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Forex Technical & Market Analysis FXCC

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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.
https://support.fxcc.com/email/technical/03052013/

FOREX ECONOMIC CALENDAR :
2013-05-03 12:30 GMT | USA.Nonfarm Payrolls (Apr)
2013-05-03 12:30 GMT | USA.Average Hourly Earnings (MoM)/(YoY) (Apr)
2013-05-03 12:30 GMT | USA.Unemployment Rate (Apr)
2013-05-03 14:00 GMT | CAD.Factory Orders (MoM) (Mar)

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,( http://www.fxcc.com )

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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.”
http://blog.fxcc.com/forex-technical-market-analysis-may-06-2013/


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

------------------
Forex Technical Analysis EURUSD :



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

----------------
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: 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,( Learn Forex Training | ECN Forex Account | forex trader blog | FXCC )

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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.”
https://support.fxcc.com/email/technical/06052013/


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


-----------------------
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

-----------------------
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

------------------
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,( Best Forex Trader | Forex Broker Demo Account | Forex Software | FXCC )

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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.
https://support.fxcc.com/email/technical/08052013/

FOREX ECONOMIC CALENDAR :
2013-05-08 10:00 GMT | EU.Industrial Production s.a. w.d.a. (YoY) (Mar)
2013-05-08 12:15 GMT | CA.Housing Starts s.a (YoY) (Apr)
2013-05-08 17:00 GMT | US.10-Year Note Auction
2013-05-08 22:45 GMT | NZ.Unemployment Rate (Q1)

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

--------------------------
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

-------------------------
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,( FX Central Clearing Ltd )

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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. http://blog.fxcc.com/forex-technical-market-analysis-may-09-2013/

FOREX ECONOMIC CALENDAR :
2013-05-09 11:00 GMT | UK.BoE Asset Purchase Facility
2013-05-09 11:00 GMT | UK.BoE Interest Rate Decision (May 9)
2013-05-09 12:30 GMT | US.Initial Jobless Claims (May 3)
2013-05-09 14:00 GMT | UK.NIESR GDP Estimate (3M) (Apr)

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

------------------------
Forex Technical Analysis EURUSD :
MARKET ANALYSIS – Intraday Analysis



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.

Resistance Levels: 1.3185, 1.3206, 1.3226

Support Levels: 1.3152, 1.3128, 1.3105

-------------------------
Forex Technical Analysis GBPUSD :



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).

Resistance Levels: 1.5549, 1.5565, 1.5581

Support Levels: 1.5533, 1.5517, 1.5498

-----------------------
Forex Technical Analysis USDJPY :



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,( Forex Trading Blog | Learn Forex Training | Best Forex Accounts | FXCC )

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Forex Technical & Market Analysis FXCC May 10 2013

Will a busy economic schedule next week be the catalyst for EUR/USD?

The EUR/USD finished the day down 116 pips at 1.3044. Economic data was quiet for the most part but weekly jobless claims out of the US came in better than expected at 323k vs. 3.35k forecast. The US Dollar was well bid across the board, with the majority of action taking place in the USD/JPY which crossed the 100 threshold for the first time in four years. This seemed to help provide additional USD buying against other pairs, and also helped limit advances in commodities which were primarily lower for the day. Economic releases out of the Eurozone in the coming session include German Trade Balance, Italian Industrial Production, and EU Consumer Price Index.

After the better than expected jobs number past Friday, and another week of improvement in continued claims, some analysts view it as a sign the US Dollar could be set up for further gains in coming weeks. Furthermore, if we see continued gains in USD/JPY it could also be a tailwind and help the US Dollar remain well bid in other pairs. https://support.fxcc.com/email/technical/10052013/

FOREX ECONOMIC CALENDAR :

2013-05-10 12:30 GMT | US.Fed's Bernanke Speech
2013-05-10 12:30 GMT | CA.Unemployment Rate (Apr)
2013-05-10 12:30 GMT | CA.Net Change in Employment (Apr)
2013-05-10 12:30 GMT | CA.Participation rate (Apr)

FOREX NEWS :
2013-05-10 04:36 GMT | Kiwi edging lower in Asia trade
2013-05-10 01:59 GMT | USD/JPY, bulls officially staring at 101.00 from the rear mirror
2013-05-10 01:03 GMT | AUD/USD feeling the selling pressure ahead of RBA statement
2013-05-10 00:28 GMT | USD/JPY completes ‘pennant’ pattern on daily chart, further gains ahead?


----------------------
EURUSD
HIGH 1.30467 LOW 1.30214 BID 1.30451 ASK 1.30455 CHANGE 0.03% TIME 08 : 20:08



OUTLOOK SUMMARY Down
TREND CONDITION Downward penetration
TRADERS SENTIMENT Bullish
IMPLIED VOLATILITY Medium

MARKET ANALYSIS - Intraday Analysis

Upwards scenario: Possibility of market strengthening is seen above the immediate resistive barrier at 1.3056 (R1). Price extension above it is required to validate our next intraday targets at 1.3079 (R2) and 1.3105 (R3). Downwards scenario: Any downside penetration is limited to the initial support level at 1.3010 (S1). A breach of which would open a route towards to next target at 1.2987 (S2) and potentially could expose our final support for today at 1.2965 (S3).

Resistance Levels: 1.3056, 1.3079, 1.3105

Support Levels: 1.3010, 1.2987, 1.2965

----------------------
GBPUSD
HIGH 1.54572 LOW 1.54377 BID 1.54487 ASK 1.54490 CHANGE 0.01% TIME 08 : 20:09



OUTLOOK SUMMARY Down
TREND CONDITION Down trend
TRADERS SENTIMENT Bearish
IMPLIED VOLATILITY Medium

Upwards scenario: Market formed gradual descending move however price appreciation is possible above the next resistance level at 1.5460 (R1). Break here is required to enable next attractive points at 1.5487 (R2) and 1.5516 (R3). Downwards scenario: Penetration below the support at 1.5427 (S1) is liable to put more downward pressure on the instrument in the near-term perspective. As a result our supportive means at 1.5402 (S2) and 1.5380 (S3) might be triggered.

Resistance Levels: 1.5460, 1.5487, 1.5516

Support Levels: 1.5427, 1.5402, 1.5380

----------------------
USDJPY
HIGH 101.197 LOW 100.54 BID 100.937 ASK 100.942 CHANGE 0.32% TIME 08 : 20:10



OUTLOOK SUMMARY Up
TREND CONDITION Upward penetration
TRADERS SENTIMENT Bearish
IMPLIED VOLATILITY Medium

Upwards scenario: USD/JPY continue its consolidation phase on the hourly chart. Possibility of uptrend evolvement is seen above the next resistance at 101.11 (R1). Violation here might increase bullish pressure and validate next intraday targets at 101.47 (R2) and 101.83 (R3). Downwards scenario: Further correction development is limited now to the session low - 100.56 (S1). If the price manages to surpass it we would suggest next intraday targets at 100.18 (S2) and 99.75 (S3).

Resistance Levels: 101.11, 101.47, 101.83

Support Levels: 100.56, 100.18, 99.75

Source: FX Central Clearing Ltd,( http://www.fxcc.com )

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Forex Technical & Market Analysis FXCC May 13 2013

Japan rests re-assured not labeled 'currency manipulator' by G7

Over the weekend, the G7 re-assured the market that Japan is not deliberately weakening the yen in order to create a competitive advantage against other industrialized nations. The group repeated its old same lines about its commitment to avoid artificial currency devaluation for domestic gain purposes, while re-iterating its commitment to avoid volatility in FX rates. According to Mike Paterson, editor at Forexlive: "The general consensus seems to be they accept Japan’s arguments that their dramatic easing on monetary policy is aimed at combating deflation rather than weaker currency advantage." Mr. Paterson thinks the last developments in the G7 meeting "should be the green light for further yen selling when markets re-open given that it takes the uncertainty out of the equation but the announcement was hardly a surprise" he said.

It will be interesting to see just how much weaker it gets in the early stages. Failure to drop too far will suggest that there rightly should be an air of caution after such rapid falls. But as the say goes, all that glitters is not gold, and US, Canada and Germany were all suspiciously more notorious on voicing out a closer monitoring over Japan's next policy actions. As Mr. Paterson rightly points out, "behind the scenes of G7, sure there is not such a united front as they wish to portray." U.S. Treasury Secretary Jack Lew had something to say on yen weakness: “We’ll keep an eye on that”, suggesting that any signs of currency manipulation by Japan will be watch very closely, adding that Japan had “growth issues.” Japan's Finance Minister Mr. Aso confirmed to media reporters that no criticism was noted on Japan’s monetary easing. https://support.fxcc.com/email/technical/13052013/

FOREX ECONOMIC CALENDAR :
24h | EMU. Eurogroup meeting
2013-05-13 12:30 GMT | USA. Retail Sales
2013-05-13 14:00 GMT | USA. Business Inventories (Mar)
2013-05-13 22:45 GMT | New Zeland. Retail Sales

FOREX NEWS :
2013-05-13 04:32 GMT | EUR/USD uncomfortable below 1.30, further definition needed
2013-05-13 04:21 GMT | USD extends gains; Gold takes a hit
2013-05-13 03:34 GMT | Gold selling off sharply below $1430
2013-05-13 03:24 GMT | USD/JPY, expect little pullback in the high 101s - RBS


EURUSD :
HIGH 1.29781 LOW 1.29595 BID 1.29756 ASK 1.29758 CHANGE -0.12% TIME 08 : 04:42



OUTLOOK SUMMARY : Down
TREND CONDITION : Down trend
TRADERS SENTIMENT :Bullish
IMPLIED VOLATILITY :Medium

MARKET ANALYSIS - Intraday Analysis

Upwards scenario: Neutral hourly studies point towards further consolidation, with a break of next resistive structure at 1.3011 (R1) is required to spark stronger upside action. In such scenario we would suggest our next initial targets at 1.3036 (R2) and 1.3062 (R3). Downwards scenario: Medium-term bias is clearly negative. Possible progress below the initial support level at 1.2957 (S1) might expose our intraday targets at 1.2934 (S2) and then 1.2909 (S3).

Resistance Levels: 1.3011, 1.3036, 1.3062

Support Levels: 1.2957, 1.2934, 1.2909

------------------------
GBPUSD :
HIGH 1.53578 LOW 1.53357 BID 1.53519 ASK 1.53529 CHANGE -0.07% TIME 08 : 04:42



OUTLOOK SUMMARY : Down
TREND CONDITION : Down trend
TRADERS SENTIMENT :Bullish
IMPLIED VOLATILITY :Low

Upwards scenario: GBPUSD is consolidating today however we see potential for further appreciation towards to our targets at 1.5403 (R2) and 1.5429 (R3) if the price manages to overcome key resistance measure at 1.5377 (R1). Downwards scenario: Next support level is seen at 1.5334 (S1), any penetration below it might activate further downside pressure and enable lower target at 1.5310 (S2). Any further market decline would then be limited to final support at 1.5284 (S3).

