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Forex Technical & Market Analysis FXCC Jul 29 2013

Discussion in 'Major Currency Crosses' started by alayoua, Jul 29, 2013.

  1. alayoua

    alayoua New Member

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    Forex Technical & Market Analysis FXCC Jul 29 2013

    Japan's PM Abe rethinks sales tax hike; inflation case strengthens?

    Japan's most significant fiscal reform in years, that is, a planned hike from 5% to 8% in sales tax by April 2014, faces the prospects of being delayed or watered down as concerns mount the tax increase may do more harm than good to the delicate economic recovery in the country. According to a report from Reuters earlier on Monday: "PM Abe says he will decide in the autumn whether to proceed with the first part of the two-stage plan after gauging the state of the economic recovery, especially GDP data that is due on Sept 9."
    https://support.fxcc.com/email/technical/29072013/

    FOREX ECONOMIC CALENDAR :
    N/A | Bank of Japan Governor Kuroda Speech
    2013-07-29 08:30 GMT | UK. Mortgage Approvals
    2013-07-29 14:00 GMT | US. Pending Home Sales (YoY)
    2013-07-29 23:50 GMT | Japan. Industrial Production (YoY)

    FOREX NEWS :
    2013-07-29 05:20 GMT | USD/JPY pulling back after Kuroda headlines make the rounds
    2013-07-29 04:50 GMT | GBP/USD capped below big 1.54 figure
    2013-07-29 04:44 GMT | EUR/USD approaching flat line for the session after initial upside
    2013-07-29 04:09 GMT | AUD/JPY hovering above Friday’s lows of 90.56. Target 89.39, but will it bounce first?


    EURUSD
    HIGH 1.32936 LOW 1.32735 BID 1.32770 ASK 1.32775 CHANGE -0.01% TIME 08:34:38

    [​IMG]

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

    MARKET ANALYSIS - Intraday Analysis

    Upwards scenario: Market took a breath after last days gains. Though possible clearance of our next resistive barrier at 1.3297 (R1) would suggest next intraday targets at 1.3316 (R2) and 1.3333 (R3) in potential. Downwards scenario: Fractal level, formed on the 24-07-2013 provides an important supportive mark at 1.3256 (S1). Any penetration below this level would suggest next targets at 1.3237 (S2) and 1.3217 (S3) in potential.

    Resistance Levels: 1.3297, 1.3316, 1.3333
    Support Levels: 1.3256, 1.3237, 1.3217

    --------------------------
    GBPUSD :
    HIGH 1.54043 LOW 1.53747 BID 1.53816 ASK 1.53823 CHANGE 0.08% TIME 08:34:39

    [​IMG]

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

    Upwards scenario: Further positive bias development would face next resistive measure at 1.5419 (R1). If the price manages to overcome it we would suggest next intraday targets at 1.5445 (R2) and 1.5470 (R3). Downwards scenario: Possible recovery action might get acceleration below the support level at 1.5370 (S1). Loss here would suggest next intraday target at 1.5343 (S2) and any weakening below it would then be limited to final support at 1.5316 (S3).

    Resistance Levels: 1.5419, 1.5445, 1.5470
    Support Levels: 1.5370, 1.5343, 1.5316

    -------------------------
    USDJPY :
    HIGH 98.34 LOW 97.633 BID 97.880 ASK 97.880 CHANGE -0.37% TIME 08:34:40

    [​IMG]

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

    Upwards scenario: Medium term bias remains negative and possible price appreciation is limited to resistive barrier at 98.21 (R1). Prolonged movement above that level would suggest next intraday targets at 98.46 (R2) and 98.71 (R3). Downwards scenario: Further market weakening is protected by important technical level at 97.63 (S1). Break here is required to open road towards to interim target at 97.39 (S2) en route to final aim at 97.14 (S3).

    Resistance Levels: 98.21, 98.46, 98.71
    Support Levels: 97.63, 97.39, 97.14

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