Forex Technical & Market Analysis FXCC Jul 30 2013

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Forex Technical & Market Analysis FXCC Jul 30 2013

Post by Admin on Tue Jul 30, 2013 8:34 am

Forex Technical & Market Analysis FXCC Jul 30 2013

RBA Stevens speech recap: Still some scope to ease after last CPI

Governor of the RBA, Glenn Stevens, is giving his annual speech to The Anika Foundation Luncheon in Sydney, and some explosive comments are now crossing the wires. The topic of the speech is current issues in economic policy. According to RBA's Stevens, long rise in mining investment is now over, saying that coming fall could be "quite big". Stevens said that easing is working to shift investors to taking some more risk, adding that shift in risk taking not yet a serious impediment to further policy easing. Stevens remained dovish on his tone, saying that "still has some scope to ease after inflation data." On the Aussie value, Stevens wouldn't be surprised if it falls further, as "the fall makes economic sense."
https://support.fxcc.com/email/technical/30072013/

FOREX ECONOMIC CALENDAR :
2013-07-30 09:00 GMT | EMU. Consumer Confidence (Jul)
2013-07-30 12:00 GMT | Germany. Consumer Price Index (YoY)
2013-07-30 14:00 GMT | US. Consumer Confidence (Jul)
2013-07-30 23:13 GMT | Japan. Nomura/ JMMA Manufacturing Purchasing Manager Index (Jul)

FOREX NEWS :
2013-07-30 05:38 GMT | AUD/JPY slashes below key support at 89.39 on Stevens comments
2013-07-30 05:05 GMT | AUD/USD craters below recent trading range on Stevens’ speech
2013-07-30 05:03 GMT | NZD/USD breaks below 0.80 following RBA Stevens
2013-07-30 03:51 GMT | USD/JPY explodes towards 98.40/50 stops


EURUSD :
HIGH 1.32661 LOW 1.32474 BID 1.32587 ASK 1.32590 CHANGE -0.03% TIME 08 : 40:16



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

MARKET ANALYSIS - Intraday Analysis

Upwards scenario: Market trapped to the consolidation phase after initial uptrend development. Further buying interest might occur above the resistance at 1.3273 (R1). Our initial targets locates at 1.3288 (R2) and 1.3304 (R3) Downwards scenario: If the price manages to clear an important technical level at 1.3247 (S1), recovery action might get more stimulus. Our next support levels locates at 1.3232 (S2) and 1.3217 (S3).

Resistance Levels: 1.3273, 1.3288, 1.3304
Support Levels: 1.3247, 1.3232, 1.3217

---------------------------
GBPUSD :
HIGH 1.53438 LOW 1.53152 BID 1.53391 ASK 1.53398 CHANGE 0% TIME 08 : 40:17



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

Upwards scenario: GBPUSD is approaching our next resistive barrier at 1.5345 (R1). Break here is required to prolong upside pressure and trigger our intraday targets at 1.5360 (R2) and 1.5376 (R3) later on today. Downwards scenario: Further downtrend expansion might face next hurdle at the local low- 1.5314 (S1). Break here is required to open road towards to our next interim target at 1.5299 (S2) en route to final aim at 1.5283 (S3).

Resistance Levels: 1.5345, 1.5360, 1.5376
Support Levels: 1.5314, 1.5299, 1.5283

----------------------
USDJPY :
HIGH 98.463 LOW 97.849 BID 98.372 ASK 98.376 CHANGE 0.43% TIME 08 : 40:17



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

Upwards scenario: Medium term bias is clearly negative however we expect resuming of the recovery action if the price manages to overcome key resistive bastion at 98.46 (R1). In such case we would suggest next intraday targets at 98.71 (R2) and 98.96 (R3). Downwards scenario: Our next support level locates at 97.99 (S1) mark. Possible penetration below this mark would open way towards to next target at 97.73 (S2) and then final aim lie at 97.47 (S3) price level.

Resistance Levels: 98.46, 98.71, 98.96
Support Levels: 97.99, 97.73, 97.47

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

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