Forex Technical & Market Analysis FXCC Jun 19 2013

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Forex Technical & Market Analysis FXCC Jun 19 2013

Post by Admin on Wed Jun 19, 2013 8:17 am

Forex Technical & Market Analysis FXCC Jun 19 2013

EUR - Lifted by Stronger Investor Confidence

The euro traded higher against all of the major currencies today thanks to the improvement in Eurozone and German investor sentiment. The Eurozone ZEW survey rose to 30.6 from 27.6 and while investors grew less optimistic about current conditions in Germany, their confidence in future conditions improved with the expectations component of the German ZEW rising to 38.5 from 36.4. With the European Central Bank taking additional steps to stimulate the economy, this data indicates that investors are looking for a stronger recovery. In a farewell conference for Bank of Israel Governor Stanley Fischer today, European Central Bank President Mario Draghi talked about ECB monetary policy. He said the central bank would consider non-standard measures including the possibility of negative deposit rates. Draghi said, "We will look with an open mind at these measures that are especially effective in our institutional setup and that fall within our mandate." Yet he warned that these non-standard measures could also lead to unintentional consequences. Parts of the Eurozone have been unresponsive to monetary policy and Draghi has set to regain its steering capacity. He pointed out that the introduction of non-standard policy measures along with standard measures helped prevent the materialization of deflation risk.
https://support.fxcc.com/email/technical/19062013/
   
FOREX ECONOMIC CALENDAR :
2013-06-19 08:30 GMT  | UK. Bank of England Minutes
2013-06-19 18:00 GMT  | USA. Fed Interest Rate Decision
2013-06-19 18:30 GMT  | USA. Fed's Monetary Policy Statement and press conference
2013-06-19 22:45 GMT  | New Zeland. Gross Domestic Product (QoQ) (Q1)
   
FOREX NEWS :
2013-06-19 04:38 GMT  | EUR/USD technical set up favors further upside ahead of FOMC
2013-06-19 03:37 GMT  | GBP/JPY trapped inside the 149.50/148.50 range
2013-06-19 03:36 GMT  | Bernanke not likely to backtrack on previous tapering comments - NAB
2013-06-19 03:03 GMT  | EUR/AUD edging higher towards 1.4200

   
EURUSD      :
HIGH 1.34023     LOW 1.33847     BID 1.33906     ASK 1.33911     CHANGE -0.03%     TIME 08 : 30:42



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

MARKET ANALYSIS - Intraday Analysis

Upwards scenario: Fresh portion of the economic data releases might increase volatility later on today. Clearance of our next resistive barrier at 1.3402 (R1) is required to push the price towards to our next visible targets at 1.3424 (R2) and 1.3445 (R3). Downwards scenario: On the other hand, the 1.3381 (S1) mark is a key support level on the downside. Below here is a route towards to next supports at 1.3360 (S2) and 1.3339 (S3).

Resistance Levels: 1.3402, 1.3424, 1.3445
Support Levels: 1.3381, 1.3360, 1.3339

-----------------------------
GBPUSD      :
HIGH 1.56443     LOW 1.56177     BID 1.56325     ASK 1.56331     CHANGE -0.06%     TIME 08 : 30:43



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

Upwards scenario: The recent price acceleration on the downside suggests a possible recovery action. Next on tap is resistive barrier at 1.5657 (R1) on the way towards to higher targets at 1.5677 (R2) and 1.5697(R3). Downwards scenario: If the price failed to overcome our next resistance level we expect further market decline below the support level at 1.5616 (S1). Our intraday targets locates at 1.5597 (S2) and 1.5578 (S3).

Resistance Levels: 1.5657, 1.5677, 1.5697
Support Levels: 1.5616, 1.5597, 1.5578

-----------------------------
USDJPY      :
HIGH 95.664     LOW 95.177     BID 95.336     ASK 95.339     CHANGE 0.01%     TIME 08 : 30:43



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

Upwards scenario: Current price setup might suggest volatility increase in near term perspective. If the price get acceleration on the upside and manages to surpass our resistive measure at 95.66 (R1), we would suggest next targets at 95.96 (R2) and 96.26 (R3). Downwards scenario: Fractals level at 95.05 (S1) offers a key resistive measure on the downside. Break here is required to enable bearish pressure and validate next target at 94.75 (S2). Final support for today locates at 94.45 (S3).

Resistance Levels: 95.66, 95.96, 96.26
Support Levels: 95.05, 94.75, 94.45

Source: FX Central Clearing Ltd,( Forex Trading News | ECN Trading Account | Forex ECN Broker | FXCC )

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