Forex Technical & Market Analysis: January 31 2013
MARKET OVERVIEW
2013-01-31 05:49 GMT
Moody's: Greek default still a possibility
A Greek credit default should not be discarded, Moody's rating agency stated on a report published Wednesday. With regards to the state of the Greek economy, projections are for the country to contract around 5% in 2013, differing by 0.5 bp from government expectations of 4.5%. The rating agency expects the contraction to run into 2014.
As ekathimerini notes: "In its analysis on Greece issued on Wednesday, Moody’s argues that the risks that could sink the country’s economy and therefore its credit rating are still existent. These include the risks in the implementation of the second bailout program, exceptionally uncertain growth prospects, the political and social challenges the Greek economy is facing and the fact that the country’s debt is still considered unsustainable.-FXstreet.com
Forex Economic Calendar
2013-01-31 07:00 GMT | Germany. Retail Sales (YoY) (Dec)
2013-01-31 10:00 GMT | E.M.U. Consumer Price Index (YoY) (Jan)
2013-01-31 13:00 GMT | Germany. Consumer Price Index (YoY) (Jan)Preliminar
2013-01-31 13:30 GMT | Canada. Gross Domestic Product (YoY) (Nov)
Forex News
2013-01-31 05:46 GMT | EUR/USD, buyers stay firmly committed
2013-01-31 05:43 GMT | AUD/NZD longs with negative swap by late 2013? – NAB
2013-01-31 04:44 GMT | EUR/AUD keeps crawling higher above 1.3050, fresh 14-month highs
2013-01-31 03:24 GMT | AUD/USD bursts through 1.04; next support at 1.0385
| AUDUSD | NZDUSD | USDCHF | USDCAD | GBPJPY | EURCHF | GOLD | SILVER |
|---|---|---|---|---|---|---|---|
| 1.03928/939 | 0.83510/521 | 0.91073/085 | 1.00327/338 | 143.561/579 | 1.23463/470 | 1679.54/.82 | 32.07/.09 |
TECHNICAL ANALYSIS
EURUSD
HIGH: 1.35838 | LOW: 1.35514 | BID: 1.35582 | ASK: 1.35587 | CHANGE: -0.05% | TIME: 08:45:47
OUTLOOK SUMMARY: Up
TREND CONDITION: Up trend
TRADERS SENTIMENT: Bearish
IMPLIED VOLATILITY: Medium
MARKET ANALYSIS – Intraday Analysis
Upwards scenario: A local high has been set yesterday at 1.3587 (R1). Violation here is required to provide a signal of possible uptrend resuming. Resistances at 1.3606 (R2) and 1.3624 (R3) acts as next attractive points for the bullish oriented traders. Downwards scenario: Penetration below the moving averages might maintain a negative near-term tone and overcome our support level at 1.3556 (S1). Retracement formation would then be targeting to supportive measures at 1.3536 (S2) and 1.3517 (S3).
Resistance Levels: 1.3587, 1.3606, 1.3624
Support Levels: 1.3556, 1.3536, 1.3517
GBPUSD
HIGH: 1.58256 | LOW: 1.57917 | BID: 1.58041 | ASK: 1.58052 | CHANGE: 0.03% | TIME: 08:45:48
OUTLOOK SUMMARY: Up
TREND CONDITION: Upward penetration
TRADERS SENTIMENT: Bullish
IMPLIED VOLATILITY: Medium
Upwards scenario: Evidence of further uptrend formation might be provided if the pair manages to surpass key resistive barrier at 1.5827 (R1), formed on the 25-01-2013. Execution of protective orders above that level might drive market price towards to initial targets at 1.5844 (R1) and 1.5862 (R3). Downwards scenario: Although our technical indicators are bullish, the hourly structure might turn into negative territory if the price mange to overcome our support level at 1.5802 (S1). Next supportive measures locates at 1.5784 (S2) and 1.5767 (S3).
Resistance Levels: 1.5827, 1.5844, 1.5862
Support Levels: 1.5802, 1.5784, 1.5767
USDJPY
HIGH: 91.151 | LOW: 90.744 | BID: 90.819 | ASK: 90.824 | CHANGE: -0.29% | TIME: 08:45:49
OUTLOOK SUMMARY: Neutral
TREND CONDITION: Downward penetration
TRADERS SENTIMENT: Bearish
IMPLIED VOLATILITY: Medium
Upwards scenario: USDJPY remains to be traded in neutral tone. While instrument trades below the resistance level at 91.03 (R1) market would try to form further recovery. Break here is required to attack the immediate targets at 91.22 (R2) and 91.42 (R3). Downwards scenario: Current market decline is limited to the next support level at 90.73 (S1). Only clear break here would allow further market declines towards to the base of the channel. Our next intraday support levels stay at 90.55 (S2) and 90.36 (S3).
Resistance Levels: 91.03, 91.22, 91.42
Support Levels: 90.73, 90.55, 90.36
Prepared/Published By FXCC Forex Trading Blog.
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