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Forex Technical & Market Analysis FXCC Nov 01 2013

Discussion in 'Major Currency Crosses' started by alayoua, Nov 1, 2013.

  1. alayoua

    alayoua New Member

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    Forex Technical & Market Analysis FXCC Nov 01 2013

    USA final manufacturing print scheduled to come in at 51.2 whilst investors await FOMC member Bullard's comments

    The latest seasonally adjusted Australian Industry Group Australian Performance of Manufacturing Index (Australian PMI) improved by 1.5 points in October, rising to 53.2 points. This was the second consecutive month that the Australian PMI has moved above 50 points, indicating mild expansion across the manufacturing industry. Several PMIs are published on Friday, the first is the UK's manufacturing PMI expected to come in at 56.3. The USA final manufacturing PMI is scheduled to print at 51.2. In the USA FOMC member Bullard will speak in the afternoon, where we'll also receive the ISM prints for manufacturing. Equity index futures are mainly positive at the time of writing; the DJIA is up 0.21%, SPX up 0.15% and the NASDAQ equity index future is up 0.17%. The if FTSE is down 0.64%, CAC up 0.62% and DAX up 0.23%. The benchmark 10-year yield rose two basis points on Thursday, or 0.02 percentage points, to 2.55 percent at 5 p.m. New York time after touching 2.57 percent, the highest since Oct. 22nd. It earlier fell four basis points to 2.50 percent. The 2.5 percent note maturing in August 2023 dropped 1/8, or $1.25 per $1,000 face amount, to 99 17/32. Ten-year note yields have fallen six basis points this month after sliding 17 basis points in September. Europe’s 17-nation currency slid 1.1 percent to $1.3584 late in New York time Thursday and fell by as much as 1.2 percent, the biggest intraday drop seen since April 17th. The euro sank by 1.3 percent to 133.60 yen. Japan’s currency gained 0.2 percent to 98.36 per dollar after depreciating yesterday to 98.68, the weakest level since Oct. 17th.
    http://blog.fxcc.com/market-analysis

    FOREX ECONOMIC CALENDAR :
    2013-11-01 08:30 GMT | SW SVME - Purchasing Managers' Index (Oct)
    2013-11-01 09:28 GMT | UK Markit Manufacturing PMI (Oct)
    2013-11-01 13:58 GMT | US Markit Manufacturing PMI (Oct)
    2013-11-01 14:00 GMT | US ISM Manufacturing PMI (Oct)

    FOREX NEWS :
    2013-11-01 06:23 GMT | AUD/USD upwards on beating Chinese Manufacturing PMI
    2013-11-01 05:37 GMT | EUR/JPY getting hammered as stops are creating snowball effect; 132.77 is short-term support
    2013-11-01 04:04 GMT | USD/JPY sellers blow 98.00 support
    2013-11-01 03:56 GMT | GBP/USD still hovering above short-term support at 1.6008; more downside expected


    EURUSD :
    HIGH 1.35894 LOW 1.35398 BID 1.35504 ASK 1.35509 CHANGE -0.24% TIME 08:47:05

    [​IMG]

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

    MARKET ANALYSIS - Intraday Analysis

    Upwards scenario: Current price setup is looking for upwards extension possibility. Risk of the price acceleration is seen above the key resistance level at 1.3597 (R1). Clearance here would put immediate focus on the next targets at 1.3629 (R2) and then 1.3662 (R3). Downwards scenario: On the downside, support level at 1.3539 (S1) prevent further downtrend development. Successful penetration below it would open a path towards to next intraday targets at 1.3507 (S2) and 1.3475 (S3).

    Resistance Levels: 1.3597, 1.3629, 1.3662
    Support Levels: 1.3539, 1.3507, 1.3475

    -----------------------
    GBPUSD :
    HIGH 1.60463 LOW 1.60169 BID 1.60285 ASK 1.60292 CHANGE -0.04% TIME 08:47:05

    [​IMG]

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

    Upwards scenario: GBPUSD trapped to the consolidation phase on the hourly chart frame. Break of resistive level at 1.6070 (R1) is required to enable upwards action. Next visible targets are seen at 1.6100 (R2) and 1.6131 (R3). Downwards scenario: Possible descending structure formation might get more stimulus if the price manages to overcome our next support level at 1.5998 (S1). Clearance here would suggest initial targets at 1.5966 (S2) and 1.5935 (S3).

    Resistance Levels: 1.6070, 1.6100, 1.6131
    Support Levels: 1.5998, 1.5966, 1.5935

    -----------------
    USDJPY :
    HIGH 98.382 LOW 97.809 BID 97.961 ASK 97.965 CHANGE -0.4% TIME 08:47:06

    [​IMG]

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

    Upwards scenario: From the technical side, short - term tendency is bearish, however price appreciation is possible above the resistance level at 98.09 (R1). Loss here would open way towards to next targets at 98.30 (R2) and 98.51 (R3). Downwards scenario: Possible downtrend development may encounter supportive measure at 97.87 (S1). Penetration through this level would targeting then supportive means at 97.58 (S2) and 97.37 (S3) in potential.

    Resistance Levels: 98.09, 98.30, 98.51
    Support Levels: 97.78, 97.58, 97.37

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