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Forex Technical & Market Analysis FXCC Sep 11 2013

Discussion in 'Major Currency Crosses' started by alayoua, Sep 11, 2013.

  1. alayoua

    alayoua New Member

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    Forex Technical & Market Analysis FXCC Sep 11 2013

    Obama puts Syrian action on hold while diplomacy pursued

    President Obama addressed the American people on the Syrian conflict, and where the U.S. goes from here, after headlines for a diplomatic resolution inundated media outlets on Tuesday. Barack Obama started the speech with a strong case for a ‘yes’ vote in Congress, saying "We know Asssad's government was responsible" Iran would be emboldened.... "This is not a world we should accept'' , although making clear that the U.S. "will not put American boots on the ground in Syria."

    As the speech progressed, a more conciliatory Obama emerged, saying that after the Russian proposal to place under international control Syria's alleged chemical weapons - which Assad's government agreed to -, he asked Congress to postpone a vote on Syria action while diplomacy is pursued, adding that Assa's initiative has the potential to remove weapons without use of force. Obama also said: "Over the last few days we’ve seen some encouraging signs, in part because of the threat of military action." Since Obama was specific about the slim chances of an immediate attack, the speech supports the recent bid on risk assets.
    http://blog.fxcc.com/market-analysis

    FOREX ECONOMIC CALENDAR :
    N/A | The US Congress votes on military action against Syria
    2013-09-11 08:30 GMT | UK Claimant Count Change (Aug)
    2013-09-11 15:30 GMT | UK MPC Member Miles Speech
    2013-09-11 21:00 GMT | RBNZ Interest Rate Decision

    FOREX NEWS :
    2013-09-11 05:41 GMT | GBP/JPY still up near the highs and eyeing 158.46 after convincing breakout
    2013-09-11 05:25 GMT | USD/CHF on higher levels as geo-political tensions are fading away
    2013-09-11 05:05 GMT | EUR/USD tumbling after Obama’s address; 1.3278 resistance looms large
    2013-09-11 04:29 GMT | GBP/USD heads into employment report easing away from 1.5737 resistance

    -----------------
    EURUSD
    HIGH 1.32819 LOW 1.32437 BID 1.32491 ASK 1.32493 CHANGE -0.13% TIME 09 : 05:26

    [​IMG]

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

    MARKET ANALYSIS - Intraday Analysis

    Upwards scenario: Possible upwards extension above the resistance level at 1.3266 (R1) is liable to commence medium-term bullish structure. Important fractal levels offers next targets at 1.3282 (R2) and 1.3298 (R3) in potential. Downwards scenario: As long as price stays below the moving averages our short-term outlook would be negative. Possible extension lower the 1.3240 (S1) is being able to drive market price towards to initial supports at 1.3226 (S2) and 1.3211 (S3).

    Resistance Levels: 1.3266, 1.3282, 1.3298
    Support Levels: 1.3240, 1.3226, 1.3211

    -------------------------
    GBPUSD :
    HIGH 1.57417 LOW 1.57186 BID 1.57190 ASK 1.57197 CHANGE -0.08% TIME 09 : 05:34

    [​IMG]

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

    Upwards scenario: GBPUSD is approaching our key resistive measure at 1.5744 (R1). If the price manages to overcome it we would suggest next intraday targets at 1.5767 (R2) and 1.5789 (R3). Downwards scenario: On the downside, currency pair might encounter supportive measures at 1.5711 (S1). Break here would open the way for a test of our next targets at 1.5689 (S2) and 1.5666 (S3) later on today.

    Resistance Levels: 1.5744, 1.5767, 1.5789
    Support Levels: 1.5711, 1.5689, 1.5666

    ---------------------
    USDJPY :
    HIGH 100.609 LOW 100.139 BID 100.430 ASK 100.433 CHANGE 0.04% TIME 09 : 05:35

    [​IMG]

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

    Upwards scenario: Mark at 100.65 (R1) acts as next resistive barrier on the way if the instrument keeps it upside potential. Break here is required to achieve higher targets at 100.93 (R2) and 101.19 (R3) later on today. Downwards scenario: Risk of market weakening is seen below the support level at 100.12 (S1). Loss here is required to enable our supportive barrier at 99.85 (S2) en route towards to final target for today at 99.59 (S3).

    Resistance Levels: 100.65, 100.93, 101.19
    Support Levels: 100.12, 99.85, 99.59

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