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Forex Technical & Market Analysis FXCC May 14 2013

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Forex Technical & Market Analysis FXCC May 14 2013

Postby alayoua » Tue May 14, 2013 10:10 am

Forex Technical & Market Analysis FXCC May 14 2013

Schäuble suggests revising EU treaties to make way for banking union

German finance minister Wolfgang Schäuble told the Financial Times today that the banking union could not be completed without a modification of EU treaties. The process of changing them however could last several months or even years. According to Schäuble the existing treaties “do not suffice” to allow for forming a strong central resolution authority. Therefore he warned against making promises which the EU cannot keep, as they would directly affect its credibility.

“The EU does not have coercive means to enforce decisions” Schäuble said. “What it has are responsibilities and powers defined by its treaties.” A change to the treaties would provide a better separation of the ECB's monetary and supervisory functions. The German finance minister is conscious that such changes might take a long time, so he proposed a two-step process consisting of a resolution mechanism based on a network of national authorities as well as a network of resolution funds. Even though Schäuble acknowledges that such a structure would not be trons enough in the long term, he believes that it would allow to buy time and create the base for reaching the final objective: a European banking union, which encompasses the entire interior market. https://support.fxcc.com/email/technical/14052013/

FOREX ECONOMIC CALENDAR :
24h | EMU. EcoFin Meeting
2013-05-14 06:00 GMT | Germany. Consumer Price Index
2013-05-14 09:00 GMT | Germany. ZEW Survey - Economic Sentiment
2013-05-14 09:30 GMT | Australia. Budget Release

FOREX NEWS :
2013-05-14 04:28 GMT | Look to get long EUR/JPY into support levels
2013-05-14 03:58 GMT | EUR/USD still range bound ahead of busy economic calendar week
2013-05-14 03:46 GMT | AUD/USD, outlook is bearish but be patient - RBS
2013-05-14 03:11 GMT | GBP/USD completes ‘bear flag’ pattern on daily chart


EURUSD :
HIGH 1.30261 LOW 1.29693 BID 1.30029 ASK 1.30033 CHANGE 0.21% TIME 08 : 33:12

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

MARKET ANALYSIS - Intraday Analysis

Upwards scenario: Possibility of uptrend penetration is seen above the next resistance level at 1.3026 (R1). Clearance here might enable bullish pressure and let the price to achieve our intraday targets at 1.3044 (R2) and 1.3062 (R3). Downwards scenario: On the short-term perspective the pair might encounter supportive measures at 1.2992 (S1). Loss here might change intraday technical structure and opens the way for a test of 1.2971 (S2) and 1.2951 (S3) later on today.

Resistance Levels: 1.3026, 1.3044, 1.3062

Support Levels: 1.2992, 1.2971, 1.2951

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GBPUSD :
HIGH 1.5331 LOW 1.52939 BID 1.53144 ASK 1.53152 CHANGE 0.1% TIME 08 : 33:12

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OUTLOOK SUMMARY : Down
TREND CONDITION : Down trend
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Medium

Upwards scenario: Possibility of market strengthening is seen above the immediate resistive barrier at 1.5334 (R1). Price extension above it is required to validate our next intraday targets at 1.5358 (R2) and 1.5383 (R3) Downwards scenario: On the other hand if the price manages to overcome our next support barrier at 1.5296 (S1), we expect to see further market decline towards to our target at 1.5272 (S2) and then next stop could be found at 1.5249 (S3) mark.

Resistance Levels: 1.5334, 1.5358, 1.5383

Support Levels: 1.5296, 1.5272, 1.5249

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USDJPY :
HIGH 101.849 LOW 101.365 BID 101.439 ASK 101.441 CHANGE -0.37% TIME 08 : 33:13

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OUTLOOK SUMMARY : Up
TREND CONDITION : Downward penetration
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 101.78 (R1), clearance here is required to enable next resistances at 102.22 (R2) and last one at 102.67 (R3). Downwards scenario: Measures of support might be activating when the pair approaches the 101.21 (S1). If it continues to extend its weakening below it we expect next targets to be exposed at 100.77 (S2) and 100.35 (S3) later on.

Resistance Levels: 101.78, 102.22, 102.67

Support Levels: 101.21, 100.77, 100.35

Source: FX Central Clearing Ltd
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alayoua
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