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2013-05-01 07:00 GMT
FOMC Meeting -- a major catalyst or non-event?
The EUR/USD finished the day sharply higher, closing up 0.55% at 1.3166. Intra-day the pair traded as high as 1.3186 but was once again unable to take out the 1.3200 level. All eyes will be on the upcoming US session, with both Construction Spending and ISM Manufacturing PMI due out at 14:00 GMT. Following this data, we will get the Federal Reserve Monetary Policy statement at 18:00GMT.
However, with all the hype surrounding the upcoming economic data due out of the US, some analysts are saying not to look too much into the release and the effect on the US Dollar might be minimal.
According to Kathy Lien of BK Asset Management, “Given the recent disappointments in economic data, it will be very difficult for the hawks inside the Fed to justify hardening their call for a rate cut. In contrast, the doves will sing louder about the need for maintain the current level of stimulus. However none of these discussions are likely to appear in the FOMC statement. - FXstreet.com
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2013-05-01 14:00 GMT
USA.ISM Manufacturing PMI (Apr)
2013-05-01 18:00 GMT
USA.Fed Interest Rate Decision (May 1)
2013-05-01 18:00 GMT
USA.Fed's Monetary Policy Statement and press conference
2013-05-01 23:50 GMT
JP.BoJ Monetary Policy Meeting Minutes
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2013-05-01 03:29 GMT
GBP/USD finishes higher for a fifth straight day, closes April +1.41%
2013-05-01 02:40 GMT
AUD/JPY still forming “pennant” pattern on daily chart
2013-05-01 01:53 GMT
EUR/USD quiet during Asia session, resistance at 1.3200 remains in focus
2013-05-01 01:13 GMT
AUD/USD near highs after China PMI
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EURUSD
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HIGH
1.3179
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LOW
1.31603
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BID
1.31643
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ASK
1.31649
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CHANGE
-0.02%
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TIME
08:13:27
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OUTLOOK SUMMARY
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TREND CONDITION
Up
trend
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TRADERS SENTIMENT
Bearish
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IMPLIED VOLATILITY
High
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MARKET ANALYSIS - Intraday Analysis
Upwards scenario: Neutral hourly studies point towards further consolidation, with a break of next resistive structure at 1.3185 (R1) is required to spark stronger upside action. In such scenario we would suggest our next initial targets at 1.3213 (R2) and 1.3239 (R3). Downwards scenario: Next support level is seen at 1.3156 (S1), any penetration below it might activate downside pressure and enable lower target at 1.3120 (S2). Any further market decline would then be limited to 1.3084 (S3).
Resistance Levels: 1.3185, 1.3213, 1.3239
Support Levels: 1.3156, 1.3120, 1.3084
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GBPUSD
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HIGH
1.55468
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LOW
1.55262
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BID
1.55344
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ASK
1.55353
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CHANGE
0.03%
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TIME
08:13:27
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OUTLOOK SUMMARY
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TREND CONDITION
Up
trend
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TRADERS SENTIMENT
Bearish
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IMPLIED VOLATILITY
High
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Upwards scenario: On the upside potential is seen for a break above the resistance at 1.5563 (R1). In such case we would suggest next target at 1.5590 (R2) and any further rise would then be limited to final resistance at 1.5629 (R3). Downwards scenario: Successful retest of our next support level at 1.5527 (S1) might provide sufficient momentum for the price acceleration towards to interim target at 1.5507 (S2). Final aim for today locates at 1.5481 (S3).
Resistance Levels: 1.5563, 1.5590, 1.5629
Support Levels: 1.5527, 1.5507, 1.5481
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USDJPY
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HIGH
97.465
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LOW
97.049
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BID
97.276
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ASK
97.280
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CHANGE
-0.14%
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TIME
08:13:28
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OUTLOOK SUMMARY
Down
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TREND CONDITION
Down
trend
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TRADERS SENTIMENT
Bullish
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IMPLIED VOLATILITY
High
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Upwards scenario: Possibility of market strengthening is seen above the immediate resistive barrier at 97.42 (R1). Price extension above it is required to validate our next intraday targets at 97.61 (R2) and 97.82 (R3). Downwards scenario: If the price manages to overcome our next support barrier at 97.11 (S1), we expect to see further market decline towards to our next target at 96.89 (S2) and then next stop could be found at 96.70 (S3) mark.
Resistance Levels: 97.42, 97.61, 97.82
Support Levels: 97.11, 96.89, 96.70
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