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Forex Technical & Market Analysis FXCC Aug 07 2013

Discussion in 'Major Currency Crosses' started by alayoua, Aug 7, 2013.

  1. alayoua

    alayoua New Member

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    Forex Technical & Market Analysis FXCC Aug 07 2013

    GBP/USD fading after failed test of 1.5435 level; BOE report looms

    The GBPUSD runs the risk of cascading lower yet again after it ran up to “correction resistance” and failed. The BOE’s inflation report and Mr. Carney’s appearance before Parliament are sure to create a sharp move. The GBP/USD cross rallied sharply on Dollar weakness following Friday’s jobs report in the US. The bullish tone carried over into Sunday night’s open and continued to stair-step higher until just after Britain’s industrial and manufacturing production numbers were released. Shortly after those numbers came out, the GBP/USD began to sell off – this time in a stair-step pattern in the opposite direction. So far, there is still a chance that the latest bit of selling is just a correction lower leading up to the next thrust higher. But, technicians say that a break below 1.5213 would put out any bullish flame.
    https://support.fxcc.com/email/technical/07082013/

    FOREX ECONOMIC CALENDAR :
    2013-08-07 09:30 GMT | Bank of England Quarterly Inflation Report
    2013-08-07 09:30 GMT | Mark Carney speaks at UK Parliament
    2013-08-07 12:30 GMT | Canada. Building Permits (MoM) (Jun)
    2013-08-07 19:00 GMT | US Consumer Credit Change (Jun)

    FOREX NEWS :
    2013-08-07 05:20 GMT | EUR/GBP up after Tuesday’s gains ahead of BOE inflation report
    2013-08-07 04:26 GMT | AUD/USD downtrend dominant; targets at 0.8550, 0.8675 - ANZ
    2013-08-07 03:20 GMT | GBP/USD fading after failed test of 1.5435 level; BOE report looms
    2013-08-07 02:49 GMT | Risk of a dovish BoJ - RBS

    -----------------
    EURUSD :
    HIGH 1.33156 LOW 1.32926 BID 1.33025 ASK 1.33028 CHANGE -0.02% TIME 08:41:08

    [​IMG]

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

    MARKET ANALYSIS - Intraday Analysis

    Upwards scenario: EURUSD trapped to the consolidation mode on the hourly chart frame. Next resistive barrier is seen at 1.3315 (R1), break here is required to enable next attractive points at 1.3324 (R2) and 1.3332 (R3). Downwards scenario: While instrument trades above the moving averages, our short-term bias would stay positive though penetration below the support level at 1.3292 (S1) might open way towards to lower targets at 1.3283 (S2) and 1.3273 (S3).

    Resistance Levels: 1.3315, 1.3324, 1.3332
    Support Levels: 1.3292, 1.3283, 1.3273

    -----------------------
    GBPUSD :
    HIGH 1.53635 LOW 1.53173 BID 1.53347 ASK 1.53352 CHANGE -0.09% TIME 08:41:08

    [​IMG]

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

    Upwards scenario: Possibility of uptrend evolvement is seen above the next resistance at 1.5363 (R1). Violation here would increase bullish pressure and suggest next intraday targets at 1.5387 (R2) and 1.5412 (R3). Downwards scenario: Our next support level is placed at 1.5317 (S1), right below the local minimum. Possible penetration below it might initiate bearish pressure and gradually push the price towards to our intraday targets at 1.5295 (S2) and 1.5273 (S3).

    Resistance Levels: 1.5363, 1.5387, 1.5412
    Support Levels: 1.5317, 1.5295, 1.5273

    ----------------------
    USDJPY :
    HIGH 97.804 LOW 97.092 BID 97.226 ASK 97.230 CHANGE -0.52% TIME 08:41:09

    [​IMG]

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

    Upwards scenario: Descending structure suggests possible correction ahead. Break above the resistance at 97.58 (R1) would clear the way towards to higher target at 97.83 (R2). Further price appreciation would face then final resistive measure at 98.07 (R3) Downwards scenario: Local low offers an important supportive measure at 97.08 (S1). A violation here might call for a run towards to initial targets at 96.84 (S2) and 96.58 (S3).

    Resistance Levels: 97.58, 97.83, 98.07
    Support Levels: 97.08, 96.84, 96.58

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