Resistance Levels: 1.5377, 1.5403, 1.5429

Support Levels: 1.5334, 1.5310, 1.5284

------------------
USDJPY :
HIGH 102.151 LOW 101.74 BID 101.751 ASK 101.752 CHANGE 0.14% TIME 08 : 04:43



OUTLOOK SUMMARY : Up
TREND CONDITION : Up trend
TRADERS SENTIMENT :Bearish
IMPLIED VOLATILITY :Low

Upwards scenario: Further uptrend development is possible above the next resistance level at 102.18 (R1). Break here would open route towards to higher target at 102.65 (R2) and any further price advance would then be limited to 103.12 (R3). Downwards scenario: On the other hand, a break of the support at 101.44 (S1) is required to determine negative intraday bias and enable lower target at 101.01 (S2). Clearance of this target would open a path towards to final support for today at 100.57 (S3).

Resistance Levels: 102.18, 102.65, 103.12

Support Levels: 101.44, 101.01, 100.57

Source: FX Central Clearing Ltd,( ECN Broker | Forex Practice Account | Forex Trading Blog | FXCC )

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Forex Technical & Market Analysis FXCC May 14 2013

Schäuble suggests revising EU treaties to make way for banking union

German finance minister Wolfgang Schäuble told the Financial Times today that the banking union could not be completed without a modification of EU treaties. The process of changing them however could last several months or even years. According to Schäuble the existing treaties “do not suffice” to allow for forming a strong central resolution authority. Therefore he warned against making promises which the EU cannot keep, as they would directly affect its credibility.

“The EU does not have coercive means to enforce decisions” Schäuble said. “What it has are responsibilities and powers defined by its treaties.” A change to the treaties would provide a better separation of the ECB's monetary and supervisory functions. The German finance minister is conscious that such changes might take a long time, so he proposed a two-step process consisting of a resolution mechanism based on a network of national authorities as well as a network of resolution funds. Even though Schäuble acknowledges that such a structure would not be trons enough in the long term, he believes that it would allow to buy time and create the base for reaching the final objective: a European banking union, which encompasses the entire interior market. https://support.fxcc.com/email/technical/14052013/

FOREX ECONOMIC CALENDAR :
24h | EMU. EcoFin Meeting
2013-05-14 06:00 GMT | Germany. Consumer Price Index
2013-05-14 09:00 GMT | Germany. ZEW Survey - Economic Sentiment
2013-05-14 09:30 GMT | Australia. Budget Release

FOREX NEWS :
2013-05-14 04:28 GMT | Look to get long EUR/JPY into support levels
2013-05-14 03:58 GMT | EUR/USD still range bound ahead of busy economic calendar week
2013-05-14 03:46 GMT | AUD/USD, outlook is bearish but be patient - RBS
2013-05-14 03:11 GMT | GBP/USD completes ‘bear flag’ pattern on daily chart


EURUSD :
HIGH 1.30261 LOW 1.29693 BID 1.30029 ASK 1.30033 CHANGE 0.21% TIME 08 : 33:12



OUTLOOK SUMMARY : Up
TREND CONDITION : Upward penetration
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : Medium

MARKET ANALYSIS - Intraday Analysis

Upwards scenario: Possibility of uptrend penetration is seen above the next resistance level at 1.3026 (R1). Clearance here might enable bullish pressure and let the price to achieve our intraday targets at 1.3044 (R2) and 1.3062 (R3). Downwards scenario: On the short-term perspective the pair might encounter supportive measures at 1.2992 (S1). Loss here might change intraday technical structure and opens the way for a test of 1.2971 (S2) and 1.2951 (S3) later on today.

Resistance Levels: 1.3026, 1.3044, 1.3062

Support Levels: 1.2992, 1.2971, 1.2951

--------------------
GBPUSD :
HIGH 1.5331 LOW 1.52939 BID 1.53144 ASK 1.53152 CHANGE 0.1% TIME 08 : 33:12



OUTLOOK SUMMARY : Down
TREND CONDITION : Down trend
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Medium

Upwards scenario: Possibility of market strengthening is seen above the immediate resistive barrier at 1.5334 (R1). Price extension above it is required to validate our next intraday targets at 1.5358 (R2) and 1.5383 (R3) Downwards scenario: On the other hand if the price manages to overcome our next support barrier at 1.5296 (S1), we expect to see further market decline towards to our target at 1.5272 (S2) and then next stop could be found at 1.5249 (S3) mark.

Resistance Levels: 1.5334, 1.5358, 1.5383

Support Levels: 1.5296, 1.5272, 1.5249

-------------------------
USDJPY :
HIGH 101.849 LOW 101.365 BID 101.439 ASK 101.441 CHANGE -0.37% TIME 08 : 33:13



OUTLOOK SUMMARY : Up
TREND CONDITION : Downward penetration
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : Medium

Upwards scenario: Medium term bias remains positive however further market rise is limited now to the key resistive barrier at 101.78 (R1), clearance here is required to enable next resistances at 102.22 (R2) and last one at 102.67 (R3). Downwards scenario: Measures of support might be activating when the pair approaches the 101.21 (S1). If it continues to extend its weakening below it we expect next targets to be exposed at 100.77 (S2) and 100.35 (S3) later on.

Resistance Levels: 101.78, 102.22, 102.67

Support Levels: 101.21, 100.77, 100.35

Source: FX Central Clearing Ltd,( ECN Forex Software | The Best Forex Broker | Forex Account | FXCC )

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Forex Technical & Market Analysis FXCC May 15 2013

EU gives the go-ahead to Spanish bank restructuring plan

The European Commission announced on Wednesday its approval of the plans to restructure Spain's four nationalized banks: Bankia, Nova Caixa Galicia, Catalunya Caixa and Banco de Valencia. Vice President of the European Commission responsible for Competition Policy Joaquín Almunia said in the European morning that the injection of 37 billion euros of the bank rescue would require a 60% reduction in the size of the nationalized financial institutions by 2017.

Joaquín Almunia informed that during the negotiations with Spanish authorities and the banks in question it was established that the recapitalization funds would be distributed as follows: 18 billion euros for Bankia, 9 billion for Catalunya Caixa, 5.5 billion for Nova Caixa Galicia and 4.5 billion for Banco de Valencia. The four nationalized financial institutions should abandon conceding loans for high risk activities and should transfer 45 billion euros of toxic assets to the newly created bad bank. Catalunya Caixa and Nova Caixa Galicia are expected to be sold before 2017.
http://blog.fxcc.com/forex-technical-market-analysis-may-15-2013/

FOREX ECONOMIC CALENDAR :
2012-11-29 08:55 GMT | Germany. Unemployment Change (Nov)
2012-11-29 10:30 GMT | United Kingdom. BoE's Governor King Speech
2012-11-29 13:30 GMT | United States. Gross Domestic Product Annualized (Q3)
2012-11-29 15:00 GMT | United States. Pending Home Sales (MoM) (Oct)

FOREX NEWS :
2012-11-29 06:12 GMT | EUR/GBP flat below 0.8100, 50% Fibo
2012-11-29 05:36 GMT | GBP/USD trying to push higher, eyeing 1.6020
2012-11-29 05:25 GMT | NZD/USD higher on US 'fiscal cliff' optimism
2012-11-29 04:09 GMT | EUD/USD bullish while above 1.2885 – Scotiabank

--------------------
Forex Technical Analysis EURUSD :



MARKET ANALYSIS – Intraday Analysis

Upwards scenario: Next on tap, resistance level at 1.2962 (R1). A break higher could open the door for an attack to next target at 1.2980 (R2) and final immediate resistance is seen at 1.2996 (R3). Downwards scenario: Further retracement formation on the medium-term might occur below the support level at 1.2939 (S1), break here is required to put focus on actual targets at 1.2921 (S2) and 1.2903 (S3).

Resistance Levels: 1.2962, 1.2980, 1.2996

Support Levels: 1.2939, 1.2921, 1.2903

------------------
Forex Technical Analysis GBPUSD :



Upwards scenario: Upside risk aversion is seen above the resistance at 1.6021 (R1). Any violation of that level would be considered as signal of possible uptrend formation towards to our targets at 1.6031 (R2) and 1.6042 (R3).Downwards scenario: Though, our medium-term outlook is bearish. A break through support level at 1.6005 (S1) is possible en route towards to our intraday targets at 1.5994 (S2) and 1.5983 (S3).

Resistance Levels: 1.6021, 1.6031, 1.6042

Support Levels: 1.6005, 1.5994, 1.5983

-------------------
Forex Technical Analysis USDJPY :



Upwards scenario: The pair might face key resistive bastion at 82.22 (R1). A break above it might activate upside pressure and suggest the short-term targets at 82.30 (R2) and 82.39 (R3). Downwards scenario: On a slightly longer term focus has returned to the support at 82.00 (S1). If the market manages to overcome it, next hurdle lies at 81.91 (S2) and 81.82 (S3).

Resistance Levels: 82.22, 82.30, 82.39

Support Levels: 82.00, 81.91, 81.82


Source: FX Central Clearing Ltd,( http://www.fxcc.com )

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Forex Technical & Market Analysis FXCC May 16 2013

BoE sees a modest and sustained recovery over the next three years

The quarterly Inflation Report released by the Bank of England on Wednesday suggests that UK inflation should rise above 3% in June and that it will possibly remain above the 2% target for the next two years. As for the GDP, it is “likely to pick up gradually over the next year or so, supported by past asset purchases, an easing in credit conditions aided by the Funding for Lending Scheme, and a continuing improvement in the global environment.”

The BoE MPC expects GDP growth of 0.3% in the first quarter of 2013. In the current quarter they see quarterly GDP expanding by 0.5%, while year-on-year GDP is projected to grow by 2.2% (compared with the previous forecast of 2%). Nevertheless, the MPC recognizes that the recovery is still “weak and uneven.” The report states that in the light of the growth and inflation forecasts more stimulus might be required. No rate hike should be carried out before 2016 however. Following the release of the report, BoE Governor Mervyn King presented it at a press conference. He pointed out that there are many obstacles on UK's road to recovery, the most important being the Eurozone crisis and rising unemployment. He stressed that UK policymakers should continue their efforts to boost the recovery as “this is no time to be complacent.” http://blog.fxcc.com/forex-technical-market-analysis-may-16-2013/


FOREX ECONOMIC CALENDAR :
2013-05-15 09:00 GMT | EMU. Consumer Price Index
2013-05-15 12:30 GMT | USA. Consumer Price Index
2013-05-15 14:00 GMT | USA. Philadelphia Fed Manufacturing Survey
2013-05-15 19:05 GMT | USA. FOMC Member Williams speech


FOREX NEWS :
2013-05-15 19:24 GMT | EUR/USD seen at 1.2600 in 3 months – UBS
2013-05-15 18:55 GMT | GBP/JPY is unable to break above 156.00
2013-05-15 18:41 GMT | USD/CHF retests daily lows
2013-05-15 18:19 GMT | AUD/USD's recovery capped at 0.9920, back to 0.9870

--------------------
Forex Technical Analysis EURUSD :
MARKET ANALYSIS – Intraday Analysis



Upwards scenario: Next on tap, resistance level at 1.2962 (R1). A break higher could open the door for an attack to next target at 1.2980 (R2) and final immediate resistance is seen at 1.2996 (R3). Downwards scenario: Further retracement formation on the medium-term might occur below the support level at 1.2939 (S1), break here is required to put focus on actual targets at 1.2921 (S2) and 1.2903 (S3).

