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Technical & Market Analysis FXCC Jan 03 2013

Discussion in 'Major Currency Crosses' started by alayoua, Jan 3, 2013.

  1. alayoua

    alayoua New Member

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    Forex Technical & Market Analysis FXCC Jan 03 2013

    Forex Technical & Market Analysis FXCC Jan 03 2013

    Congress Passes Fiscal Cliff Deal – The Breakdown

    In a final hour maneuver, Congressional leaders brokered a deal that will allow the US economy to avert the Fiscal Cliff and alleviate pressure on the financial markets. The passage is being considered by some to be a victory for US President Barack Obama. But, by others, it shifts the focus to mid February when discussions are likely to begin over the impending debt ceiling.

    With the bill set to be signed into law by US President Barack Obama, focus has now shifted to the impending debt ceiling debate – likely to begin in mid-February. The concern remains over the fact that Democratic leaders will need to make further concessions on spending to Republicans in order to allow an extension of the $16.4 trillion ceiling. An inability to do so would plunge the government into a plausible shutdown. This will likely include cutbacks in entitlement spending and other programs in order to equalize Republican concessions for the Fiscal Cliff deal.
    http://blog.fxcc.com/forex-technical-market-analysis-january-03-2013/

    Forex Economic Calendar
    2013-01-03 08:55 GMT | Germany. Unemployment Change (Dec)
    2013-01-03 09:30 GMT | United Kingdom. PMI Construction (Dec)
    2013-01-03 13:30 GMT | United States. Initial Jobless Claims (Dec 29)
    2013-01-03 19:00 GMT | United States. FOMC Minutes

    Forex News
    2013-01-03 05:39 GMT | EUR/GBP struggling to maintain above 0.8100
    2013-01-03 05:23 GMT | GBP/USD holding above 1.6200 as Europe approaches
    2013-01-03 03:18 GMT | EUR/USD loses 1.3150; stalls at 21-DMA
    2013-01-03 03:12 GMT | GBP/AUD finding support at 200 day SMA 1.5450


    TECHNICAL ANALYSIS

    ------------------------
    EURUSD

    HIGH: 1.31903 | LOW: 1.31238 | BID: 1.31371 | ASK: 1.31377 | CHANGE: -0.36% | TIME: 07 : 48:13

    [​IMG]

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

    MARKET ANALYSIS – Intraday Analysis
    Upwards scenario: Hourly chart correction is possible above the next resistance level at 1.3170 (R1). Next initial targets locate at 1.3189 (R2) and 1.3208 (R3). Downwards scenario: There’s a negative bias that pressures our next support level at 1.3121 (S1). Loss here might enable further market downgrade towards to expected targets at 1.3104 (S2) and 1.3086 (S3).

    Resistance Levels: 1.3170, 1.3189, 1.3208
    Support Levels: 1.3121, 1.3104, 1.3086

    --------------------------------
    GBPUSD

    [​IMG]

    HIGH: 1.62551 | LOW: 1.62014 | BID: 1.62219 | ASK: 1.62231 | CHANGE: -0.19% | TIME: 07 : 48:14

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

    Upwards scenario: Our next resistance level is placed at 1.6258 (R1). Progress above it might enable next step of uptrend development and expose our targets at 1.6277 (R2) and 1.6295 (R3). Downwards scenario: Retracement development is limited to the next support level at 1.6201 (S1). Clearance here might change trader’s sentiment to bearish and open road towards to next targets, located at 1.6183 (S2) and 1.6164 (S3).

    Resistance Levels: 1.6258, 1.6277, 1.6295
    Support Levels: 1.6201, 1.6183, 1.6164

    ----------------------
    USDJPY

    HIGH: 87.356 | LOW: 87.092 | BID: 87.264 | ASK: 87.269 | CHANGE: -0.08% | TIME: 07 : 48:15

    [​IMG]

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

    Upwards scenario: Market remains bullish oriented and next hurdle lies above the local high at 87.39 (R1).If the break occurs above it, next attractive level could be found 87.59 (R2) and any further rise would then be limited to 87.80 (R3). Downwards scenario: After the appreciation, provided yesterday price is stabilized and correction forces are possible below the support level at 86.96 (S1). Clearance here would suggest next target at 86.75 (S2). If the price holds its momentum on the downside we suggest final target for today at 86.55 (S3).

    Resistance Levels: 87.39, 87.59, 87.80
    Support Levels: 86.96, 86.75, 86.55

    Source: FX Central Clearing Ltd, (http://www.fxcc.com)
     
    #1 alayoua, Jan 3, 2013
    Last edited: Jan 3, 2013
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