (R1), we would suggest next targets at 95.96 (R2) and 96.26 (R3). Downwards scenario: Fractals level at 95.05 (S1) offers a key resistive measure on the downside. Break here is required to enable bearish pressure and validate next target at 94.75 (S2). Final support for today locates at 94.45 (S3).
Resistance Levels: 95.66, 95.96, 96.26
Support Levels: 95.05, 94.75, 94.45
Forex Technical & Market Analysis FXCC Jun 20 2013
Forex Technical & Market Analysis FXCC Jun 20 2013
Bernanke: The Fed is ready to start tapering
Following the Fed decision to hold rates and the optimistic FOMC economic projections, Fed Chairman Ben Bernanke indicated that the Fed are ready to start tapering QE. Bernanke began by highlighting the optimistic growth forecasts for 2013 and 2014, making reference to the hotly anticipated exit strategy, commenting, on “setting fed funds target over medium term and continuing purchases of MBS”. Further, he added that an improvement in the unemployment rate to 6.5% should not be considered to be a trigger for an immediate rate hike. He added that he is personally expecting this to occur during 2015.
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FOREX NEWS :
2013-06-20 04:42 GMT | EUR/USD unable to hold a bid after FOMC release deemed hawkish
2013-06-20 04:21 GMT | USD/JPY breaches the 97.00 handle
2013-06-20 03:45 GMT | China's overnight repo surges to 25%
2013-06-20 03:28 GMT | NZD/JPY continues to consolidate around 76.00
EURUSD :
HIGH 1.3302 LOW 1.32491 BID 1.32493 ASK 1.32496 CHANGE -0.35% TIME 08 : 04:08
OUTLOOK SUMMARY : Down
TREND CONDITION : Down trend
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : Medium
MARKET ANALYSIS - Intraday Analysis
Upwards scenario: EURUSD broke all support levels yesterday and determined clear negative bias. Recovery action is possible above the resistive structure at 1.3302 (R1). Clearance here would enable higher targets at 1.3324 (R2) and 1.3346 (R3). Downwards scenario: Next on tap locates support level at 1.3245 (S1). Possible penetration below it would open way towards to next target at 1.3223 (S2) and then any further market decline would be limited to last mark at 1.3201 (S3).
Resistance Levels: 1.3302, 1.3324, 1.3346
Support Levels: 1.3245, 1.3223, 1.3201
---------------------------
GBPUSD :
HIGH 1.54937 LOW 1.54316 BID 1.54332 ASK 1.54345 CHANGE -0.32% TIME 08 : 04:09
OUTLOOK SUMMARY : Down
TREND CONDITION : Down trend
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Medium
Upwards scenario: We are not expecting significant volatility on the upside today, however clearance of our next resistive barrier at 1.5503 (R1) might push the price towards to our next visible targets at 1.5531 (R2) and 1.5558 (R3). Downwards scenario: Further downtrend evolvement might get more stimulus below the support level at 1.5417 (S1). Our intraday targets locates at 1.5391 (S2) and 1.5365 (S3).
Resistance Levels: 1.5503, 1.5531, 1.5558
Support Levels: 1.5417, 1.5391, 1.5365
------------------------
USDJPY :
HIGH 97.181 LOW 96.201 BID 96.899 ASK 96.901 CHANGE 0.48% TIME 08 : 04:09
OUTLOOK SUMMARY : Up
TREND CONDITION : Up trend
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Medium
Upwards scenario: Measures of resistance might be activating when the pair approaches 97.26 (R1) price level. Break here would suggest next interim target at 97.61 (R2) and If the price keeps its momentum we expect an exposure of 97.93 (R3). Downwards scenario: Possible bull back formation might face next hurdle at 96.39 (S1). Break here is required to open road towards to our next interim target at 96.07 (S2) en route to final aim at 95.75 (S3).
Resistance Levels: 97.26, 97.61, 97.93
Support Levels: 96.39, 96.07, 95.75
Source: FX Central Clearing Ltd,( [url=http://www.fxcc.com] http://www.fxcc.com [/url] )
Forex Technical & Market Analysis FXCC Jun 21 2013
Forex Technical & Market Analysis FXCC Jun 21 2013
EU Fin Min struck deal on bank bailouts
Eurozone ministers struck a deal over the origin of funds for bank bailouts from now on. While the local government will contribute 20% of the new capital, the ESM (European Stability Mechanism) bailout fund will become the major contributor with an 80%, according to an official cited by Reuters. Moreover, EU finance ministers made an agreement for the ESM to be used as an investment vehicle for banks under stress, with each being assessed individually to become eligible to the aid, Reuters reported. With regards to Cyprus, EU Finance Ministers were clear that Cyprus must live up to its word by fulfilling its financial obligations. Furthermore, President of the Eurogroup Dijsselbloem was quoted on a headline saying "Implementation of agreed Cypriot baliout program is indispensible", noting that implementation is key for the Bank of Cyrus, also adding that there is likely to be a limit of 60bn euro on direct bank recap fund, although this can be reviewed.
