Forex Technical & Market Analysis FXCC Jul 09 2013

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Forex Technical & Market Analysis FXCC Jul 09 2013

Post by Admin on Tue Jul 09, 2013 10:54 am

Forex Technical & Market Analysis FXCC Jul 09 2013

Troika approves next disbursment to Greece

Troika officials struck a deal with Greece this Monday, allowing the debt-laden country to receive its next tranche of funds, totalling The money, totaling 6.8bn euros ($8.7bn). The troika of the European Commission, the European Central Bank and the International Monetary Fund (IMF) will be responsible to make the funds available end of the month. Eurozone finance ministers indicated earlier today that 2.5bn euros would come from the eurozone rescue fund and 1.5bn euros, while the European Central Bank will contribute with another 1.5bn euros. It is thought that an additional 500m euros from both the EZ rescue fund and the ECB will be transferred in October. The IMF will add the remaining 1.8bn euros.

The loans are subject to Greece showing a committal approach towards the country's fiscal path, with the Troika demanding further cuts and a faster implementation of its reform programme, one that has brought the country to its knees. Despite so, the Troika continues to underline the slow progress seen so far, as the country continues to struggle through an era of depression.
https://support.fxcc.com/email/technical/09072013/

FOREX ECONOMIC CALENDAR :
24h | EcoFin Meeting
2013-07-09 08:30 GMT | UK. Manufacturing Production (YoY)
2013-07-09 12:15 GMT | Canada. Housing Starts s.a (YoY)
2013-07-09 14:00 GMT | UK. NIESR GDP Estimate (3M)

FOREX NEWS :
2013-07-09 04:52 GMT | GBP/USD stalls the recovery below 1.4950
2013-07-09 04:50 GMT | EUR/USD aiming at 2nd daily gain
2013-07-09 03:09 GMT | NZD/USD back around 0.78 post-China CPI
2013-07-09 03:02 GMT | AUD/JPY setting stage for a 92.50 breakout?

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EURUSD :
HIGH 1.28711 LOW 1.2846 BID 1.28677 ASK 1.28683 CHANGE -0.01% TIME 08 : 33:00



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

MARKET ANALYSIS - Intraday Analysis

Upwards scenario: Instrument gained momentum on the upside recently, turning short-term bias to the positive side. Next resistive structure on the way lies at 1.2892 (R1), break here would suggest next intraday targets at 1.2909 (R2) and 1.2926 (R3). Downwards scenario: Failure to establish positive bias today would shift our focus to the next support level at 1.2844 (S1). Clearance here would open way towards to our initial targets at 1.2826 (S2) and 1.2806 (S3).

Resistance Levels: 1.2892, 1.2909, 1.2926
Support Levels: 1.2844, 1.2826, 1.2806

--------------------
GBPUSD :
HIGH 1.4953 LOW 1.49199 BID 1.49434 ASK 1.49442 CHANGE -0.05% TIME 08 : 33:01



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

Upwards scenario: Yesterday high offers a key resistive measure at 1.4968 (R1). If the price manages to overcome it we would suggest next intraday targets at 1.4999 (R2) and 1.5029 (R3). Downwards scenario: Any downside extension is limited now to the next support level at 1.4918 (S1). Below here we see potential for the price acceleration towards to next targets at 1.4884 (S2) and 1.4851 (S3).

Resistance Levels: 1.4968, 1.4999, 1.5029
Support Levels: 1.4918, 1.4884, 1.4851

----------------------
USDJPY :
HIGH 101.243 LOW 100.768 BID 101.147 ASK 101.151 CHANGE 0.19% TIME 08 : 33:02



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

Upwards scenario: Measures of resistance might be activating if the pair approaches 101.41 (R1) price level. Break here would suggest next interim target at 101.70 (R2) and If the price keeps its momentum we expect an exposure of 101.97 (R3). Downwards scenario: On the other hand, break below the support at 100.76 (S1) is required to enable further market decline. Our next supportive measures locates at 100.49 (S2) and 100.21 (S3).

Resistance Levels: 101.41, 101.70, 101.97
Support Levels: 100.76, 100.49, 100.21

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

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