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Forex Technical & Market Analysis FXCC Sep 12 2013

Discussion in 'Major Currency Crosses' started by alayoua, Sep 12, 2013.

  1. alayoua

    alayoua New Member

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    Forex Technical & Market Analysis FXCC Sep 12 2013

    Barroso calls for quick implementation of Eurozone banking union

    Europe is on a road to recovery, but efforts must still be made to prop it up, president of the European Commission José Manuel Barroso said on Wednesday, delivering the annual State of the Union speech. He listed unemployment as the the most burning issue to solve, as its current level is “economically unsustainable, politically untenable and socially unacceptable.” Speaking at the European Parliament in Strasbourg, Barroso pointed to the recent improvements in the European financial markets as well as the better situation in Greece. “For Europe, recovery is within sight. Let's not overestimate the progress, but neither should we underestimate what has been done,” he said.

    He called for a quicker implementation of the Eurozone banking union, which would help boost growth and employment. Finalizing discussions on the next EU budget was also listed as a top priority. Furthermore, Barroso stressed the need for a tighter political union, suggesting that “Europe must focus on where it can add most value. It needs to be big on big things and smaller on smaller things.” The European Commission president also referred to the chemical attack in Syria, which the EU condemns but still hopes to see the a conflict resolved through a negotiated settlement.
    http://blog.fxcc.com/market-analysis

    FOREX ECONOMIC CALENDAR :
    2013-09-12 08:00 GMT | ECB Monthly Report
    2013-09-12 09:00 GMT | UK Inflation Report Hearings
    2013-09-12 11:40 GMT | ECB President Draghi's Speech
    2013-09-12 12:30 GMT | US Initial Jobless Claims

    FOREX NEWS :
    2013-09-12 05:33 GMT | AUD/USD falls apart on softest Australian jobs data
    2013-09-12 05:26 GMT | Gold teetering on the brink above 1,351.60 key support
    2013-09-12 05:07 GMT | Overbought GBP/USD buoyant at 1.5835 ahead of data / events
    2013-09-12 04:50 GMT | EUR/GBP threatening the 0.84 big support

    ---------------------
    EURUSD
    HIGH 1.33241 LOW 1.33041 BID 1.33043 ASK 1.33047 CHANGE -0.05% TIME 08 : 53:11

    [​IMG]

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

    MARKET ANALYSIS - Intraday Analysis

    Upwards scenario: On the upside potential is seen for a break above the resistance at 1.3325 (R1). In such case we would suggest next target at 1.3339 (R2) and any further rise would then be limited to final resistance at 1.3354 (R3). Downwards scenario: Instrument looks overbought and we expect to see some consolidation pattern ahead. Risk of possible price regress is seen below the support level at 1.3299 (S1). Break here would suggest lower targets at 1.3283 (S2) and 1.3268 (S3) in potential.

    Resistance Levels: 1.3325, 1.3339, 1.3354
    Support Levels: 1.3299, 1.3283, 1.3268

    -------------------
    GBPUSD :
    HIGH 1.58316 LOW 1.58131 BID 1.58144 ASK 1.58146 CHANGE -0.01% TIME 08 : 53:12

    [​IMG]

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

    Upwards scenario: Mark at 1.5837 (R1) acts as next resistive barrier on the way if the pair keeps it upside potential. Break here is required to achieve higher targets at 1.5861 (R2) and 1.5886 (R3) later on today. Downwards scenario: Medium term bias is clearly positive however we expect recovery action if the price manages to overcome key supportive bastion at 1.5800 (S1). In such case we would suggest next intraday targets at 1.5775 (S2) and 1.5748 (S3).

    Resistance Levels: 1.5837, 1.5861, 1.5886
    Support Levels: 1.5800, 1.5775, 1.5748

    ------------------------
    USDJPY :
    HIGH 99.99 LOW 99.394 BID 99.493 ASK 99.495 CHANGE -0.39% TIME 08 : 53:13

    [​IMG]

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

    Upwards scenario: USDJPY tested negative territory today though appreciation above the resistive structure at 99.69 (R1) might shift short-term tendency to the bullish side and validate our intraday targets at 99.88 (R2) and 100.08 (R3). Downwards scenario: Failure to establish corrective structure might lead to further downtrend evolvement later on today. Penetration below the support at 99.33 (S1) would suggest next intraday targets at 99.14 (S2) and 98.96 (S3) in perspective.

    Resistance Levels: 99.69, 99.88, 100.08
    Support Levels: 99.33, 99.14, 98.96

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