The EUR/USD suffered more losses today, declining another 75 pips and closing at 1.3218. However, it should be noted the pair did trade as low as 1.3160 at one point, but was able to recover a decent portion of its losses before the end of the day. Analysts were discussing the release of the most recent EU PMI figures, which hit the tape during the previous European session.
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FOREX ECONOMIC CALENDAR :
24h | EMU. EcoFin Meeting
2013-06-21 06:35 GMT | Japan. Bank of Japan Governor Kuroda Speech
2013-06-21 07:00 GMT | Switzerland. Monthly Statistical Bulletin (Jun)
2013-06-21 12:30 GMT | Canada. Consumer Price Index (YoY)
FOREX NEWS :
2013-06-21 04:25 GMT | EUR/USD attempting to holds its ground, finds firm bids near 1.3160
2013-06-21 03:31 GMT | USD/JPY to revist 100.00 next week - Bank of Tokyo-Mitsubishi UFJ
2013-06-21 02:46 GMT | AUD/USD edging higher towards 0.9250
2013-06-21 02:10 GMT | EUR/JPY advances capped below 130.00
-----------------------------
EURUSD :
HIGH 1.32545 LOW 1.31995 BID 1.32345 ASK 1.32348 CHANGE 0.12% TIME 0 8: 31:10
OUTLOOK SUMMARY : Down
TREND CONDITION : Upward penetration
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : Medium
MARKET ANALYSIS - Intraday Analysis
Upwards scenario: We are not expecting busy session ahead however upwards extension above the resistance at 1.3255 (R1) level would keep the bullish structure intact and validate our next intraday targets at 1.3272 (R2) and 1.3287 (R3). Downwards scenario: Our key support level locates at 1.3223 (S1) mark. Possible penetration below this mark would open way towards to next target at 1.3206 (S2) and then final support locates at 1.3190 (S3) price level.
Resistance Levels: 1.3255, 1.3272, 1.3287
Support Levels: 1.3223, 1.3206, 1.3190
----------------------
GBPUSD :
HIGH 1.55228 LOW 1.54896 BID 1.54975 ASK 1.54987 CHANGE -0.06% TIME 08 : 31:11
OUTLOOK SUMMARY : Down
TREND CONDITION : Upward penetration
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : Medium
Upwards scenario: Local high, formed today offers a key resistive barrier at 1.5525 (R1). If the price manages to overcome it we would suggest next intraday targets at 1.5549 (R2) and 1.5572 (R3). Downwards scenario: Though medium-term perspective remains negative for GBP versus the Dollar. Next on tap is seen support level at 1.5485 (S1), break here is required to enable our initial targets at 1.5462 (S2) and 1.5438 (S3)
Resistance Levels: 1.5363, 1.5388, 1.5413
Support Levels: 1.5301, 1.5276, 1.5251
-----------------------
USDJPY :
HIGH 97.888 LOW 96.861 BID 97.833 ASK 97.833 CHANGE 0.6% TIME 08 : 31:12
OUTLOOK SUMMARY : Up
TREND CONDITION : Upward penetration
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Medium
Upwards scenario: USDJPY remains stable below the 20 SMA. Possible price appreciation is limited to the resistance level at 98.08 (R1). Only clear break here would suggest next intraday targets at 98.36 (R2) and 98.63 (R3). Downwards scenario: Recent upside momentum likely exhausted and we expect some stabilization ahead. Next supportive bastion lies at 97.52 (S1). Prolonged movement below it might then expose our intraday targets at 97.25 (S2) and 96.98 (S3).
Resistance Levels: 98.08, 98.36, 98.63
Support Levels: 97.52, 97.25, 96.98
Source: FX Central Clearing Ltd,( [url=http://www.fxcc.com] Currency Converter | Forex School | ECN Forex Trading Accounts | FXCC [/url] )
Forex Technical & Market Analysis FXCC Jun 10 2013
