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Forex Technical & Market Analysis FXCC Sep 23 2013

Discussion in 'Major Currency Crosses' started by alayoua, Sep 23, 2013.

  1. alayoua

    alayoua New Member

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    Forex Technical & Market Analysis FXCC Sep 23 2013

    Merkel wins German election, arduous coalition talks ahead...

    Asian traders bought up the Euro through interbank trading, following early evidence of what later was confirmed as the best result for Merkel's conservative party in a general election since 1990, with the Chancellor receiving around 42% of all votes to keep her post as one of the most powerful women on the globe for a third term. Despite the early enthusiasm, the excitement faded pretty quick, with traders deciding to be sidelined as Merkel still faces a tough road ahead, now having to engage on coalition negotiation to form a government - a process which may take weeks if not months - after Mekel's CDU fell very short from claiming an absolute majority.

    As the quiet Asian session advanced, and with the Tokyo market closed due to public holidays, the only relevant headline to outline was the Chinese HSBC PMI, which came at a 6-month high, supporting the Australian Dollar across the board. On the commodity arena, metals were hammered yet again, following Fed's Bullard comments on Friday, which triggered the 'taper trade' again, after saying that the October FOMC meeting was still 'live' in terms of tapering.-FXstreet.com
    http://blog.fxcc.com/market-analysis

    FOREX ECONOMIC CALENDAR :
    2013-09-23 07:28 GMT | DE Markit Services PMI (Sep)
    2013-09-23 07:58 GMT | EMU Markit Manufacturing PMI (Sep)
    2013-09-23 12:58 GMT | US Markit Manufacturing PMI (Oct)
    2013-09-23 13:00 GMT | ECB President Draghi's Speech

    FOREX NEWS :
    2013-09-23 05:18 GMT | EUR/USD still indecisive just above flat line; 1.3534 is the level to conquer for the bulls
    2013-09-23 05:02 GMT | GBP/JPY upwards amidst of a Tokyo-holiday session
    2013-09-23 04:33 GMT | USD/CHF finishes “abc” upside correction at 0.9122; headed lower
    2013-09-23 03:56 GMT | USD/JPY bracing for takeoff?

    ----------------
    EURUSD :
    HIGH 1.35459 LOW 1.35202 BID 1.35293 ASK 1.35297 CHANGE 0.02% TIME 08 : 40:09

    [​IMG]

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

    MARKET ANALYSIS - Intraday Analysis

    Upwards scenario: Technically, next resistive structure lies at 1.3549 (R1). Break here is required to initiate upwards action towards to next target at 1.3583 (R2) and then final aim could be exposed at 1.3618 (R3). Downwards scenario: On the other hand, current range pattern on the hourly chart suggest possible retest of our supportive measure at 1.3507 (S1). Break here is required to open way towards to initial targets at 1.3474 (S2) and 1.3440 (S3).

    Resistance Levels: 1.3549, 1.3583, 1.3618
    Support Levels: 1.3507, 1.3474, 1.3440

    --------------------
    GBPUSD :
    HIGH 1.60314 LOW 1.59929 BID 1.60220 ASK 1.60224 CHANGE 0.09% TIME 08 : 40:10

    [​IMG]

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

    Upwards scenario: On the upside resistive structure at 1.6044 (R1) prevents possible gains. Clearance here is required to open route towards to next target at 1.6075 (R2) and then final target could be triggered at 1.6106 (R3). Downwards scenario: Local low offers a key support level on the downside. A dip below the 1.5987 (S1) would suggest next intraday targets at 1.5956 (S2) and potentially 1.5925 (S3).

    Resistance Levels: 1.6044, 1.6075, 1.6106
    Support Levels: 1.5987, 1.5956, 1.5925

    ------------------
    USDJPY :
    HIGH 99.359 LOW 99.084 BID 99.117 ASK 99.119 CHANGE -0.2% TIME 08 : 40:11

    [​IMG]

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

    Upwards scenario: Any upside actions looks limited now to resistive measure at 99.36 (R1). Break here is required to enable uptrend formation towards to higher target at 99.55 (R2). Final aim for today locates at 99.74 (R3). Downwards scenario: Fresh low formed today offers an important resistive measure at 99.04 (S1). Break here is required to drive market price towards to next visible targets at 98.86 (S2) and 98.69 (S3) later on today.

    Resistance Levels: 99.36, 99.55, 99.74
    Support Levels: 99.04, 98.86, 98.69

    Source: FX Central Clearing Ltd,( http://www.fxcc.com )
     
    #1 alayoua, Sep 23, 2013
    Last edited: Sep 23, 2013
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