Forex Technical & Market Analysis: February 28 2013
MARKET OVERVIEW
2013-02-28 06:30 GMT
Moody's: Euro zone debt markets vulnerable to further shocks
Moody’s rating agency continues to warn Euro area countries that debt markets in the region remain vulnerable to further shocks to investor confidence. Find below the main quotes from the official communique: "Market volatility in recent days proves that the euro area sovereign debt markets remain vulnerable to further shocks to investor confidence because of the limited fundamental changes in euro area countries' economic indicators, debt trajectories or institutional reforms since last July."
"The growth outlook for peripheral countries is still weak, and progress in reversing debt trajectories remains slow and halting. Political and implementation risks remain significant, with little evidence of cohesion among policymakers and a rising risk of complacency setting in as market pressure for reforms subsides. And while the introduction of the Outright Monetary Transaction facility by the European Central Bank has successfully reversed the rise in sovereign debt yields for now, the potential for further shocks remains, for example with investors in Greece (C) and Cyprus (Caa3, negative) still exposed to heightened default risk." "Overall, for most euro area countries, the balance of macroeconomic, political and implementation risks as well as the 'event' risks of further shocks to confidence remain firmly to the downside, supporting Moody's negative outlooks for most euro area sovereign ratings."-FXstreet.com
Forex Economic Calendar
2013-02-28 08:55 GMT | Germany. DE Unemployment Change (Feb)
2013-02-28 10:00 GMT | E.M.U. Consumer Price Index – Core (YoY) (Jan)
2013-02-28 13:00 GMT | Germany. Consumer Price Index (YoY) (Feb)
2013-02-28 13:30 GMT | United States. Gross Domestic Product Annualized (Q4)
Forex News
2013-02-27 13:52 GMT | USD/JPY falls after US durable goods orders
2013-02-27 13:50 GMT | EUR/USD back to 1.3085/90 after US data
2013-02-27 13:31 GMT | US: Durable Good Orders fell 5.2% in January
2013-02-27 12:38 GMT | GBP/USD easing from 1.5140 zone
| AUDUSD | NZDUSD | USDCHF | USDCAD | GBPJPY | EURCHF | GOLD | SILVER |
|---|---|---|---|---|---|---|---|
| 1.02739/750 | 0.83148/161 | 0.92975/991 | 1.02303/315 | 140.022/039 | 1.22211/225 | 1599.38/.66 | 29.08/.10 |
TECHNICAL ANALYSIS
EURUSD
HIGH: 1.31615 | LOW: 1.31284 | BID: 1.31468 | ASK: 1.31476 | CHANGE: 0.09% | TIME: 08:43:26
OUTLOOK SUMMARY: Up
TREND CONDITION: Upward penetration
TRADERS SENTIMENT: Bullish
IMPLIED VOLATILITY: High
MARKET ANALYSIS – Intraday Analysis
Upwards scenario: Potential is seen for break above the resistance at 1.3163 (R1) today and develop some recovery from the initial downtrend formation. In such scenario we would suggest next target at 1.3189 (R2) and any further rise would then be limited to 1.3214 (R3). Downwards scenario: Although we do expect some pull-backs on the downside below our next support level at 1.3132 (S1). Short-term momentum on the negative side might open the way towards to immediate supports at 1.3104 (S2) and 1.3076 (S3).
Resistance Levels: 1.3163, 1.3189, 1.3214
Support Levels: 1.3132, 1.3104, 1.3076
GBPUSD
HIGH: 1.51769 | LOW: 1.51589 | BID: 1.51683 | ASK: 1.51693 | CHANGE: 0.08% | TIME: 08:43:27
OUTLOOK SUMMARY: Neutral
TREND CONDITION: Sideway
TRADERS SENTIMENT: Bullish
IMPLIED VOLATILITY: High
Upwards scenario: Market sentiment has improved for the bullish oriented traders. Fresh high formed today offers next resistance level at 1.5177 (R1). In case of market appreciation above that level our focus would then be shifted to the higher targets at 1.5219 (R2) and 1.5258 (R3). Downwards scenario: Risk of market weakening is seen below the key support at 1.5119 (S1). Loss here is required to allow further declines and expose our support barrier at 1.5080 (S3) en route towards to final target for today at 1.5039 (S3)
Resistance Levels: 1.5177, 1.5219, 1.5258
Support Levels: 1.5119, 1.5080, 1.5039
USDJPY
HIGH: 92.668 | LOW: 92.157 | BID: 92.376 | ASK: 92.379 | CHANGE: 0.18% | TIME: 08:43:28
OUTLOOK SUMMARY: Up
TREND CONDITION: Upward penetration
TRADERS SENTIMENT: Bearish
IMPLIED VOLATILITY: Medium
Upwards scenario: Market having failed to establish directional movement yesterday. Possible price strengthening might arise above the next resistance level at 92.66 (R1). Next interim target holds at 92.97 (R2) en route toward to our major aim at 93.27 (R3). Downwards scenario: Penetration below the support at 92.15 (S1) is liable to put more downward pressure on the instrument in the near-term perspective. As a result our supportive means at 91.85 (S2) and 91.54 (S3) might be triggered.
Resistance Levels: 92.66, 92.97, 93.27
Support Levels: 92.15, 91.85, 91.54
Prepared/Published By FXCC Forex Trading Blog.
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