Forex Technical & Market Analysis FXCC Aug 08 2013

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Forex Technical & Market Analysis FXCC Aug 08 2013

BoJ to keep massive monetary easing

BOJ kept monetary policy steady by unanimous vote, retaining its plan to increase monetary base at annual pace of 60-70 trillion yen. The bank said that the CPI uptick from recent months will gradually accelerate as inflation expectations continue to rise on the whole. Monetary easing to continue until 2% inflation target reached, the BoJ said. On the economic outlook, the central bank said the Japanese economy is recoverying moderately but still faces many uncertainties.


FOREX ECONOMIC CALENDAR :
2013-08-08 08:00 GMT | EMU ECB Monthly Report
2013-08-08 12:30 GMT | US Initial Jobless Claims
2013-08-08 12:30 GMT | Canada. New Housing Price Index (YoY)
2013-08-08 23:50 GMT | Japan. Tertiary Industry Index (MoM)

FOREX NEWS :
2013-08-08 05:02 GMT | EUR/USD resting below fresh 7-week highs at 1.3350
2013-08-08 04:50 GMT | AUD/NZD takes off to reach 1.1397 intraday highs
2013-08-08 04:50 GMT | GBP/USD consolidating gains above 1.55
2013-08-08 04:20 GMT | USD/CHF pocketing 0.13% gains on steady climb

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EURUSD
HIGH 1.33506 LOW 1.33281 BID 1.33485 ASK 1.33489 CHANGE 0.1% TIME 08:35:44



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

MARKET ANALYSIS - Intraday Analysis

Upwards scenario: Fresh high offers a key resistive barrier at 1.3346 (R1). Subsequently loss here might create upside momentum and drive market price towards to our initial targets at 1.3358 (R2) and 1.3370 (R3) in potential. Downwards scenario: On the other hand, depreciation below the technically important support level at 1.3327 (S1) might lead to the correction formation on the short-term perspective. Possible targets lies at 1.3314 (S2) and 1.3302 (S3).

Resistance Levels: 1.3346, 1.3358, 1.3370
Support Levels: 1.3327, 1.3314, 1.3302

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GBPUSD :
HIGH 1.55067 LOW 1.54849 BID 1.55067 ASK 1.55071 CHANGE 0.13% TIME 08:35:45



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

Upwards scenario: After the strong appreciation yesterday we expect to see some consolidation ahead. Though clearance of next resistance level at 1.5531 (R1) might enable bullish pressure and open route towards to our next targets at 1.5557 (R2) and 1.5584 (R3). Downwards scenario: On the downside, support level at 1.5478 (S1) limits possible retracement expansion. Break here is required to enable lower target at 1.5450 (S2) en route to final aim at 1.5424 (S3).

Resistance Levels: 1.5531, 1.5557, 1.5584
Support Levels: 1.5478, 1.5450, 1.5424

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USDJPY :
HIGH 96.935 LOW 96.322 BID 96.415 ASK 96.416 CHANGE 0.09% TIME 08:35:46



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

Upwards scenario: Possible buying interest might arise above the resistance at 96.94 (R1). Clearance here would suggest next intraday target at 97.18 (R2) and if the price holds its momentum we can expect an exposure of 97.42 (R3). Downwards scenario: On the other hand, further downtrend development may encounter supportive measure at 96.30 (S1). Penetration through this level would targeting then supportive means at 96.08 (S2) and 95.84 (S3) in potential.

Resistance Levels: 96.94, 97.18, 97.42
Support Levels: 96.30, 96.08, 95.84

Source: FX Central Clearing Ltd,( )