Forex Technical & Market Analysis FXCC Jul 24 2013
Posted: Wed Jul 24, 2013 6:47 amForex Technical & Market Analysis FXCC Jul 24 2013
China sets 7% growth as bottom line, eyes fresh stimulus
Chinese Premier Li Keqiang provided a juicy headline during Tuesday, suggesting the country may have to rethink its 'non-stimulatory' monetary policies should the economic growth fall below 7%, according to local media reports. Mr Li said that 7% is seen as the 'bottom line', and if target not met, there will be other options on the table as the government cannot afford the growth rate to deteriorate further, Xinhua News Agency reported. According to Beijing News, Mr. Li added: "As long as the economic growth rate, employment and other indicators don't slip below our lower limit and inflation doesn't exceed our upper limit we'll focus on restructuring and pushing reforms." As Ambrose Evans-Pritchard from the Telegraph notes: "Mr Li's comments suggest a major shift in policy by Beijing, which has deliberately engineered a slow-down over recent months by squeezing credit. The government has been rattled by upheavals in the interbank market and has begun to heed warnings that the crackdown has gone too far."
https://support.fxcc.com/email/technical/24072013/
FOREX ECONOMIC CALENDAR :
2013-07-24 07:58 GMT | EMU. Markit Manufacturing PMI
2013-07-24 12:58 GMT | USA. Markit Manufacturing PMI
2013-07-24 14:00 GMT | USA. New Home Sales
2013-07-24 21:00 GMT | New Zeland. RBNZ Interest Rate Decision
FOREX NEWS :
2013-07-24 05:02 GMT | EUR/GBP shuffling sideways after Tuesday’s bounce ahead of Euro-data
2013-07-24 04:25 GMT | AUD/USD, 0.8870/0.8770 next important target - JPMorgan
2013-07-24 04:11 GMT | GBP/USD slips after Chinese data. Overbought correction starting?
2013-07-24 03:07 GMT | USD/JPY proving 99.50 as strong support
EURUSD :
HIGH 1.32267 LOW 1.31986 BID 1.32055 ASK 1.32060 CHANGE -0.14% TIME 08:39:11
OUTLOOK SUMMARY : Up
TREND CONDITION : Up trend
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : Medium
MARKET ANALYSIS - Intraday Analysis
Upwards scenario: Despite the price is tested negative territory today further market strengthening is possible. Clearance of our next resistance level at 1.3230 (R1) would suggest next initial targets at 1.3248 (R2) and 1.3264 (R3). Downwards scenario: On the downside we put our attention to the next support level at 1.3197 (S1). Loss here is required to push the price towards to our next interim targets at 1.3180 (S2) en route towards to final support at 1.3162 (S3)
Resistance Levels: 1.3230, 1.3248, 1.3264
Support Levels: 1.3197, 1.3180, 1.3162
---------------------
GBPUSD :
HIGH 1.53782 LOW 1.5352 BID 1.53581 ASK 1.53585 CHANGE -0.07% TIME 08:39:11
OUTLOOK SUMMARY : Up
TREND CONDITION : Sideway
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Medium
Upwards scenario: Volatility increase on the upside is required to push the price through key resistive measure at 1.5385 (R1). In such scenario we would suggest next targets at 1.5406 (R2) and 1.5427 (R3). Downwards scenario: Negative developments might be settled below the important support level at 1.5345 (S1). Any price action below it would then be targeting support level at 1.5326 (S2) and then final target could be exposed at 1.5305 (S3).
Resistance Levels: 1.5385, 1.5406, 1.5427
Support Levels: 1.5345, 1.5326, 1.5305
----------------
USDJPY :
HIGH 99.8 LOW 99.384 BID 99.711 ASK 99.713 CHANGE 0.3% TIME 08:39:12
OUTLOOK SUMMARY : Down
TREND CONDITION : Upward penetration
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : Medium
Upwards scenario: Immediate resistance at 99.81 (R1) remains in near-term focus, climb above this level might open way for a recovery action towards to next interim target at 99.93 (R2) and any further rise would then be limited to final resistive measure at 100.06 (R3) Downwards scenario: Clearance of our next support level at 99.59 (S1) is required to enable further trend evolvement on a slightly longer term perspective. Our support levels locates today at 99.46 (S2) and 99.33 (S3).
