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Forex Technical & Market Analysis FXCC Jun 14 2013

Discussion in 'Major Currency Crosses' started by alayoua, Jun 14, 2013.

  1. alayoua

    alayoua New Member

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    Forex Technical & Market Analysis FXCC Jun 14 2013

    Draghi says OMT necessary, effective and within ECB mandate

    Mario Draghi defended the Outright Monetary Transactions (OMT) a day after the ECB and the Bundesbank confronted in a public hearing at Germany's top court on the legality of the bond-buying program. ECB President said the program was necessary, effective and in line with the ECB mandate. He pointed that benefits are 'visible to everybody' across Europe including Germany, in particular, falling bond yields in Italy and Spain.

    "It is fully in line with our mandate because it is designed to preserve price stability for the euro area and uses instruments foreseen in the Statute," Draghi said according to the transcript of a video statement after receiving the responsible leadership award 2013 from the European School of Management and Technology in Berlin. Meanwhile, Draghi urged eurozone leaders to stick reforms and to push for greater integration "to build a stronger economic and monetary union based on shared sovereignty and greater legitimacy". "For the euro area now to move forward and establish itself on stronger ground, we need all decision makers to take their responsibilities," Draghi said.
    https://support.fxcc.com/email/technical/14062013/

    FOREX ECONOMIC CALENDAR :
    2013-06-14 09:00 GMT | EMU. Consumer Price Index (YoY) (May)
    2013-06-14 12:30 GMT | USA. Producer Price Index (YoY) (May)
    2013-06-14 13:15 GMT | USA. Industrial Production (MoM) (May)
    2013-06-14 13:55 GMT | USA. Reuters/Michigan Consumer Sentiment Index (Jun)

    FOREX NEWS :
    2013-06-14 04:21 GMT | GBP/USD treading water around 1.57 figure
    2013-06-14 03:08 GMT | AUD/USD dealing with 0.9600 bids
    2013-06-14 01:06 GMT | USD/JPY knocks on 94.50 session lows
    2013-06-14 01:06 GMT | EUR/USD, look for highly corrective pullbacks to join bulls - 2ndSkies


    EURUSD :
    HIGH 1.33745 LOW 1.33422 BID 1.33468 ASK 1.33474 CHANGE -0.21% TIME 08:20:56

    [​IMG]

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

    MARKET ANALYSIS - Intraday Analysis

    Upwards scenario: While instrument trades above the 20 SMA, it keeps immediate upside potential. Next resistance is seen at 1.3379 (R1), break above it might extend gains towards to next targets at 1.3412 (R2) and 1.3444 (R3). Downwards scenario: Failure to establish positive bias today might lead to the recovery action in near term perspective. Next immediate support locates at 1.3305 (S1). Break here is required to enable bearish pressure towards to our targets at 1.3272 (S2) and 1.3239 (S3).

    Resistance Levels: 1.3379, 1.3412, 1.3444
    Support Levels: 1.3305, 1.3272, 1.3239

    ------------------
    GBPUSD :
    HIGH 1.57199 LOW 1.56943 BID 1.57021 ASK 1.57034 CHANGE -0.1% TIME 08:20:57

    [​IMG]

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

    Upwards scenario: GBPUSD keeps bullish potential. Next hurdle on the upside might be found at 1.5737 (R1). Break here would open road towards to our interim aim at 1.5768 (R2) and enable final intraday resistive measure at 1.5799 (R3). Downwards scenario: Retracement action might occur below the key support level at 1.5671 (S1). Break here would open road towards to next supportive measure at 1.5639 (S2) and then final supportive bastion could be found at 1.5606 (S3).

    Resistance Levels: 1.5737, 1.5768, 1.5799
    Support Levels: 1.5671, 1.5639, 1.5606

    --------------------------
    USDJPY :
    HIGH 95.797 LOW 94.429 BID 95.309 ASK 95.314 CHANGE -0.05% TIME 08:20:57

    [​IMG]

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

    Upwards scenario: Instrument resumed consolidation phase from its initial downtrend formation. Resistance level at 95.67 (R1) is a key technical point on the upside. Penetration above it would suggest higher targets at 96.21 (R2) and 96.75 (R3) later on today. Downwards scenario: Market decline below the supportive mean at 94.38 (S1) might trigger bearish pressure and enable lower target at 93.85 (S2). Final target for today locates at 93.26 (R3) price level.

    Resistance Levels: 95.67, 96.21, 96.75
    Support Levels: 94.38, 93.85, 93.26

    Source: FX Central Clearing Ltd,( FX Central Clearing Ltd )
     
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