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Forex Technical & Market Analysis FXCC Nov 06 2013

Discussion in 'Major Currency Crosses' started by alayoua, Nov 6, 2013.

  1. alayoua

    alayoua New Member

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    Forex Technical & Market Analysis FXCC Nov 06 2013

    Will the European service PMI point to increased growth, or increased stagnation?

    We receive a raft of PMIs in the morning trading session on Wednesday; the most eagerly anticipated being the European final services PMI expected to print at 50.9, no change from the previous month. The UK manufacturing and production figures are published, expected in at 1.2% and 0.7% respectively. European retail sales are predicted to fall by 0.3%, whilst Germany's factory orders are expected to rise by 0.6%. Canada's building permits are expected to rise to 7.8% from the disastrous figure of -21.2% the previous month. Later in the evening the unemployment numbers for Australia are published with the expectation that the number will come in at 5.7%. Looking towards the market open/s for Wednesday the DJIA equity index future is currently flat, as is the SPX and NASDAQ. The European equity indices are down; STOXX off 0.82%, FTSE down 0.39%, CAC down 0.88% and DAX down 0.31%. Oil fell badly on Tuesday, ICE WTI oil down 1.32% on the day at $93.37 per barrel. Now that the critical psyche level of $100 per barrel has been breached the commodity appears to be in free-fall. NYMEX natural closed up 0.38% at $3.48 per therm. COMEX gold closed up on the day by 0.28% at $1311.70 per ounce with silver down 0.03% at $21.70 per ounce.
    http://blog.fxcc.com/market-analysis

    FOREX ECONOMIC CALENDAR :
    2013-11-06 09:00 GMT | UK Industrial Production (YoY) (Sep)
    2013-11-06 10:00 GMT | EMU Retail Sales (YoY) (Sep)
    2013-11-06 12:00 GMT | US MBA Mortgage Applications (Nov 1)
    2013-11-06 15:00 GMT | UK NIESR GDP Estimate (3M) (Oct)

    FOREX NEWS :
    2013-11-06 06:52 GMT | EUR/USD recovers 1.3500
    2013-11-06 06:26 GMT | GBP/JPY skyrockets as Nikkei soars on Toyota gains
    2013-11-06 04:33 GMT | USD/JPY soars as Nikkei up 1% above 14.400; also boosted by EUR/JPY rally
    2013-11-06 03:18 GMT | GBP/USD tripping stops, targets 1.61

    -------------------
    EURUSD :
    HIGH 1.35213 LOW 1.34676 BID 1.35060 ASK 1.35064 CHANGE 0.23% TIME 08 : 50:42

    [​IMG]

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

    MARKET ANALYSIS - Intraday Analysis

    Upwards scenario: Market sentiment has improved for the bullish oriented traders. Fractals level at 1.3524 (R1) offers a key resistance level. Break here would suggest higher targets at 1.3553 (R2) and 1.3581(R3). Downwards scenario: Any downside extension is limited now to the next support level at 1.3478 (S1). Below here we see potential for the price acceleration towards to next targets at 1.3453 (S2) and 1.3427 (S3) in potential.

    Resistance Levels: 1.3524, 1.3553, 1.3581
    Support Levels: 1.3478, 1.3453, 1.3427

    --------------------
    GBPUSD :
    HIGH 1.60957 LOW 1.60417 BID 1.60849 ASK 1.60855 CHANGE 0.26% TIME 08 : 50:43

    [​IMG]

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

    Upwards scenario: Further price appreciation is a likely scenario for today according to the technical readings. If the pair manages to clear the barrier at 1.6104 (R1), we would suggest next targets at 1.6127 (R2) and 1.6149 (R3). Downwards scenario: An evidence of possible descending structure could be provided if the GBPUSD manages to surpass next support level at 1.6062 (S1). In such case we would suggest next intraday targets at 1.6040 (S2) and 1.6016 (S3).

    Resistance Levels: 1.6104, 1.6127, 1.6149
    Support Levels: 1.6062, 1.6040, 1.6016

    ------------------
    USDJPY :
    HIGH 98.755 LOW 98.409 BID 98.620 ASK 98.624 CHANGE 0.12% TIME 08 : 50:43

    [​IMG]

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

    Upwards scenario: USDJPY resumed upwards penetration today and we see potential to expose our intraday targets at 98.95 (R2) and 99.15 (R3) if the price manages to overcome key resistance measure at 98.76 (R1). Downwards scenario: On the other hand, possible correction development would face next hurdle at 98.41 (S1). Break here is required to open road towards to our next interim target at 98.22 (S2), en route to final aim at 98.03 (S3).

    Resistance Levels: 98.76, 98.95, 99.15
    Support Levels: 98.41, 98.22, 98.03

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