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Old 11-20-2013, 11:56 AM
alayoua alayoua is offline
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Join Date: Jul 2011
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Default Forex Technical & Market Analysis FXCC Nov 20 2013

Forex Technical & Market Analysis FXCC Nov 20 2013

Ben Bernanke; "Fed remains committed to maintaining highly accommodative polices for as long as they are needed"

Any belief that the USA Fed will taper soon appear to have been dashed by the Fed's chairman Ben Bernanke late Wednesday evening; he stated that the US economy still weak, may be some time before Fed policy normalizes. Agrees with Yellen that a path to more normal monetary policy is to dependent on promoting robust recovery. Fed expects the labor market to continue to improve, inflation to move toward 2% goal over medium term. Asset purchases are not on a pre-set course, the pace of buying contingent on Fed’s economic outlook. Wednesday sees the publication of Germany's PPI, expected in at 0.1% up for the month and the BoE MPC publishes its voting over the current quantitative easing programme and rate setting, expected to have been unanimous. Inflation details for the USA are published, with the CPI expected in up 0.1% on the month, RPI up 0.1% with CPI flat. USA existing home sales are expected in at 5.21 million per annum, a slight fall expected due to seasonal activity slowing down moderately. The FOMC recent meeting minutes are published, prior to that FOMC member Bullard speaks. The governor of Canada's central bank Poloz speaks, China's HSBC flash manufacturing index is published, expected in at 50.9, whilst Japan's monetary policy statement is published as the BOJ conducts a press conference.
http://blog.fxcc.com/market-analysis

FOREX ECONOMIC CALENDAR :
2013-11-20 09:30 GMT | UK. Bank of England Minutes
2013-11-20 09:30 GMT | UK. BOE MPC Vote Cut
2013-11-20 13:30 GMT | USA. Consumer Price Index (YoY) (Oct)
2013-11-20 19:00 GMT | USA. FOMC Minutes

FOREX NEWS :
2013-11-20 05:29 GMT | AUD/USD breaks below 0.94, bearish development intraday
2013-11-20 04:28 GMT | USD sellers capitalize on Bernanke's dovish speech
2013-11-20 02:08 GMT | GBP/USD… is 1.61 in jeopardy?
2013-11-20 00:43 GMT | GBP/JPY manifests double-tops pattern on 161.65 limits

-------------------------
EURUSD
HIGH 1.35774 LOW 1.3533 BID 1.35474 ASK 1.35478 CHANGE 0.07% TIME 08 : 16:49

https://support.fxcc.com/email/techn...013/EURUSD.png

OUTLOOK SUMMARY : Up
TREND CONDITION : Up trend
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : High

MARKET ANALYSIS - Intraday Analysis

Upwards scenario: Our technical outlook for the medium-term perspective remains bullish oriented. Clearance of next resistance level at 1.3563 (R1) would enable bullish pressure and open route towards to our next targets at 1.3597 (R2) and 1.3631 (R3). Downwards scenario: We still keep the downside extension in focus. Risk of market depreciation is seen below the support level at 1.3501 (S1). Loss here would enable initial targets at 1.3472 (S2) and 1.3446 (S3).

Resistance Levels: 1.3563, 1.3597, 1.3631
Support Levels: 1.3501, 1.3472, 1.3446

------------------------
GBPUSD :
HIGH 1.61431 LOW 1.61063 BID 1.61066 ASK 1.61074 CHANGE -0.08% TIME 08 : 16:50



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

Upwards scenario: Market remains sideways oriented. Next hurdle on the upside might be found at 1.6136 (R1). Break here would open road towards to our interim aim at 1.6155 (R2) and enable final intraday resistive measure at 1.6172 (R3). Downwards scenario: Further bearish market sentiment could be created if the price manages to overcome our next support level at 1.6090 (S1). A violation here might call for a run towards to lower targets at 1.6064 (S2) and 1.6039 (S3).

Resistance Levels: 1.6136, 1.6155, 1.6172
Support Levels: 1.6090, 1.6064, 1.6039

-----------------
USDJPY :
HIGH 100.223 LOW 99.938 BID 100.084 ASK 100.086 CHANGE -0.04% TIME 08 : 16:51



OUTLOOK SUMMARY : Down
TREND CONDITION : Downward penetration
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : High

Upwards scenario: Possibility of price progress is seen above the next resistance level at 100.22 (R1). Breakthrough here would suggest our interim target at 100.53 (R2) and then mark at 100.85 (R3) acts as last resistive measure for today. Downwards scenario: If the price manages to overcome our next support barrier at 99.84 (S1), we expect to see further market decline towards to our next target at 99.57 (S2) and then next stop could be found at 99.29 (S3) mark.

Resistance Levels: 100.22, 100.53, 100.85
Support Levels: 99.84, 99.57, 99.29

Source: FX Central Clearing Ltd,( http://www.fxcc.com )
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