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Forex Technical & Market Analysis FXCC May 31 2013

Discussion in 'Major Currency Crosses' started by alayoua, May 31, 2013.

  1. alayoua

    alayoua New Member

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    Forex Technical & Market Analysis FXCC May 31 2013

    Will the Dollar Recover Too?

    U.S. stocks and Treasury yields resumed their rise but the dollar failed to follow. Instead of trading higher, the greenback lost value against most of the major currencies. The EUR/USD rose above 1.30 and USD/JPY slipped below 101 after a round of weaker than expected economic data. Equity and fixed income traders shrugged off the data but FX traders refused to budge. Long dollar positions are still being cut which suggests that currency traders are still worried about the volatility in the financial markets and the eagerness of the Fed to taper asset purchases. U.S. equity and fixed income traders have completely ignored the 5% drop in the Nikkei overnight. Japanese stocks are 13% off its highs and if it continues to decline, it may have ripple effects over to U.S. markets and keep the dollar in corrective mode. However if the Nikkei stabilizes and starts to recover, then the dollar has a chance of joining the recovery.
    https://support.fxcc.com/email/technical/31052013/

    FOREX ECONOMIC CALENDAR
    2013-05-31 08:30 GMT UK. Net Lending to Individuals (MoM)
    2013-05-31 09:00 GMT EMU. Consumer Price Index - Core (YoY)
    2013-05-31 12:30 GMT USA. Personal Spending (Apr)
    2013-05-31 13:55 GMT USA. Reuters/Michigan Consumer Sentiment Index (May)

    FOREX NEWS
    2013-05-31 04:01 GMT ‘Pennant’ pattern break out on EUR/USD targets a move north of 1.3200
    2013-05-31 03:43 GMT Aussie advances capped below 0.9700
    2013-05-31 02:30 GMT EUR/AUD off fresh 1.5-year highs below 1.35
    2013-05-31 01:53 GMT AUD/JPY firm bounce off 97.00 support, sets eyes on 98.30

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    Forex Technical Analysis EURUSD
    MARKET ANALYSIS – Intraday Analysis

    [​IMG]

    HIGH 1.30593 LOW 1.30312 BID 1.30405 ASK 1.30410 CHANGE -0.06% TIME 08 : 39:18

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

    MARKET ANALYSIS - Intraday Analysis

    Upwards scenario: Further bullish momentum might occur if the price manages to climb above the key resistance level at 1.3061 (R1). Next targets on the way could be exposed at 1.3081 (R2) and 1.3101 (R3). Downwards scenario: On the other hand, corrective action would be reasonable scenario in current price setup. Next on tap is seen support level at 1.3026 (S1), break here is required to enable our initial targets at 1.3006 (S2) and 1.2987 (S3)

    Resistance Levels: 1.3061, 1.3081, 1.3101
    Support Levels: 1.3026, 1.3006, 1.2987

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    Forex Technical Analysis GBPUSD
    MARKET ANALYSIS – Intraday Analysis

    [​IMG]

    HIGH 1.52392 LOW 1.52151 BID 1.52260 ASK 1.52269 CHANGE -0.02% TIME 08 : 39:19

    OUTLOOK SUMMARY Up
    TREND CONDITION Up trend
    TRADERS SENTIMENT Bullish
    IMPLIED VOLATILITY Medium

    Upwards scenario: An evidence of further uptrend formation could be provided if the pair manages to surpass key resistive barrier at 1.5239 (R1). Execution of protective orders above that level might enable initial targets at 1.5257 (R1) and 1.5274 (R3). Downwards scenario: Recent upside momentum likely exhausted and we expect some stabilization ahead. Next supportive bastion lies at 1.5211 (S1). Prolonged movement below it might then expose our intraday targets at 1.5193 (S2) and 1.5176 (S3).

    Resistance Levels: 1.5239, 1.5257, 1.5274
    Support Levels: 1.5211, 1.5193, 1.5176

    --------------------------
    Forex Technical Analysis USDJPY
    MARKET ANALYSIS – Intraday Analysis

    [​IMG]

    HIGH 101.281 LOW 100.679 BID 100.871 ASK 100.874 CHANGE 0.15% TIME 08 : 39:20

    OUTLOOK SUMMARY Down
    TREND CONDITION Sideway
    TRADERS SENTIMENT Bullish
    IMPLIED VOLATILITY Medium

    Upwards scenario: Price has comfortably ranged on the hourly timeframe however we see potential to overcome our next resistance level at 101.30 (R1) later on today. Our eventual targets locates at 101.60 (R2) and 101.90 (R3). Downwards scenario: If the price failed to gain momentum on the upside we expect retest of our key support level at 100.47 (S1). Clearance here is required to keep the downside extension intact and enable our lower targets at 100.16 (S2) and 99.87 (S3).

    Resistance Levels: 101.30, 101.60, 101.90
    Support Levels: 100.47, 100.16, 99.87

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