Forex Technical & Market Analysis FXCC Sep 02 2013

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Forex Technical & Market Analysis FXCC Sep 02 2013

Obama seeks Congressional approval before launching attack against Syria

U.S. President Barack Obama has delayed a military strike against Syria by requesting authorization first from an incredulous Congress, a decision that may take no less than 10 days to be given. As Obama said, in a hastily organized appearance in the Rose Garden, "I’m prepared to give that order, but having made my decision as commander in chief based on what I am convinced is our national security interests, I’m also mindful that I’m the president of the world’s oldest constitutional democracy.” According to John Boehner, the Republican speaker of the House of Representatives, “we expect the House to consider a measure the week of September 9.″

By asking permission to Congress first, as New York Times Editors Peter Baker and Jonathan Weisman note, "Mr. Obama tried to break out of the isolation of the last week as he confronted taking action without the support of the United Nations, Congress, the public or Britain, a usually reliable partner in such international operations." Even France appears more hesitant to cooperate with the U.S. now, with the French Interior Minister Mr. Valls saying that France will not act alone and needs the support of other coalition forces, which is unlikely to be received. To make matters worse, the Germans are also turning their backs on the U.S., with Merkel being quotes in a Bloomberg headlines as saying "Germany won’t participate in Syria attack."-FXstreet.com
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FOREX ECONOMIC CALENDAR :
2013-09-02 07:53 GMT | DE Markit Manufacturing PMI (Aug)
2013-09-02 07:58 GMT | EMU Markit Manufacturing PMI (Aug)
2013-09-02 08:28 GMT | UK Markit Manufacturing PMI (Aug)
2013-09-02 15:30 GMT | US 6-Month Bill Auction

FOREX NEWS :
2013-09-02 05:06 GMT | EUR/USD now trading lower and below key support at 1.3205
2013-09-02 04:50 GMT | Australian Dollar faces monumental week - UBS
2013-09-02 03:54 GMT | GBP/USD creeps north; target at 1.56
2013-09-02 03:18 GMT | EUR/GBP rapidly approaching projected downside target at 0.8472

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EURUSD
HIGH 1.32141 LOW 1.31917 BID 1.32094 ASK 1.32097 CHANGE -0.08% TIME 08:32:59

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

MARKET ANALYSIS - Intraday Analysis

Upwards scenario: Possible retracement action is limited now to the next resistive measure at 1.3226 (R1). Clearance here is required to enable our interim target at 1.3248 (R2) en route to final aim at 1.3270 (R3). Downwards scenario: The downside direction remains favored according to the technical indicators. Our next support measure lies at 1.3174 (S1). Decline below it would enable lower targets at 1.3152 (S2) and 1.3130 (S3).

Resistance Levels: 1.3226, 1.3248, 1.3270
Support Levels: 1.3174, 1.3152, 1.3130

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GBPUSD :
HIGH 1.55658 LOW 1.55056 BID 1.55500 ASK 1.55503 CHANGE 0.36% TIME 08:33:00

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

Upwards scenario: GBPUSD clearly determined positive bias on the short-term perspective. Penetration above the resistive measure at 1.5556 (R1) might encourage protective orders execution and drive market price towards to the next resistive means at 1.5582 (R2) and 1.5598 (R3). Downwards scenario: Although market players may prefer to increase exposure on the short positions and push the price below the support level at 1.5527 (S1). Possible price devaluation would suggest initial targets at 1.5510 (S2) and then 1.5493 (S3).

Resistance Levels: 1.5556, 1.5582, 1.5598
Support Levels: 1.5527, 1.5510, 1.5493

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USDJPY :
HIGH 98.674 LOW 98.275 BID 98.598 ASK 98.603 CHANGE 0.51% TIME 08:33:00

OUTLOOK SUMMARY : Up
TREND CONDITION : Up trend
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Low

Upwards scenario: While both moving averages are pointing up, medium-term technical outlook would be positive. Appreciation above the resistance at 98.75 (R1) would enable recovery phase towards to next targets at 98.88 (R2) and 99.01 (R3). Downwards scenario: Negative developments might be settled below the important support level at 98.47 (S1). Any price action below it would then be targeting support level at 98.34 (S2) and then final target could be exposed at 98.21 (S3).

Resistance Levels: 98.75, 98.88, 99.01
Support Levels: 98.47, 98.34, 98.21

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