Forex Technical Analysis GBPUSD

Forex Technical & Market Analysis: April 02 2013

Apr 2 • Market Reviews • 4447 Views • Comments Off on Forex Technical & Market Analysis: April 02 2013

2013-04-02 06:00 GMT

Spain will revised down its 2013 GDP forecast to -1.0%; Negotiating new deficit target

Spain is discussing with the European union a new 2013 budget deficit target around 6% of the GDP, the current target is 4.5%, according to a Reuters information citing Spanish officials sources. The Spanish government needs to renegotiate a new target as they would revise down the Kingdom of Spain 2013 GDP forecast to -1.0% from the -0.5% expected before.

Today's Asia-Pacific session has had a common denominator in the form of a falling USD across the board, and specially against Yen, that has seen a 1-month fresh high printing a low at 92.55 in the USD/JPY pair, something not seen since early March. Strangely enough, Gold has printed fresh session highs at $1604 at the same time. The other main driver of the season has come from Australia and the RBA holding rates at 3%, with scope to ease further if market conditions are met, the statement said. Local share markets traded in a mixed way with Tokyo leading the loses at some point down more than -2%, but last at -0.83%, with Shanghai -0.38%, and Kospi -0.44%, while Australian ASX is up +0.34%, and Hang-Seng +0.10%. As the London open gets closer, after a long 4-day weekend closed for holidays, the USD finds some bids, making EUR/USD, GBP/USD and AUD/USD to ease a bit, while USD/JPY recovers some ground. European futures markets show a mixed open ahead, with small advances and declines in main equity


2013-04-02 07:43 GMT

Italy. IT Markit Manufacturing PMI (Mar)

2013-04-02 08:28 GMT

UK. Markit Manufacturing PMI (Mar)

2013-04-02 12:00 GMT

Germany. DE Consumer Price Index (YoY) (Mar)

2013-04-02 14:00 GMT

USA. Factory Orders (MoM) (Feb)


2013-04-02 04:51 GMT

EUR/USD adjusts value within bearish context

2013-04-02 03:58 GMT

USD/JPY enters 92.40/75 demand after 92.95 break

2013-04-02 03:46 GMT

AUD/USD higher as RBA on holds

2013-04-02 03:40 GMT

RBA holds rates at 3%; statement more neutral

Forex Technical Analysis  EURUSD

MARKET ANALYSIS – Intraday Analysis

Upwards scenario: EURUSD gained momentum and determined medium-term positive bias. Next hurdle ahead is seen at 1.2878 (R1). Clearance here would suggest next intraday targets at 1.2892 (R2) and 1.2907 (R3) in potential. Downwards scenario: Any penetration below the support level at 1.2844 (S1) might create more scope for the instrument weakness in near-term perspective. We are looking to our immediate supports at 1.2830 (S2) and 1.2815 (S3) as next possible targets.

Resistance Levels: 1.2878, 1.2892, 1.2907

Support Levels: 1.2844, 1.2830, 1.2815

Forex Technical Analysis  GBPUSD

Upwards scenario: Further uptrend evolvement is limited now to the local high at 1.5259 (R1). Break here is required to enable higher targets at 1.5269 (R2) and 1.5279 (R3). Downwards scenario: A downside pressure could be maintained if the price penetrates below the key supportive measure at 1.5225 (S1). Clearance here would open way for a price move towards to lower supports at 1.5214 (S2) and 1.5203 (S3).

Resistance Levels: 1.5259, 1.5269, 1.5279

Support Levels: 1.5225, 1.5214, 1.5203

Forex Technical Analysis  USDJPY

Upwards scenario: Instrument showed excessive losses last few days and we expect some stabilization ahead. However appreciation above the next resistance at 93.03 (R1) might be a good catalyst for a recovery action towards to our next targets at 93.30 (R2) and 93.55 (R3). Downwards scenario: Fresh low at 92.56 (S1) offers a key supportive barrier on the way of downtrend development. A dip below it would suggest next intraday targets at 92.32 (S2) and potentially 92.08 (S3).

Resistance Levels: 93.03, 93.30, 93.55

Support Levels: 92.56, 92.32, 92.08




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