Resistance Levels: 1.2962, 1.2980, 1.2996
Support Levels: 1.2939, 1.2921, 1.2903

---------------------
Forex Technical Analysis GBPUSD :



Upwards scenario: Upside risk aversion is seen above the resistance at 1.6021 (R1). Any violation of that level would be considered as signal of possible uptrend formation towards to our targets at 1.6031 (R2) and 1.6042 (R3).Downwards scenario: Though, our medium-term outlook is bearish. A break through support level at 1.6005 (S1) is possible en route towards to our intraday targets at 1.5994 (S2) and 1.5983 (S3).

Resistance Levels: 1.6021, 1.6031, 1.6042
Support Levels: 1.6005, 1.5994, 1.5983

--------------------------
Forex Technical Analysis USDJPY :



Upwards scenario: The pair might face key resistive bastion at 82.22 (R1). A break above it might activate upside pressure and suggest the short-term targets at 82.30 (R2) and 82.39 (R3). Downwards scenario: On a slightly longer term focus has returned to the support at 82.00 (S1). If the market manages to overcome it, next hurdle lies at 81.91 (S2) and 81.82 (S3).

Resistance Levels: 82.22, 82.30, 82.39
Support Levels: 82.00, 81.91, 81.82

Source: FX Central Clearing Ltd,( ECN Broker Account | Currency Converter | Forex Blog | FXCC )

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Forex Technical & Market Analysis FXCC May 17 2013

Talking Down the EUR

The euro came under selling pressure today against the U.S. dollar after European Industry Commissioner Tajani tried to talk down the currency. As the head of an agency whose goal is to protect the export sector, Tajani complained that the euro is too strong and called on the central bank to manage the currency in a way that would help exports. Considering that the euro has been in a downtrend since the beginning of the month and has lost over 5% since the beginning of February, some investors may be surprised by the timing of Tajani's comments. However it is clear that underperformance of the Eurozone economy, which is currently in recession is a big motivation for industry officials, politicians and central bankers to make overtures to weaken the euro now versus February. In addition, with the currency in a downtrend, comments such as these will have a greater impact on the euro. As the ECB considers whether to introduce negative deposit rates or purchases of asset backed securities, a weaker currency will provide additional support to the region's economy.
https://support.fxcc.com/email/technical/17052013/


FOREX ECONOMIC CALENDAR :
2013-05-17 09:00 GMT | EMU. Construction Output w.d.a (YoY) (Mar)
2013-05-17 12:30 GMT | Canada. Consumer Price Index (YoY) (Apr)
2013-05-17 13:55 GMT | USA. Reuters/Michigan Consumer Sentiment Index (May)
2013-05-17 15:00 GMT | USA. CB Leading Indicator (MoM) (Apr)

FOREX NEWS :
2013-05-17 04:58 GMT | Nomura's survey on USDJPY suggest higher quotes
2013-05-17 04:26 GMT | Technical picture continues to become more bearish for EUR/USD
2013-05-17 03:57 GMT | AUD/USD, how far can it go? 0.9750/10 next demand
2013-05-17 02:40 GMT | USD/CHF inching toward hourly resistance trend line at 0.9675


EURUSD :
HIGH 1.28897 LOW 1.2855 BID 1.28676 ASK 1.28680 CHANGE -0.1% TIME 08 : 26:30



OUTLOOK SUMMARY : Down
TREND CONDITION : Sideway
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Medium

MARKET ANALYSIS - Intraday Analysis

Upwards scenario: 20 SMA acts as next resistance level at 1.2886 (R1). Penetration above that mark might trigger upside pressure and expose our next resistive mean at 1.2911 (R2) en route towards to final target for today at 1.2937 (R3). Downwards scenario: On the other hand, successful retest of our next support level at 1.2843 (S1) Market would create a signal of bearish sentiment and enable our interim target at 1.2819 (S2). Final support for today locates at 1.2794 (S3).

Resistance Levels: 1.2886, 1.2911, 1.2937
Support Levels: 1.2843, 1.2819, 1.2794

-----------------------
GBPUSD :
HIGH 1.52822 LOW 1.52366 BID 1.52521 ASK 1.52533 CHANGE -0.1% TIME 08 : 26:30



OUTLOOK SUMMARY : Down
TREND CONDITION : Downward penetration
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Medium

Upwards scenario: A bearish tone dominates during the Asian session however further buying interest might arise above the resistance at 1.5281 (R1). Clearance here would suggest next intraday target at 1.5315 (R2) and if the price holds its momentum we can expect an increase towards to 1.5351 (R3). Downwards scenario: If the price failed to establish further positive bias today, likely we will see retest of our key support level at 1.5228 (S1). Break here is required to enable initial lower targets at 1.5194 (S2) and 1.5163 (S3) in potential.

Resistance Levels: 1.5281, 1.5315, 1.5351
Support Levels: 1.5228, 1.5194, 1.5163

--------------------------
USDJPY :
HIGH 102.371 LOW 102.08 BID 102.291 ASK 102.295 CHANGE 0.04% TIME 08 : 26:31



OUTLOOK SUMMARY : Neutral
TREND CONDITION : Sideway
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Medium

Upwards scenario: Neutral channel formation remains in play on the hourly chart. Our next resistance level is placed at 102.47 (R1). Strengthening above it would point to resistive structure at 102.81 (R2) onto 103.14 (R3). Downwards scenario: Possible downtrend evolvement might occur below the immediate support level at 102.05 (S1). Clearance here is required to enable our next targets at 101.70 (S2) and 101.36 (S3) in potential.

Resistance Levels: 102.47, 102.81, 103.14
Support Levels: 102.05, 101.70, 101.36

Source: FX Central Clearing Ltd,( ECN Broker List | Forex Trading Account | Currency Converter | FXCC )

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Forex Technical & Market Analysis FXCC May 20 2013

Bearish developments on EUR/USD charts continue to take shape

It was a rough week for the EUR/USD, as continued speculation of the Fed tapering QE purchases and worries of economic growth in Europe continued to put pressure on the pair throughout the week. When all was said and done, the pair finished the week down 0.90% to close at 1.2838. Market participants will be focusing on a number reports this week including testimony from Fed Chairman Bernanke, as well as speeches by some regional Fed officials. According to Greg Gibbs, FX Trading Strategist at RBS,“the market will be looking closely at the Fed commentary this week. Bernanke's testimony to Congress on Wednesday is the main focal point, but there are important speeches by doves Evans and Dudley before then. As key supporters of maintaining the current $85bn pace of asset purchases, any shift in their tone will be seen as evidence that the consensus and Bernanke's views have shifted.”

He went on to add, “the commentary by Fed Watcher Hilsenrath just over a week ago and by a Fed dove Williams on Thursday last week has got the market thinking about potential for QE tapering in the summer, which puts into play the 19 June, 31 July or 18 September meetings. The June meeting includes a Bernanke press conference and staff projects, as does the September meeting.”
http://blog.fxcc.com/forex-technical-market-analysis-may-20-2013/

FOREX ECONOMIC CALENDAR
2013-05-20 12:30 GMT | US.Chicago Fed National Activity Index (Apr)
2013-05-20 17:00 GMT | US.Fed's Evans Speech
2013-05-20 19:00 GMT | AR.Unemployment Rate (QoQ) (Q1)
2013-05-20 21:45 GMT | NZ.Visitor Arrivals (YoY) (Apr)


FOREX NEWS
2013-05-20 02:45 GMT | Sterling bulls continue to defend the 1.5150 level
2013-05-20 02:32 GMT | AUD/USD higher above 0.9750 on USD weakness
2013-05-20 00:27 GMT | EUR/JPY buyers step in again at 131.00, support remains firm
2013-05-19 23:11 GMT | EUR/USD capped below 1.2850

----------------------
Forex Technical Analysis EURUSD :
MARKET ANALYSIS – Intraday Analysis



Upwards scenario: Bullish market sentiment is slightly improved yesterday however further appreciation needs to clear barrier at 1.2855 (R1) to enable our interim target at 1.2882 (R2) and then any further gains would be limited to last resistance at 1.2908 (R3). Downwards scenario: If the price manages to overcome our next support barrier at 1.2818 (S1), we expect to see further market decline towards to our next target at 1.2800 (S2) and then next stop could be found at 1.2780 (S3) mark.

Resistance Levels: 1.2855, 1.2882, 1.2908
Support Levels: 1.2818, 1.2800, 1.2780

-------------------------------
Forex Technical Analysis GBPUSD :



Upwards scenario: Next immediate resistive barrier is seen at 1.5209 (R1). If instrument gains momentum on the upside and manage to overcome it we would focus on the intraday targets at 1.5241 (R2) and 1.5276 (R3) in potential. Downwards scenario: Any downside extension is limited now to the next support level at 1.5163 (S1). Break here is required to open a route towards to next target at 1.5141 (S2) and then any further easing would be targeting final support at 1.5117 (S3).

Resistance Levels: 1.5209, 1.5241, 1.5276
Support Levels: 1.5163, 1.5141, 1.5117

------------------------
Forex Technical Analysis USDJPY :



Upwards scenario: Possible upwards formation is limited now to resistive measure at 102.87 (R1). A break above it would suggest next intraday target at 103.29 (R2) and if the price holds its momentum we can expect price increase towards to final resistance at 103.75 (R3). Downwards scenario: Pair looks likely to test our supportive means today. Devaluation below the support at 102.62 (S1) would initiate bearish pressure. On the way our next interim support at 102.39 (S2) en route to final target at 102.07 (S3).

Resistance Levels: 102.87, 103.29, 103.75
Support Levels: 102.62, 102.39, 102.07

Source: FX Central Clearing Ltd,( FX Central Clearing Ltd )

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Forex Technical & Market Analysis FXCC May 21 2013

Fed-Speak to dominate EUR/USD trading in coming days

The EUR/USD was able to claw back a small portion of its losses suffered last week, finishing the day up 64 pips at 1.2884. Economic news was light on the session with European markets closed and no releases out of the US. Market participants will be expecting volatility to really pick up later in the week when we see Fed Chairman Bernanke’s testimony to Congress, the release of the most recent FOMC minutes, and a number of other regional Fed speakers on the wires. Given the recent market buzz of the prospects of Fed tapering QE, the next few days could help set a more established trend for the pair as we near month end.

