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Forex Technical & Market Analysis FXCC Mar 13 2013

Discussion in 'Major Currency Crosses' started by alayoua, Mar 13, 2013.

  1. alayoua

    alayoua New Member

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    Forex Technical & Market Analysis FXCC Mar 13 2013

    Rehn defends Eurozone’s austerity policy

    European Commissioner for Economic and Monetary Affairs Olli Rehn spoke against the critics of budget cutting measures recommended by the European Union in an interview published today in a Finnish newspaper. Rehn responded to voices of such economists as Paul Krugman who suggest that Brussels should stop reducing spending and encourage the most indebted countries to stimulate their economies, instead of making them believe that this is a way to regain market confidence. The disagreement sprang up after the European Commission published various projections which pointed to a deeper and more prolonged recession in the countries in the south of Europe, which are implementing harsh austerity measures.

    Olli Rehn believes that the experts who agree with Krugman distorted the results of a study carried out by the IMF in 2012 regarding the consequences of austerity, which said that the impact of spending cuts on growth could be greater than expected. According to the commissioner, “It is essential that the IMF paper does not give rise to the conclusion that economic adjustment would not be desirable” and that is why he believes that the critics are putting forward their own interpretation in order to attack the Eurozone policy. Rehn assured that he expects “people who are more intelligent” to present alternative and realistic propositions in order to improve the flow of credit in Europe, as until now this did not happen yet.
    https://support.fxcc.com/email/technical/13032013/

    Forex Economic Calendar :
    2013-03-13 10:00 GMT | E.M.U. Industrial Production w.d.a. (YoY) (Jan)
    2013-03-13 12:30 GMT | United States. Retail Sales (MoM) (Feb)
    2013-03-13 17:00 GMT | United States. 10-Year Note Auction
    2013-03-13 20:00 GMT | New Zeland. Monetary Policy Statement

    Forex News :
    2013-03-13 05:22 GMT | EUR/USD eyes US retail sales
    2013-03-13 04:36 GMT | USD/JPY mixed on BoJ nominees, holds above 95.60
    2013-03-13 03:33 GMT | GBP/USD prints fresh weekly highs, knocks 1.4950
    2013-03-13 01:16 GMT | USD/CAD momentum fading - TDS

    --------------------------
    EURUSD :
    HIGH 1.30438 LOW 1.30227 BID 1.30390 ASK 1.30398 CHANGE 0.05% TIME 07:58:37

    [​IMG]

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

    MARKET ANALYSIS - Intraday Analysis

    Upwards scenario: EURUSD lost momentum recently and trapped to the range mode trading. On the upside next hurdle ahead is seen at 1.3053 (R1). Clearance here would suggest next intraday targets at 1.3069 (R2) and 1.3084 (R3) in potential. Downwards scenario: Risk of price depreciation is seen below the support level at 1.3022 (S1). A fall below it might prolong the weakness towards to next target at 1.3006 (S2) and any further market decline would then be limited to final support at 1.2988 (S3).

    Resistance Levels: 1.3053, 1.3069, 1.3084
    Support Levels: 1.3022, 1.3006, 1.2988

    ---------------------
    GBPUSD :
    HIGH 1.49524 LOW 1.48927 BID 1.49360 ASK 1.49370 CHANGE 0.25% TIME 07:58:38

    [​IMG]

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

    Upwards scenario: Retail trader’s sentiment on the bullish side today. Further uptrend evolvement is limited now to the important resistive bastion at 1.4952 (R1). Break here is required to enable higher targets at 1.4976 (R2) and 1.5001 (R3). Downwards scenario: Our support level is placed on the important fractal level- 1.4916 (S1). Below here is seen potential of price acceleration towards to our initial targets at 1.4890 (S2) and then final one at 1.4865 (S3).

    Resistance Levels: 1.4952, 1.4976, 1.5001
    Support Levels: 1.4916, 1.4890, 1.4865

    -------------------------
    USDJPY :

    HIGH 96.101 LOW 95.589 BID 95.711 ASK 95.718 CHANGE -0.38% TIME 07:58:39

    [​IMG]

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

    Upwards scenario: USDJPY corrected from the initial upside development yesterday and currently looking for priority in direction for today. Possibility of market appreciation is seen above the resistance level at 96.10 (R1). Break here is required to validate our targets at 96.40 (R2) and 96.69 (R3). Downwards scenario: Clearance of our next support level at 95.59 (S1) is required to enable further retracement phase and expose our target at 95.31 (S2). Further market decline looks limited to final support level at 95.03 (S3).

    Resistance Levels: 96.10, 96.40, 96.69
    Support Levels: 95.59, 95.31, 95.03

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