Forex Technical & Market Analysis FXCC Jun 20 2013

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Forex Technical & Market Analysis FXCC Jun 20 2013

Post by Admin on Thu Jun 20, 2013 7:56 am

Forex Technical & Market Analysis FXCC Jun 20 2013

Bernanke: The Fed is ready to start tapering

Following the Fed decision to hold rates and the optimistic FOMC economic projections, Fed Chairman Ben Bernanke indicated that the Fed are ready to start tapering QE. Bernanke began by highlighting the optimistic growth forecasts for 2013 and 2014, making reference to the hotly anticipated exit strategy, commenting, on “setting fed funds target over medium term and continuing purchases of MBS”. Further, he added that an improvement in the unemployment rate to 6.5% should not be considered to be a trigger for an immediate rate hike. He added that he is personally expecting this to occur during 2015.
https://support.fxcc.com/email/technical/20062013/
   
FOREX ECONOMIC CALENDAR :
2013-06-20 07:30 GMT  | Switzerland. SNB Interest Rate Decision
2013-06-20 08:30 GMT  | UK. Retail Sales
2013-06-20 12:30 GMT  | USA. Initial Jobless Claims
2013-06-20 14:00 GMT  | USA. Existing Home Sales Change
   
FOREX NEWS :
2013-06-20 04:42 GMT  | EUR/USD unable to hold a bid after FOMC release deemed hawkish
2013-06-20 04:21 GMT  | USD/JPY breaches the 97.00 handle
2013-06-20 03:45 GMT  | China's overnight repo surges to 25%
2013-06-20 03:28 GMT  | NZD/JPY continues to consolidate around 76.00

   
EURUSD      :
HIGH 1.3302     LOW 1.32491     BID 1.32493     ASK 1.32496     CHANGE -0.35%     TIME 08 : 04:08



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

MARKET ANALYSIS - Intraday Analysis

Upwards scenario: EURUSD broke all support levels yesterday and determined clear negative bias. Recovery action is possible above the resistive structure at 1.3302 (R1). Clearance here would enable higher targets at 1.3324 (R2) and 1.3346 (R3). Downwards scenario: Next on tap locates support level at 1.3245 (S1). Possible penetration below it would open way towards to next target at 1.3223 (S2) and then any further market decline would be limited to last mark at 1.3201 (S3).

Resistance Levels: 1.3302, 1.3324, 1.3346
Support Levels: 1.3245, 1.3223, 1.3201

---------------------------
GBPUSD      :
HIGH 1.54937     LOW 1.54316     BID 1.54332     ASK 1.54345     CHANGE -0.32%     TIME 08 : 04:09



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

Upwards scenario: We are not expecting significant volatility on the upside today, however clearance of our next resistive barrier at 1.5503 (R1) might push the price towards to our next visible targets at 1.5531 (R2) and 1.5558 (R3). Downwards scenario: Further downtrend evolvement might get more stimulus below the support level at 1.5417 (S1). Our intraday targets locates at 1.5391 (S2) and 1.5365 (S3).

Resistance Levels: 1.5503, 1.5531, 1.5558
Support Levels: 1.5417, 1.5391, 1.5365

------------------------
USDJPY      :
HIGH 97.181     LOW 96.201     BID 96.899     ASK 96.901     CHANGE 0.48%     TIME 08 : 04:09



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

Upwards scenario: Measures of resistance might be activating when the pair approaches 97.26 (R1) price level. Break here would suggest next interim target at 97.61 (R2) and If the price keeps its momentum we expect an exposure of 97.93 (R3). Downwards scenario: Possible bull back formation might face next hurdle at 96.39 (S1). Break here is required to open road towards to our next interim target at 96.07 (S2) en route to final aim at 95.75 (S3).

Resistance Levels: 97.26, 97.61, 97.93
Support Levels: 96.39, 96.07, 95.75

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

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