James McCabe
Recruit
- Messages
- 2
17 July 2013 Wednesday Daily Major Pairs analysis
Wednesday will be the first day for Fed Chairman Bernanke to testify against congress, market participant will pay attention to hint or clues on Fed’s exit strategy. Most of today’s move will be driven by the anticipation of the news, so we recommend traders to wait and see first the result and the sentiment of the market.
Today analysis:
EUR/USD
Yesterday ZEW data was not good for Germany, but ZEW data release for Eurozone was encouraging which sparked a rally in EUR/USD. Getting near to last week resistance at 1.3200, we favor long position, if the price can go above 1.3230 we expect EUR/USD to challenge 1.3320 and reach long term target at 1.3400.
Today important level to watch:
Resistance: 1.3200, 1.3230, 1.3320
Support: 1.3120, 1.3100, 1.3075
GBP/USD
Claimant Count Change and Bank vote for asset purchase also rates will be important news to watch today. We think there won’t be much change in votes, MPC member will vote for no rate change and no change to the asset purchase facility. For claimant count or unemployment benefit claim change, the forecasted number was -7.5k compared to previous -8.6k, less people who apply for unemployment benefit will boost Poundsterling.
Today important level to watch:
Resistance: 1.5167, 1.5220, 1.5258, 1.5345
Support: 1.5080, 1.5056, 1.5027, 1.5000
USD/CHF
Broken triangle signaled more weakness in USD/CHF, yesterday price successfully moved down below support and we think there is more room for bear 0.9420 can be a good place to short form with a target around 0.9328 – 0.9340. Just a reminder, today's news might change direction of the trend.
Today important level to watch:
Resistance: 0.9420, 0.9455, 0.9475
Support: 0.9342, 0.9328, 0.9276
USD/CAD
Today's highlight is the rate announcement, BOC expected to keep the rate steady at 1% while maintaining “Hiking” bias, this condition spell uncertainty in the market and rate hike will send USD/CAD down.
Moving down after touching resistance, USD/CAD fell to support level, assessing the possibility we favor USD/CAD to break support when the news release tonight, but we would want to be careful and if the price go higher than 1.0430 then we will change our outlook to bullish again.
Today important level to watch:
Resistance: 1.0430, 1.0493, 1.0517
Support: 1.0388, 1.0361, 1.0325
AUD/USD
AUD/USD will wait for USD side now, RBA this week might set the trend for AUD/USD several weeks forward, right now AUD/USD will try to go above 0.9323, if price successfully go above that level, we have a long term target of 0.9495 – 0.9530. Maintaining same outlook as yesterday, we favor Long position.
Today important level to watch:
Resistance: 0.9290, 0.9322, 0.9490
Support: 0.9216, 0.9200, 0.9125
Wednesday will be the first day for Fed Chairman Bernanke to testify against congress, market participant will pay attention to hint or clues on Fed’s exit strategy. Most of today’s move will be driven by the anticipation of the news, so we recommend traders to wait and see first the result and the sentiment of the market.
Today analysis:
EUR/USD
Yesterday ZEW data was not good for Germany, but ZEW data release for Eurozone was encouraging which sparked a rally in EUR/USD. Getting near to last week resistance at 1.3200, we favor long position, if the price can go above 1.3230 we expect EUR/USD to challenge 1.3320 and reach long term target at 1.3400.
Today important level to watch:
Resistance: 1.3200, 1.3230, 1.3320
Support: 1.3120, 1.3100, 1.3075
GBP/USD
Claimant Count Change and Bank vote for asset purchase also rates will be important news to watch today. We think there won’t be much change in votes, MPC member will vote for no rate change and no change to the asset purchase facility. For claimant count or unemployment benefit claim change, the forecasted number was -7.5k compared to previous -8.6k, less people who apply for unemployment benefit will boost Poundsterling.
Today important level to watch:
Resistance: 1.5167, 1.5220, 1.5258, 1.5345
Support: 1.5080, 1.5056, 1.5027, 1.5000
USD/CHF
Broken triangle signaled more weakness in USD/CHF, yesterday price successfully moved down below support and we think there is more room for bear 0.9420 can be a good place to short form with a target around 0.9328 – 0.9340. Just a reminder, today's news might change direction of the trend.
Today important level to watch:
Resistance: 0.9420, 0.9455, 0.9475
Support: 0.9342, 0.9328, 0.9276
USD/CAD
Today's highlight is the rate announcement, BOC expected to keep the rate steady at 1% while maintaining “Hiking” bias, this condition spell uncertainty in the market and rate hike will send USD/CAD down.
Moving down after touching resistance, USD/CAD fell to support level, assessing the possibility we favor USD/CAD to break support when the news release tonight, but we would want to be careful and if the price go higher than 1.0430 then we will change our outlook to bullish again.
Today important level to watch:
Resistance: 1.0430, 1.0493, 1.0517
Support: 1.0388, 1.0361, 1.0325
AUD/USD
AUD/USD will wait for USD side now, RBA this week might set the trend for AUD/USD several weeks forward, right now AUD/USD will try to go above 0.9323, if price successfully go above that level, we have a long term target of 0.9495 – 0.9530. Maintaining same outlook as yesterday, we favor Long position.
Today important level to watch:
Resistance: 0.9290, 0.9322, 0.9490
Support: 0.9216, 0.9200, 0.9125