According to Marc Chandler, Head Currency Strategist at BBH, “in the US, the FOMC minutes from the April 30/May 1 meeting will be released on Wednesday. Markets will be parsing them very thoroughly for any clues about QE tapering. Those minutes will be sandwiched between another heavy slate of Fed speakers including Bullard and Dudley on Tuesday, Bernanke testimony on Wednesday, and Bullard again on Thursday. Bernanke’s testimony will be the most important, of course. While we expect the key Fed officials to signal steady as she goes with regards to QE, we acknowledge that markets could see some turbulence.” Other analysts also mention to keep a focus on Europe, as we will see a number of important PMI releases from the region later in the week as well as speeches from important European officials including ECB President Draghi.
http://blog.fxcc.com/forex-technical-market-analysis-may-21-2013/

FOREX ECONOMIC CALENDAR :
2013-05-21 06:00 GMT | Germany. Producer Price Index (YoY) (Apr)
2013-05-21 08:30 GMT | UK. Consumer Price Index (YoY) (Apr)
2013-05-21 14:00 GMT | USA. Treasury Sec Lew Speech
2013-05-21 23:50 GMT | Japan. Merchandise Trade Balance Total (Apr)

FOREX NEWS :
2013-05-21 04:36 GMT | Fed-Speak to dominate EUR/USD trading in coming days
2013-05-21 04:26 GMT | USD/JPY, break through 103.5 allows 105/105.50 – JPMorgan
2013-05-21 03:19 GMT | EUR/JPY continues to eye upper end of range near 133.00
2013-05-21 01:48 GMT | AUD/USD consolidates below 0.9800 after RBA minutes release

---------------------
Forex Technical Analysis EURUSD :
MARKET ANALYSIS – Intraday Analysis



Upwards scenario: On the upside market might get more incentives above the immediate resistive barrier at 1.2905 (R1). If the price manages to overcome it we would suggest next intraday targets at 1.2930 (R2) and 1.2955 (R3). Downwards scenario: On the other hand, possible downtrend development may encounter supportive measure at 1.2860 (S1). Penetration through this level would targeting then supportive means at 1.2836 (S2) and 1.2811 (S3) later on today.

Resistance Levels: 1.2905, 1.2930, 1.2955
Support Levels: 1.2860, 1.2836, 1.2811


----------------------------
Forex Technical Analysis GBPUSD :



Upwards scenario: While both moving averages are pointing down, medium-term technical outlook would be positive. Key resistance level lie at 1.5281 (R1), above here opens a route towards to our initial targets at 1.5308 (R2) and 1.5336 (R3). Downwards scenario: Local low at 1.5221 (S1) offers next immediate support barrier. Successful penetration below it would open path towards to next intraday targets at 1.5194 (S2) and 1.5165 (S3).

Resistance Levels: 1.5281, 1.5308, 1.5336
Support Levels: 1.5221, 1.5194, 1.5165

---------------------------
Forex Technical Analysis USDJPY :



Upwards scenario: On the upside resistive structure at 102.77 (R1) prevents further gains. Clearance here is required to open route towards to next target at 103.10 (R2) and then final target could be triggered at 103.43 (R3). Downwards scenario: On the other hand, pair keeps the consolidation pattern intact. We see potential to positively retest supportive barrier at 102.19 (S1). Depreciation below it would open route towards to initial targets at 101.86 (S2) and 101.52 (S3) in potential.

Resistance Levels: 102.77, 103.10, 103.43
Support Levels: 102.19, 101.86, 101.52

Source: FX Central Clearing Ltd,( ECN FX Broker Platform | Forex Account | Currency Converter | FXCC )

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Forex Technical & Market Analysis FXCC May 22 2013

Bernanke testimony, FOMC minutes, & European data to heighten EUR/USD volatility

The EUR/USD finished the day moderately higher, closing up 25 pips at 1.2905 ahead of what is sure to be a volatile session with Fed Chairman Bernanke set to testify in front of congress at 14:00GMT. Furthermore, we will also see the release of the most recent FOMC minutes at 18:00GMT. According to Sean callow of Westpac,“The US calendar is dominated by Fed chairman Bernanke’s testimony on “The Economic Outlook” to the Joint Economic Committee of Congress (10am NY time). He will deliver a prepared text then take numerous questions from both friendly and hostile lawmakers. Volatility over the course of his appearance seems assured, as markets try to quickly decide whether Bernanke is trying to dampen talk of reducing QE some time soon, is affirming such a view or remaining non-committal. USD should gain in the latter two scenarios but we still expect the first outcome – Bernanke arguing that it is too soon to be confident that the economy is recovering sustainably.”

Other analysts are pointing towards European economic data as the additional catalysts for the EUR/USD which may help to break the recent range bound activity. Market participants should be aware that later in the week will see a number of European PMI figured which could also heighten volatility. http://blog.fxcc.com/forex-technical-market-analysis-may-22-2013/


FOREX ECONOMIC CALENDAR :
2013-05-22 12:30 GMT | Canada.Retail Sales (MoM) (Mar)
2013-05-22 14:00 GMT | USA.Existing Home Sales (MoM) (Apr)
2013-05-22 14:00 GMT | USA.Fed's Bernanke testifies
2013-05-22 18:00 GMT | USA.FOMC Minutes

FOREX NEWS :
2013-05-22 03:26 GMT | USD/JPY steady near 102.50 after BoJ Monetary Policy release
2013-05-22 02:43 GMT | AUD/USD still around 0.98 despite worsening consumer confidence in | Australia
2013-05-22 02:41 GMT | GBP/JPY – Will buyers have enough force to take out 156.80 resistance?
2013-05-22 00:22 GMT | EUR/USD working its way higher thru 1.2920/40 supply

-----------------------
Forex Technical Analysis EURUSD :
MARKET ANALYSIS – Intraday Analysis



Upwards scenario: Instrument stabilized after the gains provided yesterday. Penetration above the resistive structure at 1.2926 (R1) might encourage protective orders execution and drive market price towards to the next resistive means at 1.2940 (R2) and 1.2955 (R3). Downwards scenario: Measures of support might be activating when the pair approaches the 1.2905 (S1). If it continues to extend its weakening below it we expect next targets to be exposed at 1.2889 (S2) and 1.2877 (S3) later on.

Resistance Levels: 1.2926, 1.2940, 1.2955
Support Levels: 1.2905, 1.2889, 1.2877

----------------------
Forex Technical Analysis GBPUSD :



Upwards scenario: Next actual resistance level is seen at 1.5160 (R1). If the market manages to surge higher, our focus would returned to the next target at 1.5179 (R2) and further recovery action could be exhausted at 1.5197 (R3) intraday. Downwards scenario: Price regress below the support level at 1.5128 (S1) would increase likelihood of failing towards to our key supportive barrier at 1.5110 (S2) and any further market decline would then be targeting final support for today at 1.5092 (S3).

Resistance Levels: 1.5160, 1.5179, 1.5197
Support Levels: 1.5128, 1.5110, 1.5092

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Forex Technical Analysis USDJPY :



Upwards scenario: Any upside actions looks limited to resistance level at 102.64 (R1). Surpassing of this level might enable next target at 102.73 (R2) and any further gains would then be targeting final mark at 102.86 (R3) in potential. Downwards scenario: Our next support level at 102.44 (S1) limits possible recovery attempts for now. Break here is required to establish negative market sentiment and enable lower target at 102.35 (S2) en route to final target at 102.25 (S3).

Resistance Levels: 102.64, 102.73, 102.86
Support Levels: 102.44, 102.35, 102.25

Source: FX Central Clearing Ltd,( Forex Training | Currency Converter | ECN Forex Trading Accounts | FXCC )

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Forex Technical & Market Analysis FXCC May 23 2013

FOMC minutes show members open to tapering QE

The minutes from the April 30 and May 1 FOMC meeting showed that "a number" of officials expressed willingness to taper the bond buying program as early as the June meeting "if the economic information received by that time showed evidence of sufficiently strong and sustained growth". However, according to the minutes, views differed about what evidence would be necessary and the likelihood of that outcome. One Fed official wanted to stop the bond purchases immediately, while another wanted to increase the size of the program. Despite the discrepancies, most members emphasized importance of being prepared to adjust purchases either up or down.

The minutes also revealed the Fed started a review of their exit strategy principles last released to the public in 2011. The broad principles appeared generally still valid, but the bank will probably need greater flexibility regarding the details of implementing policy normalization. The greenback surged against majority of its person Wednesday after Fed Chairman Ben Bernanke hinted at possibilities of the central bank slowing its bond purchases. Initially, dollar briefly dropped across the board after Bernanke said monetary stimulus is helping the U.S.economy recovery. http://blog.fxcc.com/forex-technical-market-analysis-may-23-2013/


FOREX ECONOMIC CALENDAR
2013-05-23 07:30 GMT ECB President Draghi's Speech senectus
2013-05-23 08:30 GMT Gross Domestic Product (YoY) (Q1)
2013-05-23 12:30 GMT Initial Jobless Claims (May 17)
2013-05-23 14:00 GMT New Home Sales (MoM) (Apr)

FOREX NEWS
2013-05-23 04:13 GMT More volatility expected with EU PMI on tap
2013-05-23 03:32 GMT USD/JPY turns below 103.5 on bad China data
2013-05-23 03:09 GMT GBP/JPY edging lower towards support at 154.50
2013-05-23 03:01 GMT AUD/NZD glued to 1.20 despite Aussie disaster

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Forex Technical Analysis EURUSD
MARKET ANALYSIS – Intraday Analysis



Upwards scenario: EURUSD broke all supportive measure yesterday and currently stabilized near its lows. Appreciation above the resistive barrier at 1.2864 (R1) is compulsory to commence positive market structure and validate next intraday targets at 1.2887 (R2) and 1.2909 (R3). Downwards scenario: However our both moving averages are pointing down and if the price manages to break our key support level at 1.2824 (S1) we would expect further depreciation towards to our next targets, located at 1.2803 (S2) and 1.2781 (S3).

Resistance Levels: 1.2864, 1.2887, 1.2909
Support Levels: 1.2824, 1.2803, 1.2781

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Forex Technical Analysis GBPUSD
MARKET ANALYSIS – Intraday Analysis



Upwards scenario: Prolonged movement yesterday on the downside determined negative bias on the short-term perspective. Though possible penetration above the resistance level at 1.0573 (R1) might keep bulls in play, targeting next resistances at 1.5109 (R2) and 1.5145 (R3). Downwards scenario: The downside direction remains favored according to the technical indicators. Our key support measure lies at 1.5010 (S1). Decline below it would enable next targets located at 1.4978 (S2) and 1.4944 (S3).

Resistance Levels: 1.5073, 1.5109, 1.5145
Support Levels: 1.5010, 1.4978, 1.4944

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Forex Technical Analysis USDJPY
MARKET ANALYSIS – Intraday Analysis



Upwards scenario: Price accelerates on the downside recently and likelihood of closing on the positive side today is low. However price appreciation the next resistance level at 102.25 (R1) would suggest next initial targets at 102.55 (R2) and 102.84 (R3). Downwards scenario: Next barrier on the way is seen at 101.76 (S1). Break here would open way towards to next intraday target at 101.48 (S2) and then final aim locates at 101.19 (S3).

Resistance Levels: 102.25, 102.55, 102.84
Support Levels: 101.76, 101.48, 101.19

Source: FX Central Clearing Ltd,( http://www.fxcc.com )

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Forex Technical & Market Analysis FXCC May 24 2013

Will German GDP/IFO be the catalyst to take EUR/USD back above 1.3000?

