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Forex Technical & Market Analysis FXCC Jan 04 2013

Discussion in 'Major Currency Crosses' started by alayoua, Jan 4, 2013.

  1. alayoua

    alayoua New Member

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    Forex Technical & Market Analysis FXCC Jan 04 2013

    Two largest rating agencies consider US fiscal cliff deal insufficient

    Moody's and Standard and Poor's credit rating agencies urged US lawmakers on Thursday to increase their efforts to tackle the country's budget deficit, as they consider the last-minute fiscal cliff measures insufficient. The deal which was struck on Tuesday between Democrats and Republicans, with the aim to avoid automatic year-end tax increases and spending cuts, improves the current situation but does not lay foundations for lowering debt ratios in the medium term, Moody's rating agency told Reuters. Moody's senior credit officer Steven Hess said that the agency would wait for the outcome of the measures adopted by the US government before making decisions on the rating outlook or the rating itself.

    Pending the signature of President Obama, expected to be done shortly, the US officially avoids that millions of citizens suffer tax hikes and spending reductions, which would have brought the U.S. economy into recession according to economists' projections. Worth not forgetting though, is that still plentiful of unresolved pressing issues remain, with the most immediate being the need to raise the federal borrowing limit, with the deadline over 2 month from now.-FXstreet.com
    https://support.fxcc.com/email/technical/04012013/

    Forex Economic Calendar
    2013-01-04 09:30 GMT | United Kingdom. Markit Services PMI (Dec)
    2013-01-04 10:00 GMT | E.M.U. Consumer Price Index (YoY) (Dec)
    2013-01-04 13:30 GMT | United States. Nonfarm Payrolls (Dec)
    2013-01-04 15:00 GMT | United States. ISM Non-Manufacturing PMI (Dec)

    Forex News
    2013-01-04 04:57 GMT | USD/JPY maximum pain to shorts above 87.50
    2013-01-04 04:25 GMT | Constructive on EUR/USD towards 1.35 - Westpac
    2013-01-04 03:53 GMT | NZD/USD finds support at 0.8220
    2013-01-04 02:40 GMT | GBP/JPY stalls an 8 week run up below 141.00

    TECHNICAL ANALYSIS

    ---------------------------------
    EURUSD

    HIGH 1.30532 LOW 1.30191 BID 1.30426 ASK 1.30432 CHANGE -0.05% TIME 07:59:49

    [​IMG]

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

    MARKET ANALYSIS - Intraday Analysis

    Upwards scenario: While EURUSD trades above the next support level, possibility of correction arises if market manages to break our resistance at 1.3082 (R1). In this case we would suggest next targets at 1.3111 (R2) and 1.3140 (R3) in potential. Downwards scenario: Medium term bias is clearly negative. If the market gains momentum and break below the next support at 1.3018 (S1), we suggest next targets to be placed at 1.2989 (S2) and 1.2961 (S3).

    Resistance Levels: 1.3082, 1.3111, 1.3140
    Support Levels: 1.3018, 1.2989, 1.2961

    ------------------------
    GBPUSD :
    HIGH 1.61076 LOW 1.60569 BID 1.60780 ASK 1.60792 CHANGE -0.19% TIME 07:59:50

    [​IMG]

    OUTLOOK SUMMARY Down
    TREND CONDITION Down trend
    TRADERS SENTIMENT Bullish
    IMPLIED VOLATILITY High

    Upwards scenario: The upside movement looks protected by the next resistance level at 1.6113 (R1), located at the 20 SMA. Rise above it might change market sentiment to bullish on the short term perspective and expose intraday targets at 1.6142 (R2) and 1.6170 (R3).Downwards scenario: Our next support level, located at 1.6056 (S1) is the key point for the further downtrend development. Break here is required to put in focus lower targets at 1.6026 (S2) and 1.5995 (S3) in perspective.

    Resistance Levels: 1.6113, 1.6142, 1.6170
    Support Levels: 1.6056, 1.6026, 1.5995

    ------------------
    USDJPY :
    HIGH 87.831 LOW 87.239 BID 87.753 ASK 87.757 CHANGE 0.6% TIME 07:59:51

    [​IMG]

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

    Upwards scenario: USDJPY gained momentum, turning intraday bias to the positive side. Our next resistance level for today is hold at 87.85 (R1). Rise above it might open route towards to next targets at 88.16 (R2) and 88.47 (R3). Downwards scenario: On the downside our reference point locates at 87.52 (S1), decrease below it might enable bearish pressure, targeting 87.23 (S2) and any further fall would then be limited by last support level at 86.94 (S3).

    Resistance Levels: 87.85, 88.16, 88.47
    Support Levels: 87.52, 87.23, 86.94

    Source: FX Central Clearing Ltd,( Free Forex Demo Account | Forex Software | Forex Trading Blog | FXCC )
     
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