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Forex Technical & Market Analysis FXCC Dec 03 2013

Discussion in 'Major Currency Crosses' started by alayoua, Dec 3, 2013.

  1. alayoua

    alayoua New Member

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    Forex Technical & Market Analysis FXCC Dec 03 2013

    Australia's RBA expected to keep cash rate at 2.5%, whilst UK house prices and construction expected to rise

    Tuesday sees the publication of several key economic data, including Spanish unemployment data expected in at 44.3K below the 88K the previous month. In the UK the Halifax house price ides is expected to rise by 0.8% month on month, whilst the construction PMI is expected in at 59.3. Total vehicle sales in the USA might give an indication of the overall consumer sentiment and the existing appetite for new credit. Australia's GDP is expected in at 0.7% up from 0.6% the previous month. The yen fell 0.5 percent to 102.94 per dollar late in New York time Monday, touching the least since May 23rd. Japan’s currency fell 0.1 percent to 139.40 per euro after depreciating to 139.71 on Nov. 29th, the weakest level since October 2008. The euro dropped 0.4 percent to $1.3542. The yen fell to a six-month low versus the dollar Monday after reports showed manufacturing in China, Europe and the U.K. expanded last month, driving demand for risk and underscoring Japan’s currency’s role in the carry trade. Australia’s dollar was little changed after rallying from almost its weakest level in three months and New Zealand’s currency rose for a second day. The Reserve Bank of Australia meets overnight Monday/Tuesday, analysts predict policy makers will keep interest rates unchanged at 2.5 percent. The Aussie rose as much as 0.7 percent versus the greenback after falling as low as 90.56 on Nov. 29th, the least since Sept. 4th. New Zealand’s currency climbed 0.8 percent to 81.86 U.S. cents.
    http://blog.fxcc.com/market-analysis

    FOREX ECONOMIC CALENDAR :
    2013-12-03 09:30 GMT UK PMI Construction (Nov)
    2013-12-03 10:00 GMT EMU Producer Price Index (YoY) (Oct)
    2013-12-03 16:30 GMT US 4-Week Bill Auction
    2013-12-03 23:30 GMT AU AiG Performance of Services Index (Nov)

    FOREX NEWS :
    2013-12-03 05:14 GMT USD/JPY breaks above 103.25 barrier
    2013-12-03 04:35 GMT EUR/USD likely see stronger selling interest after 1.3550/60 loss
    2013-12-03 03:39 GMT AUD/USD offers absorbing initial 0.9065 bounce post RBA
    2013-12-03 03:34 GMT RBA leaves rates unchanged, keeps neutral tone

    -------------------
    EURUSD :
    HIGH 1.35504 LOW 1.35244 BID 1.35497 ASK 1.35499 CHANGE 0% TIME 08 : 52:43

    [​IMG]

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

    MARKET ANALYSIS - Intraday Analysis

    Upwards scenario: Discounted value of EURUSD determined negative bias on the short-term perspective. From the technical side, next resistance is seen at 1.3559 (R1). Only clearance here would allow possible gains, targeting 1.3576 (R2) and 1.3592 (R3). Downwards scenario: On the downside, next on tap is seen support level at 1.3524 (S1). Break here is required to enable lower targets at 1.3508 (S2) and 1.3491 (S3).

    Resistance Levels: 1.3559, 1.3576, 1.3592
    Support Levels: 1.3524, 1.3508, 1.3491

    -------------------
    GBPUSD :
    HIGH 1.63783 LOW 1.63467 BID 1.6377 ASK 1.63775 CHANGE 0.01% TIME 08 : 52:43

    [​IMG]

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

    Upwards scenario: On the upside resistive measure at 1.6384 (R1) prevents further gains. Successful clearance here would suggest next intraday targets at 1.6407 (R2) and 1.6429 (R3). Downwards scenario: On the other hand if the price failed to gain momentum on the upside we expect to see clearance of our next support level at 1.6343 (S1). Our intraday targets locates at 1.6320 (S2) and 1.6297 (S3).

    Resistance Levels: 1.6384, 1.6407, 1.6429
    Support Levels: 1.6343, 1.6320, 1.6297

    ---------------------
    USDJPY :
    HIGH 103.379 LOW 102.833 BID 103.237 ASK 103.239 CHANGE -0.03% TIME 08 : 52:43

    [​IMG]

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

    Upwards scenario: Market sentiment has improved for the bullish oriented traders. Fractals level at 103.43 (R1) offers a key resistance level. Break here would suggest higher targets at 103.67 (R2) and 103.92 (R3). Downwards scenario: Our bearish expectations remain intact below the key support level at 102.81 (S1). Price penetration below it would allow further declines towards to lower targets at 102.56 (S2) and 102.30 (S3).

    Resistance Levels: 103.43, 103.67, 103.92
    Support Levels: 102.81, 102.56, 102.30

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