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Forex Technical & Market Analysis FXCC Dec 05 2013

Discussion in 'Major Currency Crosses' started by alayoua, Dec 5, 2013.

  1. alayoua

    alayoua New Member

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    Forex Technical & Market Analysis FXCC Dec 05 2013

    UK BoE and ECB publish their rate and monetary easing decisions whilst UK chancellor will deliver his 'Autumn statement'.

    Thursday witnesses the UK's BoE MPC publish its interest rate policy decision and the details of its monetary easing policy decision which is expected to remain the same at £375bn. The statement covering the decisions will be of keen interest to investors. The UK's chancellor will give his autumn finance statement. Europe's ECB will publish its rate decision, expected to stay at 0.25%. Canada reports its building permits and the IVEY PMI expected in at 60.2, whilst the USA publishes its preliminary GDP figures expected in at 3.1%, with unemployment claim numbers at circa 322K for the week. The USA publishes its factory orders, predicted down by 0.7%. The yen rallied 0.2 percent to 102.36 versus the dollar late in New York Wednesday, after touching 103.38 Tuesday, the weakest level since May 23rd. The U.S. currency was little changed at $1.3593 per euro. The yen gained 0.1 percent to 139.13 per euro. The U.S. Dollar Index, which tracks the U.S. currency versus its 10 major counterparts, was little changed at 1,020.94, after rising to 1,025.36 yesterday, the highest level since Sept. 13th. The yen rallied for a second day against the dollar as stronger-than-forecast U.S. economic data spurred speculation the Federal Reserve will reduce stimulus that has driven up stocks globally. Bank of Canada policy makers kept their benchmark rate on overnight loans between commercial banks at 1 percent, where it’s been for more than three years, as forecast by all 22 economists in a Bloomberg survey. The Canadian dollar fell 0.3 percent to C$1.0684 versus the greenback, reaching the lowest level since May 2010.
    http://blog.fxcc.com/market-analysis

    FOREX ECONOMIC CALENDAR :
    2013-12-05 09:05 GMT | Bank of Japan Governor Kuroda Speech
    2013-12-05 12:00 GMT | BoE Interest Rate Decision (Dec 5)
    2013-12-05 12:45 GMT | ECB Interest Rate Decision (Dec 5)
    2013-12-05 13:30 GMT | US Gross Domestic Product Annualized (Q3)

    FOREX NEWS :
    2013-12-05 03:50 GMT | NZD/USD in no man's land; capped below 0.8240/50
    2013-12-05 02:53 GMT | AUD/USD short squeeze pressing against 0.9050
    2013-12-05 02:08 GMT | GBP/USD: If upside clears, next target 1.65/66 - 2ndSkies
    2013-12-05 01:46 GMT | EUR/AUD dropping from monthly highs

    --------------------------
    EURUSD
    HIGH 1.36394 LOW 1.358 BID 1.36243 ASK 1.36246 CHANGE 0% TIME 08 : 50:26

    [​IMG]

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

    MARKET ANALYSIS - Intraday Analysis

    Upwards scenario: Instrument gained momentum on the upside recently, turning short-term bias to the positive side. Next resistive structure on the way lies at 1.3641 (R1), break here would suggest next intraday targets at 1.3658 (R2) and 1.3674 (R3). Downwards scenario: On the other side, depreciation below the support barrier at 1.3606 (S1) might provide sufficient space for the recovery action. In such case we would suggest next intraday targets at 1.3588 (S2) and then 1.3571 (S3).

    Resistance Levels: 1.3641, 1.3658, 1.3674
    Support Levels: 1.3606, 1.3588, 1.3571

    ----------------------
    GBPUSD :
    HIGH 1.63971 LOW 1.637 BID 1.63842 ASK 1.63845 CHANGE 0% TIME 08 : 50:26

    [​IMG]

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

    Upwards scenario: Possibility of ascending structure is seen above the fractal level at 1.6404 (R1). Break here is required to clear the way towards to higher targets at 1.6426 (R2) and 1.6447 (R3). Downwards scenario: On the other hand, progress below the initial support level at 1.6364 (S1) might initiate bearish pressure and expose our intraday targets at 1.6342 (S2) and 1.6321 (S3) later on today.

    Resistance Levels: 1.6404, 1.6426, 1.6447
    Support Levels: 1.6364, 1.6342, 1.6321

    -----------------------
    USDJPY :
    HIGH 102.442 LOW 101.99 BID 102.114 ASK 102.116 CHANGE 0% TIME 08:50:26

    [​IMG]

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

    Upwards scenario: We see potential of market strengthening in near-term perspective. Next on tap is seen resistance level at 102.47 (R1). Break here would suggest next intraday targets at 102.67 (R2) and 102.90 (R3). Downwards scenario: On the downside, USDJPY might encounter supportive measures at 101.82 (S1). Break here would open the way for a test of our next targets at 101.60 (S2) and 101.39 (S3) later on today.

    Resistance Levels: 102.47, 102.67, 102.90
    Support Levels: 101.82, 101.60, 101.39

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