Resistance Levels: 99.81, 99.93, 100.06
Support Levels: 99.59, 99.46, 99.33
Source: FX Central Clearing Ltd,( http://www.fxcc.com )
China sets 7% growth as bottom line, eyes fresh stimulus
Chinese Premier Li Keqiang provided a juicy headline during Tuesday, suggesting the country may have to rethink its 'non-stimulatory' monetary policies should the economic growth fall below 7%, according to local media reports. Mr Li said that 7% is seen as the 'bottom line', and if target not met, there will be other options on the table as the government cannot afford the growth rate to deteriorate further, Xinhua News Agency reported. According to Beijing News, Mr. Li added: "As long as the economic growth rate, employment and other indicators don't slip below our lower limit and inflation doesn't exceed our upper limit we'll focus on restructuring and pushing reforms." As Ambrose Evans-Pritchard from the Telegraph notes: "Mr Li's comments suggest a major shift in policy by Beijing, which has deliberately engineered a slow-down over recent months by squeezing credit. The government has been rattled by upheavals in the interbank market and has begun to heed warnings that the crackdown has gone too far."
https://support.fxcc.com/email/technical/24072013/
FOREX ECONOMIC CALENDAR :
2013-07-24 07:58 GMT | EMU. Markit Manufacturing PMI
2013-07-24 12:58 GMT | USA. Markit Manufacturing PMI
2013-07-24 14:00 GMT | USA. New Home Sales
2013-07-24 21:00 GMT | New Zeland. RBNZ Interest Rate Decision
FOREX NEWS :
2013-07-24 05:02 GMT | EUR/GBP shuffling sideways after Tuesday’s bounce ahead of Euro-data
2013-07-24 04:25 GMT | AUD/USD, 0.8870/0.8770 next important target - JPMorgan
2013-07-24 04:11 GMT | GBP/USD slips after Chinese data. Overbought correction starting?
2013-07-24 03:07 GMT | USD/JPY proving 99.50 as strong support
EURUSD :
HIGH 1.32267 LOW 1.31986 BID 1.32055 ASK 1.32060 CHANGE -0.14% TIME 08:39:11
OUTLOOK SUMMARY : Up
TREND CONDITION : Up trend
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : Medium
MARKET ANALYSIS - Intraday Analysis
Upwards scenario: Despite the price is tested negative territory today further market strengthening is possible. Clearance of our next resistance level at 1.3230 (R1) would suggest next initial targets at 1.3248 (R2) and 1.3264 (R3). Downwards scenario: On the downside we put our attention to the next support level at 1.3197 (S1). Loss here is required to push the price towards to our next interim targets at 1.3180 (S2) en route towards to final support at 1.3162 (S3)
Resistance Levels: 1.3230, 1.3248, 1.3264
Support Levels: 1.3197, 1.3180, 1.3162
---------------------
GBPUSD :
HIGH 1.53782 LOW 1.5352 BID 1.53581 ASK 1.53585 CHANGE -0.07% TIME 08:39:11
OUTLOOK SUMMARY : Up
TREND CONDITION : Sideway
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Medium
Upwards scenario: Volatility increase on the upside is required to push the price through key resistive measure at 1.5385 (R1). In such scenario we would suggest next targets at 1.5406 (R2) and 1.5427 (R3). Downwards scenario: Negative developments might be settled below the important support level at 1.5345 (S1). Any price action below it would then be targeting support level at 1.5326 (S2) and then final target could be exposed at 1.5305 (S3).
Resistance Levels: 1.5385, 1.5406, 1.5427
Support Levels: 1.5345, 1.5326, 1.5305
----------------
USDJPY :
HIGH 99.8 LOW 99.384 BID 99.711 ASK 99.713 CHANGE 0.3% TIME 08:39:12
OUTLOOK SUMMARY : Down
TREND CONDITION : Upward penetration
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : Medium
Upwards scenario: Immediate resistance at 99.81 (R1) remains in near-term focus, climb above this level might open way for a recovery action towards to next interim target at 99.93 (R2) and any further rise would then be limited to final resistive measure at 100.06 (R3) Downwards scenario: Clearance of our next support level at 99.59 (S1) is required to enable further trend evolvement on a slightly longer term perspective. Our support levels locates today at 99.46 (S2) and 99.33 (S3).
Resistance Levels: 99.81, 99.93, 100.06
Support Levels: 99.59, 99.46, 99.33
Source: FX Central Clearing Ltd,( http://www.fxcc.com )