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Forex Technical & Market Analysis FXCC Jun 26 2013

Discussion in 'Major Currency Crosses' started by alayoua, Jun 26, 2013.

  1. alayoua

    alayoua New Member

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    Forex Technical & Market Analysis FXCC Jun 26 2013

    Pause Before Another Big Move?

    Based on the price action over the past 48 hours in the forex market, volatility has declined as traders and investors wait for a fresh catalyst to drive the dollar higher. Better than expected U.S. economic data helped the greenback hold onto its gains against most of the major currencies but after such an extensive rally, the market is waiting for some confirmation that the Federal Reserve is on track to taper this year and won't do too much damage on the U.S. economy. The latest economic reports suggests that the economy may be able handle less stimulus but that is far from certain. As we said on Monday, the key is whether the other FOMC members are onboard with the idea. Right now, currency traders are in wait and see mode as they look forward to the next big catalyst - which could come from the speeches by Fed officials.
    https://support.fxcc.com/email/technical/26062013/

    FOREX ECONOMIC CALENDAR :
    2013-06-26 06:00 GMT | Germany. Gfk Consumer Confidence Survey (Jul)
    2013-06-26 09:30 GMT | UK. BoE's Governor King Speech
    2013-06-26 12:30 GMT | USA. Gross Domestic Product. Annualized
    2013-06-26 22:45 GMT | New Zeland. Trade Balance (MoM)

    FOREX NEWS :
    2013-06-26 04:35 GMT | The Greenback awaits next catalyst
    2013-06-26 03:41 GMT | EUR/USD feeling the selling pressure; holds above 1.3050
    2013-06-26 02:33 GMT | GBP/USD risk skewed to the downside - RBS
    2013-06-26 01:59 GMT | USD/JPY dips below 98.00 on Yen strength

    --------------------------
    EURUSD :
    HIGH 1.30872 LOW 1.30569 BID 1.30681 ASK 1.30687 CHANGE -0.1% TIME 08:21:14

    [​IMG]

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

    MARKET ANALYSIS - Intraday Analysis

    Upwards scenario: Despite the current consolidation pattern, EURUSD remains in downtrend formation on the bigger picture. Clearance of our next resistance level at 1.3102 (R1) might trigger corrective action towards to our initial targets at 1.3129 (R2) and 1.3156 (R3). Downwards scenario: Risk of further price regress is seen below the support level at 1.3054 (S1). Clearance here is required to enable bearish pressure towards to next aims at 1.3029 (S2) and 1.3004 (S3) in potential.

    Resistance Levels: 1.3102, 1.3129, 1.3156
    Support Levels: 1.3054, 1.3029, 1.3004

    --------------------------
    GBPUSD :
    HIGH 1.54273 LOW 1.54022 BID 1.54215 ASK 1.54227 CHANGE 0.01% TIME 08:21:14

    [​IMG]

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

    Upwards scenario: Market sentiment has improved for the bullish oriented traders yesterday though medium term bias remains negative. Next visible fractals level at 1.5436 (R1) offers a key resistance level. Break here would suggest higher targets at 1.5458 (R2) and 1.5479 (R3). Downwards scenario: Current price pattern suggests bearish potential if the pair manages to overcome next support level at 1.5397 (S1). Possible price regress could expose our initial targets at 1.5377 (S2) and 1.5356 (S3) later on today.

    Resistance Levels: 1.5436, 1.5458, 1.5479
    Support Levels: 1.5397, 1.5377, 1.5356

    --------------------
    USDJPY :
    HIGH 98.235 LOW 97.646 BID 97.770 ASK 97.773 CHANGE -0.06% TIME 08:21:15

    [​IMG]

    OUTLOOK SUMMARY : Neutral
    TREND CONDITION : Downward penetration
    TRADERS SENTIMENT : Bearish
    IMPLIED VOLATILITY : Medium

    Upwards scenario: Possibility of market strengthening is seen above the immediate resistive barrier at 97.92 (R1). Rise above that level would suggest next interim target at 98.14 (R2) and then final aim locates at 98.37 (R3). Downwards scenario: On the downside our attention is shifted to the immediate support level at 97.39 (S1). Break here is required to enable bearish forces and expose our intraday targets at 97.19 (S2) and 96.99 (S3).

    Resistance Levels: 97.92, 98.14, 98.37
    Support Levels: 97.39, 97.19, 96.99

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