1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Forex Technical & Market Analysis FXCC Oct 07 2013

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

  1. alayoua

    alayoua New Member

    Joined:
    Jul 19, 2011
    Messages:
    289
    Likes Received:
    0
    Forex Technical & Market Analysis FXCC Oct 07 2013

    Yen rises versus major peers early in the Asian session

    There were no significant breaks or gaps to the upside or downside as the FX markets opened on Sunday evening. Yen made a modest rise versus the majority of its peers, but at the time of writing had failed to penetrate the significant resistance or support levels. The dollar fell for a fifth week last week, the longest stretch the greenback has experienced such a fall since April 2011, due to Congress failing to agree on a route forward to raise the $16.7 trillion U.S. debt limit, encouraging investors to seek other safe haven assets. The U.S. Dollar Index, tracking the greenback versus its 10 major peer currencies, declined by 0.3 percent last week, (the most in two weeks), to 1,009.98 in New York at the close on Friday. The dollar fell 0.8 percent to 97.48 yen, the third weekly drop. It touched 96.93, the lowest since Aug. 28th. The U.S. currency weakened by 0.3 percent to $1.3558 per euro. The yen strengthened 0.5 percent to 132.14 per euro. Sterling fell by the most last week in the dollar’s 16 most-traded peers, after reaching a nine-month high, the sell off was due to speculation that the U.K. economic recovery isn’t strong enough to warrant the early interest-rate increase the BoE governor Mark Carney had mentioned in earlier press conferences.
    http://blog.fxcc.com/market-analysis

    FOREX ECONOMIC CALENDAR :
    2013-10-07 08:30 GMT | EMU Sentix Investor Confidence (Oct)
    2013-10-07 12:30 GMT | CA Building Permits (MoM) (Aug)
    2013-10-07 19:00 GMT | US Consumer Credit Change (Aug)
    2013-10-07 23:50 GMT | Trade Balance - BOP Basis (Aug)

    FOREX NEWS :
    2013-10-07 05:18 GMT | Asian bourses fall sharply due to US political “jitters”
    2013-10-07 04:49 GMT | AUD/USD trading in the upper level ignoring US political “woes”
    2013-10-07 03:49 GMT | USD a tad weaker as US shutdown set to extend
    2013-10-07 02:37 GMT | EURUSD - Uptrend intact but latest pullbacks raises some concerns - 2ndSkies

    ----------------
    EURUSD :
    HIGH 1.35742 LOW 1.35609 BID 1.35680 ASK 1.35685 CHANGE 0.09% TIME 08 : 45:02

    [​IMG]

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

    MARKET ANALYSIS - Intraday Analysis

    Upwards scenario: Next barrier on the upside lies at 1.3579 (R1). Surpassing of this level might enable our initial target at 1.3594 (R2) and any further gains would then be limited to last resistive structure at 1.3609 (R3). Downwards scenario: Positive clearance of our key support level at 1.3538 (S1) would enable next target at 1.3523 (S2) en route to our final support for today at 1.3508 (S3).

    Resistance Levels: 1.3579, 1.3594, 1.3609
    Support Levels: 1.3538, 1.3523, 1.3508

    ----------------------
    GBPUSD :
    HIGH 1.60483 LOW 1.60153 BID 1.60325 ASK 1.60329 CHANGE 0.17% TIME 08 : 45:03

    [​IMG]

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

    Upwards scenario: Our next resistance level is placed at 1.6050 (R1). Break here would open route towards to higher target at 1.6068 (R2) and any further price advance would then be limited to 1.6086 (R3). Downwards scenario: Failure to establish corrective structure might lead to further downtrend evolvement later on today. Penetration below the support at 1.6005 (S1) would suggest next intraday targets at 1.5987 (S2) and 1.5970 (S3) in perspective.

    Resistance Levels: 1.6050, 1.6068, 1.6086
    Support Levels: 1.6005, 1.5987, 1.5970

    --------------------
    USDJPY :
    HIGH 97.338 LOW 97.021 BID 97.144 ASK 97.148 CHANGE -0.34% TIME 08 : 45:04

    [​IMG]

    OUTLOOK SUMMARY : Neutral
    TREND CONDITION : Sideway
    TRADERS SENTIMENT : Bullish
    IMPLIED VOLATILITY : Medium

    Upwards scenario: Price is consolidating on the hourly timeframe however we see potential to overcome our next resistance level at 97.50 (R1) later on today. Our initial targets locates at 97.73 (R2) and 97.96 (R3). Downwards scenario: On the other hand, prolonged movement below the supportive measure at 96.92 (S1) is required to activate new phase of downtrend expansion. We would suggest next aim at 96.68 (S2) and then final target could be met at 96.45 (S3).

    Resistance Levels: 97.50, 97.73, 97.96
    Support Levels: 96.92, 96.68, 96.45

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

Share This Page