Forex Technical & Market Analysis: January 29 2013
MARKET OVERVIEW
2013-01-29 00:21 GMT
Eurozone periphery nations recover up to €100bn in private funds – FT
On its front cover, the Financial Times highlights the growing capital flocking back to Eurozone's peripheral countries, with the sum amounting over €100bn of private funds since late last year. From the FT: "The scale of the net inflows, equivalent to about 9% of the economic output of Spain, Italy, Portugal, Ireland and Greece according to calculations by ING, highlight the revival in investor confidence in Europe’s monetary union after Mario Draghi, ECB president, pledged to preserve its integrity."
However, as the Financial Times stresses, the private inflows are still little if compared to the far larger outflows from 2011/2012, a time when the Eurozone tail risk led many investors to remove huge sums of money from debt-exposed countries. The FT adds: "Total net private inflows into the periphery countries totalled €93bn in the last four months of 2012, according to ING. In contrast, the first eight months had seen €406bn flow out of the five countries, equivalent to almost 20 per cent of gross domestic product in the periphery economies. In 2011, outflows from the periphery totalled €300bn."-FXstreet.com
Forex Economic Calendar
2013-01-29 07:00 GMT | Germany. Gfk Consumer Confidence Survey (Feb)
2013-01-29 15:00 GMT | United States. Consumer Confidence (Jan)
2013-01-29 21:45 GMT | Australia. Building Permits s.a. (MoM) (Dec)
2013-01-29 23:50 GMT | Japan. Large Retailer's Sales (Dec)
Forex News
2013-01-29 05:50 GMT | EUR/USD, calm before next bullish storm?
2013-01-29 05:34 GMT | GBP/USD above 1.5700; stalling the fall ahead of key Fibo
2013-01-29 05:04 GMT | FED to keep easing in the near term – NAB
2013-01-29 03:49 GMT | AUD/JPY pressing against fresh 4-year highs sub-95.00
| AUDUSD | NZDUSD | USDCHF | USDCAD | GBPJPY | EURCHF | GOLD | SILVER |
|---|---|---|---|---|---|---|---|
| 1.04500/510 | 0.83611/623 | 0.92607/617 | 1.00594/604 | 142.422/438 | 1.24546/555 | 1661.06/.34 | 31.07/.09 |
TECHNICAL ANALYSIS
EURUSD
HIGH: 1.34604 | LOW: 1.3443 | BID: 1.34470 | ASK: 1.34477 | CHANGE: -0.05% | TIME: 08:45:44
OUTLOOK SUMMARY: Up
TREND CONDITION: Sideway
TRADERS SENTIMENT: Bearish
IMPLIED VOLATILITY: Low
MARKET ANALYSIS – Intraday Analysis
Upwards scenario: Instrument stabilized and we expect neutral formation development prior further volatility increase. Intraday bull’s power might activate when the pair approach resistance level at 1.3463 (R1). Our next target is seen at 1.3476 (R2) and 1.3489 (R3) in potential. Downwards scenario: Next support comes at 1.3441 (S1) level. Loss here might shift market sentiment to bearish and price could accelerate towards to the next targets at 1.3429 (S2) and 1.3416 (S3).
Resistance Levels: 1.3463, 1.3476, 1.3489
Support Levels: 1.3441, 1.3429, 1.3416
GBPUSD
HIGH: 1.57078 | LOW: 1.56853 | BID: 1.57035 | ASK: 1.57043 | CHANGE: 0.06% | TIME: 08:45:45
OUTLOOK SUMMARY: Down
TREND CONDITION: Sideway
TRADERS SENTIMENT: Bullish
IMPLIED VOLATILITY: Low
Upwards scenario: Our resistance level at 1.5715 (R1) is our reference point for the upside penetration. Break above it would suggest us about the further uptrend formation with possible targets at 1.5736 (R2) and 1.5756 (R3) in perspective. Downwards scenario: Yesterday low is acting now as key support level at 1.5673 (S1). Clearance here is required to keep the rally intact and expose lower targets at 1.5654 (S2) and 1.5635 (S3).
Resistance Levels: 1.5715, 1.5736, 1.5756
Support Levels: 1.5673, 1.5654, 1.5635
USDJPY
HIGH: 91.016 | LOW: 90.401 | BID: 90.794 | ASK: 90.798 | CHANGE: -0.02% | TIME: 08:45:46
OUTLOOK SUMMARY: Up
TREND CONDITION: Sideway
TRADERS SENTIMENT: Bearish
IMPLIED VOLATILITY: Low
Upwards scenario: USDJPY continues to trade within same range price as yesterday. Next on tap is resistance level at 91.03 (R1). A break higher could open the door for an attack to the next target at 91.22 (R2). Final immediate resistance is seen at 91.42 (R3). Downwards scenario: Price might deviate to the lower end of the range in near term perspective to continue correction development. In regards of technical levels, next barrier is seen at 90.56 (S1). Decline below it might resume weakness towards to our initial targets 90.36 (S2) and 90.14 (S3).
Resistance Levels: 91.03, 91.22, 91.42
Support Levels: 90.56, 90.36, 90.14
Prepared/Published By FXCC Forex Trading Blog.
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