The EUR/USD finished the session sharply higher, mainly benefiting from a better than expected European PMI data print. It will be another busy upcoming economic session in Europe, with German GDP due out at 6:00GMT, followed by German IFO at 8:00GMT. One has to ask, if the print comes in better than expected, will it be enough to take the pair back above the critical resistance level of 1.3000(the 20dma)? According to analysts at Rabobank, “there was a modestly firmer tone, maybe a ‘less downbeat tone’ is a better description because despite improvement they remain sub-50, to the suite of eurozone PMIs. In Germany, the Manufacturing PMI gained to 49.0, up from April’s 48.1 and the Services PMI ticked up to 49.8 from 49.6. France’s Manufacturing PMI increased to 45.5 from 44.4 and the Services PMI held steady at 44.3. For the eurozone as a whole, the Manufacturing PMI gained to 47.8 from April’s 46.7.”

They went on to add,“there’s no particularly strong message in these data but they are consistent with our thinking – and that of the ECB – that Europe’s economy will show some improvement as this year unfolds. Calmer financial market conditions should pay a positive dividend to the real economy over time.” The ‘risk on’ vs. ‘risk off’ sentiment of the equity market will also be something to keep in mind. It was interesting to see the EUR/USD go well bid on a day when the Nikkei dropped 7%. However, its hard to imagine this correlation continuing should US equities start a serious correction. Furthermore, some analysts believe that just because the recent EU PMI data came in better than expected, EU officials will not deviate from the dovish rhetoric which has been plentiful in recent weeks. https://support.fxcc.com/email/technical/24052013/

FOREX ECONOMIC CALENDAR :
2013-05-24 06:00 GMT | Germany. Gfk Consumer Confidence Survey (Jun)
2013-05-24 08:00 GMT | Germany. IFO - Business Climate (May)
2013-05-24 10:00 GMT | Germany. German Buba President Weidmann speech
2013-05-24 12:30 GMT | USA. Durable Goods Orders (Apr)

FOREX NEWS :
2013-05-24 04:14 GMT | USD/JPY breaks below 102 like hot butter once again
2013-05-24 04:03 GMT | AUD/USD gets pounded down to 0.9650
2013-05-24 03:21 GMT | Sterling holds support at previous lows, continues to find aggressive bids near 1.5000
2013-05-24 02:13 GMT | GBP/JPY closes below 20dma for first time since April 5th


EURUSD :
HIGH 1.2937 LOW 1.29041 BID 1.29290 ASK 1.29294 CHANGE -0.03% TIME 08 : 17:53



OUTLOOK SUMMARY : Up
TREND CONDITION : Upward penetration
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : Medium

MARKET ANALYSIS - Intraday Analysis

Upwards scenario: EURUSD consolidates prior macroeconomic news announcement. Our next resistive barrier is seen at 1.2945 (R1). Break here is required to drive market price towards to next visible targets at 1.2962 (R2) and 1.2978 (R3) later on today. Downwards scenario: Although market players may prefer to increase exposure on the short positions and push the price below the support level at 1.2903 (S1). Possible price devaluation would suggest next initial targets at 1.2886 (S2) and then 1.2867 (S3).

Resistance Levels: 1.2945, 1.2962, 1.2978
Support Levels: 1.2903, 1.2886, 1.2867

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GBPUSD :
HIGH 1.51139 LOW 1.50639 BID 1.51015 ASK 1.51026 CHANGE -0.02% TIME 08 : 17:53



OUTLOOK SUMMARY : Up
TREND CONDITION : Upward penetration
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Medium

Upwards scenario: GBPUSD retraced after the initial downtrend formation. Next resistive barrier on the way is mark at 1.5119 (R1). Loss here is required to push the price towards to our targets at 1.5147 (R2) and 1.5177 (R3) later on today. Downwards scenario: Our next support level lies at 1.5062 (S1). Clearance here might resume downtrend expansion. Our intraday target locates at 1.5031 (S2) and 1.5001 (S3).

Resistance Levels: 1.5119, 1.5147, 1.5177
Support Levels: 1.5062, 1.5031, 1.5001

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USDJPY :
HIGH 102.585 LOW 101.084 BID 101.480 ASK 101.482 CHANGE -0.52% TIME 08 : 17:54



OUTLOOK SUMMARY : Down
TREND CONDITION : Downward penetration
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Medium

Upwards scenario: Market players may prefer to stay neutral today during limited tier one macroeconomic data flow from Japan, though a break of our resistance at 102.00 (R1) would suggest next targets at 102.35 (R2) and 102.70 (R3). Downwards scenario: A short-term technical structure might turn into negative side below the support level at 101.07 (S1). Possible price depreciation would then be targeting support at 100.76 (S2) en route to final target at 100.43 (S3).

Resistance Levels: 102.00, 102.35, 102.70
Support Levels: 101.07, 100.76, 100.43

Source: FX Central Clearing Ltd,( Free Forex Demo Account | Forex Software | Forex Trading Blog | FXCC )

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Forex Technical & Market Analysis FXCC May 27 2013

EU gives the go-ahead to Spanish bank restructuring plan

The European Commission announced on Wednesday its approval of the plans to restructure Spain's four nationalized banks: Bankia, Nova Caixa Galicia, Catalunya Caixa and Banco de Valencia. Vice President of the European Commission responsible for Competition Policy Joaquín Almunia said in the European morning that the injection of 37 billion euros of the bank rescue would require a 60% reduction in the size of the nationalized financial institutions by 2017.

Joaquín Almunia informed that during the negotiations with Spanish authorities and the banks in question it was established that the recapitalization funds would be distributed as follows: 18 billion euros for Bankia, 9 billion for Catalunya Caixa, 5.5 billion for Nova Caixa Galicia and 4.5 billion for Banco de Valencia. The four nationalized financial institutions should abandon conceding loans for high risk activities and should transfer 45 billion euros of toxic assets to the newly created bad bank. Catalunya Caixa and Nova Caixa Galicia are expected to be sold before 2017.
http://blog.fxcc.com/forex-technical-market-analysis-may-27-2013/


FOREX ECONOMIC CALENDAR :
2012-11-29 08:55 GMT | Germany. Unemployment Change (Nov)
2012-11-29 10:30 GMT | United Kingdom. BoE's Governor King Speech
2012-11-29 13:30 GMT | United States. Gross Domestic Product Annualized (Q3)
2012-11-29 15:00 GMT | United States. Pending Home Sales (MoM) (Oct)

FOREX NEWS :
2012-11-29 06:12 GMT | EUR/GBP flat below 0.8100, 50% Fibo
2012-11-29 05:36 GMT | GBP/USD trying to push higher, eyeing 1.6020
2012-11-29 05:25 GMT | NZD/USD higher on US 'fiscal cliff' optimism
2012-11-29 04:09 GMT | EUD/USD bullish while above 1.2885 – Scotiabank

Forex Technical Analysis EURUSD :
MARKET ANALYSIS – Intraday Analysis



Upwards scenario: Next on tap, resistance level at 1.2962 (R1). A break higher could open the door for an attack to next target at 1.2980 (R2) and final immediate resistance is seen at 1.2996 (R3). Downwards scenario: Further retracement formation on the medium-term might occur below the support level at 1.2939 (S1), break here is required to put focus on actual targets at 1.2921 (S2) and 1.2903 (S3).

Resistance Levels: 1.2962, 1.2980, 1.2996
Support Levels: 1.2939, 1.2921, 1.2903


Forex Technical Analysis GBPUSD :
MARKET ANALYSIS – Intraday Analysis



Upwards scenario: Upside risk aversion is seen above the resistance at 1.6021 (R1). Any violation of that level would be considered as signal of possible uptrend formation towards to our targets at 1.6031 (R2) and 1.6042 (R3).Downwards scenario: Though, our medium-term outlook is bearish. A break through support level at 1.6005 (S1) is possible en route towards to our intraday targets at 1.5994 (S2) and 1.5983 (S3).

Resistance Levels: 1.6021, 1.6031, 1.6042
Support Levels: 1.6005, 1.5994, 1.5983


Forex Technical Analysis USDJPY :
MARKET ANALYSIS – Intraday Analysis



Upwards scenario: The pair might face key resistive bastion at 82.22 (R1). A break above it might activate upside pressure and suggest the short-term targets at 82.30 (R2) and 82.39 (R3). Downwards scenario: On a slightly longer term focus has returned to the support at 82.00 (S1). If the market manages to overcome it, next hurdle lies at 81.91 (S2) and 81.82 (S3).

Resistance Levels: 82.22, 82.30, 82.39
Support Levels: 82.00, 81.91, 81.82

Source: FX Central Clearing Ltd,( Currency Converter | Top ECN Forex Broker | Forex Demo Account | FXCC )

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Forex Technical & Market Analysis FXCC May 28 2013

As last week’s volatility in Japanese markets demonstrates central banks do not have it all their own way. Unfortunately for Japan the risk remains that policy makers spur higher yields without accompanying growth, an outcome that would be highly undesirable, especially if it hits economic activity. Equity markets and risk assets in general came under pressure and safe havens found long lost bids, with core bond yields moving lower and JPY and CHF strengthening. The heightened volatility in markets was also partly triggered by concerns about the timing of the tapering off of Fed asset purchases, with Fed Chairman Bernanke setting the cat amongst the pigeons by with commenting about the possibility of reducing asset purchases over the next few meetings. Additionally weaker than forecast Chinese manufacturing confidence data came as another blow to markets. While the market reaction looked a tad overdone in it is notable that the dichotomy between growth and equity market performance has widened over recent weeks.

This week is likely to begin on a calmer note, with holidays in the US and UK today. Data releases in the US will remain encouraging , with May consumer confidence likely to move higher although US Q1 GDP is likely to be revised slightly lower to 2.4% due an inventories hit. In Europe, while the trajectory of recovery is starting from a much lower base there will be some improvement in business confidence in May while inflation will be well contained at 1.3% YoY in May, an outcome that will maintain room for more European Central Bank policy easing. In Japan a sixth straight negative CPI reading will highlight jus how difficult the job is for the Bank of Japan to meet its inflation target. The JPY was a major beneficiary of last week’s volatility helped by short covering as speculative positioning in the currency reached its lowest level since July 2007. A calmer tone to markets ought to ensure that JPY upside will be limited and USD buyers are likely to emerge just below the USD/JPY 100 level. In contrast the EUR has been surprisingly well behaved despite the fact that speculative EUR positioning has also dropped sharply over recent weeks. While the overall trend is lower EUR/USD will find some support on any dip to around 1.2795 this week.
http://blog.fxcc.com/forex-technical-market-analysis-may-28-2013/

FOREX ECONOMIC CALENDAR
2013-05-28 06:00 GMT Switzerland. Trade Balance (Apr)
2013-05-28 07:15 GMT Switzerland. Employment Level (QoQ)
2013-05-28 14:00 GMT USA. Consumer Confidence (May)
2013-05-28 23:50 GMT Japan. Retail Trade (YoY) (Apr)

FOREX NEWS
2013-05-28 05:22 GMT USD/JPY offered at 102 figure
2013-05-28 04:23 GMT Bearish chart pattern developments still favor further downside in EUR/USD
2013-05-28 04:17 GMT AUD/USD erased all loses, back above 0.9630
2013-05-28 03:31 GMT GBP/USD chopping around 1.5100 in Asia trade

Forex Technical Analysis EURUSD
MARKET ANALYSIS – Intraday Analysis



Upwards scenario: Recently pair gained momentum on the downside however appreciation above the next resistance at 1.2937 (R1) might be a good catalyst for a recovery action towards to next expected targets at 1.2951 (R2) and 1.2965 (R3). Downwards scenario: Any downside penetration is limited now to the initial support level at 1.2883 (S1). A breach of which would open a route towards to next target at 1.2870 (S2) and potentially could expose our final support at 1.2856 (S3) later on today.

