Forex Technical & Market Analysis FXCC Dec 13 2013

Forex Technical & Market Analysis FXCC Dec 13 2013

Aussie dollar sells off after RBA governor sets a target to devalue the Aussie

Friday sees the production of the German WPI, wholesale production inflation expected to be at 0.4% month on month, Swiss producer inflation is expected in at 0.3%, whilst employment change in Europe is expected to remain flat. USA core PPI is published on Friday, expected to be flat, with core PPI expected at 0.1% The DJIA closed down 0.66% on Thursday, the SPX down 0.38% and the NASDAQ down 0.14%. European markets also closed in the red; STOXX down 0.65%, CAC down 0.43%, DAX down 0.66% UK FTSE down 0.97%. Equity index futures are, at the time of writing, pointing to a negative opening in Europe on Friday and the USA. The DJIA equity index future is down 0.69%, SPX down 0.33%, the NASDAQ future down 0.30%. European futures are also down sharply; STOXX down 0.68%, DAX future down 0.70%, CAC future down 0.43% with the FTSE future down 1.15%. Commodities closed the day mainly downing Thursday; NYMEX WTI oil down 0.05% at $97.39 per barrel, NYMEX nat gas closed up 0.90% at $4.38 per therm due to storage data being below expectations. COMEX gold sold off sharply to close the day down 2.56% at $1225.00 per ounce, with silver on COMEX down a substantial 4.25% at $19.49 per ounce. The greenback gained 0.2 percent to $1.3753 per euro after falling to $1.3811 Wednesday, its lowest level since Oct. 29th. The U.S. currency climbed 0.9 percent to 103.38 yen, the strongest level since May 23rd. Japan’s currency slipped 0.7 percent to 142.18 yen per euro.
http://blog.fxcc.com/market-analysis

FOREX ECONOMIC CALENDAR :
2013-12-13 10:00 GMT | EU. Employment Change (YoY) (Q3)
2013-12-13 13:00 GMT | Poland. Consumer Price Index (MoM) (Nov)
2013-12-13 13:30 GMT | USA. Producer Price Index (YoY) (Nov)
2013-12-13 13:30 GMT | USA. Producer Price Index ex Food & Energy (YoY) (Nov)

FOREX NEWS :
2013-12-13 04:08 GMT | EUR/JPY just above 142.62 3rd wave resistance; possible 4th wave target 138.65
2013-12-13 03:55 GMT | USD/JPY sets fresh 2013 highs
2013-12-13 02:32 GMT | AUD/USD correcting higher after Thursday's selling hysteria
2013-12-13 00:39 GMT | EUR/USD posts bearish reversal candle Thursday – may be time for a pullback

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EURUSD
HIGH 1.37596 LOW 1.37421 BID 1.37497 ASK 1.37503 CHANGE 0% TIME 08 : 36:44



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

MARKET ANALYSIS - Intraday Analysis

Upwards scenario: Short- term tendency is bearish as both moving averages are pointing down. Though risk of market strengthening is seen above the resistance level at 1.3777 (R1). Clearance here would open way towards to next targets at 1.3792 (R2) and 1.3806 (R3). Downwards scenario: A break of the support at 1.3739 (S1) is required to determine negative intraday bias and enable lower target at 1.3723 (S2). Clearance of this target would open a path towards to final support for today at 1.3706 (S3).

Resistance Levels: 1.3777, 1.3792, 1.3806
Support Levels: 1.3739, 1.3723, 1.3706

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GBPUSD :
HIGH 1.636 LOW 1.63328 BID 1.63431 ASK 1.63439 CHANGE 0% TIME 08 : 36:44



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

Upwards scenario: Rise above the resistance at 1.6369 (R1) might provide sufficient space for the appreciation towards to next target at 1.6384 (R2). Further market increase above it would then face final resistive structure at 1.6398 (R3). Downwards scenario: If the price manages to overcome our next support barrier at 1.6319 (S1), we expect to see further market decline towards to our next target at 1.6304 (S2) and then next stop could be found at 1.6290 (S3) mark.

Resistance Levels: 1.6369, 1.6384, 1.6398
Support Levels: 1.6319, 1.6304, 1.6290

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USDJPY :
HIGH 103.921 LOW 103.355 BID 103.728 ASK 103.732 CHANGE -0.01% TIME 08 : 36:44



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

Upwards scenario: Possibility of price progress is seen above the next resistance level at 103.91 (R1). Breakthrough here would suggest our interim target at 104.18 (R2) and then mark at 104.41 (R3) acts as last resistive measure for today. Downwards scenario: On a slightly longer term we expect pullback formation. Risk of market depreciation is seen below the next support level at 103.46 (S1). Clearance here would suggest lower targets at 103.24 (S2) and 103.06 (S3) in potential.

Resistance Levels: 103.91, 104.18, 104.41
Support Levels: 103.46, 103.24, 103.06

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