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Forex Technical & Market Analysis FXCC Oct 28 2013

Discussion in 'Major Currency Crosses' started by alayoua, Oct 28, 2013.

  1. alayoua

    alayoua New Member

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    Forex Technical & Market Analysis FXCC Oct 28 2013

    China indicates the release of unprecedented economic measures when it holds its next government meeting.

    There are several USA high impact news events for Monday that could affect market sentiment. Pending home sales is expected to increase to 0.5% month on month from a surprise fall of -1.6% last month. Industrial production data is expected to increase to 0.5% month on month. Economists forecast no change in purchases, the worst reading in six months, after a 0.2 percent advance in August, according to a survey ahead of Commerce Department figures due Oct. 29th. Sales excluding motor vehicle dealers may have increased 0.4 percent in September, a sign other merchants had more success selling to customers. The RBA governor Stevens speaks later in the afternoon, investors in AUS and speculators in the Aussie will be looking for any clues regarding a base interest rate cut which appeared to be off the table in last week's notes from the RBA. Japan issues a raft of data on Monday; retail sales, unemployment and household spending which if poor the Nikkei could fall with a corresponding rise in yen as a safe haven. Retail sales are expected to rise, unemployment to fall to 4%, but household spending is also predicted to increase by 0.7%.
    https://support.fxcc.com/email/technical/28102013/

    FOREX ECONOMIC CALENDAR :
    2013-10-28 13:15 GMT | US Industrial Production (MoM) (Sep)
    2013-10-28 14:00 GMT | US Pending Home Sales (YoY) (Sep)
    2013-10-28 22:30 GMT | RBA's Governor Glenn Stevens Speech
    2013-10-28 23:30 GMT | JP Unemployment Rate (Sep)

    FOREX NEWS :
    2013-10-28 06:37 GMT | EUR/GBP opens lower ahead of German data – trading range bound short-term
    2013-10-28 06:20 GMT | EUR/USD hovers around 1.3800, ahead of a batch of US data, FOMC
    2013-10-28 06:06 GMT | USD/CHF trading higher to start weak; technicians skeptical with 0.8750 downside target
    2013-10-28 05:04 GMT | GBP/USD consolidates around 1.6180 area, awaiting the severe storm in UK

    ------------------------
    EURUSD :
    HIGH 1.38177 LOW 1.37959 BID 1.38003 ASK 1.38005 CHANGE -0.02% TIME 08:49:13

    [​IMG]

    OUTLOOK SUMMARY : Neutral
    TREND CONDITION : Sideway
    TRADERS SENTIMENT : Bearish
    IMPLIED VOLATILITY : Low

    MARKET ANALYSIS - Intraday Analysis

    Upwards scenario: EURUSD is approaching our key resistive measure at 1.3833 (R1). If the price manages to overcome it we would suggest next intraday targets at 1.3862 (R2) and 1.3892 (R3). Downwards scenario: On the other hand, our next supportive barrier at 1.3775 (S1) prevents possible correction development. Break here is required to enable downside expansion towards to our intraday targets at 1.3745 (S2) and 1.3714 (S3).

    Resistance Levels: 1.3833, 1.3862, 1.3892
    Support Levels: 1.3775, 1.3745, 1.3714

    -------------------
    GBPUSD :
    HIGH 1.61895 LOW 1.61615 BID 1.61796 ASK 1.61798 CHANGE 0.1% TIME 08:49:14

    [​IMG]

    OUTLOOK SUMMARY : Neutral
    TREND CONDITION : Sideway
    TRADERS SENTIMENT : Bearish
    IMPLIED VOLATILITY : Low

    Upwards scenario: Possible penetration above the resistance level at 1.6205 (R1) is liable to open way towards to our initial targets at 1.6233 (R2) and 1.6261 (R3). Downwards scenario: In terms of technical levels, risk of price depreciation is seen below the support level at 1.6150 (S1). Loss here would suggest to monitor marks at 1.6123 (S2) and 1.6097 (S3) as possible intraday targets.

    Resistance Levels: 1.6205, 1.6233, 1.6261
    Support Levels: 1.6150, 1.6123, 1.6097

    ------------------
    USDJPY :
    HIGH 97.733 LOW 97.446 BID 97.587 ASK 97.591 CHANGE 0.2% TIME 08:49:15

    [​IMG]

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

    Upwards scenario: Instrument gained momentum on the upside recently, turning short-term bias to the positive side. Further upwards penetration above the resistance at 97.74 (R1) might enable bullish forces and expose our initial targets at 97.87 (R2) and 98.00 (R3). Downwards scenario: Risk of further market decline is seen below the next support level at 97.44 (S1). Loss here is liable to downgrade currency rate towards to the next supportive means at 97.31 (S2) and 97.18 (S3) in potential.

    Resistance Levels: 97.74, 97.87, 98.00
    Support Levels: 97.44, 97.31, 97.18

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