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Forex Technical & Market Analysis FXCC Oct 15 2013

Discussion in 'Major Currency Crosses' started by alayoua, Oct 15, 2013.

  1. alayoua

    alayoua New Member

    Jul 19, 2011
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    Forex Technical & Market Analysis FXCC Oct 15 2013

    Central Banks begin to plan for a USA default as the deadline nears

    Global central banks are beginning to create contingency plans as to how they'd keep financial markets moving if the U.S. defaults. Jon Cunliffe, the Bank of England deputy governor said in testimony to U.K. Politicians on Monday; "Because in the past it’s always been sorted out is absolutely not a reason to fail to do the contingency planning. I would expect the Bank of England to be planning for it. I’d expect private-sector actors to be doing that, and in other countries as well.” Due to the Columbus Day bank holiday in the USA and Canada the main equity markets were closed and the FX markets experienced less transaction turnover on Monday. European markets mostly experienced a positive day. The STOXX index closed up 0.11%, the UK FTSE up 0.32%, the CAC closed up 0.07%, and the DAX closed down by 0.01%. The Portuguese index closed up the most in the European markets by 0.98%. Equity index futures (at the time of writing) appear to suggest that the USA main indices will tentatively open in positive territory on Tuesday; the DJIA equity index future is up 0.07%, SPX up 0.11% and the NASDAQ equity index future is up 0.15%. Commodities were mainly positive, ICE WTI oil closed the day up 0.22% at $102.24 per barrel, NYMEX natural closed up 1.17% at $3.82 per therm, COMEX gold closed the day up 0.28% at $1271.80 per ounce. Silver on COMEX was flat at the day's end at $21.27 per ounce. The dollar was little changed at 98.53 yen late in New York after weakening earlier as much as 0.5 percent to 98.08 yen. It rose 1.9 percent over the previous four days. The dollar fell 0.2 percent to $1.3565 per euro. Japan’s currency declined 0.1 percent to 133.65 per euro after weakening to 133.60 on Oct. 11th, the least since Sept. 26th. The U.S. Dollar Index, tracking the currency’s performance versus a basket of 10 leading counterparts, slid up to 0.23 percent, the biggest intraday drop since Oct. 2nd, to 1,010.07 before trading at 1,011.21, down 0.12 percent.

    2013-10-15 24 hours | EU. EcoFin Meeting
    2013-10-15 09:00 GMT | EU. ZEW Survey - Economic Sentiment (Oct)
    2013-10-15 21:45 GMT | New Zealand. Consumer Price Index (QoQ) (Q3)
    2013-10-15 23:30 GMT | New Zealand. Westpac Leading Index (MoM) (Aug)

    2013-10-15 04:31 GMT | GBP/USD heading north but also capped by 1.6000
    2013-10-15 03:46 GMT | EUR/GBP modestly lower ahead of heavy data flow Tuesday
    2013-10-15 01:01 GMT | EUR/USD falls to 1.3550 bottoms
    2013-10-15 00:36 GMT | AUD/USD reaches 0.9523 peaks on neutral RBA minutes

    EURUSD :
    HIGH 1.35709 LOW 1.355 BID 1.35693 ASK 1.35697 CHANGE 0.07% TIME 08 : 17:32


    TREND CONDITION : Upward penetration

    MARKET ANALYSIS - Intraday Analysis

    Upwards scenario: On the upside potential is seen for a break above the resistance at 1.3599 (R1). In such case we would suggest next target at 1.3616 (R2) and any further rise would then be limited to final resistance at 1.3631 (R3). Downwards scenario: Possible pull back development is limited now to the key supportive barrier at 1.3551 (S1). Only loss here would be considered as a beginning of a retracement expansion. Our intraday targets locates at 1.3536 (S2) and 1.3517 (S3).

    Resistance Levels: 1.3599, 1.3616, 1.3631
    Support Levels: 1.3551, 1.3536, 1.3517

    GBPUSD :
    HIGH 1.59983 LOW 1.59521 BID 1.59943 ASK 1.59951 CHANGE 0.08% TIME 08 : 17:36


    TREND CONDITION : Down trend

    Upwards scenario: Next resistance level is seen at 1.6019 (R1). Subsequently loss here might create upside momentum and drive market price towards to our initial targets at 1.6042 (R2) and 1.6061 (R3) in potential. Downwards scenario: We do expect some pull-backs development on the downside below the support level at 1.5964 (S1). Short-term momentum on the negative side might open the way towards to immediate supports at 1.5938 (S2) and 1.5914 (S3).

    Resistance Levels: 1.6019, 1.6042, 1.6061
    Support Levels: 1.5964, 1.5938, 1.5914

    USDJPY :
    HIGH 98.703 LOW 98.415 BID 98.442 ASK 98.447 CHANGE -0.14% TIME 08 : 17:40


    TREND CONDITION : Up trend

    Upwards scenario: Medium term bias remains positive however further market rise is limited now to the key resistive barrier at 98.69 (R1), clearance here is required to enable next resistances at 98.86 (R2) and last one at 99.03 (R3). Downwards scenario: In terms of technical levels, risk of price depreciation is seen below the next support level at 98.10 (S1). Loss here would suggest to monitor marks at 97.89 (S2) and 97.69 (S3) as possible intraday targets.

    Resistance Levels: 98.69, 98.86, 99.03
    Support Levels: 98.10, 97.89, 97.69

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

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