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Forex Technical & Market Analysis FXCC Jun 19 2013

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

  1. alayoua

    alayoua New Member

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    Forex Technical & Market Analysis FXCC Jun 19 2013

    EUR - Lifted by Stronger Investor Confidence

    The euro traded higher against all of the major currencies today thanks to the improvement in Eurozone and German investor sentiment. The Eurozone ZEW survey rose to 30.6 from 27.6 and while investors grew less optimistic about current conditions in Germany, their confidence in future conditions improved with the expectations component of the German ZEW rising to 38.5 from 36.4. With the European Central Bank taking additional steps to stimulate the economy, this data indicates that investors are looking for a stronger recovery. In a farewell conference for Bank of Israel Governor Stanley Fischer today, European Central Bank President Mario Draghi talked about ECB monetary policy. He said the central bank would consider non-standard measures including the possibility of negative deposit rates. Draghi said, "We will look with an open mind at these measures that are especially effective in our institutional setup and that fall within our mandate." Yet he warned that these non-standard measures could also lead to unintentional consequences. Parts of the Eurozone have been unresponsive to monetary policy and Draghi has set to regain its steering capacity. He pointed out that the introduction of non-standard policy measures along with standard measures helped prevent the materialization of deflation risk.
    https://support.fxcc.com/email/technical/19062013/

    FOREX ECONOMIC CALENDAR :
    2013-06-19 08:30 GMT | UK. Bank of England Minutes
    2013-06-19 18:00 GMT | USA. Fed Interest Rate Decision
    2013-06-19 18:30 GMT | USA. Fed's Monetary Policy Statement and press conference
    2013-06-19 22:45 GMT | New Zeland. Gross Domestic Product (QoQ) (Q1)

    FOREX NEWS :
    2013-06-19 04:38 GMT | EUR/USD technical set up favors further upside ahead of FOMC
    2013-06-19 03:37 GMT | GBP/JPY trapped inside the 149.50/148.50 range
    2013-06-19 03:36 GMT | Bernanke not likely to backtrack on previous tapering comments - NAB
    2013-06-19 03:03 GMT | EUR/AUD edging higher towards 1.4200


    EURUSD :
    HIGH 1.34023 LOW 1.33847 BID 1.33906 ASK 1.33911 CHANGE -0.03% TIME 08 : 30:42

    [​IMG]

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

    MARKET ANALYSIS - Intraday Analysis

    Upwards scenario: Fresh portion of the economic data releases might increase volatility later on today. Clearance of our next resistive barrier at 1.3402 (R1) is required to push the price towards to our next visible targets at 1.3424 (R2) and 1.3445 (R3). Downwards scenario: On the other hand, the 1.3381 (S1) mark is a key support level on the downside. Below here is a route towards to next supports at 1.3360 (S2) and 1.3339 (S3).

    Resistance Levels: 1.3402, 1.3424, 1.3445
    Support Levels: 1.3381, 1.3360, 1.3339

    -----------------------------
    GBPUSD :
    HIGH 1.56443 LOW 1.56177 BID 1.56325 ASK 1.56331 CHANGE -0.06% TIME 08 : 30:43

    [​IMG]

    OUTLOOK SUMMARY : Down
    TREND CONDITION : Upward penetration
    TRADERS SENTIMENT : Bearish
    IMPLIED VOLATILITY : High

    Upwards scenario: The recent price acceleration on the downside suggests a possible recovery action. Next on tap is resistive barrier at 1.5657 (R1) on the way towards to higher targets at 1.5677 (R2) and 1.5697(R3). Downwards scenario: If the price failed to overcome our next resistance level we expect further market decline below the support level at 1.5616 (S1). Our intraday targets locates at 1.5597 (S2) and 1.5578 (S3).

    Resistance Levels: 1.5657, 1.5677, 1.5697
    Support Levels: 1.5616, 1.5597, 1.5578

    -----------------------------
    USDJPY :
    HIGH 95.664 LOW 95.177 BID 95.336 ASK 95.339 CHANGE 0.01% TIME 08 : 30:43

    [​IMG]

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

    Upwards scenario: Current price setup might suggest volatility increase in near term perspective. If the price get acceleration on the upside and manages to surpass our resistive measure at 95.66 (R1), we would suggest next targets at 95.96 (R2) and 96.26 (R3). Downwards scenario: Fractals level at 95.05 (S1) offers a key resistive measure on the downside. Break here is required to enable bearish pressure and validate next target at 94.75 (S2). Final support for today locates at 94.45 (S3).

    Resistance Levels: 95.66, 95.96, 96.26
    Support Levels: 95.05, 94.75, 94.45

    Source: FX Central Clearing Ltd,( Forex Trading News | ECN Trading Account | Forex ECN Broker | FXCC )
     
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