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Forex Technical & Market Analysis FXCC Apr 23 2013

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Forex Technical & Market Analysis FXCC Apr 23 2013

Postby alayoua » Tue Apr 23, 2013 9:58 am

Forex Technical & Market Analysis FXCC Apr 23 2013

Slovenia Bailout Would Be Spanish-Cypriot Mongrel

The ink on the provisional bailout agreement for Cyprus was hardly dry last month before bond markets shifted their attention to Slovenia, another small euro- area country with a banking problem. The Slovenian government’s borrowing costs subsequently shot up. The fear that Slovenia might be the next Cyprus, with international creditors again forcing losses onto bank bondholders and uninsured depositors, is only partly justified. Slovenia isn’t Cyprus, and its rescue program, when it comes, will probably look like a hybrid between the Spanish-style bailout and the Cyprus-style bail-in.
https://support.fxcc.com/email/technical/23042013/

FOREX ECONOMIC CALENDAR :
2013-04-23 07:28 GMT | Germany. Markit Manufacturing PMI
2013-04-23 07:58 GMT | EMU. Markit Manufacturing PMI
2013-04-23 14:00 GMT | US. New Home Sales
2013-04-23 21:00 GMT | NZ. RBNZ Interest Rate Decision

FOREX ECONOMIC CALENDAR :
2013-04-23 04:19 GMT | Upcoming economic data the catalyst for EUR/USD?
2013-04-23 04:08 GMT | USD remains our currency of choice - JPMorgan
2013-04-23 03:29 GMT | EUR/JPY consolidates around 129.00 support, Eur PMI on tap
2013-04-23 02:52 GMT | USD/JPY breaks below 99.00 bids


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EURUSD :
HIGH 1.30677 LOW 1.30328 BID 1.30415 ASK 1.30419 CHANGE -0.19% TIME 08 : 40:20

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OUTLOOK SUMMARY : Neutral
TREND CONDITION : Sideway
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Medium

MARKET ANALYSIS - Intraday Analysis

Upwards scenario: EURUSD determined clear sideways tone on the medium-term timeframe. Possibility of market appreciation is seen above the resistance level at 1.3056 (R1). Break here is required to validate next targets at 1.3069 (R2) and 1.3082 (R3). Downwards scenario: Fresh portion of the economic data releases might increase volatility later on today. The 1.3032 (S1) mark is key support level on the downside. Below here is a route towards to next supports at 1.3019 (S2) and 1.3005 (S3).

Resistance Levels: 1.3056, 1.3069, 1.3082
Support Levels: 1.3032, 1.3019, 1.3005

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GBPUSD :
HIGH 1.52979 LOW 1.52544 BID 1.52593 ASK 1.52598 CHANGE -0.2% TIME 08 : 40:21

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

Upwards scenario: Neutral tone remains in power on the hourly chart frame. Next resistance is seen at 1.5280 (R1). Clearance here is required for instrument strengthening towards to our initial targets at 1.5297 (R2) and 1.5312 (R3). Downwards scenario: If the price failed to overcome our next resistance level we expect market easing below the support level at 1.5248 (S1). Loss here would shift our technical outlook to the bearish side with expected targets at 1.5232 (S2) and 1.5216 (S3).

Resistance Levels: 1.5280, 1.5297, 1.5312
Support Levels: 1.5248, 1.5232, 1.5216

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USDJPY :
HIGH 99.384 LOW 98.589 BID 98.693 ASK 98.695 CHANGE -0.53% TIME 08 : 40:22

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

Upwards scenario: USDJPY trades under the bearish pressure today and posting new local lows. Though break above the resistance at 99.35 (R1) would suggest next interim target at 99.73 (R1) en route towards to final aim at 100.13 (R3). Downwards scenario: On the other hand, an element of supportive measures is found at 98.53 (S1). Clearance here would suggest further downtrend development towards to possible targets at 98.16 (S2) and 97.76 (S3).

Resistance Levels: 99.35, 99.73, 100.13
Support Levels: 98.53, 98.16, 97.76

Source: FX Central Clearing Ltd
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