Forex Technical & Market Analysis: April 11 2013

Apr 11 • Market Analysis • 1502 Views • Comments Off on Forex Technical & Market Analysis: April 11 2013

2013-04-11 04:30 GMT

Fed Minutes: QE to continue at least until midyear

Minutes from the Fed monetary policy meeting held on 19 and 20 Mach and unexpectedly released several hours earlier than scheduled, revealed that the FOMC members continued discussing the ongoing 85 billion dollar QE program and when should it be abandoned. According to the minutes almost all of the Fed policymakers wanted to maintain the bond-buying program at least until the middle of 2013. There was no consensus however on how to proceed afterwards. “If the outlook for labor market conditions improved as anticipated, it would probably be appropriate to slow purchases later in the year and to stop them by year-end,” according to the official document. The FOMC members did not see any significant changes in the economic outlook, although we have to bear in mind that the meeting took place before the unfavorable US March employment numbers were released.

Back to the Fed minutes release, as Kathy Lien, co-founder at BKAssetManagement, observes: "As we anticipated, the notion of tapering asset purchases this year received more support in March, with all but a few members of the FOMC felt that it was appropriate to continue asset purchases at its current pace until the middle of this year but several see the purchases slowing later in the year and completely stopping by year end. One member even felt asset purchases should be slowed immediately." -FXstreet.com

FOREX ECONOMIC CALENDAR

2013-04-11 06:00 GMT

Germany. Consumer Price Index (YoY) (Mar)

2013-04-11 08:00 GMT

EMU. ECB Monthly Report

2013-04-11 12:30 GMT

USA. Initial Jobless Claims

2013-04-11 12:30 GMT

Canada. New Housing Price Index (YoY)

FOREX NEWS

2013-04-11 04:33 GMT

GBP/USD capped below 1.5350

2013-04-11 04:26 GMT

EUR/USD sellers won 1.31 battle, war north not over

2013-04-11 04:10 GMT

Aussie jobs a big upset; Yen stalls the fall

2013-04-11 02:39 GMT

RBA downward pressure on yields to resume – RBS

Forex Technical Analysis  EURUSD

MARKET ANALYSIS – Intraday Analysis

Upwards scenario: Possibility of market strengthening is seen above the immediate resistive barrier at 1.3103 (R1). Price extension above it is required to validate our next intraday targets at 1.3128 (R2) and 1.3154 (R3) Downwards scenario: Further correction development is limited now to the session low – 1.3043 (S1). If the price manages to surpass it we would suggest next intraday targets at 1.3015 (S2) and 1.2988 (S3).

Resistance Levels: 1.3103, 1.3128, 1.3154

Support Levels: 1.3043, 1.3015, 1.2988

Forex Technical Analysis  GBPUSD

Upwards scenario: Pair has settled sideways formation on the hourly timeframe. However potential to move higher is seen above the resistance level at 1.5341 (R1) mark. Loss here would suggest next intraday targets at 1.5361 (R2) and 1.5382 (R3). Downwards scenario: While instrument trades above the moving averages, our short-term bias would stay positive though penetration below the support level at 1.5311 (S1) might open way towards to lower targets at 1.5292 (S2) and 1.5271 (S3).

Resistance Levels: 1.5341, 1.5361, 1.5382

Support Levels: 1.5311, 1.5292, 1.5271

Forex Technical Analysis  USDJPY

Upwards scenario: Our technical outlook for the medium-term perspective remains bullish oriented. Clearance of next resistance level at 99.89 (R1) would enable bullish pressure and open route towards to our next targets at 100.37 (R2) and 100.89 (R3). Downwards scenario: Any downside extension is limited now to the next support level at 99.28 (S1). Break here is required to open a route towards to next target at 98.76 (S2) and then any further easing would be targeting final support at 98.22 (S3).

Resistance Levels: 99.89, 100.37, 100.89

Support Levels: 99.28, 98.76, 98.22

 

 

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