1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Forex Technical & Market Analysis FXCC Jul 03 2013

Discussion in 'Major Currency Crosses' started by alayoua, Jul 3, 2013.

  1. alayoua

    alayoua New Member

    Joined:
    Jul 19, 2011
    Messages:
    289
    Likes Received:
    0
    Forex Technical & Market Analysis FXCC Jul 03 2013

    U.S. Dollar Faces its First Test

    With 2 more days to go before the pivotal U.S. non-farm payrolls report, the dollar extended its gains against all of the major currencies. Milestones were reached in some pairs while others broke key levels. The sustainability of the dollar's rally has been nothing short of impressive but it should not surprise investors since the strongest moves in the FX market are the ones supported by fundamental drivers. In this case the Federal Reserve is getting ready to reduce the amount of stimulus that it provides to the economy and investors are just looking for economic data to confirm that the economy is ready for tapering. The dollar faces its first test today with a number of U.S. economic reports on the calendar that will help shape expectations for Friday's release. The day starts off with a layoff report from Challenger Grey & Christmas that will be followed by the ADP Employment Change, jobless claims and most importantly, the ISM non-manufacturing index. Earlier this week we learned that the manufacturing sector lost jobs for the first time since 2009 and now the question is whether the service sector suffered the same fate. We don't think that it did because otherwise the Fed would not have lowered its unemployment rate forecasts but there's always the risk the data could surprise to the downside. Layoffs are expected to decline and most likely ADP will report an increase in U.S. payrolls.
    https://support.fxcc.com/email/technical/03072013/

    FOREX ECONOMIC CALENDAR :
    2013-07-03 08:28 GMT | UK. Markit Services PMI (Jun)
    2013-07-03 12:15 GMT | USA. ADP Employment Change (Jun)
    2013-07-03 12:30 GMT | USA. Trade Balance (May)
    2013-07-03 14:00 GMT | USA. ISM Non-Manufacturing PMI (Jun)

    FOREX NEWS :
    2013-07-03 04:42 GMT | EUR/USD depressed below 1.30, U.S
    2013-07-03 03:47 GMT | EUR/JPY unchanged in the Asia-Pacific after lots of noise
    2013-07-03 03:29 GMT | GBP/JPY rises to 151.50 after bullish reversal intraday
    2013-07-03 03:20 GMT | AUD/JPY dumped below 92 as RBA Stevens speak

    -------------------------
    EURUSD :
    HIGH 1.29834 LOW 1.29618 BID 1.29628 ASK 1.29633 CHANGE -0.13% TIME 08 : 39:59

    [​IMG]

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

    MARKET ANALYSIS - Intraday Analysis

    Upwards scenario: Immediate resistance at 1.2989 (R1) remains in near-term focus, climb above this level might open way for a recovery action towards to next interim target at 1.3013 (R2) and any further rise would then be limited to final resistive measure at 1.3038 (R3) Downwards scenario: Medium-term descending structure might get more stimulus if the price manages to overcome next support level at 1.2954 (S1). Clearance here would suggest initial targets at 1.2923 (S2) and 1.2910 (S3).

    Resistance Levels: 1.2989, 1.3013, 1.3038
    Support Levels: 1.2954, 1.2923, 1.2910

    ------------------------
    GBPUSD :
    HIGH 1.51631 LOW 1.51428 BID 1.51433 ASK 1.51442 CHANGE -0.07% TIME 08 : 40:00

    [​IMG]

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

    Upwards scenario: Market sentiment is negative according to the technical indicators. Though any prolonged movement above the resistive measure at 1.5181 (R1) would suggest next intraday targets at 1.5209 (R2) and 1.5237 (R3). Downwards scenario: Depreciation below the support level at 1.5133 (S1) would suggest next intraday target at 1.5107 (S2) and any further weakening would then be limited to final support level at 1.5080 (S3).

    Resistance Levels: 1.5181, 1.5209, 1.5237
    Support Levels: 1.5133, 1.5107, 1.5080

    -------------------------------
    USDJPY :
    HIGH 100.855 LOW 100.443 BID 100.672 ASK 100.675 CHANGE 0.06% TIME 08 : 40:00

    [​IMG]

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

    Upwards scenario: On the upside resistive structure at 100.87 (R1) prevents further gains. Clearance here is required to open route towards to next target at 101.12 (R2) and then final target could be triggered at 101.38 (R3). Downwards scenario: Though, possibility of correction is high. Devaluation below the support at 100.42 (S1) would initiate bearish pressure. On the way our next interim support at 100.16 (S2) en route to final target at 99.91 (S3).

    Resistance Levels: 100.87, 101.12, 101.38
    Support Levels: 100.42, 100.16, 99.91

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

Share This Page