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Forex Technical & Market Analysis FXCC Nov 08 2013

Discussion in 'Major Currency Crosses' started by alayoua, Nov 8, 2013.

  1. alayoua

    alayoua New Member

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    Forex Technical & Market Analysis FXCC Nov 08 2013

    The markets expect a very poor NFP print of circa 121K.

    European news events in the morning session mainly concern the UK's balance of payments, expected in at -9.1billion and Germany's trade balance is expected in at +17.2 billion. North American employment figures for Canada and the USA are published in the afternoon trading session. Canada's unemployment rate is expected to rise to 7.0%, whilst the NFP jobs report for the USA is predicted to show that only 121K jobs were created in October. The unemployment rate in the USA may climb to 7.3%. The preliminary University of Michigan sentiment report is published expected to show a figure of 74.6. China delivers a raft of information late on Friday evening, the high impact news items will centre on the inflation levels, CPI expected in at 3.3%, new loans at circa 800 bn, and industrial production expected in at 10.1% up year on year. NYMEX WTI oil closed down on the day by 0.63% at $94.20 per barrel, NYMEX natural gas closed up on the day 0.60%, COMEX gold closed down 0.71% at $1308.50 per ounce, COMEX silver down 0.50% at $21.66 per ounce. Equity index futures are pointing to the main European and USA markets opening in negative territory. The DJIA is down 0.64%, the SPX down 1.16%, the NASDAQ down 1.67%. STOXX future is down 0.33%, DAX future up 0.51%, CAC future down 0.14%, and the UK FTSE future is down 0.73%.
    http://blog.fxcc.com/market-analysis

    FOREX ECONOMIC CALENDAR :
    2013-11-08 07:00 GMT | DE Trade Balance s.a. (Sep)
    2013-11-08 09:30 GMT | UK Total Trade Balance (Sep)
    2013-11-08 13:30 GMT | US Nonfarm Payrolls (Oct)
    2013-11-08 13:30 GMT | CA Unemployment Rate (Oct)

    FOREX NEWS :
    2013-11-08 06:13 GMT | S&P downgrades France to AA from AA+, outlook stable
    2013-11-08 05:49 GMT | AUD/USD peels back to opening levels
    2013-11-08 05:00 GMT | USD/CHF well above the 0.9150 area
    2013-11-08 04:56 GMT | US Non-Farm Payrolls will likely continue the volatility party that started Thursday

    ----------------------
    EURUSD :
    HIGH 1.34241 LOW 1.33885 BID 1.33984 ASK 1.33987 CHANGE -0.15% TIME 08 : 40:29

    [​IMG]

    OUTLOOK SUMMARY : Down
    TREND CONDITION : Downward penetration
    TRADERS SENTIMENT : Bearish
    IMPLIED VOLATILITY : High

    MARKET ANALYSIS - Intraday Analysis

    Upwards scenario: Appreciation above the resistance at 1.3453 (R1) might commence new step of the ascending structure. Our intraday targets today are placed at 1.3502 (R2) and 1.3551 (R3). Downwards scenario: Risk of possible price depreciation is seen below the support at 1.3296 (S1). Loss here might enable bearish pressure and drive market price towards to next targets at 1.3248 (S2) and 1.3199 (S3) later on today.

    Resistance Levels: 1.3453, 1.3502, 1.3551
    Support Levels: 1.3296, 1.3248, 1.3199

    -----------------
    GBPUSD :
    HIGH 1.6102 LOW 1.60784 BID 1.60945 ASK 1.60947 CHANGE 0.01% TIME 08 : 40:29

    [​IMG]

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

    Upwards scenario: We see potential of market strengthening in near-term perspective. Next on tap is seen resistance level at 1.6117 (R1). Break here would suggest next intraday targets at 1.6138 (R2) and 1.6158 (R3). Downwards scenario: Break of support at 1.6065 (S1) is required to determine negative intraday bias and enable lower target at 1.6043 (S2). Clearance of this target would open a path towards to final support at 1.6023 (S3).

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

    -----------------
    USDJPY :
    HIGH 98.255 LOW 98.039 BID 98.107 ASK 98.109 CHANGE 0.03% TIME 08 : 40:30

    [​IMG]

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

    Upwards scenario: On the upside resistive structure at 98.27 (R1) prevents possible gains. Clearance here is required to open route towards to next target at 98.41 (R2) and then final target could be triggered at 98.55 (R3). Downwards scenario: Current price pattern suggests bearish potential if the pair manages to overcome next support level at 97.89 (S1). Possible price regress could expose our initial targets at 97.75 (S2) and 97.62 (S3) later on today.

    Resistance Levels: 98.27, 98.41, 98.55
    Support Levels: 97.89, 97.75, 97.62

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