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Forex Technical & Market Analysis FXCC Dec 20 2013

Discussion in 'Major Currency Crosses' started by alayoua, Dec 20, 2013.

  1. alayoua

    alayoua New Member

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    Forex Technical & Market Analysis FXCC Dec 20 2013

    USA final GDP data for 2013 published expectation at 3.6% annually, as UK current account data is expected to worsen

    Friday sees the publication of German PPI for the month, predicted to come in flat with the German GfK business climate expected in at 7.4. The UK's current account data is expected to worsen at -13.8 bn, with public sector borrowing predicted to remain steady at £6.6 bn and final GDP expected in at 0.8%. Core data for Canada includes CPI predicted to come in at 0.1% with retail sales expected to be flat and CPI expected in up 0.2%. The USA final GDP data is predicted to show growth of 3.6% annually. Europe's consumer confidence is predicted to come on at -15 whilst the last high impact news event of the week sees the nomination vote for Fed chairman. The DJIA closed up marginally by 0.07% on Thursday, the SPX closed down 0.06% and NASDAQ down 0.29%. European markets played catch up with the bullish momentum move post the Fed's taper decision on Wednesday; STOXX closed up 1.88%, CAC up 1.64%, DAX up 1.68%, FTSE up 1.43%. Looking towards Friday's open; the DJIA equity index future is up 0.02%, SPX future down 0.17%, NASDAQ future down 0.45%. Euro STOXX equity index future is up 1.78%, DAX future up 1.56%, CAC future up 1.66%, FTSE up 1.52%. NYMEX WTI oil rose 0.99% to $98.77 per barrel on Thursday, NYMEX nat gas rose a significant 4.52% to $4.44 per therm due to storage capacity concerns. COMEX gold experienced a significant sell off, down 3.69% on the day to $1189.40 per ounce. COMEX silver closed down on the day 4.11% at $19.24 per ounce. The dollar rose 0.2 percent to $1.3655 per euro mid-afternoon Thursday New York time after advancing to $1.3650, the strongest level since Dec. 6th. The U.S. currency dropped 0.1 percent to 104.21 yen. The yen gained 0.3 percent to 142.29 per euro after sliding to 142.90 yesterday, the weakest level since October 2008. The dollar climbed to the strongest level in almost two weeks against the euro as investors assess Federal Reserve plans to wind down bond-buying next year amid signs that economic growth is gaining momentum. The U.S. currency advanced versus most of its 16 major counterparts after the Federal Open Market Committee said yesterday it would slow monetary stimulus to $75 billion a month from $85 billion.
    http://blog.fxcc.com/market-analysis

    FOREX ECONOMIC CALENDAR :
    2013-12-20 09:30 GMT | UK. Gross Domestic Product (YoY) (Q3)
    2013-12-20 13:30 GMT | Canada. Bank of Canada Consumer Price Index Core (YoY) (Nov)
    2013-12-20 13:30 GMT | US. Gross Domestic Product Annualized (Q3)
    2013-12-20 n/a | US. Fed Chairman Nomination Vote

    FOREX NEWS :
    2013-12-20 06:16 GMT | EUR/USD extends decline to 2 week low
    2013-12-20 05:45 GMT | EUR/GBP continues to slide Friday ahead of data; 0.8299 is next support
    2013-12-20 04:11 GMT | USD/JPY holds at 5-year highs after BoJ
    2013-12-20 03:46 GMT | AUD/NZD back on the downside after Thursday bounce; downtrend intact with target of 1.0560

    EURUSD :
    HIGH 1.3667 LOW 1.36253 BID 1.36362 ASK 1.36365 CHANGE 0% TIME 08 : 43:59

    [​IMG]

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

    MARKET ANALYSIS - Intraday Analysis

    Upwards scenario: EUR/USD maintained a negative near-term tone though recovery action is possible above the next visible resistance at 1.3663 (R1). Clearance here might initiate bullish pressure and validate our next targets at 1.3678 (R2) and 1.3691 (R3). Downwards scenario: Yesterday session low offers key supportive barrier at 1.3631 (S1). Break here might provide sufficient momentum on the downside and expose our intraday targets at 1.3615 (S2) and 1.3600 (S3).

    Resistance Levels: 1.3663, 1.3678, 1.3691
    Support Levels: 1.3631, 1.3615, 1.3600

    ----------------
    GBPUSD :
    HIGH 1.63722 LOW 1.63502 BID 1.63527 ASK 1.63529 CHANGE 0.01% TIME 08 : 43:59

    [​IMG]

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

    Upwards scenario: Possible upwards formation is limited now to resistive measure at 1.6391 (R1). A break above it would suggest next intraday target at 1.6408 (R2) and if the price holds its momentum we can expect price increase towards to final resistance at 1.6424 (R3). Downwards scenario: Next support level is seen at 1.6351 (S1), any penetration below it might activate downside pressure and enable lower target at 1.6337 (S2). Any further market decline would then be limited to 1.6324 (S3).

    Resistance Levels: 1.6391, 1.6408, 1.6424
    Support Levels: 1.6351, 1.6337, 1.6324

    ------------------
    USDJPY :
    HIGH 104.591 LOW 104.213 BID 104.44 ASK 104.442 CHANGE 0% TIME 08 : 43:59

    [​IMG]

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

    Upwards scenario: Market sentiment has improved for the bullish oriented traders. Fresh high formed today offers key resistance level at 104.60 (R1). In case of price appreciation above it our focus would be shifted to the higher targets at 104.83 (R2) and 105.05 (R3). Downwards scenario: Medium-term bias is clearly positive however possible progress below the initial support level at 104.09 (S1) might expose our intraday targets at 103.83 (S2) and then 103.54 (S3) in perspective.

    Resistance Levels: 104.60, 104.83, 105.05
    Support Levels: 104.09, 103.83, 103.54

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