Forex Technical & Market Analysis: January 22 2013
MARKET OVERVIEW
2013-01-22 06:25 GMT
Jeroen Dijsselbloem, appointed new head of the Eurogroup
Jeroen Dijsselbloem, Dutch Finance Minister, has been confirmed as the new president of the Eurogroup. As a peculiar note, German finance minister Mr. Schauble said Spain did not support the appointment of Dijsselbloem for head of the Eurogroup. The Eurogroup press conference started with the outgoing Eurogroup president Jean-Claude Juncker, saying that the EU agreed with the IMF that fiscal consolidation should be continued in differentiated manner.
With regards to Cyprus, Juncker noted that the Eurozone finance ministers had delayed a €17bn bailout until March this year, amid concerns of the sizeable rescue package. Juncker had a special mention for Spain too, expressing please that the banking program remains on track. While for Ireland, Juncker said that “Ireland is a living example that adjustment programs work” Meanwhile, after reports that Greece may need an additional €9.2 Bln, the bloc’s finance ministers reportedly support the disbursement in further support for Greece. Eurogroup ‘noted with satisfaction’ the progress on the Greek rescue program. When the floor was given to Oliver Rehn, European Union Economic and Monetary Affairs Commissioner, he said the eurogroup has taken stock of progress on direct bank recapitalisation. He cited some ‘complex technical issues’ remain on direct recaps.-FXstreet.com
Forex Economic Calendar
N/A | Japan. BoJ Monetary Policy Statement and press conference
N/A | E.M.U EcoFin Meeting
2013-01-22 15:00 GMT | United States. Existing Home Sales Change (MoM) (Dec)
2013-01-22 18:00 GMT | E.M.U. ECB President Draghi’s Speech
Forex News
2013-01-22 05:25 GMT | EUR/USD has a daily range to resolve
2013-01-22 05:15 GMT | GBP/USD bounces at Fibo 1.5820, stalls below 1.5860
2013-01-22 04:41 GMT | USD/JPY buyers faked out; 88.90 lowest after 90.00 kiss
2013-01-22 03:21 GMT | AUD/USD launched higher; cracks 1.0520/30 resistance
| AUDUSD | NZDUSD | USDCHF | USDCAD | GBPJPY | EURCHF | GOLD | SILVER |
|---|---|---|---|---|---|---|---|
| 1.05551/562 | 0.84132/140 | 0.93080/099 | 0.99154/165 | 141.433/452 | 1.24213/234 | 1693.74/.02 | 32.03/.06 |
TECHNICAL ANALYSIS
EURUSD
HIGH: 1.3358 | LOW: 1.33005 | BID: 1.33459 | ASK: 1.33466 | mCHANGE: 0.26% | TIME: 07:56:12
OUTLOOK SUMMARY: Up
TREND CONDITION: Upward penetration
TRADERS SENTIMENT: Bearish
IMPLIED VOLATILITY: Medium
MARKET ANALYSIS – Intraday Analysis
Upwards scenario: We expect that instrument remain largely static in the near term perspective however resistive structure holds above the fresh high at 1.3358 (R1). Break here would suggest 1.3378 (R2) and 1.3399 (R3) as next possible targets. Downwards scenario: We would change our outlook to the negative if the price manage to depreciate below the support at 1.3323 (S1). Loss here might trigger correction formation towards to next targets at 1.3302 (S2) and 1.3282 (S3)
Resistance Levels: 1.3358, 1.3378, 1.3399
Support Levels: 1.3323, 1.3302, 1.3282
GBPUSD
HIGH: 1.5861 | LOW: 1.58256 | BID: 1.58594 | ASK: 1.58603 | CHANGE: 0.19% | TIME: 07:56:13
OUTLOOK SUMMARY: Down
TREND CONDITION: Upward penetration
TRADERS SENTIMENT: Bullish
IMPLIED VOLATILITY: Medium
Upwards scenario: Instrument looks oversold on the hourly chart and retracement formation looks reasonable above the next resistive barrier at 1.5864 (R1). Our higher retracement targets locates at 1.5884 (R2) and then 1.5904 (R3). Downwards scenario: We expect to see further negative bias formation today if the pair manages to overcome our support level at 1.5839 (S1). Our downside targets lies at 1.5819 (S2) and 1.5798 (S3) in potential.
Resistance Levels: 1.5864, 1.5884, 1.5904
Support Levels: 1.5839, 1.5819, 1.5798
USDJPY
HIGH: 90.112 | LOW: 88.89 | BID: 89.149 | ASK: 89.156 | CHANGE: -0.55% | TIME: 07:56:14
OUTLOOK SUMMARY: Down
TREND CONDITION: Downward penetration
TRADERS SENTIMENT: Bullish
IMPLIED VOLATILITY: Medium
Upwards scenario: Instrument stabilized after the local low, provided today. Consolidation development might keep bulls in play for eventual targets at 89.49 (R2) and 89.66 (R3) if the market mange to push through key resistive barrier at 89.33 (R1). Downwards scenario: Further market decline may encounter supportive measure at 88.88 (S1). Penetration through this level would risk an extension lower targeting our next support levels at 88.71 (S2) and 88.55 (S3) later on today.
Resistance Levels: 89.33, 89.49, 89.66
Support Levels: 88.88, 88.71, 88.55
Prepared/Published By FXCC Forex Trading Blog.
« Forex Technical & Market Analysis: January 21 2013 Forex Technical & Market Analysis: January 23 2013 »
