Forex Technical & Market Analysis FXCC Jun 18 2013

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Forex Technical & Market Analysis FXCC Jun 18 2013

Post by Admin on Tue Jun 18, 2013 11:41 am

Forex Technical & Market Analysis FXCC Jun 18 2013

Dollar Strengthens, Stocks Soar as Traders Position for FOMC

Yesterday we saw how much of a difference a few hours can make with the dollar recovering earlier losses to end the North American session higher against most of the major currencies. With only one day to go before the Federal Reserve's monetary policy announcement, the big move in equities and the reversal in currencies suggests that traders are beginning to position for FOMC. Yet taking a look at how the various markets are trading, there seems to be more confusion than clarity on what the central bank will say or do. The rise in the dollar and the increase in U.S. Treasury yields imply that currency and equity traders believe that the main takeaway from this week's meeting will be that the central bank is gearing up to taper. However the rally in U.S. equities suggest that stock traders believe that the Fed will make a point to distinguish tapering from tightening and reassure investors that cheap and easy money will remain available for a very long period of time. If Bernanke is successful in convincing the market that they will take a very gradualist approach to tapering, the U.S. dollar could give up its gains. However if Bernanke emphasizes the central bank's plans for tapering over its difference with tightening, the dollar could extend its rise.
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FOREX ECONOMIC CALENDAR :
N/A  | UK. BOE Inflation Letter
2013-06-18 06:00 GMT  | EMU. ECB President Draghi's Speech
2013-06-18 08:30 GMT  | UK. Consumer Price Index (YoY) (May)
2013-06-18 12:30 GMT  | USA. Consumer Price Index (YoY) (May)
   
FOREX NEWS :
2013-06-18 05:03 GMT   | GBP/USD capped at 1.57 ahead of UK CPI
2013-06-18 04:38 GMT   | EUR/USD braces for volatile week
2013-06-18 03:28 GMT   | AUD/JPY hovering above 90.00
2013-06-18 02:58 GMT   | GBP/JPY advances remain capped below 149.50

----------------------   
EURUSD      :
HIGH 1.33676     LOW 1.33466     BID 1.33526     ASK 1.33527     CHANGE -0.1%     TIME 08 : 36:46



OUTLOOK SUMMARY  : Neutral
TREND CONDITION  : Sideway
TRADERS SENTIMENT  : Bearish
IMPLIED VOLATILITY  : High

MARKET ANALYSIS - Intraday Analysis

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 1.3382 (R1), we would suggest next targets at 1.3402 (R2) and 1.3422 (R3). Downwards scenario: On the other hand, an element of supportive measures could be found at 1.3326 (S1). Clearance here would suggest possible downtrend development towards to initial targets at 1.3307 (S2) and 1.3286 (S3).

Resistance Levels: 1.3382, 1.3402, 1.3422
Support Levels: 1.3326, 1.3307, 1.3286

------------------------
GBPUSD      :
HIGH 1.57227     LOW 1.56943     BID 1.56961     ASK 1.56970     CHANGE -0.14%     TIME 08 : 36:47



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

Upwards scenario: Clearance of our next resistive structure at 1.5739 (R1) would open way towards to our initial target at 1.5766 (R2) and any further market rise would then be targeting 1.5796 (R3). Downwards scenario: Any downside fluctuations remains for now limited to the next support level at 1.5679 (S1), only clear break here would be a signal of possible market easing towards to next targets at 1.5652 (S2) and 1.5624 (S3) in potential.

Resistance Levels: 1.5739, 1.5766, 1.5796
Support Levels: 1.5679, 1.5652, 1.5624

-------------------------------
USDJPY      :
HIGH 94.955     LOW 94.436     BID 94.797     ASK 94.799     CHANGE 0.34%     TIME 08 : 36:48



OUTLOOK SUMMARY  : Down
TREND CONDITION  : Sideway
TRADERS SENTIMENT  : Bullish
IMPLIED VOLATILITY  : High

Upwards scenario: USDJPY stabilized on the hourly chart however appreciation above the next resistance at 95.23 (R1) might be a good catalyst for a recovery action towards to next targets at 95.66 (R2) and 96.11 (R3). Downwards scenario: On the other hand, if the pair accelerates on the downside and manage to break our next support level at 94.26 (S1), it is likely to trigger our next support level at 93.82 (S2) and 93.37 (S3) later on today.

Resistance Levels: 95.23, 95.66, 96.11
Support Levels: 94.26, 93.82, 93.37

Source: FX Central Clearing Ltd,( Forex Account | Best ECN Forex Brokers | Forex Trading Systems | FXCC )

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