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Forex Technical & Market Analysis FXCC Nov 07 2013

Discussion in 'Major Currency Crosses' started by alayoua, Nov 7, 2013.

  1. alayoua

    alayoua New Member

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    Forex Technical & Market Analysis FXCC Nov 07 2013

    Interest rate settings in Europe and USA GDP take centre stage on Thursday

    It's a day of rate setting decisions in Europe on Thursday; the UK's BoE MPC is predicted to leave base rates at 0.5% and the quantitative easing levels at $375 bn. The ECB is also predicted to leave base rates at their current level at 0.50% the accompanying press statement may indicated when (and if) the ECB may alter that plan. In the USA the GDP figures are released, expected to come in at 2.0%, whilst unemployment claims for the week are expected to stay in the stubborn range at circa 336K. Later in the afternoon the ECB president Mario Draghi will hold court at a press gathering explaining the current economic situation in Europe and the decisions made earlier regarding the rate setting. Later in the evening the trade balance for China is expected to print at 23.5 billion up from 15.2 billion the previous month, whilst Australia's RBA delivers its monetary policy statement. Looking towards Thursday's market open the DJIA equity index future is currently up 0.86%, the SPX up 0.52%. The FTSE equity index future is up 0.16%, CAC up 0.82% and the DAX up 0.37% all indices suggesting a positive open across the majority of bourses. The euro strengthened 0.3 percent to $1.3513 late in New York on Wednesday after declining to $1.3442 on Nov. 4th, the weakest level since Sept. 18th. The common currency rose 0.4 percent to 133.31 yen. The dollar strengthened 0.2 percent to 98.66 yen.
    http://blog.fxcc.com/market-analysis

    FOREX ECONOMIC CALENDAR :
    2013-11-07 12:00 GMT | BoE Interest Rate Decision
    2013-11-07 12:45 GMT | ECB Interest Rate Decision (Nov 7)
    2013-11-07 13:30 GMT | EMU ECB Monetary policy statement and press conference
    2013-11-07 13:30 GMT | USA Gross Domestic Product Annualized (Q3)

    FOREX NEWS :
    2013-11-07 05:57 GMT | EUR/GBP off of session lows as traders position themselves ahead of BOE and ECB
    2013-11-07 05:14 GMT | Is fading Euro strength the best play of the week?
    2013-11-07 04:34 GMT | GBP/JPY capped by 159.00
    2013-11-07 03:49 GMT | GBP/USD trading off session lows ahead of Bank of England decision and commentary

    ------------------
    EURUSD :
    HIGH 1.35288 LOW 1.35006 BID 1.35247 ASK 1.35249 CHANGE 0.08% TIME 08 : 52:53

    [​IMG]

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

    MARKET ANALYSIS - Intraday Analysis

    Upwards scenario: Possibility of market strengthening is seen above the resistance level at 1.3548 (R1). Clearance here is required to validate next interim target at 1.3572 (R2) and any further rise would then be targeting mark at 1.3596 (R3). Downwards scenario: An important technical level at 1.3500 (S1) prevents possible market weakening. Break here is required to open road towards to interim target at 1.3476 (S2) en route to final aim at 1.3451 (S3).

    Resistance Levels: 1.3548, 1.3572, 1.3596
    Support Levels: 1.3500, 1.3476, 1.3451

    ------------------------
    GBPUSD :
    HIGH 1.60914 LOW 1.60655 BID 1.60835 ASK 1.60844 CHANGE 0.03% TIME 08 : 52:53

    [​IMG]

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

    Upwards scenario: Further buying interest might arise above the resistance at 1.6117 (R1). Clearance here would suggest next intraday target at 1.6138 (R2) and if the price holds its momentum we can expect an exposure of 1.6158 (R3). Downwards scenario: Our next supportive measure locates at 1.6065 (S1). Break here is required to enable correction action towards to next target at 1.6043 (S2). Final support for today locates at 1.6023 (S3).

    Resistance Levels: 1.6117, 1.6138, 1.6158
    Support Levels: 1.6065, 1.6043, 1.6023

    ---------------------
    USDJPY :
    HIGH 98.748 LOW 98.556 BID 98.635 ASK 98.639 CHANGE -0.02% TIME 08 : 52:54

    [​IMG]

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

    Upwards scenario: Possibility of upwards action is seen above the next resistance level at 98.76 (R1). Clearance here is required to let the price achieve our higher intraday targets at 1.3703 (R2) and 1.3724 (R3). Downwards scenario: On the other hand, current range pattern on the hourly chart suggest possible retest of our supportive measure at 98.52 (S1). Break here is required to open way towards to initial targets at 98.38 (S2) and 98.24 (S3).

    Resistance Levels: 98.76, 98.92, 99.07
    Support Levels: 98.52, 98.38, 98.24

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