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Forex Technical & Market Analysis FXCC Mar 14 2013

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

  1. alayoua

    alayoua New Member

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    Forex Technical & Market Analysis FXCC Mar 14 2013

    Eurogroup talks on Cyprus at Friday meeting might be unofficial

    Eurozone Finance Ministers are expected to continue their negotiations on the rescue loan for Cyprus during the meeting scheduled for Friday, although some sources claim that these negotiations will be led on the sidelines of the main talks. Cyprus and the Troika are trying to bring down the amount of the aid to 10 billion euros from the previously estimated 17 billion euros. According to Peter Jackson from FxBriefs.com “Cyprus may be forced to raise money from levies on deposits, other taxes such as corporate tax (which could be raised to 12.5% from 10%), as well as the possibility of a much opposed financial transaction tax.”

    Representatives of the international lenders will meet with president Nicos Anastasiades for preparatory talks before the Friday summit on Thursday evening in Nicosia. It was given to understand that there was a possibility of striking the bailout deal already on Friday. Nevertheless, a German government official said in the European afternoon that the talks on the rescue program for Cyprus would be informal, thus no final decision could be made this week. He also added that Germany is waiting for the Troika’s evaluation of Cyprus before making any decisions. The EU Finance Ministers’ meeting is due to start on Friday at 16:00 GMT, Eurogroup chairman Jeroen Dijsselbloem informed on his Twitter account.
    https://support.fxcc.com/email/technical/14032013/

    Forex Economic Calendar :
    2013-03-14 08:30 GMT | Switzerland. SNB Interest Rate Decision
    2013-03-14 10:00 GMT | E.M.U. Employment Change (YoY) (Q4)
    2013-03-14 12:30 GMT | United States. Producer Price Index (YoY) (Feb)
    2013-03-14 21:30 GMT | United States. Bank Stress Test Info

    Forex News :
    2013-03-14 06:08 GMT | EUR/USD, calls for lower lows persist
    2013-03-14 05:23 GMT | Aussie skyrockets after 'beyond belief' Aus jobs
    2013-03-14 03:50 GMT | USD/JPY call spreads attractive - Standard Chartered
    2013-03-14 01:37 GMT | EUR/JPY puts pressure on 123.80/124.15 proven demand

    ----------------------
    EURUSD :
    HIGH 1.29814 LOW 1.29431 BID 1.29552 ASK 1.29561 CHANGE -0.04% TIME 08 : 49:08

    [​IMG]

    OUTLOOK SUMMARY : Up
    TREND CONDITION : Sideway
    TRADERS SENTIMENT : Bullish
    IMPLIED VOLATILITY : High

    MARKET ANALYSIS - Intraday Analysis

    Upwards scenario: Price tested negative territory today however clearance of next resistive structure at 1.2982 (R1) might open the way towards to our initial target at 1.2997 (R2) and any further market rise would then be targeting 1.3013 (R3). Downwards scenario: On the other hand, an element of supportive measures is found at 1.2942 (S1). Clearance of this level would suggest further downtrend development with possible targets at 1.2927 (S2) and 1.2911 (S3).

    Resistance Levels: 1.2982, 1.2997, 1.3013
    Support Levels: 1.2942, 1.2927, 1.2911

    ----------------------
    GBPUSD :
    HIGH 1.49564 LOW 1.49124 BID 1.49401 ASK 1.49411 CHANGE 0.12% TIME 08 : 49:08

    [​IMG]

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

    Upwards scenario: Market remains sideways oriented. Next hurdle on the upside might be found at 1.4957 (R1), break here would open road towards to our next target at 1.4979 (R2) and enable final intraday resistive structure at 1.5001 (R3). Downwards scenario: Any downside fluctuations remains for now limited to the next support level at 1.4916 (S1), only clear break here would be a signal of possible market easing towards to next targets at 1.4890 (S2) and potentially to 1.4865 (S3).

    Resistance Levels: 1.4957, 1.4979, 1.5001
    Support Levels: 1.4916, 1.4890, 1.4865

    ---------------------
    USDJPY :
    HIGH 96.146 LOW 95.684 BID 95.953 ASK 95.959 CHANGE -0.17% TIME 08 : 49:09

    [​IMG]

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

    Upwards scenario: Upside risk aversion is seen above the next resistance level at 96.17 (R1). Appreciation above it would suggest us about the positive intraday bias formation towards to our next targets at 96.43 (R2) and 96.69 (R3). Downwards scenario: Fresh low formed today offers an important supportive mark at 95.66 (S1). Depreciation below it might shift medium-term tendency to the bearish side and validate our next intraday targets at 95.43 (S2) and 95.18 (S3).

    Resistance Levels: 96.17, 96.43, 96.69
    Support Levels: 95.66, 95.43, 95.18

    Source: FX Central Clearing Ltd,( Best Forex Trading Software | Forex Currency Trading blog | FXCC )
     
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