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Forex Technical & Market Analysis FXCC Oct 14 2013

Discussion in 'Major Currency Crosses' started by alayoua, Oct 14, 2013.

  1. alayoua

    alayoua New Member

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    Forex Technical & Market Analysis FXCC Oct 14 2013

    World Bank head Jim Yong Kim warns US is ‘five days away from a very dangerous moment

    Jim Yong Kim has warned the United States they're just 'days away' from causing a global economic disaster unless politicians come up with a plan to raise the nation's debt limit and avoid default. 'We're now five days away from a very dangerous moment. I urge U.S. policymakers to quickly come to a resolution before they reach the debt ceiling deadline. Inaction could result in interest rates rising, confidence falling and growth slowing. If this comes to pass, it could be a disastrous event for the developing world, and that will in turn greatly hurt developed economies as well." Meanwhile the Chinese have lost very little time in making their opinion known, one of the official news outlets, Xinhua, has begun to call for a new global reserve currency to be created given the instability of the dollar; "US fiscal failure warrants a de-Americanized world and the creation of a new reserve currency to be created to replace the dominant U.S. dollar, so that the international community could permanently stay away from the spillover of the intensifying domestic political turmoil in the United States." The U.S. shouldn’t risk defaulting on its debt because doing so would wreak havoc in the world’s economy and financial markets, said the heads of JPMorgan, Deutsche Bank AG and Pacific Investment Management Co. JPMorgan Chief Executive Officer Jamie Dimon said yesterday during a panel discussion at a financial industry conference in Washington; “The United States cannot default and, in my opinion, will not default. It would ripple through the global economy in a way you couldn’t possibly understand.”
    http://blog.fxcc.com/market-analysis

    FOREX ECONOMIC CALENDAR :
    2013-10-14 24 hours | Eurogroup meeting
    2013-10-14 24 hours | US. Columbus Day
    2013-10-14 09:00 GMT | EU. Industrial Production s.a. (MoM) (Aug)
    2013-10-14 12:00 GMT | Poland. M3 Money Supply (YoY) (Sep)

    FOREX NEWS :
    2013-10-14 05:08 GMT | AUD/USD gains again uptrend momentum after solid China CPI release
    2013-10-14 05:07 GMT | GBP/USD trading modestly higher on concerns over US politics
    2013-10-14 04:20 GMT | USD/JPY under pressure on concerns about US debt ceiling
    2013-10-14 04:20 GMT | GBP/JPY consolidating recent gains; technicians say a bit more upside likely

    -----------------------
    EURUSD :
    HIGH 1.35668 LOW 1.35509 BID 1.35665 ASK 1.35668 CHANGE 0.18% TIME 08:25:37

    [​IMG]

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

    MARKET ANALYSIS - Intraday Analysis

    Upwards scenario: We are not expecting significant volatility increase today however upside risk aversion is seen above the next resistance level at 1.3581 (R1). Price evaluation above this level would suggest next targets at 1.3599 (R2) and 1.3616 (R3). Downwards scenario: If the price manages to overcome our next support barrier at 1.3551 (S1), we expect to see further market decline towards to our next target at 1.3536 (S2) and then next stop could be found at 1.3517 (S3) mark.

    Resistance Levels: 1.3581, 1.3599, 1.3616
    Support Levels: 1.3551, 1.3536, 1.3517

    ----------------------
    GBPUSD :
    HIGH 1.59888 LOW 1.59633 BID 1.59859 ASK 1.59867 CHANGE 0.23% TIME 08:25:43

    [​IMG]

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

    Upwards scenario: On the upside market might get more incentives above the immediate resistive barrier at 1.6003 (R1). If the price manages to overcome it we would suggest next intraday targets at 1.6035 (R2) and 1.6061 (R3). Downwards scenario: Penetration below the support at 1.5964 (S1) is liable to put more downward pressure on the instrument in the near-term perspective. As a result our supportive means at 1.5928 (S2) and 1.5893 (S3) might be triggered.

    Resistance Levels: 1.6003, 1.6035, 1.6061
    Support Levels: 1.5964, 1.5928, 1.5893

    ------------------
    USDJPY :
    HIGH 98.351 LOW 98.119 BID 98.258 ASK 98.262 CHANGE -0.31% TIME 08:25:51

    [​IMG]

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

    Upwards scenario: Any upside actions looks limited to resistance level at 98.60 (R1). Surpassing of this level might enable next target at 98.81 (R2) and any further gains would then be targeting final mark at 99.03 (R3) in potential. Downwards scenario: Next support level is seen at 98.10 (S1), any penetration below it might activate downside pressure and enable lower target at 97.89 (S2). Any further market decline would then be limited to 97.62 (S3).

    Resistance Levels: 98.60, 98.81, 99.03
    Support Levels: 98.10, 97.89, 97.62

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