Forex Technical & Market Analysis: June 06 2013

Forex Technical & Market Analysis: April 22 2013

Apr 22 • Market Analysis • 4124 Views • 1 Comment on Forex Technical & Market Analysis: April 22 2013

2013-04-22 03:52 GMT

Japan escapes censure on the G-20 meeting

he G-20 communiqué provied little fresh headlines to market participants, with the main take away on FX-relate news being the permissive stance towards Japan's monetary policies to beat deflation. The G20 communiqué is basically echoing the same position by the G7 back in February. As noted by Eamonn Sheridan of Forexlive: "Leading into the G20 meeting market concern was that Japan would come under fire for its deflation-fighting policies (which have, as a side-effect, a weaker yen or are have as a central component the aim of a weaker yen, depending on your point of view). It became clear on Friday that Japan had escaped censure from the G20 over its policies, a position made officially clear at the conclusion of the meetings."

The section in the G20 communique that makes references to currencies, stated: "We reiterate our commitments to move more rapidly toward more market-determined exchange rate systems and exchange rate flexibility to reflect underlying fundamentals, and avoid persistent exchange rate misalignments. We will refrain from competitive devaluation and will not target our exchange rates for competitive purposes, and we will resist all forms of protectionism and keep our markets open." It added: "We reiterate that excess volatility of financial flows and disorderly movements in exchange rates have adverse implications for economic and financial stability. Monetary policy should be directed toward domestic price stability and continuing to support economic recovery according to the respective mandates of central banks. We will be mindful of unintended negative side effects stemming from extended periods of monetary easing."


2013-04-22 08:00 GMT

Switzerland. Monthly Statistical Bulletin

2013-04-22 12:30 GMT

USA. Chicago Fed National Activity Index (Mar)

2013-04-22 14:00 GMT

EMU. Consumer Confidence (Apr)Preliminar

2013-04-22 14:00 GMT

USA. Existing Home Sales Change (MoM) (Mar)


2013-04-22 04:41 GMT

USD/JPY marches towards 100.00, BOJ rate decision due out end of week

2013-04-22 04:01 GMT

USD and Yen ease post-G20; Napolitano reelected

2013-04-22 03:23 GMT

Prefer to keep selling GBP/USD – RBS

2013-04-22 02:52 GMT

EUR/USD drifting sideways as range bound behavior continues

Forex Technical Analysis  EURUSD

MARKET ANALYSIS – Intraday Analysis

Upwards scenario: Market remains sideways oriented. Next hurdle on the upside might be found at 1.3084 (R1). Break here would open road towards to our interim aim at 1.3097 (R2) and enable final intraday resistive measure at 1.3110 (R3). Downwards scenario: Failure to establish positive bias today might lead to the recovery action in near term perspective. Next immediate support locates at 1.3046 (S1). Break here is required to enable bearish pressure towards to our targets at 1.3033 (S2) and 1.3020 (S3).

Resistance Levels: 1.3084, 1.3097, 1.3110

Support Levels: 1.3046, 1.3033, 1.3020

Forex Technical Analysis  GBPUSD

Upwards scenario: Upside risk aversion is seen above the next resistance level at 1.5251 (R1). Appreciation above it might lead to the positive intraday bias formation towards to our next targets at 1.5269 (R2) and 1.5287 (R3). Downwards scenario: Negative tendency development might occur below the key support level at 1.5216 (S1). Break here would open road towards to next supportive measure at 1.5198 (S2) and then final supportive bastion could be found at 1.5180 (S3).

Resistance Levels: 1.5251, 1.5269, 1.5287

Support Levels: 1.5216, 1.5198, 1.5180

Forex Technical Analysis  USDJPY

Upwards scenario: Intraday market sentiment is shifted to the negative side after the losses provided during the Asian session, however market appreciation is possible above the next resistance at 99.89 (R1). Loss here would suggest next intraday targets at 100.19 (R2) and 100.49 (R3). Downwards scenario: Possibility of the price depreciation is seen below the next support level at 99.37 (S1). Break here could provide sufficient momentum and expose our next intraday targets at 99.05 (S2) and 98.75 (S3).

Resistance Levels: 99.89, 100.19, 100.49

Support Levels: 99.37, 99.05, 98.75



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