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Forex Technical & Market Analysis FXCC Mar 15 2013

Discussion in 'Major Currency Crosses' started by alayoua, Mar 15, 2013.

  1. alayoua

    alayoua New Member

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    Forex Technical & Market Analysis FXCC Mar 15 2013

    Van Rompuy issues day-1 EU summit statement

    After concluding the first evening of talks among Euro zone leaders, President of the European Council Herman Van Rompuy issued a first statement proving details over how best to guide European economic policies. Van Rompuy said: "We reconfirmed our overall economic strategy. It has four strands: First. Restoring financial stability, and maintaining it: this is vital for confidence of consumers and investors, a key condition for internal demand and growth; Second. Ensuring sound public finances, structurally sound; Third. Urgently fighting unemployment – especially for youth, for whom the situation is dramatic in some countries. Four. And reforming for long-term growth and competitiveness."

    The statement adds: "We all agree we need to keep turning our commitments into actions and results. Implementation continues to be key. The good progress towards structurally balanced budgets must continue. For each individual country, it's about making choices that make sense in the long run: Pursuing well-designed structural reforms; Being ruthless on tax evasion. Shifting taxation away from labour; Expenditure cuts where it makes us fitter, not sacrificing vital areas like innovation or education; And launching fast-acting and targeted measures to boost growth and employment, in particular for the youth." Starting in June, Van Rompuy made the pledge to start looking not only at national reform and jobs plans, "but also at the results of the Growth Compact concluded last year" he said, adding that "as a matter of fact, the President of the European Commission made a first report on the results of the Growth Compact already this evening."
    https://support.fxcc.com/email/technical/15032013/

    Forex Economic Calendar :
    N/A | E.M.U. European Council meeting
    2013-03-15 10:00 GMT | E.M.U. Consumer Price Index (YoY) (Feb)
    2013-03-15 12:30 GMT | United States. Consumer Price Index (YoY) (Feb)
    2013-03-15 13:55 GMT | United States. Reuters/Michigan Consumer Sentiment Index (Mar)

    Forex News :
    2013-03-15 06:01 GMT | Euro buyers insist to defend $1.30; volatility to be on the rise
    2013-03-15 04:48 GMT | USD/JPY unlikely to go lower on Japanese foreign investment - Nomura
    2013-03-15 04:37 GMT | AUD/NZD higher, stalls below 1.2700/200 day SMA
    2013-03-15 03:55 GMT | GBP could decline further – HSBC

    -------------------
    EURUSD
    HIGH 1.30267 LOW 1.29992 BID 1.30192 ASK 1.30198 CHANGE 0.12% TIME 08:12:27

    [​IMG]

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

    MARKET ANALYSIS - Intraday Analysis

    Upwards scenario: Current price setup is aiming to resume initial upwards formation. Next resistive bastion lies at 1.3031 (R1). If the pair manages to overcome it we expect further progress towards to our initial targets at 1.3044 (R2) and 1.3057 (R3). Downwards scenario: Although, consolidation development looks reasonable on the hourly timeframe. If the market manages break our next support at 1.2997 (S1) we would suggest next supportive measures at 1.2985 (S2) and 1.2975 (S3).

    Resistance Levels: 1.3031, 1.3044, 1.3057
    Support Levels: 1.2997, 1.2985, 1.2975

    ----------------------
    GBPUSD :
    HIGH 1.51039 LOW 1.50686 BID 1.50857 ASK 1.50867 CHANGE 0.04% TIME 08:12:28

    [​IMG]

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

    Upwards scenario: Market remains under the uptrend formation and a break above the resistance level at 1.5119 (R1) might resume bullish pressure. In such scenario, we would suggest next target at 1.5138 (R2) and 1.5156 (R3). Downwards scenario: Market decline below the next supportive mean at 1.5068 (S1) might trigger bearish pressure and enable lower target at 1.5047 (S2) and even 1.5027 (R3) mark could be exposed if the pair accelerates on the downside.

    Resistance Levels: 1.5119, 1.5138, 1.5156
    Support Levels: 1.5068, 1.5047, 1.5027

    ---------------------------
    USDJPY :
    HIGH 96.274 LOW 95.882 BID 96.089 ASK 96.093 CHANGE -0.02% TIME 08:12:29

    [​IMG]

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

    Upwards scenario: USDJPY continues moving sideways however we see possibility to overcome our next resistive barrier at 96.26 (R1). Progress above it would suggest next intraday targets at 96.48 (R2) and 96.70 (R3) in potential. Downwards scenario: Any downside penetration is limited to the initial support level at 95.88 (S1). A breach of which would open a route towards to next target at 95.67 (S2) and potentially could expose our final support for today at 95.42 (S3).

    Resistance Levels: 96.26, 96.48, 96.70
    Support Levels: 95.88, 95.67, 95.42

    Source: FX Central Clearing Ltd,( Currency Trading Blog | Forex Account | ECN Forex Software | FXCC )
     
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