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Forex Technical & Market Analysis FXCC Sep 10 2013

Discussion in 'Major Currency Crosses' started by alayoua, Sep 10, 2013.

  1. alayoua

    alayoua New Member

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    Forex Technical & Market Analysis FXCC Sep 10 2013

    EUR/USD up around 1.3270 on China

    The shared currency is extending its ascent on Tuesday, lifting the EUR/USD to the area of 1.3270 on upbeat tone from the Chinese economy.China continues to be the main driver for the risk appetite trends in the first half of the week, after Industrial Production, Retail Sales and Urban Investment figures all surpassed expectations during August, giving extra oxygen to the risk-associated assets in general. In the opinion of Westpac Global Strategy Group, “The 55, 100 and 200 day moving averages have converged in the 1.3140-90 range, with the runup to 1.34 an increasingly distant memory. ECB president Draghi’s mood last week was gloomier than expected, adding to our bias to sell into the 1.32-1.33 region. However, US data has been too soft to inspire much fresh USD buying, leaving 1.3100 intact for now”.

    At the moment the pair is gaining 0.09% at 1.3268 with the next resistance at 1.3279 (Kijun Line) ahead of 1.3298 (low Aug.22) and then 1.3322 (low Aug.27). On the downside, a break below 1.3157 (low Sep.9) would target 1.3104 (50% of 1.2755-1.3453) en route to 1.3089 (low Jul.19).
    http://blog.fxcc.com/market-analysis

    FOREX ECONOMIC CALENDAR :
    N/A UK 30-y Bond Auction
    2013-09-10 08:00 GMT | IT Gross Domestic Product (YoY) (Q2)
    2013-09-10 12:15 GMT | CA Housing Starts s.a (YoY) (Aug)
    2013-09-10 17:00 GMT | US 3-Year Note Auction

    FOREX NEWS :
    2013-09-10 05:40 GMT | Time for another leg up in USD/JPY - RBS
    2013-09-10 05:21 GMT | EUR likely to be supported on dips - JPMorgan
    2013-09-10 05:02 GMT | AUD/USD, risk is high of a further squeeze up towards 0.9500 - RBS
    2013-09-10 04:25 GMT | USD/CHF holding ground above 0.9307 support despite Friday’s bearish candle

    ---------------
    EURUSD :
    HIGH 1.32725 LOW 1.32502 BID 1.32676 ASK 1.32681 CHANGE 0.1% TIME 08:54:03

    [​IMG]

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

    MARKET ANALYSIS - Intraday Analysis

    Upwards scenario: Current price setup might suggest retracement formation in near term perspective, however, if the price get acceleration on the upside and manages to surpass our resistive measure at 1.3281 (R1), we would suggest next targets at 1.3297 (R2) and 1.3313 (R3). Downwards scenario: Clearance of our support at 1.3248 (S1) is required to determine negative intraday bias and enable lower target at 1.3230 (S2) and then any further market depreciation would suggest final target at 1.3213 (S3).

    Resistance Levels: 1.3281, 1.3297, 1.3313
    Support Levels: 1.3248, 1.3230, 1.3213

    ------------------------
    GBPUSD :
    HIGH 1.57086 LOW 1.56856 BID 1.57056 ASK 1.57059 CHANGE 0.08% TIME 08:54:04

    [​IMG]

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

    Upwards scenario: Further positive bias development would face next resistive measure at 1.5731 (R1). If the price manages to overcome it we would suggest next intraday targets at 1.5751 (R2) and 1.5772 (R3). Downwards scenario: Successful retest of our next support level at 1.5680 (S1) might provide sufficient momentum for the price acceleration towards to interim target at 1.5658 (S2) and then final aim for today could be exposed at 1.5637 (S3).

    Resistance Levels: 1.5731, 1.5751, 1.5772
    Support Levels: 1.5680, 1.5658, 1.5637

    ----------------------
    USDJPY :
    HIGH 99.757 LOW 99.477 BID 99.628 ASK 99.630 CHANGE 0.06% TIME 08:54:05

    [​IMG]

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

    Upwards scenario: Current price setup might suggest range mode development in near term perspective. Though If the price manages to surpass our resistive measure at 99.88 (R1), we would suggest next targets at 100.18 (R2) and 100.47 (R3). Downwards scenario: Possible downside expansion is protected by support level at 99.33 (S1), break here would put bullish oriented traders on hold. Marks at 99.04 (S2) and 98.75 (S3) acts as our initial targets today.

    Resistance Levels: 99.88, 100.18, 100.47
    Support Levels: 99.33, 99.04, 98.75

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