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Forex Technical & Market Analysis FXCC Oct 23 2013

Discussion in 'Major Currency Crosses' started by alayoua, Oct 23, 2013.

  1. alayoua

    alayoua New Member

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    Forex Technical & Market Analysis FXCC Oct 23 2013

    Markets rally as poor NFP print equals delayed monetary stimulus taper

    The DJIA closed up 0.49% on Tuesday with the SPX up 0.57% and the NASDAQ up 0.24%. European markets joined in the late afternoon rally; STOXX closing up 0.57%, UK FTSE up 0.62%, CAC up 0.43% and the DAX up 0.90%. The ASE closed up 0.45%. The leader on the board in Europe was the Swiss market index, closing up 1.12% on the day, the Swiss trade balance exceeding expectations helping the index rise, the balance was up to 2.49 bn. Equity index futures are currently flat or down marginally at the time of writing, the DJIA down 0.06%, SPX down 0.09% and the NASDAQ down 0.09%. European equity index futures are up; FTSE up 0.63%, CAC up 0.45% and the DAX up 0.84% Commodities experienced mixed fortunes on Tuesday, with WTI oil finally breaching the critical psyche level of $100 a barrel by some distance. ICE WTI oil was down 1.38% on the day to finish at $98.30 per barrel. NYMEX natural was up 0.34% on the day. COMEX gold was down 0.18% on the day at $1340.30 per ounce, with silver at $22.71 down 0.35% on the day. The dollar depreciated by 0.7 percent to $1.3781 per euro late in New York time, and touched $1.3792, the weakest level since November 2011. The greenback was little changed at 98.14 yen, while the Japanese currency lost 0.7 percent to 135.25 per euro and reached 135.51, the weakest since November 2009. The Swiss franc climbed as much as 0.9 percent to 89.40 centimes per dollar before trading at 89.47. The dollar slid to its weakest level in almost two years versus the euro after lower-than-forecast U.S. employment gains added to speculation the Federal Reserve will delay reducing stimulus.
    http://blog.fxcc.com/market-analysis

    FOREX ECONOMIC CALENDAR :
    2013-10-23 08:30 GMT | Bank of England Minutes
    2013-10-23 14:00 GMT | BoC Interest Rate Decision (Oct 23)
    2013-10-23 14:30 GMT | Bank of Canada Monetary Policy Report
    2013-10-23 15:15 GMT | BoC Press Conference

    FOREX NEWS :
    2013-10-23 05:36 GMT | USD/JPY tumbles on sharp Nikkei falls, China banks “jitters”
    2013-10-23 04:48 GMT | AUD/USD retraced all of its post Australian CPI gains
    2013-10-23 04:08 GMT | EUR/JPY tumbles on a corrective pullback
    2013-10-23 03:42 GMT | EUR/USD rips past ‘13 peak of 1.3710 on “no tapering” hopes – continues higher Wednesday

    -------------------------
    EURUSD :
    HIGH 1.37928 LOW 1.37663 BID 1.37732 ASK 1.37735 CHANGE -0.06% TIME 08 : 44:43

    [​IMG]

    OUTLOOK SUMMARY : Up
    TREND CONDITION : Upward penetration
    TRADERS SENTIMENT : Bearish
    IMPLIED VOLATILITY : High

    MARKET ANALYSIS - Intraday Analysis

    Upwards scenario: EURUSD gained momentum on the upside recently and likely resume its uptrend formation. Clearance of our next resistive structure at 1.3794 (R1) would open way towards to our initial target at 1.3821 (R2) and any further market rise would then be targeting 1.3846 (R3). Downwards scenario: On the downside bearish pressure might push the price below the support at 1.3750 (S1). Further downside extension would open road towards to next target at 1.3727 (S2) and any further losses would then be limited to 1.3704 (S3) mark.

    Resistance Levels: 1.3794, 1.3821, 1.3846
    Support Levels: 1.3750, 1.3727, 1.3704

    ----------------------
    GBPUSD :
    HIGH 1.62567 LOW 1.62101 BID 1.62164 ASK 1.62173 CHANGE -0.11% TIME 08 : 44:44

    [​IMG]

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

    Upwards scenario: Possibility of ascending structure is seen above the fractal level at 1.6259 (R1). Break here is required to clear the way towards to higher targets at 1.6286 (R2) and 1.6315 (R3). Downwards scenario: On the other hand, recovery phase might commence below the important support level at 1.6194 (S1). Break here is required to validate our targets at 1.6167 (S2) and 1.6139 (S3) later on today.

    Resistance Levels: 1.6259, 1.6286, 1.6315
    Support Levels: 1.6194, 1.6167, 1.6139

    ----------------------
    USDJPY :
    HIGH 98.195 LOW 97.264 BID 97.440 ASK 97.443 CHANGE -0.71% TIME 08 : 44:45

    [​IMG]

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

    Upwards scenario: Possible upwards formation is limited to resistive measure at 97.56 (R1). A break above it would suggest next intraday target 97.73 (R2) and if the price holds its momentum we can expect price increase towards to final resistance at 97.89 (R3). Downwards scenario: Clearance of our support at 97.25 (S1) is required to determine negative intraday bias and enable lower target at 97.09 (S2) and then any further market depreciation would suggest final aim at 96.92 (S3).

    Resistance Levels: 97.56, 97.73, 97.89
    Support Levels: 97.25, 97.09, 96.92

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