Resistance Levels: 1.2937, 1.2951, 1.2965
Support Levels: 1.2883, 1.2870, 1.2856

Forex Technical Analysis GBPUSD
MARKET ANALYSIS – Intraday Analysis



Upwards scenario: New portion of macroeconomic data releases might increase volatility later on today. Our resistances at 1.5139 (R2) and 1.5162 (R3) could be exposed in case of possible upwards penetration. But first, price is required to overcome our key resistive barrier at 1.5117 (R1). Downwards scenario: Downside development remains for now limited to the next technical mark at 1.5085 (S1), clearance here would create a signal of possible market weakening towards to next expected targets at 1.5063 (S2) and 1.5040 (S3).

Resistance Levels: 1.5117, 1.5139, 1.5162
Support Levels: 1.5085, 1.5063, 1.5040

Forex Technical Analysis USDJPY
MARKET ANALYSIS – Intraday Analysis



Upwards scenario: USDJPY upwards penetration is approaching our next resistive barrier at 102.14 (R1). Surpassing of this level may initiate bullish pressure towards to next visible targets at 102.41 (R2) and 102.68 (R3). Downwards scenario: Risk of possible corrective action is seen below the support at 101.65 (S1). With penetration here opens a route towards to our immediate support level at 101.39 (S2) and any further price cut would then be limited to final target at 101.10 (S3).

Resistance Levels: 102.14, 102.41, 102.68
Support Levels: 101.65, 101.39, 101.10

Source: FX Central Clearing Ltd,( FX Central Clearing Ltd )

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Forex Technical & Market Analysis FXCC May 29 2013

EUR Succumbs to Rise in U.S. Yields

Demand for U.S. dollars kept pressure on the euro and all major currencies throughout the North American session. Between the recovery in U.S. stocks and the surge in U.S. yields, the dollar is one of the most coveted currencies. Even though we haven’t seen a major pickup in foreign demand for U.S. dollars, particularly from Japan, the longer U.S. yields hold above 2% (10 year yields are at 2.15%), the more tempting it will be for foreign investors. The lack of U.S. data at the front of the week means the lack of threat to the dollar rally. As long as the good news continues to flow in, the dollar will remain in demand. How well the greenback performs against various currencies will of course depend on how economic data from those countries fare. We have seen some recent improvements in Eurozone data that reduces the chance of additional easing by the European Central Bank. German labor market numbers are scheduled for release tomorrow and an upside surprise will keep the EUR above 1.28.

The main driver of EUR/USD weakness has been the divergence between U.S. and Eurozone data – one was improving as the other was deteriorating. If we start to see improvements in the Eurozone economy, then the dynamics affecting the euro will start to change to benefit of the currency. Unfortunately based on the latest PMI numbers, there’s a risk of a downside surprise. According to the report, staffing levels fell for the first time since January with job shedding seen in both the manufacturing and service sectors. If unemployment rolls climb in the month of May, the EUR/USD could extend its losses but even then, the losses could be contained to 1.28, a level that has held for the past month. We probably need to see back to back weakness in Eurozone data (German unemployment and retail sales) for 1.28 to be broken.
http://blog.fxcc.com/forex-technical-market-analysis-may-29-2013/

FOREX ECONOMIC CALENDAR
2013-05-29 07:55 GMT Germany. Unemployment Change (May)
2013-05-29 12:00 GMT Germany. Consumer Price Index (YoY) (May)
2013-05-29 14:00 GMT Canada. BoC Interest Rate Decision
2013-05-29 23:50 GMT Japan. Foreign bond investment

FOREX NEWS
2013-05-29 04:41 GMT Sterling hovering above critical support at 1.5000
2013-05-29 04:41 GMT USD unchanged; IMF lowers China GDP forecast
2013-05-29 04:16 GMT EUR/USD technical picture continues to sour, more declines to come?
2013-05-29 03:37 GMT AUD/JPY continues to find firm bids near 97.00

Forex Technical Analysis EURUSD
MARKET ANALYSIS – Intraday Analysis



Upwards scenario: Our medium-term outlook is shifted to the negative side after the losses provided yesterday, however market appreciation is possible above the next resistance at 1.2880 (R1). Loss here would suggest next intraday targets at 1.2899 (R2) and 1.2917 (R3). Downwards scenario: Fresh low at 1.2840 (S1) offers a key resistive measure on the downside. Break here is required to enable bearish pressure and validate next target at 1.2822 (S2). Final support for today locates at 1.2803 (S3).

Resistance Levels: 1.2880, 1.2899, 1.2917
Support Levels: 1.2840, 1.2822, 1.2803

Forex Technical Analysis GBPUSD
MARKET ANALYSIS – Intraday Analysis



Upwards scenario: Our attention on the upside is put to the next resistive barrier at 1.5052 (R1). Break here is required to stimulate bullish forces to expose initial targets at 1.5078 (R2) and 1.5104 (R3) later on today. Downwards scenario: On the other hand, break below the support at 1.5014 (S1) is required to enable further market decline. Our next supportive measures locates at 1.4990 (S2) and 1.4967 (S3).

Resistance Levels: 1.5052, 1.5078, 1.5104
Support Levels: 1.5014, 1.4990, 1.4967

Forex Technical Analysis USDJPY
MARKET ANALYSIS – Intraday Analysis



Upwards scenario: Instrument gained momentum on the upside recently, turning short-term bias to the positive side. Further upwards penetration above the resistance at 102.53 (R1) would enable bullish forces and might drive market price towards to our initial targets at 102.70 (R2) and 102.89 (R3). Downwards scenario: On the other hand, prolonged movement below the initial support level at 102.01 (S1) might trigger protective orders execution and drive market price towards to supportive means at 101.82 (S2) and 101.61 (S3).

Resistance Levels: 102.53, 102.70, 102.89
Support Levels: 102.01, 101.82, 101.61

Source: FX Central Clearing Ltd,( Forex Trading Education | ECN Trading Forex Account | FXCC )

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Forex Technical & Market Analysis FXCC May 30 2013

OECD: Global economy is moving forward at multiple speeds

In its biannual Economic Outlook report, published on Wednesday, the Organization for Economic Cooperation and Development reduced the global growth outlook to 3.1% from the previous estimate of 3.4%. It expects the US and the Japanese economies to improve this year, suggesting at the same time that the Eurozone will continue to lag which might have “negative implications for the global economy."

The OECD cut the Eurozone growth forecast to -0.6% from -0.1% estimated in November 2012, warning that "activity is still falling, reflecting ongoing fiscal consolidation, weak confidence and tight credit conditions, especially in the periphery." The Eurozone economy should rebound to 1.1% in 2014. The OECD also urged the ECB to seriously consider implementing QE and introducing negative deposit rates in order to stimulate recovery in the area. China, which already saw its growth outlook reduced on Tuesday by the IMF, is expected to grow by 7.8% this year, down from a previous estimate of 8.5%. The organization was more upbeat about the US, which is projected to grow by 1.9% in 2013 and by 2.8% in 2014. Japan's growth forecast was hiked to 1.6% from 0.7%, with the prospect of a 1.4% gain next year, owing to the BoJ's implementation of fiscal and monetary stimulus programs.
http://blog.fxcc.com/forex-technical-market-analysis-may-30-2013/

FOREX ECONOMIC CALENDAR
2013-05-30 06:00 GMT UK. Nationwide Housing Prices n.s.a (YoY) (May)
2013-05-30 12:30 GMT USA. Gross Domestic Product Price Index
2013-05-30 14:30 GMT USA. Pending Home Sales (YoY) (Apr)
2013-05-30 23:30 GMT Japan. National Consumer Price Index (YoY) (Apr)

FOREX NEWS
2013-05-30 04:39 GMT USD eases to key level at 83.50 ahead of US GDP
2013-05-30 03:11 GMT GBP/USD – Bullish engulfing candle to spur further advances?
2013-05-30 02:29 GMT EUR/USD edging towards resistance at 1.3000
2013-05-30 01:50 GMT Aussie edging higher towards resistance at 0.9700

Forex Technical Analysis EURUSD
MARKET ANALYSIS – Intraday Analysis



Upwards scenario: Recent upside penetration is limited now to the key resistive barrier at 1.2977 (R1). Appreciation above this mark might likely push the pair toward to next targets at 1.2991 (R2) and 1.3006 (R3) in potential. Downwards scenario: Possible bull back on the hourly chart might face next hurdle at 1.2933 (S1). Break here is required to open road towards to our next retracement target at 1.2919 (S2) en route to final aim at 1.2902 (S3).

Resistance Levels: 1.2977, 1.2991, 1.3006
Support Levels: 1.2933, 1.2919, 1.2902

Forex Technical Analysis GBPUSD
MARKET ANALYSIS – Intraday Analysis



Upwards scenario: A bullish oriented market participant might pressures to test our next resistance level at 1.5165 (R1). Loss here could open a route towards to our interim target at 1.5188 (R2) and the main aim for today locates at 1.5211 (R3). Downwards scenario: As long as price stays below the moving averages our medium-term outlook would be negative. Though, extension lower the 1.5099 (S1) is being able to drive market price towards to our next supports at 1.5076 (S2) and 1.5053 (S3).

Resistance Levels: 1.5165, 1.5188, 1.5211
Support Levels: 1.5099, 1.5076, 1.5053

Forex Technical Analysis USDJPY
MARKET ANALYSIS – Intraday Analysis



Upwards scenario: USDJPY recently tested negative side and currently remains stable below the 20 SMA. Possible price appreciation is limited to the resistance level at 101.53 (R1). Only clear break here would suggest next intraday targets at 101.81 (R2) and 102.09 (R3). Downwards scenario: Any prolonged movement below the support at 100.60 (S1) might prolong downside pressure and drive market price towards to supportive means at 100.34 (S2) and 100.08 (S3).

Resistance Levels: 101.53, 101.81, 102.09
Support Levels: 100.60, 100.34, 100.08

Source: FX Central Clearing Ltd,( Currency Converter | Forex ECN Broker | Forex Demo Account |FXCC )

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Forex Technical & Market Analysis FXCC May 31 2013

Will the Dollar Recover Too?

