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Daily Forex Analysis from FXCC Nov 16 2012

Discussion in 'Major Currency Crosses' started by alayoua, Nov 16, 2012.

  1. alayoua

    alayoua New Member

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    Daily Forex Analysis from FXCC Nov 16 2012

    Eurozone officially in recession

    Third quarter GDP data for the Eurozone published yesterday revealed that the area has once again slipped into recession. According to Eurostat Q3 GDP was down by 0.1%, which is the second consecutive quarterly decline. Only the German and French economies expanded, both by 0.2%. Martin van Vliet from ING comments: “GDP figures clearly demonstrate that the Eurozone economy as a whole is in desperate need of macroeconomic stimulus. With policymakers seemingly reluctant to engineer a coordinated pull-back from fiscal austerity, more monetary stimulus and a weaker currency is likely to be needed to put Eurozone back on a path of sustained growth.”

    ECB Governing Council member Luc Coene declared in the European morning that Spain should urgently seek EU aid. European Commissioner for Economic and Monetary Affairs Olli Rehn, who spoke later in the day, assured that the solution to the Greek problem requires a combination of measures, providing the principal amount of its debt does not change.-FXstreet.com
    https://support.fxcc.com/email/technical/16112012/

    UPCOMING EVENTS :
    2012-11-16 10:00 GMT : E. M. U. Trade Balance
    2012-11-16 14:00 GMT : United States. Net Long-Term TIC Flows
    2012-11-16 14:15 GMT : United States. Industrial Production
    2012-11-16 20:45 GMT : United States. Fed's Lockhart speech

    UPCOMING EVENTS :
    2012-11-16 04:31 GMT : GBP/AUD flat around 1.5350; with bullish scope?
    2012-11-16 04:28 GMT : AUD/CAD looking more bearish if below 1.0290
    2012-11-16 04:06 GMT : USD/JPY consolidation likely next week - Nomura
    2012-11-16 01:31 GMT : EUR/USD bears cap rebound at 1.28


    EURUSD :
    HIGH 1.27845 LOW 1.27645 BID 1.27681 ASK 1.27688 CHANGE -0.09% TIME 08:03:35

    [​IMG]

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

    MARKET ANALYSIS - Intraday Analysis

    Upwards scenario: We expect resuming of the uptrend formation if the price manages to overcome next resistance level at 1.2786 (R1). Immediate focus comes on 1.2800 (R1) and 1.2814 (r3) in such scenario. Downwards scenario: Price decline below the next support levels at 1.2759 (S1) might trigger bearish pressure and enable next target at 1.2745 (S2). Further correction development might face final support level at 1.2732 (S3).

    Resistance Levels: 1.2786, 1.2800, 1.2814
    Support Levels: 1.2759, 1.2745, 1.2732

    -----------------
    GBPUSD :
    HIGH 1.58665 LOW 1.58569 BID 1.58597 ASK 1.58604 CHANGE -0.03% TIME 08:03:36

    [​IMG]

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

    Upwards scenario: A medium-term bias is negative now though intraday bullish forces might be activated if the pair penetrates above the resistance level at 1.5868 (R1). Next immediate resistance levels holds at 1.5884 (R2) and 1.5899 (R3). Downwards scenario: Downside direction is limited by next support level at 1.5841 (S1), price decrease below it would be targeting next supports at 1.5826 (S2) and 1.5810 (S3).

    Resistance Levels: 1.5868, 1.5884, 1.5899
    Support Levels: 1.5841, 1.5826, 1.5810

    ------------------------
    USDJPY :
    HIGH 81.268 LOW 80.973 BID 81.010 ASK 81.013 CHANGE -0.19% TIME 08:03:38

    [​IMG]

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

    Upwards scenario: While instrument trades below the resistance level at 81.28 (R1), market would try to form correction. Break above it is required to attack the upside target at 81.50 (R2) and 81.70 (R3) in potential. Downwards scenario: If price would manage to overcome our support at 80.92 (S1) we suggest next targets at 80.70 (S2) and 80.46 (S3).

    Resistance Levels: 81.28, 81.50, 81.70
    Support Levels: 80.92, 80.70, 80.46

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