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Forex Technical & Market Analysis FXCC Jul 19 2013

Discussion in 'Major Currency Crosses' started by alayoua, Jul 19, 2013.

  1. alayoua

    alayoua New Member

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    Forex Technical & Market Analysis FXCC Jul 19 2013

    Bernanke: Too early to say when tapering will start

    Federal Reserve Chairman Ben Bernanke testified before the Congress for a second day on Thursday. While the introductory statement remained unchanged, investors didn't get new insights from the Q&A session before the Senate Banking Committee. When asked about the time the Fed will scale back its monthly bond-buying programme, he said "it's way too early to make any judgment" as the Fed wants to see sustainable improvement in labor markets. Bernanke also said he has broad support for his policy outlook through the Fed leadership. "We've not changed policy. We are not talking about tightening monetary policy", Bernanke said. He added that none of what the Fed has communicated about winding down its bond purchases implies tighter policy in the foreseeable future. Among other remarks, Bernanke said he doesn't see risks to financial stability from student debt, though he said it could have negative economic consequences in the long-term. "It is not particularly likely to cause any sharp instability of the sort we saw in the last few years", Bernanke said Thursday.
    https://support.fxcc.com/email/technical/19072013/

    FOREX ECONOMIC CALENDAR :
    24h | All. G20 Meeting
    2013-07-19 06:00 GMT | Germany. Producer Price Index (YoY)
    2013-07-19 08:30 GMT | UK. Public Sector Net Borrowing
    2013-07-19 12:30 GMT | Canada. Consumer Price Index (YoY)

    FOREX NEWS :
    2013-07-19 04:48 GMT | GBP/USD surge capped below 1.5250
    2013-07-19 04:08 GMT | EUR/USD knocking on the door of short-term break above 1.3205
    2013-07-19 03:13 GMT | USD/JPY touches the 100 handle on Yen strength
    2013-07-19 02:55 GMT | AUD/USD supported on broad USD weakness

    ---------------
    EURUSD :
    HIGH 1.31503 LOW 1.30891 BID 1.31386 ASK 1.31391 CHANGE 0.23% TIME 08:26:35

    [​IMG]

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

    MARKET ANALYSIS - Intraday Analysis

    Upwards scenario: Fresh high offers a key resistive barrier at 1.3151 (R1). Subsequently loss here might create upside momentum and drive market price towards to our initial targets at 1.3179 (R2) and 1.3204 (R3) in potential. Downwards scenario: Activation of bearish forces is possible below the support level at 1.3112 (S1). Clearance here would suggest next interim target at 1.3086 (S2) and if the price holds its momentum we would suggest final aim at 1.3060 (S3).

    Resistance Levels: 1.3151, 1.3179, 1.3204
    Support Levels: 1.3112, 1.3086, 1.3060

    ----------------------
    GBPUSD :
    HIGH 1.52504 LOW 1.51963 BID 1.52323 ASK 1.52327 CHANGE 0.05% TIME 08:26:36

    [​IMG]

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

    Upwards scenario: Medium term bias remains positive however further market strengthening is required to clear resistive barrier at 1.5252 (R1). Next visible resistances are seen at 1.5281 (R2) and 1.5311 (R3). Downwards scenario: On the other hand, retracement formation might occur below the immediate support level at 1.5194 (S1). Clearance here would enable our next intraday targets at 1.5162(S2) and 1.5130 (S3).

    Resistance Levels: 1.5252, 1.5281, 1.5311
    Support Levels: 1.5194, 1.5162, 1.5130

    ------------------------
    USDJPY :
    HIGH 100.866 LOW 99.809 BID 100.063 ASK 100.068 CHANGE -0.36% TIME 08:26:36

    [​IMG]

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

    Upwards scenario: Possibility of upwards action is seen above the next resistance level at 100.22 (R1). Clearance here is required to let the price achieve our higher intraday targets at 100.41 (R2) and 100.61 (R3). Downwards scenario: On the other side, bearish market sentiment could be created if the price manages to overcome our next support level at 99.80 (S1). A violation here might call for a run towards to lower targets at 99.62 (S2) and 99.43 (S3).

    Resistance Levels: 100.22, 100.41, 100.61
    Support Levels: 99.80, 99.62, 99.43

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