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Forex Technical & Market Analysis FXCC Oct 29 2013

Discussion in 'Major Currency Crosses' started by alayoua, Oct 29, 2013.

  1. alayoua

    alayoua New Member

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    Forex Technical & Market Analysis FXCC Oct 29 2013

    FOMC meeting starts as speculation mounts regarding potential taper of monetary easing programme

    Naturally most investor eyes will be fixed on any announcements from the first day of the FOMC meeting, clues as to tapering will be hawkishly observed. Net lending to individuals in the UK should print at 2.5 billion up from 1.6 billion the previous month. Similarly mortgage approvals should rise to 65K from 62K the previous month. Retail sales in the USA are expected to print at 0.2% up, with PPI up 0.2%. Annual house prices in the USA are expected to be up 12.4% year on year. The USA Conference Board sentiment index is expected in at 75.2 a fall from 79.7 the previous month. The bank of Canada governor Poloz is due to testify, along with Senior Deputy Governor Tiff Macklem, before the House of Commons Standing Committee on Finance, in Ottawa. The DJIA closed down 0.01% on Monday, the SPX up 0.13% and the NASDAQ down 0.08%. European indices were mixed, STOXX index down 0.42%, FTSE up 0.07%, CAC down 0.48%, DAX down 0.03%. The Athens exchange once again bucked the trend by closing up 1.37%. Commodities rallied on Monday, ICE WTI oil finished the day up 0.85% at $98.68 per barrel, NYMEX natural down 0.17% at $3.56 per therm, COMEX gold closed up 0.04% on the day at $1352.70 and silver down 0.06% at $22.52 per ounce. Oil rallied amid a drop in Libyan output and bets that central banks in America and Japan will maintain monetary stimulus. Looking towards the European open STOXX equity index future is down 0.36%, FTSE up 0.24%, CAC down 0.46% and DAX down 0.03%. The DJIA equity index future is currently down 0.03%, SPX down 0.02% and the NASDAQ down 0.27%.
    http://blog.fxcc.com/market-analysis

    FOREX ECONOMIC CALENDAR :
    2013-10-29 09:30 GMT | UK Mortgage Approvals (Sep)
    2013-10-29 12:30 GMT | US Retail Sales (MoM) (Sep)
    2013-10-29 14:00 GMT | US Consumer Confidence (Oct)
    2013-10-29 23:50 GMT | JP Industrial Production (YoY) (Sep)

    FOREX NEWS :
    2013-10-29 03:16 GMT | GBP/USD glued to 1.6085 support
    2013-10-29 02:55 GMT | USD/JPY exhausts after recovering session losses around 97.60
    2013-10-29 02:03 GMT | AUD/USD emerges from 0.9515 2-week lows; consolidating above 0.9540
    2013-10-29 01:21 GMT | EUR/USD pulling back gently. Is it anticipating bad data out of the US?

    -----------------
    EURUSD
    HIGH 1.37937 LOW 1.37693 BID 1.37856 ASK 1.37858 CHANGE 0% TIME 08 : 40:07

    [​IMG]

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

    MARKET ANALYSIS - Intraday Analysis

    Upwards scenario: Possibility of market strengthening is seen above the immediate resistive barrier at 1.3818 (R1). Clearance here would suggest next interim target at 1.3845 (R2) and then final aim locates at 1.3872 (R3). Downwards scenario: As long as price stays below the next resistance level our technical outlook would be negative. Next on tap is support level at 1.3769 (S1). Penetration below this mark would suggest next targets at 1.3741 (S2) and 1.3714 (S3).

    Resistance Levels: 1.3818, 1.3845, 1.3872
    Support Levels: 1.3769, 1.3741, 1.3714

    ----------------
    GBPUSD :
    HIGH 1.61442 LOW 1.60643 BID 1.61024 ASK 1.61033 CHANGE -0.24% TIME 08 : 40:07

    [​IMG]

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

    Upwards scenario: Our next resistance level is placed at 1.6137 (R1). Break here would open route towards to higher target at 1.6161 (R2) and any further price advance would then be limited to 1.6185 (R3).Downwards scenario: On the other hand, possible downside expansion might face next hurdle at 1.6063 (S1). Break here is required to initiate bearish pressure and validate our immediate targets at 1.6040 (S2) and 1.6019 (S3) in potential.

    Resistance Levels: 1.6137, 1.6161, 1.6185
    Support Levels: 1.6063, 1.6040, 1.6019

    ---------------
    USDJPY :
    HIGH 97.717 LOW 97.462 BID 97.540 ASK 97.542 CHANGE -0.14% TIME 08 : 40:08

    [​IMG]

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

    Upwards scenario: Clearance of our next resistive barrier at 97.74 (R1) might push the price towards to our next visible targets at 97.87 (R2) and 98.00 (R3). Downwards scenario: Activation of bearish forces is possible below the support level at 97.44 (S1). Clearance here would suggest next interim target at 97.31 (S2) and if the price holds its momentum we would suggest final aim at 97.18 (S3).

    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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