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Forex Technical & Market Analysis FXCC Nov 11 2013

Discussion in 'Major Currency Crosses' started by alayoua, Nov 11, 2013.

  1. alayoua

    alayoua New Member

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    Forex Technical & Market Analysis FXCC Nov 11 2013

    China's Plenum meeting could have a profound impact for global markets

    Monday sees several bank holidays that will affect the volume of trading activity during the various trading sessions. France, Canada and the USA have bank holidays. The German Bundesbank president Weidmann will hold court with a conference on Monday. Whilst the German central bank is subservient and defers to the ECB, on matters such as quantitative easing and rate setting, investors and analysts will look for 'code' in Weidmann's speech concerning the direction the singular German economy will be headed for and directed towards over coming months. Towards the end of the trading day we'll receive the consumer confidence publication from Australia's National Bank. The previous month's reading came in at 12, a print close to this figure is expected. Sterling posted its first weekly advance in three versus the dollar as reports showed British services growth unexpectedly accelerated in October to the fastest pace in 16 years. U.K. government bonds declined for a second week as the Bank of England kept its key interest rate at a record low, whilst maintaining its bond-buying stimulus target. The pound climbed versus the euro for a second week, rising the most since April, after the European Central Bank unexpectedly lowered its benchmark interest rate, boosting demand for the U.K. currency. Benchmark 10-year yields reached the highest level in seven weeks last week after payrolls grew by 204,000 in October versus the 120,000 median forecast. U.S. debt rallied after the European Central Bank cut its benchmark interest rate to a record to address prolonged price weakness. The USA Treasury will auction $70 billion of notes and bonds this week. Treasuries fell the most in two months as reports showed the economy expanded in the third quarter beyond projections, boosting speculation the Federal Reserve is moving closer to 'tapering' its $85 billion of monthly bond-buying.
    http://blog.fxcc.com/market-analysis


    FOREX ECONOMIC CALENDAR :
    2013-11-11 09:00 GMT | IT Industrial Output s.a. (MoM) (Sep)
    2013-11-11 17:00 GMT | DE German Buba President Weidmann speech
    2013-11-11 23:30 GMT | AU Westpac Consumer Confidence Index (Nov)
    2013-11-11 23:50 GMT | JP Tertiary Industry Index (MoM) (Sep)

    FOREX NEWS :
    2013-11-11 04:55 GMT | EUR/JPY loses momentum in late Asian trading session
    2013-11-11 04:55 GMT | GBP/USD, another 1.5900 retest on deck - 2ndSkies
    2013-11-11 04:36 GMT | EUR/USD should see sell on strength circa 1.3375 - JPMorgan
    2013-11-11 04:19 GMT | AUD/USD sideways after solid Australian home data

    ----------------------
    EURUSD :
    HIGH 1.33671 LOW 1.33448 BID 1.33657 ASK 1.33659 CHANGE -0.01% TIME 08:29:13

    [​IMG]

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

    MARKET ANALYSIS - Intraday Analysis

    Upwards scenario: While price is quoted below the moving averages our medium-term technical outlook would be negative. Though, appreciation above the resistance at 1.3438 (R1) might enable upwards penetration towards to next targets at 1.3492 (R2) and 1.3543 (R3). Downwards scenario: On the downside bearish pressure might push the price below the support at 1.3317 (S1). Further downside extension would open road towards to next target at 1.3262 (S2) and any further losses would then be limited to 1.3209 (S3) mark.

    Resistance Levels: 1.3438, 1.3492, 1.3543
    Support Levels: 1.3317, 1.3262, 1.3209

    --------------------------
    GBPUSD :
    HIGH 1.60216 LOW 1.59978 BID 1.60182 ASK 1.60187 CHANGE 0.01% TIME 08:29:13

    [​IMG]

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

    Upwards scenario: GBPUSD commenced consolidation pattern, however, price strengthening above the next resistive structure at 1.6058 (R1) might activate short-term bullish pressure and expose our intraday targets at 1.6085 (R2) and 1.6112 (R3). Downwards scenario: As long as price stays below the 20 SMA our technical outlook would be negative. Extension lower the next support level at 1.5993 (S1) is being able to drive market price towards to our next targets at 1.5968 (S2) and 1.5942 (S3).

    Resistance Levels: 1.6058, 1.6085, 1.6112
    Support Levels: 1.5993, 1.5968, 1.5942

    ------------------
    USDJPY :
    HIGH 99.225 LOW 98.94 BID 98.953 ASK 98.955 CHANGE -0.09% TIME 08:29:14

    [​IMG]

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

    Upwards scenario: After the strong appreciation on Friday we expect to see some consolidation ahead. Though clearance of next resistance level at 99.23 (R1) might enable bullish pressure and open route towards to our next targets at 99.41 (R2) and 99.60 (R3). Downwards scenario: On the other hand, recovery phase might commence below the important support level at 98.85 (S1). Break here is required to validate our targets at 98.65 (S2) and 98.47 (S3) later on today.

    Resistance Levels: 99.23, 99.41, 99.60
    Support Levels: 98.85, 98.65, 98.47

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