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Forex Technical & Market Analysis FXCC Jun 10 2013

Discussion in 'Major Currency Crosses' started by alayoua, Jun 10, 2013.

  1. alayoua

    alayoua New Member

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    Forex Technical & Market Analysis FXCC Jun 10 2013

    EUR/USD still searching for direction after NFP Data

    After trading as high as 1.3284 ahead of the US Non Farm Payroll data, the EUR/USD was unable to hold onto early gains and ended the session 68 pips lower 1.3216. The lack of follow through after the sharp gains early in the week is somewhat concerning, but thus far the pair has been able to hold onto the critical support level located in the 1.3200 area. Some analysts are pointing towards a combination between the Non Farm Payroll data, as well as comments from ECB President Draghi at the most recent ECB meeting as reasons to expect limited upside for the EUR/USD in coming days. According to Marc Chandler, Head of Currency Strategy at BBH, “We warned that although the technical factors looked constructive for the dollar, the fundamentals, in the form of the ECB not delivering on the negative deposit rate (that Draghi said he had an open mind about) and additional aid for small and medium size businesses, were less supportive.”

    Although he believes the jobs number was not strong enough to warrant any QE tapering in the near future, Chandler noted downside potential in the USD is limited at current levels. “We anticipated that the jobs data would not support notions from some Fed officials (and market participants) that tapering of the purchases of long-term assets could being as early as this month. Now we suspect the dollar's down move has been largely exhausted and we anticipate a recovery in the dollar into a new trading range,” Chandler concluded.
    https://support.fxcc.com/email/technical/10062013/

    FOREX ECONOMIC CALENDAR :
    2013-06-10 07:15 GMT | Switzerland. Real Retail Sales (YoY) (Apr)
    2013-06-10 08:30 GMT | EMU. Sentix Investor Confidence (Jun)
    2013-06-10 12:15 GMT | Canada. Housing Starts s.a (YoY) (May)
    2013-06-10 23:01 GMT | UK. RICS Housing Price Balance (May)

    FOREX NEWS :
    2013-06-10 04:37 GMT | EUR/USD still searching for direction after NFP Data
    2013-06-10 03:35 GMT | Kiwi attempting bounce towards 0.7900
    2013-06-10 02:51 GMT | AUD/JPY consolidating below 92.50
    2013-06-10 02:20 GMT | USD/JPY advances capped below 98.50


    EURUSD :
    HIGH 1.32285 LOW 1.31852 BID 1.31975 ASK 1.31978 CHANGE -0.13% TIME 08:26:07

    [​IMG]

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

    MARKET ANALYSIS - Intraday Analysis

    Upwards scenario: Market sentiment is neutral according to the technical indicators. Though any prolonged movement above the resistive measure at 1.3242 (R1) would suggest next intraday targets at 1.3277 (R2) and 1.3311 (R3). Downwards scenario: Medium-term ascending structure might lose its power if the price manages to overcome next support level at 1.3187 (S1). Clearance here might determine intraday negative bias and expose our initial targets at 1.3159 (S2) and 1.3129 (S3).

    Resistance Levels: 1.3242, 1.3277, 1.3311
    Support Levels: 1.3187, 1.3159, 1.3129

    --------------------------
    GBPUSD :
    HIGH 1.55627 LOW 1.55179 BID 1.55262 ASK 1.55274 CHANGE -0.17% TIME 08:26:08

    [​IMG]

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

    Upwards scenario: GBPUSD remains under correction mode after initial uptrend formation. However strengthening above the next resistive structure at 1.5565 (R1) might activate bullish pressure and expose our intraday targets at 1.5602 (R2) and 1.5641 (R3). Downwards scenario: Key support level lies at 1.5486 (S1). Penetration below it might shift medium-term tone to the negative side. Our intraday targets locates at 1.5449 (S2) and 1.5411 (S3).

    Resistance Levels: 1.5565, 1.5602, 1.5641
    Support Levels: 1.5486, 1.5449, 1.5411

    -----------------------
    USDJPY :
    HIGH 98.427 LOW 97.71 BID 98.235 ASK 98.240 CHANGE 0.73% TIME 08:26:09

    [​IMG]

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

    Upwards scenario: Market gradually recovers previous week losses. If pair gains momentum on the upside and overcome our next resistance at 98.58 (R1), we would suggest next resistances at 98.95 (R2) and 99.33 (R3) as possible targets. Downwards scenario: On the other hand, depreciation below the technically important support level at 97.77 (S1) would allow further market decline on the medium-term perspective. Possible targets lies at 97.36 (S2) and 96.92 (S3).

    Resistance Levels: 98.58, 98.95, 99.33
    Support Levels: 97.77, 97.36, 96.92

    Source: FX Central Clearing Ltd,( Forex Software | Forex Basics | Forex ECN Trading Account | FXCC )
     
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