Forex Technical & Market Analysis FXCC Jul 08 2013

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Forex Technical & Market Analysis FXCC Jul 08 2013

Post by Admin on Mon Jul 08, 2013 5:22 am

ECB members had heated clash over last rate decision

ECB Governing Council members had a confrontational approach over interest rates at their latest board meeting on Thursday, according to German weekly Der Spiegel, citing no sources, the MNI newswire reports. Der Spiegel claims to have obtained insights over the dovish views from ECB chief economist Peter Praet, who proposed to cut the benchmark interest rate by 25 bp in the last meeting, an action that ECB President Mario Draghi would have supported.

However, as MNI reports, "seven board members, mainly from northern European member states, were arguing sharply against a rate cut last week, the magazine reported." Der Spiegel reports German Bundesbank President Jens Weidmann, Dutch central bank governor Klaas Knot as well as ECB Executive Board member Joerg Asmussen, as the most notoriously opposed to it. As is well known, the final decision taken by the board was to unanimously keep the benchmark rate unchanged at 0.5% while providing forward guidance on low rates. Draghi's said that "broad-based weakness in the real economy and subdued monetary dynamics" will keep rates at present or lower levels for an extended period of time.
https://support.fxcc.com/email/technical/08072013/

FOREX ECONOMIC CALENDAR :
24h | All. Eurogroup Meeting
2013-07-08 13:30 GMT | EMU. ECB President Draghi's Speech
2013-07-08 14:30 GMT | Canada. Bank of Canada Business Outlook Survey (Q2)
2013-07-08 19:00 GMT | USA. Consumer Credit Change

FOREX NEWS :
2013-07-08 04:59 GMT | Calls to buy USD all over; time to be sellers?
2013-07-08 04:26 GMT | GBP/USD strongly capped below 1.4900
2013-07-08 03:40 GMT | Buy AUD/NZD targeting 1.2130/70 - Societe Generale
2013-07-08 03:38 GMT | AUD/CAD depressed below 0.96 round

------------------------
EURUSD :
HIGH 1.28319 LOW 1.28106 BID 1.28169 ASK 1.28173 CHANGE -0.11% TIME 08 : 30:00



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

MARKET ANALYSIS - Intraday Analysis

Upwards scenario: Market players may prefer to stay neutral today during limited tier one macroeconomic data flow, though a break of our resistance at 1.2852 (R1) would suggest next targets at 1.2879 (R2) and 1.2905 (R3). Downwards scenario: Friday low offers a key support barrier at 1.2805 (S1). Only clear break here would be a signal of possible market easing towards to next targets at 1.2781 (S2) and 1.2757 (S3) in potential.

Resistance Levels: 1.2852, 1.2879, 1.2905
Support Levels: 1.2805, 1.2781, 1.2757

----------------------------
GBPUSD :
HIGH 1.48824 LOW 1.48582 BID 1.48765 ASK 1.48774 CHANGE -0.02% TIME 08 : 30:01



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

Upwards scenario: Upside risk aversion is seen above the next resistance level at 1.4923 (R1). Appreciation above it might lead would enable corrective phase, targeting resistive measures at 1.4962 (R2) and 1.4999 (R3) in potential. Downwards scenario: On the other hand, if the pair accelerates on the downside and manage to break our next support level at 1.4853 (S1), it is likely to trigger our next support level at 1.4818 (S2) and 1.4782 (S3) later on today.

Resistance Levels: 1.4923, 1.4962, 1.4999
Support Levels: 1.4853, 1.4818, 1.4782

-----------------------
USDJPY :
HIGH 101.531 LOW 101.06 BID 101.095 ASK 101.100 CHANGE -0.08% TIME 08:30:02



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

Upwards scenario: Uptrend evolvement remains in power. Further appreciation above the resistive barrier at 101.53 (R1) is liable to next intraday targets at 101.81 (R2) and 102.09 (R3). Downwards scenario: Possible retracement action might get more stimulus below the support level at 100.87 (S1). Loss here would suggest next intraday target at 100.58 (S2) and any weakening below it would then face final support at 100.28 (S3).

Resistance Levels: 101.53, 101.81, 102.09
Support Levels: 100.87, 100.58, 100.28

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

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