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Forex Technical & Market Analysis FXCC Feb 15 2013

Discussion in 'Major Currency Crosses' started by alayoua, Feb 15, 2013.

  1. alayoua

    alayoua New Member

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    Forex Technical & Market Analysis FXCC Feb 15 2013

    Eurozone tumbles deeper into recession

    The preliminary Eurozone GDP numbers for the fourth quarter of 2012, published in the European morning, paint a rather gloomy picture of economic activity in the area: growth declined sharply by 0.6%, which makes it a third straight quarterly fall. GDP in the three largest Eurozone economies shrank more than expected. Germany saw a 0.6% decline, France contracted by 0.3% and Italy by 0.9%. Portuguese GDP plunged by 1.8%, which makes the country the worst performer in the Eurozone. Only Estonia and Slovakia registered growth in the area, but results for Ireland, Greece, Luxembourg, Malta and Slovenia are still pending. ING analyst Peter Vanden Houte comments: “While we expect a stabilisation in the first quarter and a weak recovery from the second quarter onwards, one has to acknowledge that a lot of things still can go wrong. The economic and political outlook in Spain and Italy remains uncertain, while the difficult bail-out of Cyprus could stoke contagion fears. Therefore it is certainly not a time for the ECB to lean back and relax.”

    For the London session ahead key UK retail sales data at 09:30 GMT will surely take center stage for Cable traders, as “Consumer spending is the backbone of the economy as well as a key component of GDP,” says BK Asset Management managing director Kathy Lien. Data is expected to come above previous one, and around the +0.5% as consensus, while G20 meetings going on thru the weekend might provide headlines that shake markets either direction.
    https://support.fxcc.com/email/technical/15022013/

    Forex Economic Calendar
    2013-02-15 09:30 GMT | United Kingdom. Retail Sales (YoY) (Jan)
    2013-02-15 14:00 GMT | United States. Net Long-Term TIC Flows (Dec)
    2013-02-15 14:15 GMT | United States. Industrial Production (MoM) (Jan)
    2013-02-15 14:55 GMT | United States. Reuters/Michigan Consumer Sentiment Index (Feb)

    Forex News
    2013-02-15 06:00 GMT | GBP/USD clings to last support around 1.5500
    2013-02-15 05:28 GMT | Selling EUR/USD, still a profitable short term strategy?
    2013-02-15 05:23 GMT | USD/JPY finding bids ahead of 92.20
    2013-02-15 04:58 GMT | Kiwi strength to stay – ANZ


    ------------------------------
    EURUSD :
    HIGH 1.33721 LOW 1.33472 BID 1.33524 ASK 1.33532 CHANGE -0.07% TIME 08:23:26

    [​IMG]

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

    MARKET ANALYSIS - Intraday Analysis

    Upwards scenario: The recent price acceleration on the upside suggests a possible move higher ahead. Next on tap is resistive barrier at 1.3400 (R1) on the way towards to higher targets at 1.3415 (R2) and 1.3428 (R3). Downwards scenario: If the market fails to stabilize on the positive side, we expect retest of our support level at 1.3373 (S1) in near term perspective. Successful penetration below it would enable initial targets at 1.3358 (S2) and 1.3344 (S3).

    Resistance Levels: 1.3400, 1.3415, 1.3428
    Support Levels: 1.3373, 1.3358, 1.3344

    --------------------
    GBPUSD :
    HIGH 1.55214 LOW 1.5484 BID 1.55071 ASK 1.55082 CHANGE 0.09% TIME 08:23:27

    [​IMG]

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

    Upwards scenario: Prolonged movement yesterday on the downside finally looks exhausted. Penetration above the fresh high at 1.5526 (R1) might keep bulls in play, targeting next resistances at 1.5547 (R2) and 1.0568 (R3). Downwards scenario: Bearish forces are possible below the next support level at 1.5502 (S1). Clearance here would suggest next target at 1.5481 (S2). If the price holds its momentum on the downside we suggest final target for today at 1.5458 (S3).

    Resistance Levels: 1.5526, 1.5547, 1.5568
    Support Levels: 1.5502, 1.5481, 1.5458

    --------------------
    USDJPY :
    HIGH 93.117 LOW 92.25 BID 92.504 ASK 92.510 CHANGE -0.39% TIME 08:23:28

    [​IMG]

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

    Upwards scenario: Retracement development is limited to the next resistive structure at 92.81 (R1). Clearance here might shift trader’s sentiment to bullish side and open road towards to initial targets, located at 92.96 (R2) and 93.11 (R3). Downwards scenario: Fresh low formed today offers important support level at 92.25 (S1). Discounted value of USDJPY might push through this mark and enable next visible target at 92.11 (S2) en route to 91.96 (S3) later on.

    Resistance Levels: 92.81, 92.96, 93.11
    Support Levels: 92.25, 92.11, 91.96

    Source: FX Central Clearing Ltd,( FX Central Clearing Ltd )
     
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