Forex Technical & Market Analysis FXCC Nov 12 2013

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Forex Technical & Market Analysis FXCC Nov 12 2013

USA small business optimism loses ground in October.

In the overnight early morning trading session we'll receive the publication of the Australian NAB business confidence report. Japan will release its consumer confidence index, predicted to come in at 46.3. UK inflation figures are published in the London session, expected to come in at 2.5% for CPI and 3% for RPI. The USA small business index is published in the afternoon session expected in at 93.5, as is the RBNZ financial stability report for New Zealand. It provides insights into the bank's view of inflation, growth, and other economic conditions that will affect interest rates in the future. The RBNZ governor Wheeler will then hold court shortly after the financial stability report to discuss the current state of the nation's finances. The NFIB Index of Small Business Optimism in the USA has lost 2.3 points to 91.6. Two components, the outlook for business conditions and the outlook for real sales gains, accounted for 52 percent of the Index decline. A weaker outlook for business produced dissatisfaction with inventory stocks, and fewer plans to create new jobs. The average value of the Index since the recovery started is 91. Looking towards tomorrow's open the DJIA equity index future is up 0.18%, SPX up 0.09% and the NASDAQ future is currently at the time of writing down 0.15%. The DAX future is up 0.48%, STOXX up 0.69% and CAC up 0.81% with UK FTSE up 0.43%. The DJIA closed up 0.14%, the SPX up 0.07% and the NASDAQ up 0.01%. Looking at Europe's bourses the STOXX index closed up 0.59%, CAC up 0.70%, DAX up 0.33%, and the UK FTSE up 0.30%.


FOREX ECONOMIC CALENDAR :
2013-11-12 09:30 GMT | UK Core Consumer Price Index (YoY) (Oct)
2013-11-12 13:30 GMT | US Chicago Fed National Activity Index (Sep)
2013-11-12 20:00 GMT | RBNZ Financial Stability Report
2013-11-12 23:50 GMT | JP Machinery Orders (YoY) (Sep)

FOREX NEWS :
2013-11-12 07:16 GMT | EUR/USD dips to lows on German data
2013-11-12 06:56 GMT | GBP/USD deflates to session lows
2013-11-12 05:28 GMT | EUR/GBP on the soggy side
2013-11-12 05:07 GMT | GBP/AUD soars on solid UK home data, struggling Aussie

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EURUSD
HIGH 1.34137 LOW 1.33798 BID 1.33938 ASK 1.33941 CHANGE -0.09% TIME 09 : 51:38



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

MARKET ANALYSIS - Intraday Analysis

Upwards scenario: Possibility of further price progress is seen above the next resistance level at 1.3438 (R1). Breakthrough here would suggest interim target at 1.3485 (R2) and then mark at 1.3532 (R3) acts as next attractive point. Downwards scenario: Risk of market weakening is seen below the support level at 1.3368 (S1). Loss here is required to enable our supportive barrier at 1.3317 (S2) en route towards to final target for today at 1.3270 (S3).

Resistance Levels: 1.3438, 1.3485, 1.3532
Support Levels: 1.3368, 1.3317, 1.3270

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GBPUSD :
HIGH 1.59922 LOW 1.59513 BID 1.59573 ASK 1.59577 CHANGE -0.2% TIME 09 : 51:38



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

Upwards scenario: Measures of resistance might be activating if the pair approaches 1.5978 (R1) price level. Break here would suggest next interim target at 1.6005 (R2) and If the price keeps its momentum we expect an exposure of 1.6031 (R3). Downwards scenario: On the other hand, progress below the initial support level at 1.5932 (S1) might initiate bearish pressure and expose our intraday targets at 1.5907 (S2) and 1.5880 (S3) later on today.

Resistance Levels: 1.5978, 1.6005, 1.6031
Support Levels: 1.5932, 1.5907, 1.5880

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USDJPY :
HIGH 99.731 LOW 99.104 BID 99.688 ASK 99.692 CHANGE 0.53% TIME 09 : 51:39



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

Upwards scenario: Further price appreciation needs to clear the barrier at 99.86 (R1) to enable our interim target at 100.06 (R2) and then any further gains would be limited to last resistance at 100.25 (R3). Downwards scenario: On the downside, USDJPY might encounter supportive measures at 99.30 (S1). Break here would open the way for a test of our next targets at 99.10 (S2) and 98.89 (S3) later on today.

Resistance Levels: 99.86, 100.06, 100.25
Support Levels: 99.30, 99.10, 98.89

Source: FX Central Clearing Ltd,( )