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Forex Technical & Market Analysis FXCC Oct 10 2013

Discussion in 'Major Currency Crosses' started by alayoua, Oct 10, 2013.

  1. alayoua

    alayoua New Member

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    Forex Technical & Market Analysis FXCC Oct 10 2013

    Yellen's hard task highlighted by the minutes from the FOMC

    Janet Yellen's difficult task was highlighted by the FOMC minutes published on Wednesday. Policy makers at the US Federal Reserve were split over the benefits of slowing down (tapering) its $85bn a month asset purchases in September, highlighting the difficult task facing her as she prepares to take chairmanship of the central bank. Barack Obama stepped up his discussions with Congress as USA political leaders look for a solution to the budget crisis that could leave the country without money to pay its bills before the end of the month. The president will meet senior Republicans from the House of Representatives at the White House on Thursday, after talks with members of his Democratic party on Wednesday evening. US default swaps trade has soared on debt fears. Growing investor fears that Washington could miss a payment on its debt has led to a surge in activity in the market for derivatives that insure against a US default. Commodities were hit hard in Wednesday's trading sessions; ICE WTI oil closing down 2.05% at $101.37 per barrel, NYMEX natural down 1.00% at $3.68 per therm. COMEX gold closed the day down 1.31%, silver down 2.46% at $21.89 per ounce.
    http://blog.fxcc.com/market-analysis

    FOREX ECONOMIC CALENDAR :
    2013-10-10 08:00 GMT | ECB Monthly Report
    2013-10-10 11:00 GMT | BoE Interest Rate Decision
    2013-10-10 11:45 GMT | Bank of Japan Governor Kuroda Speech
    2013-10-10 16:00 GMT | Bank of Japan Governor Kuroda Speech

    FOREX NEWS :
    2013-10-10 05:43 GMT | USD/CHF on a strong rally higher
    2013-10-10 04:32 GMT | USD/JPY soars on Nikkei, solid data and short-covering
    2013-10-10 04:30 GMT | EUR/USD working on a re-test of yesterday’s low at 1.3488
    2013-10-10 03:17 GMT | GBP/USD struggling to set a solid short-term low; anywhere in 1.5841 – 1.5908 will do


    EURUSD :
    HIGH 1.35275 LOW 1.34876 BID 1.35034 ASK 1.35037 CHANGE -0.13% TIME 08 : 52:42

    [​IMG]

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

    MARKET ANALYSIS - Intraday Analysis

    Upwards scenario: We see potential to test our resistive barrier at 1.3516 (R1) later on today. Successful penetration above this mark might keep bullish sentiment in play and validate our intraday targets at 1.3531 (R2) and 1.3546 (R3). Downwards scenario: On the other hand, instrument might enable bearish pressure below the support level at 1.3485 (S1) and prolong initial downtrend development. Next targets on the way locates at 1.3471 (S2) and 1.3457 (S3).

    Resistance Levels: 1.3516, 1.3531, 1.3546
    Support Levels: 1.3485, 1.3471, 1.3457

    ------------------
    GBPUSD :
    HIGH 1.59654 LOW 1.59142 BID 1.59405 ASK 1.59413 CHANGE -0.09% TIME 08 : 52:43

    [​IMG]

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

    Upwards scenario: Fractal level offers a key resistive barrier at 1.5968 (R1). Subsequently loss here might create upside momentum and drive market price towards to our initial targets at 1.6006 (R2) and 1.6039 (R3) in potential. Downwards scenario: Fresh low offers a key supportive measure at 1.5914 (S1) on a downside. A violation here is liable to commence correction pattern on the bigger picture and expose our initial targets at 1.5878 (S2) and 1.5845 (S3).

    Resistance Levels: 1.5968, 1.6006, 1.6039
    Support Levels: 1.5914, 1.5878, 1.5845

    --------------
    USDJPY :
    HIGH 97.823 LOW 97.338 BID 97.727 ASK 97.731 CHANGE 0.39% TIME 08 : 52:44

    [​IMG]

    OUTLOOK SUMMARY : Up
    TREND CONDITION : Up trend
    TRADERS SENTIMENT : Bullish
    IMPLIED VOLATILITY : High

    Upwards scenario: While price is quoted above the 20 SMA, our technical outlook would be positive. Clearance of our next resistance level at 97.87 (R1) would suggest next intraday targets at 98.01 (R2) and 98.14 (S3) in perspective. Downwards scenario: On the other hand, depreciation below the support level at 97.65 (S1) would suggest next intraday target at 97.51 (S2) and any further weakening would then be limited to final support level at 97.37 (S3).

    Resistance Levels: 97.87, 98.01, 98.14
    Support Levels: 97.65, 97.51, 97.37

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