U.S. stocks and Treasury yields resumed their rise but the dollar failed to follow. Instead of trading higher, the greenback lost value against most of the major currencies. The EUR/USD rose above 1.30 and USD/JPY slipped below 101 after a round of weaker than expected economic data. Equity and fixed income traders shrugged off the data but FX traders refused to budge. Long dollar positions are still being cut which suggests that currency traders are still worried about the volatility in the financial markets and the eagerness of the Fed to taper asset purchases. U.S. equity and fixed income traders have completely ignored the 5% drop in the Nikkei overnight. Japanese stocks are 13% off its highs and if it continues to decline, it may have ripple effects over to U.S. markets and keep the dollar in corrective mode. However if the Nikkei stabilizes and starts to recover, then the dollar has a chance of joining the recovery.
https://support.fxcc.com/email/technical/31052013/

FOREX ECONOMIC CALENDAR
2013-05-31 08:30 GMT UK. Net Lending to Individuals (MoM)
2013-05-31 09:00 GMT EMU. Consumer Price Index - Core (YoY)
2013-05-31 12:30 GMT USA. Personal Spending (Apr)
2013-05-31 13:55 GMT USA. Reuters/Michigan Consumer Sentiment Index (May)

FOREX NEWS
2013-05-31 04:01 GMT ‘Pennant’ pattern break out on EUR/USD targets a move north of 1.3200
2013-05-31 03:43 GMT Aussie advances capped below 0.9700
2013-05-31 02:30 GMT EUR/AUD off fresh 1.5-year highs below 1.35
2013-05-31 01:53 GMT AUD/JPY firm bounce off 97.00 support, sets eyes on 98.30

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Forex Technical Analysis EURUSD
MARKET ANALYSIS – Intraday Analysis



HIGH 1.30593 LOW 1.30312 BID 1.30405 ASK 1.30410 CHANGE -0.06% TIME 08 : 39:18

OUTLOOK SUMMARY Up
TREND CONDITION Up trend
TRADERS SENTIMENT Bearish
IMPLIED VOLATILITY Medium

MARKET ANALYSIS - Intraday Analysis

Upwards scenario: Further bullish momentum might occur if the price manages to climb above the key resistance level at 1.3061 (R1). Next targets on the way could be exposed at 1.3081 (R2) and 1.3101 (R3). Downwards scenario: On the other hand, corrective action would be reasonable scenario in current price setup. Next on tap is seen support level at 1.3026 (S1), break here is required to enable our initial targets at 1.3006 (S2) and 1.2987 (S3)

Resistance Levels: 1.3061, 1.3081, 1.3101
Support Levels: 1.3026, 1.3006, 1.2987

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Forex Technical Analysis GBPUSD
MARKET ANALYSIS – Intraday Analysis



HIGH 1.52392 LOW 1.52151 BID 1.52260 ASK 1.52269 CHANGE -0.02% TIME 08 : 39:19

OUTLOOK SUMMARY Up
TREND CONDITION Up trend
TRADERS SENTIMENT Bullish
IMPLIED VOLATILITY Medium

Upwards scenario: An evidence of further uptrend formation could be provided if the pair manages to surpass key resistive barrier at 1.5239 (R1). Execution of protective orders above that level might enable initial targets at 1.5257 (R1) and 1.5274 (R3). Downwards scenario: Recent upside momentum likely exhausted and we expect some stabilization ahead. Next supportive bastion lies at 1.5211 (S1). Prolonged movement below it might then expose our intraday targets at 1.5193 (S2) and 1.5176 (S3).

Resistance Levels: 1.5239, 1.5257, 1.5274
Support Levels: 1.5211, 1.5193, 1.5176

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Forex Technical Analysis USDJPY
MARKET ANALYSIS – Intraday Analysis



HIGH 101.281 LOW 100.679 BID 100.871 ASK 100.874 CHANGE 0.15% TIME 08 : 39:20

OUTLOOK SUMMARY Down
TREND CONDITION Sideway
TRADERS SENTIMENT Bullish
IMPLIED VOLATILITY Medium

Upwards scenario: Price has comfortably ranged on the hourly timeframe however we see potential to overcome our next resistance level at 101.30 (R1) later on today. Our eventual targets locates at 101.60 (R2) and 101.90 (R3). Downwards scenario: If the price failed to gain momentum on the upside we expect retest of our key support level at 100.47 (S1). Clearance here is required to keep the downside extension intact and enable our lower targets at 100.16 (S2) and 99.87 (S3).

Resistance Levels: 101.30, 101.60, 101.90
Support Levels: 100.47, 100.16, 99.87

Source: FX Central Clearing Ltd,( http://www.fxcc.com )

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Forex Technical & Market Analysis FXCC Jun 04 2013

Fitch cuts Cyprus to B-, negative outlook

Fitch Ratings has downgraded Cyprus's long-term foreign currency issuer default rating by one notch to 'B-' from 'B' while keeping a negative outlook due to the country's elevated economic uncertainty. The rating agency had placed Cyprus on negative watch in March. With this decision, Fitch pushed Cyprus further into junk territory, now 6 notches. "Cyprus has no flexibility to deal with domestic or external shocks and there is a high risk of the (EU/IMF) program going off track, with financing buffers potentially insufficient to absorb material fiscal and economic slippage," Fitch said in a statement.

The EUR/USD finished the day sharply higher, at one point trading all the way up to 1.3107 before leaking lower later in the day to close up 76 pips at 1.3070. Some analysts were pointing towards weaker than expected ISM data from the US as the main catalyst for the bullish move in the pair. Economic data out of the US will slow down a bit the next few days, but volatility is certain to pick up as we approach the ECB Rate Decision on Thursday, as well as the Non-Farm Payrolls number due out of the US on Friday.
https://support.fxcc.com/email/technical/04062013/

FOREX ECONOMIC CALENDAR :
2013-06-04 08:30 GMT | UK. PMI Construction (May)
2013-06-04 09:00 GMT | EMU. Producer Price Index (YoY) (Apr)
2013-06-04 12:30 GMT | USA. Trade Balance (Apr)
2013-06-04 23:30 GMT | Australia. AiG Performance of Services Index (May)

FOREX NEWS :
2013-06-04 04:30 GMT | RBA Interest Rate Decision stays unchanged at 2.75%
2013-06-04 03:20 GMT | Will economic data later in week free EUR/USD from range bound behavior?
2013-06-04 02:13 GMT | EUR/AUD finds some ground in the 1.34 round area
2013-06-04 02:00 GMT | AUD/JPY advances capped below 97.50

------------------------
EURUSD :
HIGH 1.30804 LOW 1.30566 BID 1.30572 ASK 1.30575 CHANGE -0.14% TIME 08 : 22:51



OUTLOOK SUMMARY Up
TREND CONDITION Upward penetration
TRADERS SENTIMENT Bearish
IMPLIED VOLATILITY Medium

MARKET ANALYSIS - Intraday Analysis

Upwards scenario: While price is quoted above the 20 SMA, our technical outlook would be positive. Yesterday high offers next resistance level at 1.3107 (R1). Any price action above it would suggest next targets at 1.3127 (R2) and 1.3147(S3). Downwards scenario: On the other hand, price pattern suggests bearish potential if the instrument manages to overcome next support level at 1.3043 (S1). Possible price regress could expose our initial targets at 1.3023 (S2) and 1.3003 (S3) in potential.

Resistance Levels: 1.3107, 1.3127, 1.3147
Support Levels: 1.3043, 1.3023, 1.3003

-----------------------
GBPUSD :
HIGH 1.53427 LOW 1.53101 BID 1.53115 ASK 1.53119 CHANGE -0.05% TIME 08 : 22:52



OUTLOOK SUMMARY Up
TREND CONDITION Up trend
TRADERS SENTIMENT Bearish
IMPLIED VOLATILITY Medium

Upwards scenario: Next barrier on the upside lie at 1.5343 (R1). Surpassing of this level might enable our initial target at 1.5362 (R2) and any further gains would then be limited to last resistive structure at 1.5382 (R3). Downwards scenario: On the downside our attention is shifted to the immediate support level at 1.5307 (S1). Break here is required to enable bearish forces and expose our intraday targets at 1.5287 (S2) and 1.5267 (S3).

Resistance Levels: 1.5343, 1.5362, 1.5382
Support Levels: 1.5307, 1.5287, 1.5267

----------------------
USDJPY :
HIGH 99.88 LOW 99.333 BID 99.838 ASK 99.839 CHANGE 0.31% TIME 08 : 22:52



OUTLOOK SUMMARY Down
TREND CONDITION Upward penetration
TRADERS SENTIMENT Bullish
IMPLIED VOLATILITY Medium

Upwards scenario: Possible bullish penetration might face next challenge at 100.02 (R1). Break here is required to establish retracement action, targeting 100.32 (R2) en route towards to last resistance for today at 100.65 (R3). Downwards scenario: Penetration below the support at 99.31 (S1) is liable to put more downward pressure on the instrument in the near-term perspective. As a result our supportive means at 99.04 (S2) and 98.75 (S3) might be triggered.

Resistance Levels: 100.02, 100.32, 100.65
Support Levels: 99.31, 99.04, 98.75

Source: FX Central Clearing Ltd,( Forex Training | Best Automatic Forex Trading Platforms | FXCC )

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Forex Technical & Market Analysis FXCC Jun 05 2013

IMF's Lagarde urges Greece not to relax bailout efforts

MF head Christine Lagarde said in an interview for the Greek state TV on Tuesday that the country was making progress on its bailout program but that it nevertheless should increase efforts to combat tax evasion and implement reforms to attract foreign investors. 'Now is not the time to relax the effort,' Lagarde said, adding that "There are some really positive developments but obviously more needs to be done.” She listed tax evasion and reforms to spur foreign investment as the most important issues which need to be dealt with. This week EU, ECB and IMG inspectors return to Athens for another revision of the Greek bailout program, during which they are expected to focus on the Greek government's progress in reducing state employee numbers.

The EUR/USD traded in a narrow range today but still managed to finish the day in positive territory, closing up 11 pips at 1.3081. Economic data out of the both the EU and US was light, but will pick up as we approach the end of the week with the ECB Interest Rate Decision on Thursday, as well as US Non Farm Payrolls on Friday. However, before the real fireworks begin, some analysts are pointing to tomorrow’s ADP data out of the US as a possible catalyst for tomorrow’s price action. According to Sean Callow at Westpac, “we have the ADP report plus non manufacturing ISM jobs components tonight. There is a great deal of focus on jobs data in the US given recent speculation about Fed tapering its asset purchase programs. ADP disappointed in April but has not had much directional success in picking payrolls outcomes. The ISM report on Monday casts a long shadow over tonight's non manufacturing report. Arguably, markets will be set up for a softer outcome given the weaker US$ in recent sessions. Tonight's data could prove to be important for FX markets.”
https://support.fxcc.com/email/technical/05062013/

FOREX ECONOMIC CALENDAR :
2013-06-05 08:28 GMT | UK. Markit Services PMI (May)
2013-06-05 09:00 GMT | EMU. Gross Domestic Product
2013-06-05 14:00 GMT | USA. ISM Non-Manufacturing PMI (May)
2013-06-05 18:00 GMT | USA. Fed's Beige Book

FOREX NEWS :
2013-06-05 05:11 GMT | USD/JPY back below 100; Australia GDP disappoints
2013-06-05 04:39 GMT | AUD/JPY searching for bids near 96.00
2013-06-05 03:26 GMT | EUR/USD technical indicators beginning to look more constructive
2013-06-05 01:46 GMT | AUD/USD breaking lower towards 0.9600 after Aussie GDP data

---------------------------
EURUSD :
HIGH 1.30964 LOW 1.30653 BID 1.30899 ASK 1.30903 CHANGE 0.08% TIME 08 : 56:44



OUTLOOK SUMMARY : Up
TREND CONDITION : Up trend
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : Medium

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 1.3107 (R1). Price evaluation above this level would suggest next targets at 1.3127 (R2) and 1.3147 (R3). Downwards scenario: While instrument trades above the moving averages, our short-term bias would stay positive though penetration below the support level at 1.3064 (S1) might open way towards to lower targets at 1.3043 (S2) and 1.3023 (S3).

