1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Forex Technical & Market Analysis FXCC Sep 05 2013

Discussion in 'Major Currency Crosses' started by alayoua, Sep 5, 2013.

  1. alayoua

    alayoua New Member

    Joined:
    Jul 19, 2011
    Messages:
    289
    Likes Received:
    0
    Forex Technical & Market Analysis FXCC Sep 05 2013

    Today's main event is the ECB meeting this afternoon

    oday’s main event is the ECB meeting this afternoon. In our view, there are fewer arguments for a rate cut today than a month ago, given recent upside surprises in economic indicators and a slower pace of decline in excess liquidity (see ECB Preview: Keep the powder dry). Hence, we expect the ECB to keep rates unchanged and Draghi to refrain from explaining further the forward guidance.

    The EUR/USD is trading downwards ahead of ECB and G20 meeting, but still remains above its 200-day moving average. Will the EUR/USD finally manage to break its 200-day MA at 1.3144? The pair is under pressure again, after a short relief in Wednesday’s trading session. The global equities rally rounded out by the biggest advance for the US Indexes in two weeks, pushed downwards the American dollar on Wednesday, i.e. the single currency got a small relief yesterday. Still, risk over the next 48 hours is of great significance and should be considered more trend defining. The G20 meeting doesn’t have a definitely positive or negative outcome, but Friday’s NFPs do. For today’s ECB meeting, there are obviously many members of the Governing Council who want to convince the market that rate hikes are still an “illusion”. -FXstreet.com
    http://blog.fxcc.com/market-analysis

    FOREX ECONOMIC CALENDAR :
    24h All G20 Meeting
    2013-09-05 11:00 GMT BoE Interest Rate Decision
    2013-09-05 11:45 GMT ECB Interest Rate Decision
    2013-09-05 12:30 GMT ECB Monetary policy statement and press conference

    FOREX NEWS :
    2013-09-05 05:36 GMT EUR/USD still under pressure ahead of ECB meeting
    2013-09-05 05:34 GMT USD/JPY now at key resistance at 99.94 after rally of the last hour
    2013-09-05 04:42 GMT EUR/GBP glued to 0.8450 ahead of BoE & ECB
    2013-09-05 04:24 GMT GBP/JPY confined in a tight range


    EURUSD :
    HIGH 1.32076 LOW 1.31644 BID 1.31689 ASK 1.31694 CHANGE -0.29% TIME 08 : 44:52

    [​IMG]

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

    MARKET ANALYSIS - Intraday Analysis

    Upwards scenario: EURUSD gained momentum on the downside recently and likely will close on the negative territory today. However, clearance of our next resistive structure at 1.3200 (R1) would open way towards to our initial target at 1.3218 (R2) and any further market rise would then be targeting 1.3235 (R3). Downwards scenario: Possible market weakening is protected by important technical level at 1.3157 (S1). Break here is required to open road towards to interim target at 1.3138 (S2) en route to final aim at 1.3119 (S3).

    Resistance Levels: 1.3200, 1.3218, 1.3235
    Support Levels: 1.3157, 1.3138, 1.3119

    ------------------------
    GBPUSD :
    HIGH 1.56275 LOW 1.55956 BID 1.56032 ASK 1.56038 CHANGE -0.13% TIME 08 : 44:53

    [​IMG]

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

    Upwards scenario: Measures of resistance might be activating if the pair approaches 1.5636 (R1) price level. Break here would suggest next interim target at 1.5652 (R2) and If the price keeps its momentum we expect an exposure of 1.5670 (R3). Downwards scenario: Our next support level locates at 1.5593 (S1) mark. Possible penetration below this level would open way towards to next target at 1.5575 (S2) and then final aim lie at 1.5557 (S3) price level.

    Resistance Levels: 1.5636, 1.5652, 1.5670
    Support Levels: 1.5593, 1.5575, 1.5557

    ----------------------
    USDJPY :
    HIGH 99.982 LOW 99.644 BID 99.852 ASK 99.857 CHANGE 0.12% TIME 08 : 44:54

    [​IMG]

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

    Upwards scenario: Market trapped to the consolidation phase after initial uptrend development. Further buying interest might occur above the resistance at 100.15 (R1). Our initial targets locates at 100.41 (R2) and 100.66 (R3) Downwards scenario: On the other side, depreciation below the supportive measure at 99.53 (S1) would confirm bearish medium-term tendency and validate our next intraday targets at 99.27 (S2) and 98.99 (S3) in potential.

    Resistance Levels: 100.15, 100.41, 100.66
    Support Levels: 99.53, 99.27, 98.99

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

Share This Page