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Forex Technical & Market Analysis FXCC May 10 2013

Discussion in 'Major Currency Crosses' started by alayoua, May 10, 2013.

  1. alayoua

    alayoua New Member

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    Forex Technical & Market Analysis FXCC May 10 2013

    Will a busy economic schedule next week be the catalyst for EUR/USD?

    The EUR/USD finished the day down 116 pips at 1.3044. Economic data was quiet for the most part but weekly jobless claims out of the US came in better than expected at 323k vs. 3.35k forecast. The US Dollar was well bid across the board, with the majority of action taking place in the USD/JPY which crossed the 100 threshold for the first time in four years. This seemed to help provide additional USD buying against other pairs, and also helped limit advances in commodities which were primarily lower for the day. Economic releases out of the Eurozone in the coming session include German Trade Balance, Italian Industrial Production, and EU Consumer Price Index.

    After the better than expected jobs number past Friday, and another week of improvement in continued claims, some analysts view it as a sign the US Dollar could be set up for further gains in coming weeks. Furthermore, if we see continued gains in USD/JPY it could also be a tailwind and help the US Dollar remain well bid in other pairs. https://support.fxcc.com/email/technical/10052013/

    FOREX ECONOMIC CALENDAR :

    2013-05-10 12:30 GMT | US.Fed's Bernanke Speech
    2013-05-10 12:30 GMT | CA.Unemployment Rate (Apr)
    2013-05-10 12:30 GMT | CA.Net Change in Employment (Apr)
    2013-05-10 12:30 GMT | CA.Participation rate (Apr)

    FOREX NEWS :
    2013-05-10 04:36 GMT | Kiwi edging lower in Asia trade
    2013-05-10 01:59 GMT | USD/JPY, bulls officially staring at 101.00 from the rear mirror
    2013-05-10 01:03 GMT | AUD/USD feeling the selling pressure ahead of RBA statement
    2013-05-10 00:28 GMT | USD/JPY completes ‘pennant’ pattern on daily chart, further gains ahead?


    ----------------------
    EURUSD
    HIGH 1.30467 LOW 1.30214 BID 1.30451 ASK 1.30455 CHANGE 0.03% TIME 08:20:08

    [​IMG]

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

    MARKET ANALYSIS - Intraday Analysis

    Upwards scenario: Possibility of market strengthening is seen above the immediate resistive barrier at 1.3056 (R1). Price extension above it is required to validate our next intraday targets at 1.3079 (R2) and 1.3105 (R3). Downwards scenario: Any downside penetration is limited to the initial support level at 1.3010 (S1). A breach of which would open a route towards to next target at 1.2987 (S2) and potentially could expose our final support for today at 1.2965 (S3).

    Resistance Levels: 1.3056, 1.3079, 1.3105

    Support Levels: 1.3010, 1.2987, 1.2965

    ----------------------
    GBPUSD
    HIGH 1.54572 LOW 1.54377 BID 1.54487 ASK 1.54490 CHANGE 0.01% TIME 08:20:09

    [​IMG]

    OUTLOOK SUMMARY Down
    TREND CONDITION Down trend
    TRADERS SENTIMENT Bearish
    IMPLIED VOLATILITY Medium

    Upwards scenario: Market formed gradual descending move however price appreciation is possible above the next resistance level at 1.5460 (R1). Break here is required to enable next attractive points at 1.5487 (R2) and 1.5516 (R3). Downwards scenario: Penetration below the support at 1.5427 (S1) is liable to put more downward pressure on the instrument in the near-term perspective. As a result our supportive means at 1.5402 (S2) and 1.5380 (S3) might be triggered.

    Resistance Levels: 1.5460, 1.5487, 1.5516

    Support Levels: 1.5427, 1.5402, 1.5380

    ----------------------
    USDJPY
    HIGH 101.197 LOW 100.54 BID 100.937 ASK 100.942 CHANGE 0.32% TIME 08:20:10

    [​IMG]

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

    Upwards scenario: USD/JPY continue its consolidation phase on the hourly chart. Possibility of uptrend evolvement is seen above the next resistance at 101.11 (R1). Violation here might increase bullish pressure and validate next intraday targets at 101.47 (R2) and 101.83 (R3). Downwards scenario: Further correction development is limited now to the session low - 100.56 (S1). If the price manages to surpass it we would suggest next intraday targets at 100.18 (S2) and 99.75 (S3).

    Resistance Levels: 101.11, 101.47, 101.83

    Support Levels: 100.56, 100.18, 99.75

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