Forex Technical & Market Analysis: June 04 2013

Forex Technical & Market Analysis: May 30 2013

May 30 • Market Analysis • 8573 Views • 1 Comment on Forex Technical & Market Analysis: May 30 2013

2013-05-30 04:30 GMT

OECD: Global economy is moving forward at multiple speeds

In its biannual Economic Outlook report, published on Wednesday, the Organization for Economic Cooperation and Development reduced the global growth outlook to 3.1% from the previous estimate of 3.4%. It expects the US and the Japanese economies to improve this year, suggesting at the same time that the Eurozone will continue to lag which might have “negative implications for the global economy."

The OECD cut the Eurozone growth forecast to -0.6% from -0.1% estimated in November 2012, warning that "activity is still falling, reflecting ongoing fiscal consolidation, weak confidence and tight credit conditions, especially in the periphery." The Eurozone economy should rebound to 1.1% in 2014. The OECD also urged the ECB to seriously consider implementing QE and introducing negative deposit rates in order to stimulate recovery in the area. China, which already saw its growth outlook reduced on Tuesday by the IMF, is expected to grow by 7.8% this year, down from a previous estimate of 8.5%. The organization was more upbeat about the US, which is projected to grow by 1.9% in 2013 and by 2.8% in 2014. Japan's growth forecast was hiked to 1.6% from 0.7%, with the prospect of a 1.4% gain next year, owing to the BoJ's implementation of fiscal and monetary stimulus programs.-FXstreet.com

FOREX ECONOMIC CALENDAR

2013-05-30 06:00 GMT

UK. Nationwide Housing Prices n.s.a (YoY) (May)

2013-05-30 12:30 GMT

USA. Gross Domestic Product Price Index

2013-05-30 14:30 GMT

USA. Pending Home Sales (YoY) (Apr)

2013-05-30 23:30 GMT

Japan. National Consumer Price Index (YoY) (Apr)

FOREX NEWS

2013-05-30 04:39 GMT

USD eases to key level at 83.50 ahead of US GDP

2013-05-30 03:11 GMT

GBP/USD – Bullish engulfing candle to spur further advances?

2013-05-30 02:29 GMT

EUR/USD edging towards resistance at 1.3000

2013-05-30 01:50 GMT

Aussie edging higher towards resistance at 0.9700

Forex Technical Analysis  EURUSD

MARKET ANALYSIS – Intraday Analysis

Upwards scenario: Recent upside penetration is limited now to the key resistive barrier at 1.2977 (R1). Appreciation above this mark might likely push the pair toward to next targets at 1.2991 (R2) and 1.3006 (R3) in potential. Downwards scenario: Possible bull back on the hourly chart might face next hurdle at 1.2933 (S1). Break here is required to open road towards to our next retracement target at 1.2919 (S2) en route to final aim at 1.2902 (S3).

Resistance Levels: 1.2977, 1.2991, 1.3006

Support Levels: 1.2933, 1.2919, 1.2902

Forex Technical Analysis  GBPUSD

Upwards scenario: A bullish oriented market participant might pressures to test our next resistance level at 1.5165 (R1). Loss here could open a route towards to our interim target at 1.5188 (R2) and the main aim for today locates at 1.5211 (R3). Downwards scenario: As long as price stays below the moving averages our medium-term outlook would be negative. Though, extension lower the 1.5099 (S1) is being able to drive market price towards to our next supports at 1.5076 (S2) and 1.5053 (S3).

Resistance Levels: 1.5165, 1.5188, 1.5211

Support Levels: 1.5099, 1.5076, 1.5053

Forex Technical Analysis  USDJPY

Upwards scenario: USDJPY recently tested negative side and currently remains stable below the 20 SMA. Possible price appreciation is limited to the resistance level at 101.53 (R1). Only clear break here would suggest next intraday targets at 101.81 (R2) and 102.09 (R3). Downwards scenario: Any prolonged movement below the support at 100.60 (S1) might prolong downside pressure and drive market price towards to supportive means at 100.34 (S2) and 100.08 (S3).

Resistance Levels: 101.53, 101.81, 102.09

Support Levels: 100.60, 100.34, 100.08

 

One Response to Forex Technical & Market Analysis: May 30 2013

  1. Hello! Acknowledgement you for your articles! This is unusually interesting! Continue to write more, with impatience I will mark time for dirt from you.

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