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Forex Technical & Market Analysis FXCC Jun 07 2013

Discussion in 'Major Currency Crosses' started by alayoua, Jun 7, 2013.

  1. alayoua

    alayoua New Member

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    Forex Technical & Market Analysis FXCC Jun 07 2013

    Will Non-Farm Payrolls Save or Kill the Dollar?

    The big story today in the financial markets was the sell-off in the U.S. dollar. The greenback fell quickly and aggressively against all of the major currencies right around the European close and held onto its losses to end the day down 2% against the Japanese Yen and more than 1% against the euro, British pound and Swiss Franc. There were a few different factors behind the sell-off in the greenback. The dollar initially traded lower on the optimistic comments from ECB President Draghi but those losses were contained to the EUR/USD. USD/JPY did not see any losses until 90 minutes before the European close at 12pm NY Time and only when it started to break down did the dollar collapse against all of the major currencies.
    https://support.fxcc.com/email/technical/07062013/

    FOREX ECONOMIC CALENDAR :
    2013-06-07 06:00 GMT | Germany. Trade Balance s.a. (Apr)
    2013-06-07 08:30 GMT | UK. Total Trade Balance (Apr)
    2013-06-07 12:30 GMT | USA. Nonfarm Payrolls (May)
    2013-06-07 19:00 GMT | USA. Consumer Credit Change (Apr)

    FOREX NEWS :
    2013-06-07 04:46 GMT | USD/JPY attempts to fight back above 96.00 in Asia trade
    2013-06-07 03:36 GMT | EUR/USD technical picture looks set for further advances ahead of NFP
    2013-06-07 02:43 GMT | Aussie breaks 0.9550 as selling resumes in Asia
    2013-06-07 01:40 GMT | USD/JPY breaks momentarily below 97 figure


    EURUSD :
    HIGH 1.32688 LOW 1.32355 BID 1.32534 ASK 1.32540 CHANGE 0.06% TIME 08 : 24:35

    [​IMG]

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

    MARKET ANALYSIS - Intraday Analysis

    Upwards scenario: Apparently market sentiment is clearly positive for the EURUSD as both moving averages are pointing up. Clearance of our resistance level at 1.3305 (R1) would open the way for an upside penetration towards to next targets at 1.3337 (R2) and 1.3370 (R3). Downwards scenario: Possible price depreciation is limited to the key support barrier at 1.3223 (S1). Break here is required to enable corrective action towards to lower targets at 1.3190 (S2) and 1.3157 (S3).

    Resistance Levels: 1.3305, 1.3337, 1.3370
    Support Levels: 1.3223, 1.3190, 1.3157

    ---------------------
    GBPUSD :
    HIGH 1.56178 LOW 1.55808 BID 1.55949 ASK 1.55963 CHANGE -0.02% TIME 08 : 24:36

    [​IMG]

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

    Upwards scenario: Yesterday high offers a key resistive barrier at 1.5684 (R1). Subsequently loss here might create upside momentum and drive market price towards to our initial targets at 1.5732 (R2) and 1.5781 (R3) in potential. Downwards scenario: Possible downside extension might face next supportive barrier at 1.5564 (S1). Clearance here is required to open the way towards to interim target at 1.5517 (S2) and any further price regress would then be targeting 1.5467 (S3).

    Resistance Levels: 1.5684, 1.5732, 1.5781
    Support Levels: 1.5564, 1.5517, 1.5467

    -------------------------
    USDJPY :
    HIGH 97.517 LOW 95.549 BID 96.696 ASK 96.701 CHANGE -0.27% TIME 08 : 24:37

    [​IMG]

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

    Upwards scenario: After dipping lower today we see potential of market strengthening in near-term perspective. Next on tap is seen resistance level at 97.57 (R1). Break here would suggest next intraday targets at 98.07 (R2) and 98.58 (R3). Downwards scenario: Price regress below the support level at 95.53 (S1) would increase likelihood of failing towards to our key supportive barrier at 95.07 (S2) and any further market decline would then be targeting final support for today at 94.58 (S3).

    Resistance Levels: 97.57, 98.07, 98.58
    Support Levels: 95.53, 95.07, 94.58

    Source: FX Central Clearing Ltd,( Free Forex Demo Accounts | Top ECN Forex Broker | Forex Blog | FXCC )
     
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