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Forex Technical & Market Analysis FXCC Apr 16 2013

Discussion in 'Major Currency Crosses' started by alayoua, Apr 16, 2013.

  1. alayoua

    alayoua New Member

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    Forex Technical & Market Analysis FXCC Apr 16 2013

    Portugal unveils new austerity measures to appease the Troika

    Troika inspectors arrived in Lisbon on Monday in order to carry out the seventh review of the country’s bailout program, since it had received 78 billion euros of aid in 2011. Portugal had to come up with new austerity measures to meet the budget gap of about 1.3 billion euros, which emerged after the Portuguese Constitutional court ruled that four of the measures proposed by the PM Pedro Passos Coelho’s government were illegal.

    Currently the 2 billion euro bailout tranche is blocked. If the Troika’s review has a positive conclusion, the money will be released and Portugal will also have a better chance of obtaining the 7 year loan repayment extension, approved on Friday by Ecofin. Passos Coelho said today that the additional 600 million euros would come from cuts in healthcare, education , social security and public services and another 600 million euros from reductions of administrative costs. These new austerity measures have been heavily criticized by the left-wing opposition and labor unions.
    https://support.fxcc.com/email/technical/16042013/

    FOREX ECONOMIC CALENDAR :
    2013-04-16 09:00 GMT | Germany. ZEW Survey - Economic Sentiment (Apr)
    2013-04-16 12:30 GMT | USA. Consumer Price Index (YoY) (Mar)
    2013-04-16 13:00 GMT | EMU. ECB President Draghi's Speech
    2013-04-16 22:45 GMT | New Zeland. Consumer Price Index (YoY)

    FOREX NEWS :
    2013-04-16 03:38 GMT | Kiwi retreats as macro risks weigh on sentiment
    2013-04-16 03:32 GMT | EUR/USD holds above 1.3035
    2013-04-16 02:13 GMT | Gold has peaked, beginnings of a new chapter - RBS
    2013-04-16 01:57 GMT | EUR/AUD rockets higher as China Data spurs Aussie weakness



    ---------------------
    EURUSD :
    HIGH 1.30815 LOW 1.30305 BID 1.30747 ASK 1.30753 CHANGE 0.3% TIME 08:33:21

    [​IMG]

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

    MARKET ANALYSIS - Intraday Analysis

    Upwards scenario: A bullish tone dominates during the Asian session and further buying interest might arise above the next resistance at 1.3108 (R1). Clearance here would suggest next intraday target at 1.3143 (R2) and if the price holds its momentum we can expect an increase towards to 1.3179 (R3). Downwards scenario: Key support level lies at 1.3043 (S1). Penetration below it might change near-term tone to the negative side and expose our initial targets at 1.3008 (S2) and 1.2969 (S3) later on today.

    Resistance Levels: 1.3108, 1.3143, 1.3179
    Support Levels: 1.3043, 1.3008, 1.2969

    -----------------------------
    GBPUSD :
    HIGH 1.53097 LOW 1.52729 BID 1.53043 ASK 1.53049 CHANGE 0.14% TIME 08:33:22

    [​IMG]

    OUTLOOK SUMMARY : Down
    TREND CONDITION : Upward penetration
    TRADERS SENTIMENT : Bearish
    IMPLIED VOLATILITY : High

    Upwards scenario: Next hurdle that limit uptrend development lies above the fractal level at 1.5345 (R1). If the break occurs here, next attractive level could be exposed at 1.5374 (R2) and any further rise would then be limited to 1.5403 (R3). Downwards scenario: However our both moving averages are pointing down and if the price manages to break our key support level at 1.5271 (S1) we would expect further depreciation towards to our next targets, located at 1.5242 (S2) and 1.5212 (S3).

    Resistance Levels: 1.5345, 1.5374, 1.5403
    Support Levels: 1.5271, 1.5242, 1.5212

    --------------------------
    USDJPY :
    HIGH 97.71 LOW 95.79 BID 97.438 ASK 97.439 CHANGE 0.69% TIME 08:33:23

    [​IMG]

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

    Upwards scenario: Possibility of market strengthening is seen above the resistance level at 98.27 (R1). Clearance here is required to validate next interim target at 98.83 (R2) and any further rise would then be targeting mark at 99.39 (R3). Downwards scenario: Possible depreciation below the technically important support level at 97.08 (S1) would allow further market decline on the medium-term perspective. Possible targets lies at 96.53 (S2) and 95.99 (S3).

    Resistance Levels: 98.27, 98.83, 99.39
    Support Levels: 97.08, 96.53, 95.99

    Source: FX Central Clearing Ltd,( Forex Traders Blog | Forex Trading Systems | Forex Account | FXCC )
     
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