Forex Technical & Market Analysis: January 01 2013
MARKET OVERVIEW
2013-01-02 04:07 GMT
US House passes fiscal cliff bill
After weeks of talks and negotiations, the House of Representatives has finally passed the fiscal cliff bill, with the ‘yea’ votes obtained surpassing the 217 threshold needed to approve the fiscal deal. The final vote count stood at 257-167 in favour of the bill. President Obama is ready to sign it into law.
The compromise, which first was agreed by Senate in early Tuesday morning, has come not without some last minute agitated negotiation disputes, in which Republicans wanted to challenge the approved senate-bill by sending it back for revision demanding additional spending cuts, with reports initially suggesting that the House Republicans would be adjourning any decision until Wednesday. Pending the signature of President Obama, expected to be done shortly, the US officially avoids that millions of citizens suffer tax hikes and spending reductions, which would have brought the U.S. economy into recession according to economists’ projections. Worth not forgetting though, is that still plentiful of unresolved pressing issues remain, with the most immediate being the need to raise the federal borrowing limit, with the deadline over 2 month from now.-FXstreet.com
Forex Economic Calendar
2013-01-02 08:58 GMT | E.M.U. Markit Manufacturing PMI (Dec)
2013-01-02 09:28 GMT | United Kingdom. Markit Manufacturing PMI (Dec)
2013-01-02 13:00 GMT | Germany. Consumer Price Index (YoY) (Dec)
2013-01-02 15:00 GMT | United States. ISM Manufacturing PMI (Dec)
Forex News
2013-01-02 05:57 GMT | EUR/GBP holding upside bias above 0.8100
2013-01-02 04:52 GMT | USD/JPY above 87, most extreme overbought level since 2001
2013-01-02 03:50 GMT | USD/CAD drops below 0.99 on ‘cliff’ hopes
2013-01-02 03:00 GMT | GBP/USD breaks 1.63 ahead of House vote
| AUDUSD | NZDUSD | USDCHF | USDCAD | GBPJPY | EURCHF | GOLD | SILVER |
|---|---|---|---|---|---|---|---|
| 1.04733/753 | 0.83551/581 | 0.91061/088 | 0.98735/754 | 142.297/327 | 1.20808/844 | 1680.11/.39 | 30.54/.57 |
TECHNICAL ANALYSIS
EURUSD
HIGH: 1.32993 | LOW: 1.31873 | BID: 1.32729 | ASK: 1.32737 | CHANGE: 0.58% | TIME: 08:01:28
OUTLOOK SUMMARY: Up
TREND CONDITION: Upward penetration
TRADERS SENTIMENT: Bullish
IMPLIED VOLATILITY: Medium
MARKET ANALYSIS – Intraday Analysis
Upwards scenario: Instrument might find buyers above the resistance at 1.3276 and moves to the next targets at 1.3285 and 1.3295 in case of sufficient momentum. Downwards scenario: Consolidation development might keep bears in play for eventual targets at 1.3243 and 1.3233 if the market participants mange to push through our next support level at 1.3252.
Resistance Levels: 1.3276, 1.3285, 1.3295
Support Levels: 1.3252, 1.3243, 1.3233
GBPUSD
HIGH: 1.63804 | LOW: 1.62277 | BID: 1.63200 | ASK: 1.63215 | CHANGE: 0.43% | TIME: 08:01:29
OUTLOOK SUMMARY: Up
TREND CONDITION: Up trend
TRADERS SENTIMENT: Bullish
IMPLIED VOLATILITY: Medium
Upwards scenario: The next hurdle on the upside lies at 1.6381, any uptrend action above it would put in focus resistance barrier at 1.6402 as the near-term target. Next on tap final resistance at 1.6422. Downwards scenario: Today portion of the economic data releases might have significant effect on the price action, the 1.6292 mark is key support level in near-term perspective. Below here opens way towards to expected targets at 1.6270 and 1.6248.
Resistance Levels: 1.6381, 1.6402, 1.6422
Support Levels: 1.6292, 1.6270, 1.6248
USDJPY
HIGH: 87.294 | LOW: 86.538 | BID: 87.211 | ASK: 87.222 | CHANGE: 0.68% | TIME: 08:01:30
OUTLOOK SUMMARY: Up
TREND CONDITIONP: Up trend
TRADERS SENTIMENT: Bearish
IMPLIED VOLATILITY: Medium
Upwards scenario: Next actual resistance level is seen at 87.29. If the market manages to surge higher, focus might returned to the target at 87.45 and further uptrend formation could be exhausted at 87.61 intraday. Downwards scenario: Market gains momentum during the Asian session and consolidation formation looks reasonable. Next supportive measure is seen at 86.90. Break through here might offer bearish signal and expose intraday targets at 86.73 and 86.55.
Resistance Levels: 87.29, 87.45, 87.61
Support Levels: 86.90, 86.73, 86.55
Prepared/Published By FXCC Forex Trading Blog.
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