Forex Technical & Market Analysis FXCC Jun 21 2013

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Forex Technical & Market Analysis FXCC Jun 21 2013

Post by Admin on Fri Jun 21, 2013 11:11 am

Forex Technical & Market Analysis FXCC Jun 21 2013

EU Fin Min struck deal on bank bailouts

Eurozone ministers struck a deal over the origin of funds for bank bailouts from now on. While the local government will contribute 20% of the new capital, the ESM (European Stability Mechanism) bailout fund will become the major contributor with an 80%, according to an official cited by Reuters. Moreover, EU finance ministers made an agreement for the ESM to be used as an investment vehicle for banks under stress, with each being assessed individually to become eligible to the aid, Reuters reported. With regards to Cyprus, EU Finance Ministers were clear that Cyprus must live up to its word by fulfilling its financial obligations. Furthermore, President of the Eurogroup Dijsselbloem was quoted on a headline saying "Implementation of agreed Cypriot baliout program is indispensible", noting that implementation is key for the Bank of Cyrus, also adding that there is likely to be a limit of 60bn euro on direct bank recap fund, although this can be reviewed.

The EUR/USD suffered more losses today, declining another 75 pips and closing at 1.3218. However, it should be noted the pair did trade as low as 1.3160 at one point, but was able to recover a decent portion of its losses before the end of the day. Analysts were discussing the release of the most recent EU PMI figures, which hit the tape during the previous European session.   

24h  | EMU. EcoFin Meeting
2013-06-21 06:35 GMT  | Japan. Bank of Japan Governor Kuroda Speech
2013-06-21 07:00 GMT  | Switzerland. Monthly Statistical Bulletin (Jun)
2013-06-21 12:30 GMT  | Canada. Consumer Price Index (YoY)
2013-06-21 04:25 GMT  | EUR/USD attempting to holds its ground, finds firm bids near 1.3160
2013-06-21 03:31 GMT  | USD/JPY to revist 100.00 next week - Bank of Tokyo-Mitsubishi UFJ
2013-06-21 02:46 GMT  | AUD/USD edging higher towards 0.9250
2013-06-21 02:10 GMT  | EUR/JPY advances capped below 130.00

EURUSD      :
HIGH 1.32545     LOW 1.31995     BID 1.32345     ASK 1.32348     CHANGE 0.12%     TIME 0 8: 31:10

TREND CONDITION  : Upward penetration

MARKET ANALYSIS - Intraday Analysis

Upwards scenario: We are not expecting busy session ahead however upwards extension above the resistance at 1.3255 (R1) level would keep the bullish structure intact and validate our next intraday targets at 1.3272 (R2) and 1.3287 (R3). Downwards scenario: Our key support level locates at 1.3223 (S1) mark. Possible penetration below this mark would open way towards to next target at 1.3206 (S2) and then final support locates at 1.3190 (S3) price level.

Resistance Levels: 1.3255, 1.3272, 1.3287
Support Levels: 1.3223, 1.3206, 1.3190

GBPUSD      :
HIGH 1.55228     LOW 1.54896     BID 1.54975     ASK 1.54987     CHANGE -0.06%     TIME 08 : 31:11

TREND CONDITION  : Upward penetration

Upwards scenario: Local high, formed today offers a key resistive barrier at 1.5525 (R1). If the price manages to overcome it we would suggest next intraday targets at 1.5549 (R2) and 1.5572 (R3). Downwards scenario: Though medium-term perspective remains negative for GBP versus the Dollar. Next on tap is seen support level at 1.5485 (S1), break here is required to enable our initial targets at 1.5462 (S2) and 1.5438 (S3)

Resistance Levels: 1.5363, 1.5388, 1.5413
Support Levels: 1.5301, 1.5276, 1.5251

USDJPY      :
HIGH 97.888     LOW 96.861     BID 97.833     ASK 97.833     CHANGE 0.6%     TIME 08 : 31:12

TREND CONDITION  : Upward penetration

Upwards scenario: USDJPY remains stable below the 20 SMA. Possible price appreciation is limited to the resistance level at 98.08 (R1). Only clear break here would suggest next intraday targets at 98.36 (R2) and 98.63 (R3). Downwards scenario: Recent upside momentum likely exhausted and we expect some stabilization ahead. Next supportive bastion lies at 97.52 (S1). Prolonged movement below it might then expose our intraday targets at 97.25 (S2) and 96.98 (S3).

Resistance Levels: 98.08, 98.36, 98.63
Support Levels: 97.52, 97.25, 96.98

Source: FX Central Clearing Ltd,( Currency Converter | Forex School | ECN Forex Trading Accounts | FXCC )


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