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Forex Technical & Market Analysis FXCC Jul 01 2013

Discussion in 'Major Currency Crosses' started by alayoua, Jul 1, 2013.

  1. alayoua

    alayoua New Member

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    Forex Technical & Market Analysis FXCC Jul 01 2013

    China top banking regulator says enough liquidity

    The Chinese top banking regulatory body appeased fears over the credit crunch in the country, saying that liquidity remains ample for the interbank needs. Regulators reassured the markets by pledging to tighten risk controls over local government, real estate and shadow banking. The chairman of the China Banking Regulatory Commission, Mr. Shang, said "excess reserves more than double amount necessary", although Shanga failed to provide further details on how they intend to reduce shadow banking practices.

    According to Bloomberg, citing Shang Fulin, "Banks had about 1.5 trillion yuan ($244.4 billion) of cash reserves as of June 28 that could be used for payment and settlement needs, more than double what is usually required." Mr. Shang added that “The tight liquidity condition on the interbank market has been easing in the last few days", reassuring that "This type of situation won’t affect the banking sector’s smooth operations.” The comments from Mr. Shang follow a pledge from the People’s Bank of China governor Zhou Xiaochuan, who said last June 28, that the Chinese financial marketplace will not be disrupted by the liquidity deficiencies. The calmed approached by Chinese top decision-makers aided Chinese bank stocks, one of the best performing sectors end of last week. “Some people have compared our local government debt to European debt, but there’s a big difference -- our debts are accumulated for production not for consumption -- most of them have assets as guarantees and the overall risk is controllable,” Shang said, cite by Bloomberg.
    https://support.fxcc.com/email/technical/01072013/

    FOREX ECONOMIC CALENDAR :
    2013-07-01 07:58 GMT | EMU. Markit Manufacturing PMI
    2013-07-01 08:28 GMT | UK. Markit Manufacturing PMI
    2013-07-01 09:00 GMT | EMU. Consumer Price Index
    2013-07-01 14:00 GMT | USA. ISM Manufacturing PMI

    FOREX NEWS :
    2013-07-01 04:59 GMT | GBP/USD stalls the decline above 1.5200
    2013-07-01 04:50 GMT | Will the big USD rally be sustainable?
    2013-07-01 03:36 GMT | AUD/USD breaking above 0.9180
    2013-07-01 02:17 GMT | EUR/AUD hovering above 1.4200


    EURUSD :
    HIGH 1.30325 LOW 1.30053 BID 1.30286 ASK 1.30289 CHANGE 0.16% TIME 08:40:42

    [​IMG]

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

    MARKET ANALYSIS - Intraday Analysis

    Upwards scenario: Without tier one macroeconomic news announcement neutral mode remains favored. Clearance of next resistance level at 1.3040 (R1) might enable bullish pressure and open route towards to our next targets at 1.3062 (R2) and 1.3084 (R3). Downwards scenario: Possible downside extension might face next supportive barrier at 1.2990 (S1). Clearance here is required to open the way towards to interim target at 1.2971 (S2) and any further price regress would then be targeting 1.2951 (S3).

    Resistance Levels: 1.3040, 1.3062, 1.3084
    Support Levels: 1.2990, 1.2971, 1.2951

    ----------------------
    GBPUSD :
    HIGH 1.52265 LOW 1.51953 BID 1.52248 ASK 1.52258 CHANGE 0.12% TIME 08:40:43

    [​IMG]

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

    Upwards scenario: Descending structure on GBPUSD suggests possible correction ahead. Break above the resistance at 1.5240 (R1) would clear the way towards to higher target at 1.5271 (R2). Further price appreciation would face then final resistive measure at 1.5303 (R3) Downwards scenario: Next support level lies at 1.5187 (S1). Penetration below it might shift medium-term tone to the negative side. Our intraday targets locates at 1.5159 (S2) and 1.5130 (S3).

    Resistance Levels: 1.5240, 1.5271, 1.5303
    Support Levels: 1.5187, 1.5159, 1.5130

    --------------------
    USDJPY :
    HIGH 99.54 LOW 99.176 BID 99.389 ASK 99.396 CHANGE 0.25% TIME 08:40:44

    [​IMG]

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

    Upwards scenario: USDJPY clearly determined positive bias on the medium-term perspective. Penetration above the resistive structure at 99.56 (R1) might encourage protective orders execution and drive market price towards to the next resistive means at 99.84 (R2) and 100.11 (R3). Downwards scenario: Price regress below the support level at 99.13 (S1) would increase likelihood of failing towards to the next supportive barrier at 98.85 (S2) and any further correction development would then be targeting final support at 98.58 (S3).

    Resistance Levels: 99.56, 99.84, 100.11
    Support Levels: 99.13, 98.85, 98.58

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