Resistance Levels: 1.3107, 1.3127, 1.3147
Support Levels: 1.3064, 1.3043, 1.3023

----------------------
GBPUSD :
HIGH 1.53379 LOW 1.52912 BID 1.53331 ASK 1.53336 CHANGE 0.14% TIME 08 : 56:45



OUTLOOK SUMMARY : Up
TREND CONDITION : Upward penetration
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : Medium

Upwards scenario: Medium- term tendency remains bullish as both moving averages are pointing up. Further progress above the resistance level at 1.5343 (R1) would open way towards to next targets at 1.5362 (R2) and 1.5382 (R3). Downwards scenario: Measures of support might be activating when the pair approaches the 1.5307 (S1). If it continues to extend its weakening below it we expect next targets to be exposed at 1.5287 (S2) and 1.5267 (S3) later on.

Resistance Levels: 1.5343, 1.5362, 1.5382
Support Levels: 1.5307, 1.5287, 1.5267

--------------------
USDJPY :
HIGH 100.462 LOW 99.385 BID 99.592 ASK 99.597 CHANGE -0.48% TIME 08 : 56:46



OUTLOOK SUMMARY : Down
TREND CONDITION : Downward penetration
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Medium

Upwards scenario: We see potential to test our resistive barrier at 99.75 (R1). Successful penetration above this mark might shift traders sentiment to the bullish side and validate our intraday targets at 100.02 (R2) and 100.32 (R3). Downwards scenario: Further downtrend development is limited now to the key supportive barrier at 99.31 (S1). Only loss here would enable our intraday targets at 99.04 (S2) and 98.75 (S3) on the downside.

Resistance Levels: 99.75, 100.02, 100.32
Support Levels: 99.31, 99.04, 98.75

Source: FX Central Clearing Ltd,( Forex ECN Brokers List | Auto Forex Trading Account | FXCC )

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Forex Technical & Market Analysis FXCC Jun 06 2013

EUR Prime for a Breakout on ECB

The euro is prime for a breakout. Unlike other major currency pairs, EUR/USD traded in a relatively tight range throughout the European and North American sessions. On a technical basis, the currency pair stayed between the 100 and 200-day SMAs for the past 48 hours, which reflects the hesitation of investors who are waiting for a catalyst to take the currency pair out of its range. Tomorrow could be the perfect opportunity for a breakout in the pair with the European Central Bank scheduled to deliver its monetary policy decision. The ECB is widely expected to leave interest rates unchanged leaving Mario Draghi's press conference as the primary focus for FX traders.
https://support.fxcc.com/email/technical/06062013/


FOREX ECONOMIC CALENDAR :
2013-06-06 11:00 GMT | BoE Interest Rate Decision
2013-06-06 11:45 GMT | ECB Interest Rate Decision
2013-06-06 12:30 GMT | ECB Monetary policy statement and press conference
2013-06-06 12:30 GMT | USA. Initial Jobless Claims

FOREX NEWS :
2013-06-06 05:16 GMT | GBP/USD dealing around 1.54 ahead of BoE
2013-06-06 04:59 GMT | USD lower but holding above 82.50 DXY; Aussie smacked
2013-06-06 04:24 GMT | Economic data set to heighten volatility in EUR/USD
2013-06-06 00:24 GMT | AUD/USD cracks the big 0.95 figure down

----------------------
EURUSD :
HIGH 1.31089 LOW 1.30751 BID 1.31005 ASK 1.31009 CHANGE 0.07% TIME 08 : 35:19



OUTLOOK SUMMARY : Up
TREND CONDITION : Sideway
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : High

MARKET ANALYSIS - Intraday Analysis

Upwards scenario: EURUSD stabilized after the initial uptrend formation. Potential to move higher is seen above the next resistance level at 1.3116 (R1). Loss here would suggest next intraday targets at 1.3135 (R2) and 1.3155 (R3). Downwards scenario: We would shift our intraday technical outlook to the negative side if the price manage to penetrate below the key support at 1.3074 (S1). Clearance here is required to enable intraday targets at 1.3053 (S2) and 1.3033 (S3).

Resistance Levels: 1.3116, 1.3135, 1.3155
Support Levels: 1.3074, 1.3053, 1.3033

----------------------
GBPUSD :
HIGH 1.54157 LOW 1.5381 BID 1.54005 ASK 1.54011 CHANGE -0.03% TIME 08 : 35:20



OUTLOOK SUMMARY : Up
TREND CONDITION : Up trend
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : High

Upwards scenario: Ascending structure on GBPUSD suggest possible correction ahead though break above the resistance at 1.5418 (R1) is liable to stimulate bullish pressure and validate interim target at 1.5443 (R2) en route final aim at 1.5469 (R3). Downwards scenario: Retracement action is possible if the price manages to overcome our initial support level at 1.5359 (S1). In such case we would suggest intraday targets at 1.5353 (S2) and 1.5327 (S3).

Resistance Levels: 1.5418, 1.5443, 1.5469
Support Levels: 1.5359, 1.5353, 1.5327

------------------------
USDJPY :
HIGH 99.466 LOW 98.862 BID 99.348 ASK 99.352 CHANGE 0.29% TIME 08 : 35:21



OUTLOOK SUMMARY : Down
TREND CONDITION : Downward penetration
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Medium

Upwards scenario: Next hurdle on the upside is seen at important technical level – 99.55 (R1). If the price manages to overcome it we expect further acceleration towards to our initial targets at 99.83 (R2) and 100.12 (R3). Downwards scenario: On the downside next challenge is seen at 98.86 (S1). Breakthrough of this mark would open way for a downside expansion and could possibly trigger our initial targets at 98.58 (S2) and 98.30 (R3) later on today.

Resistance Levels: 99.55, 99.83, 100.12
Support Levels: 98.86, 98.58, 98.30

Source: FX Central Clearing Ltd,( FX Central Clearing Ltd )

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Forex Technical & Market Analysis FXCC Jun 07 2013

Will Non-Farm Payrolls Save or Kill the Dollar?

The big story today in the financial markets was the sell-off in the U.S. dollar. The greenback fell quickly and aggressively against all of the major currencies right around the European close and held onto its losses to end the day down 2% against the Japanese Yen and more than 1% against the euro, British pound and Swiss Franc. There were a few different factors behind the sell-off in the greenback. The dollar initially traded lower on the optimistic comments from ECB President Draghi but those losses were contained to the EUR/USD. USD/JPY did not see any losses until 90 minutes before the European close at 12pm NY Time and only when it started to break down did the dollar collapse against all of the major currencies.
https://support.fxcc.com/email/technical/07062013/

FOREX ECONOMIC CALENDAR :
2013-06-07 06:00 GMT | Germany. Trade Balance s.a. (Apr)
2013-06-07 08:30 GMT | UK. Total Trade Balance (Apr)
2013-06-07 12:30 GMT | USA. Nonfarm Payrolls (May)
2013-06-07 19:00 GMT | USA. Consumer Credit Change (Apr)

FOREX NEWS :
2013-06-07 04:46 GMT | USD/JPY attempts to fight back above 96.00 in Asia trade
2013-06-07 03:36 GMT | EUR/USD technical picture looks set for further advances ahead of NFP
2013-06-07 02:43 GMT | Aussie breaks 0.9550 as selling resumes in Asia
2013-06-07 01:40 GMT | USD/JPY breaks momentarily below 97 figure


EURUSD :
HIGH 1.32688 LOW 1.32355 BID 1.32534 ASK 1.32540 CHANGE 0.06% TIME 08 : 24:35



OUTLOOK SUMMARY : Up
TREND CONDITION : Up trend
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : High

MARKET ANALYSIS - Intraday Analysis

Upwards scenario: Apparently market sentiment is clearly positive for the EURUSD as both moving averages are pointing up. Clearance of our resistance level at 1.3305 (R1) would open the way for an upside penetration towards to next targets at 1.3337 (R2) and 1.3370 (R3). Downwards scenario: Possible price depreciation is limited to the key support barrier at 1.3223 (S1). Break here is required to enable corrective action towards to lower targets at 1.3190 (S2) and 1.3157 (S3).

Resistance Levels: 1.3305, 1.3337, 1.3370
Support Levels: 1.3223, 1.3190, 1.3157

---------------------
GBPUSD :
HIGH 1.56178 LOW 1.55808 BID 1.55949 ASK 1.55963 CHANGE -0.02% TIME 08 : 24:36



OUTLOOK SUMMARY : Up
TREND CONDITION : Up trend
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : High

Upwards scenario: Yesterday high offers a key resistive barrier at 1.5684 (R1). Subsequently loss here might create upside momentum and drive market price towards to our initial targets at 1.5732 (R2) and 1.5781 (R3) in potential. Downwards scenario: Possible downside extension might face next supportive barrier at 1.5564 (S1). Clearance here is required to open the way towards to interim target at 1.5517 (S2) and any further price regress would then be targeting 1.5467 (S3).

Resistance Levels: 1.5684, 1.5732, 1.5781
Support Levels: 1.5564, 1.5517, 1.5467

-------------------------
USDJPY :
HIGH 97.517 LOW 95.549 BID 96.696 ASK 96.701 CHANGE -0.27% TIME 08 : 24:37



OUTLOOK SUMMARY : Down
TREND CONDITION : Down trend
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : High

Upwards scenario: After dipping lower today we see potential of market strengthening in near-term perspective. Next on tap is seen resistance level at 97.57 (R1). Break here would suggest next intraday targets at 98.07 (R2) and 98.58 (R3). Downwards scenario: Price regress below the support level at 95.53 (S1) would increase likelihood of failing towards to our key supportive barrier at 95.07 (S2) and any further market decline would then be targeting final support for today at 94.58 (S3).

Resistance Levels: 97.57, 98.07, 98.58
Support Levels: 95.53, 95.07, 94.58

Source: FX Central Clearing Ltd,( Free Forex Demo Accounts | Top ECN Forex Broker | Forex Blog | FXCC )

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