Forex Technical & Market Analysis: January 23 2013

Jan 23 • Market Analysis • 7578 Views • Comments Off on Forex Technical & Market Analysis: January 23 2013

MARKET OVERVIEW

 

2013-01-23 03:18 GMT

Eurogroup approves Robin Hood tax

Eleven Eurozone countries (Germany, Italy, France, Spain, Austria, Portugal, Belgium, Estonia, Greece, Slovakia and Slovenia) have been authorized to start working on a financial transactions tax (the so-called Robin Hood tax). Eurozone finance ministers have given the green light to the measure today, during the Eurogroup meeting held in Brussels. The tax is based on an idea put forward by the economist James Tobin over forty years ago and its current application is aimed at controlling banks and speculative activities, such as high frequency operations, as each agreement will be taxed.

The Spanish Tesoro Público held a debt auction on Tuesday during which it sold 2.9 billion euros worth of 3- and 6- month bonds. 1.206 billion euros of 3-month bonds were auctioned at an average yield of 0.441%, compared with 1.195% seen at the previous auction. 1.578 billion euros worth of 6-month bonds, were sold at an average yield of 0.888% versus the previous 1.609%. Following the auction Spanish risk premium remained at the level of 355 points.-FXstreet.com

Forex Economic Calendar

2013-01-23 09:30 GMT | United Kingdom. Bank of England Minutes
2013-01-23 14:00 GMT | United States. Housing Price Index (MoM) (Dec)
2013-01-23 15:00 GMT| Canada. BoC Interest Rate Decision (Jan 23)
2013-01-23 16:15 GMT | Canada. BoC Press Conference

Forex News

2013-01-23 05:45 GMT | Traders defend EUR/USD range tooth and nail
2013-01-23 05:44 GMT | USD/JPY moves below mid term ascending trend line, still above 88.00
2013-01-23 05:17 GMT | GBP/USD holds above 1.5800 ahead of a busy day for the pair
2013-01-23 04:36 GMT | GBP/JPY in the brink of post-BoJ lows

AUDUSD NZDUSD USDCHF USDCAD GBPJPY EURCHF GOLD SILVER
1.05372/380 0.84031/047 0.92923/941 0.99269/282 139.763/781 1.23676/698 1692.30/.58 32.17/.19

 

TECHNICAL ANALYSIS


EURUSD

HIGH: 1.33295 | LOW: 1.33046 | BID: 1.33140 | ASK: 1.33147 | CHANGE: -0.05% | TIME: 08:02:05

OUTLOOK SUMMARY: Neutral
TREND CONDITION: Sideway
TRADERS SENTIMENT: Bearish
IMPLIED VOLATILITY: High

MARKET ANALYSIS – Intraday Analysis
Upwards scenario: We place our next resistance level at 1.3321 (R1). One should note here that in case of penetration above it opens the way for a return to 1.3331 (R2) and potential is seen to reach final target for today at 1.3340 (R3). Downwards scenario: The downside formation might face next supportive barrier at 1.3302 (S1). Clearance here is required to open way towards to our next target at 1.3292 (S2) and any further fall would then be targeting 1.3282 (R3).

Resistance Levels: 1.3321, 1.3331, 1.3340
Support Levels: 1.3302, 1.3292, 1.3282

GBPUSD
HIGH: 1.5844 | LOW: 1.58236 | BID: 1.58350 | ASK: 1.58359 | CHANGE: -0.02% | TIME: 08:02:06

OUTLOOK SUMMARY: Down
TREND CONDITION: Sideway
TRADERS SENTIMENT: Bullish
IMPLIED VOLATILITY: High

Upwards scenario: Our medium-term outlook is negative for the GBPUSD though possibility of price deviation is seen above the next resistance at 1.5849 (R1). Retracement targets could be found at 1.5874 (R2) and 1.5897 (R3). Downwards scenario: In near term we expect the extension of the downside move over intraday basis today. Risk of price depreciation holds below the next support level at 1.5817 (S1). Loss here might expose next targets at 1.5794 (S2) and 1.5771 (S3).

Resistance Levels: 1.5849, 1.5874, 1.5897
Support Levels: 1.5817, 1.5794, 1.5771

USDJPY
HIGH: 88.791 | LOW: 88.254 | BID: 88.325 | ASK: 88.332 | CHANGE: -0.43% | TIME: 08:02:07

OUTLOOK SUMMARY: Down
TREND CONDITION: Down trend
TRADERS SENTIMENT: Bearish
IMPLIED VOLATILITY: Medium

Upwards scenario: Next immediate resistive barrier is seen at 88.69 (R1). If instrument gains momentum on the upside and manage to overcome it we expect to see retest of our intraday targets at 88.84 (R2) and 88.99 (R3) on the intraday basis. Downwards scenario: The USDJPY is poised to move lower on the medium-term perspective. Next barrier ahead is seen at 88.14 (S1).A break below this mark would suggest next intraday targets at 87.97 (R2) and 87.83 (R3) in potential.

Resistance Levels: 88.69, 88.84, 88.99
Support Levels: 88.14, 87.97, 87.83

Prepared/Published By FXCC Forex Trading Blog.

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