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Forex Technical & Market Analysis FXCC Oct 24 2013

Discussion in 'Major Currency Crosses' started by alayoua, Oct 24, 2013.

  1. alayoua

    alayoua New Member

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    Forex Technical & Market Analysis FXCC Oct 24 2013

    Flash PMIs will dictate the market mood on Thursday

    The DJIA closed down 0.35% on Wednesday, the recent rally, due to a temporary solution regarding the debt ceiling issue being agreed, may have now faded. The SPX closed down 0.47% and the NASDAQ down 0.57%. In Europe the STOXX index closed down 0.94%, reacting badly to the coming bank tests, the FTSE closed down 0.32%, CAC down 0.81%, DAX down 0.31%. The IBEX reacted badly to the bank test news despite crawling out of a deep recession, down 1.84% on the day. The MIB closed down 2.38%, with the Athens exchange hurting the most, down 3.82% on the day. Commodities once again endured a sell off on Wednesday, improved crude oil reserve numbers for the USA, up to 5.2 million barrels, caused WTI oil to fall by 1.22% to end at $97.10 per barrel on the day. The critical psyche level of $100 per barrel now being breached substantially with new medium term support levels being established. NYMEX natural rose by 1.06% to $3.62 per therm. COMEX gold was down 0.72% at $1333.00, with silver on COMEX down 1.01%. Equity index futures are pointing to a negative open in Europe followed by New York opening down. The DJIA equity index future is currently down 0.38%, NASDAQ down 0.42%, STOXX down 0.96%, FTSE down 0.40%, DAX down 0.35% The yen gained 0.8 percent to 134.12 per euro late in New York, after climbing as much as 1.2 percent, the biggest intraday advance since Aug. 27th. It depreciated to 135.51 Wednesday, the weakest level since November 2009. Japan’s currency strengthened 0.8 percent to 97.34 per dollar and touched 97.16, breaching its 200-day moving average at 97.28. The yen strengthened the most in eight weeks versus the euro as borrowing costs for Chinese banks jumped by the most since July affecting demand for safer assets.
    http://blog.fxcc.com/market-analysis

    FOREX ECONOMIC CALENDAR :
    2013-10-24 07:58 GMT | EMU Markit Services PMI (Oct)
    2013-10-24 14:00 GMT | US New Home Sales (MoM) (Sep)
    2013-10-24 16:45 GMT | UK BOE's Governor Carney speech
    2013-10-24 23:30 GMT | JP National Consumer Price Index (YoY) (Sep)

    FOREX NEWS :
    2013-10-24 05:07 GMT | EUR/USD continues to consolidate around 1.3780 area
    2013-10-24 04:47 GMT | NZD/USD rejected off 0.8440 resistance, NZ Treasury report weighs
    2013-10-24 04:20 GMT | USD/CHF breaks 2012 lows despite upbeat Chinese PMI
    2013-10-24 03:06 GMT | GBP/JPY on EMA20 at 157.60

    ---------------------
    EURUSD :
    HIGH 1.37931 LOW 1.37733 BID 1.37921 ASK 1.37924 CHANGE 0.12% TIME 08:51:48

    [​IMG]

    OUTLOOK SUMMARY : Up
    TREND CONDITION : Sideway
    TRADERS SENTIMENT : Bearish
    IMPLIED VOLATILITY : Medium

    MARKET ANALYSIS - Intraday Analysis

    Upwards scenario: Possibility of further market appreciation is seen above the resistance level at 1.3794 (R1). Break here is required to validate next targets at 1.3821 (R2) and 1.3846 (R3) Downwards scenario: On the other hand, progress below the initial support level at 1.3761 (S1) might initiate bearish pressure and expose our intraday targets at 1.3735 (S2) and 1.3710 (S3) later on today.

    Resistance Levels: 1.3794, 1.3821, 1.3846
    Support Levels: 1.3761, 1.3735, 1.3710

    -----------------
    GBPUSD :
    HIGH 1.62025 LOW 1.61623 BID 1.61914 ASK 1.61917 CHANGE 0.18% TIME 08:51:49

    [​IMG]

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

    Upwards scenario: Measures of resistance might be activating if the pair approaches 1.6225 (R1) price level. Break here would suggest next interim target at 1.6257 (R2) and If the price keeps its momentum we expect an exposure of 1.6287 (R3). Downwards scenario: Possible downward penetration is limited now to support level at 1.6157 (S1). If the price manages to surpass it, we would suggest next intraday targets at 1.6128 (S2) and 1.6099 (S3).

    Resistance Levels: 1.6225, 1.6257, 1.6287
    Support Levels: 1.6157, 1.6128, 1.6099

    -------------------
    USDJPY :
    HIGH 97.617 LOW 97.175 BID 97.597 ASK 97.599 CHANGE 0.24% TIME 08:51:50

    [​IMG]

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

    Upwards scenario: Corrective action is possible today. Clearance of next resistance level at 97.56 (R1) would suggest next intraday targets at 97.75 (R2) and 97.96 (R3) later on today. Downwards scenario: On the other side, current price pattern suggests bearish potential if the instrument manages to overcome key support level at 97.15 (S1). Further price regress is liable to expose our initial targets at 96.96 (S2) and 96.77 (S3).

    Resistance Levels: 97.56, 97.75, 97.96
    Support Levels: 97.15, 96.96, 96.77

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