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Forex Technical & Market Analysis FXCC Feb 13 2013

Discussion in 'Major Currency Crosses' started by alayoua, Feb 13, 2013.

  1. alayoua

    alayoua New Member

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    Forex Technical & Market Analysis FXCC Feb 13 2013

    Obama addresses congress at the SOTU speech

    In the State of the Union speech, President Barack Obama addressed the Congress, with the main highlights found below. The text was obtained from Obama’s prepared full text speech and released moments before he came on stage. Obama first emphasized that the generation’s task is to build a strong middle class, which should be achieved through the government working ‘on behalf of the many’ not few. Referring to the soaring deficit, he said proposals will not increase deficit by ‘single dime’, with a government that acts smarter not bigger. Obama said ‘deficit reduction alone is not an economic plan.’

    He ordered DHS to develop a real-time cybersecurity response. Obama also called for $1 Bln investment to create 15 manufacturing institutes; calls for overhauling corp tax code. Obama proposed ‘off-shoring tax’ to set minimum on offshore earnings, while also calling for a minimum wage to increase to $9/hour. With regards to the recent nuclear test conducted by North Korea, Obama said US to lead the world in taking firm action in response to North Korean threats, considering to strengthen US missile defense. The President of the US also unveiled plans to strengthen bilateral transatlantic trade deals with the European Union. Obama said: “Tonight, I am announcing that we will launch talks on a comprehensive Transatlantic Trade and Investment Partnership with the European Union – because trade that is free and fair across the Atlantic supports millions of good-paying American jobs.”
    http://blog.fxcc.com/forex-technical-market-analysis-february-13-2013/

    Forex Economic Calendar
    2013-02-13 10:00 GMT | E.M.U Industrial Production w.d.a. (YoY) (Dec)
    2013-02-13 10:30 GMT | United Kingdom. Bank of England Quarterly Inflation Report
    2013-02-13 13:30 GMT | United States. US Retail Sales (MoM) (Jan)
    2013-02-13 18:00 GMT | United States. 10-Year Note Auction

    Forex News
    2013-02-13 05:36 GMT | EUR/USD bulls regain control; break of 1.35 clarifies picture
    2013-02-13 05:33 GMT | GBP/USD stalls the recovery below 1.5700
    2013-02-13 04:38 GMT | USD/JPY break of 93.00 allows further losses
    2013-02-13 04:23 GMT | AUD/USD breaks to fresh 5-day highs above 1.0350



    TECHNICAL ANALYSIS
    ------------------------
    EURUSD

    HIGH: 1.34572 | LOW: 1.34375 | BID: 1.34469 | ASK: 1.34476 | CHANGE: -0.04% | TIME: 08:07:21

    [​IMG]

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

    MARKET ANALYSIS – Intraday Analysis
    Upwards scenario: next hurdle on the upside penetration is seen above the yesterday high at 1.3475 (R1). If the price manages to overcome it we expect further acceleration towards to initial targets at 1.3503 (R2) and 1.3532 (R3). Downwards scenario: Market decline below the next supportive means at 1.3433 (S1) might trigger bearish pressure and enable lower target at 1.3407 (S2). Final support for today could be exposed at 1.3381 (R3) later on today.

    Resistance Levels: 1.3475, 1.3503, 1.3532
    Support Levels: 1.3433, 1.3407, 1.3381

    -------------------------
    GBPUSD

    HIGH: 1.56885 | LOW: 1.56621 | BID: 1.56834 | ASK: 1.56845 | CHANGE: 0.14% | TIME: 08:07:22

    [​IMG]

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

    Upwards scenario: GBPUSD is approaching our next resistance level at 1.5688 (R1), keeping the retracement formation intact. The break here is required for the price appreciation towards to next target at 1.5707 (R2) and any further rise would then be targeting to 1.5726 (R3). Downwards scenario: On the other hand, medium-term tone remains negative and possible depreciation below the support level at 1.5661 (S1) would allow further declines. Our supports levels today lies at 1.5642 (S2) and 1.5623 (S3).

    Resistance Levels: 1.5688, 1.5707, 1.5726
    Support Levels: 1.5661, 1.5642, 1.5623

    ---------------------
    USDJPY

    HIGH: 93.503 | LOW: 92.821 | BID: 93.096 | ASK: 93.100 | CHANGE: -0.40% | TIME: 08:07:23

    [​IMG]

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

    Upwards scenario: A negative market tone dominates on the hourly chart frame however further buying interest might arise above the key resistance at 93.35 (R1). Clearance here would suggest next intraday target at 93.57 (R2) and if the price holds its momentum we can expect an exposure of 93.79 (R3). Downwards scenario: Fresh low formed today limits recovery attempts for now. Next support level stays right below it at 92.81 (S1). Break here would suggest next target at 92.60 (S2) en route towards to final aim for today at 92.39 (S3).

    Resistance Levels: 93.35, 93.57, 93.79
    Support Levels: 92.81, 92.60, 92.39

    Source: FX Central Clearing Ltd,( Forex Training | Best Automatic Forex Trading Platforms | FXCC )
     
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