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Forex Technical & Market Analysis FXCC Apr 12 2013

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Forex Technical & Market Analysis FXCC Apr 12 2013

Postby alayoua » Fri Apr 12, 2013 6:43 am

Forex Technical & Market Analysis FXCC Apr 12 2013

CORRECTION - BOJ Kuroda: Easing to last until sustainable prices achieved

BoJ Kuroda speech was just published, with the governor saying that the objetive of achieving the inflation target with 2 years in mind, adding that the BoJ easing will not necessarily be limited to just 2 years. He said that the easing is actually planned to last as long as needed to achieve sustainable prices. He pointed out on his speech that capital spending is the key element to monitor and improve to end the vicious deflation cycle.

Mr. Kuroda will make prompt policy adjustment as required on varies areas, prior examination of indicators such as the capex as mentioned, consumption, exports, conducting regular examinations every single month. Finally, he said to be confident BoJ can meet its bond buying target with purchases across the yield curve, adding that monetary policies do not have as a result the depreciation of the local currency but policies are aimed to end deflation, not to affect the Yen rate.
https://support.fxcc.com/email/technical/12042013/


FOREX ECONOMIC CALENDAR :
24h EMU. Eurogroup meeting
2013-04-12 12:30 GMT | US Retail Sales (MoM) (Mar)
2013-04-12 13:55 GMT | US Reuters/Michigan Consumer Sentiment Index
2013-04-12 16:30 GMT | US Fed's Bernanke Speech

FOREX NEWS :
2013-04-12 04:37 GMT | EUR/USD having a hard time at key supply 1.3140/60
2013-04-12 04:07 GMT | AUD/USD edges higher during Asia session, 1.0553 last
2013-04-12 02:40 GMT | USD/JPY holds 99.38/45 demand for now
2013-04-11 22:48 GMT | EURJPY advances for 6th day in a row, prints new highs above 131.00


EURUSD :
HIGH 1.31261 LOW 1.30994 BID 1.31129 ASK 1.31135 CHANGE 0.09% TIME 08:52:50

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

MARKET ANALYSIS - Intraday Analysis

Upwards scenario: Yesterday high offers key resistance level at 1.3140 (R1). Clearance here is required to resume uptrend structure towards to next target at 1.3176 (R2) and any further price appreciation would then be limited to last resistance for today at 1.3212 (R3). Downwards scenario: Next challenge on the downside is seen at 1.3083 (S1). Breakthrough of this mark would open way for a downside expansion and could possibly trigger our initial targets at 1.3046 (S2) and 1.3008 (R3) later on today.

Resistance Levels: 1.3140, 1.3176, 1.3212
Support Levels: 1.3083, 1.3046, 1.3008

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GBPUSD :
HIGH 1.54096 LOW 1.53814 BID 1.53932 ASK 1.53938 CHANGE 0.05% TIME 08:52:51

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

Upwards scenario: Instrument stabilized after the gains provided yesterday. Penetration above the resistive structure at 1.5413 (R1) might encourage protective orders execution and drive market price towards to the next resistive means at 1.5444 (R2) and 1.5477 (R3). Downwards scenario: Market decline below the support level at 1.5363 (S1) might change short-term technical picture and shift market sentiment to the bearish side. In such scenario we expect next targets to be exposed at 1.5330 (S2) and 1.5297 (S3)

Resistance Levels: 1.5413, 1.5444, 1.5477
Support Levels: 1.5363, 1.5330, 1.5297

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USDJPY :
HIGH 99.803 LOW 99.358 BID 99.515 ASK 99.520 CHANGE -0.16% TIME 08:52:52

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

Upwards scenario: Medium term bias remains positive however further market rise is limited now to the key resistive barrier at 99.95 (R1), clearance here is required to enable next resistances at 100.48 (R2) and last one at 101.04 (R3). Downwards scenario: Yesterday session low offers key supportive barrier at 99.09 (S1). Break here might provide sufficient momentum on the downside and expose our intraday targets at 98.62 (S2) and 98.12 (S3)

Resistance Levels: 99.95, 100.48, 101.04
Support Levels: 99.09, 98.62, 98.12

Source: FX Central Clearing Ltd
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