|
|
|
|
2012-10-23 20:26 GMT
Euro searching for catalyst strong enough to break its range, FOMC eyed
Looking ahead, the Federal Reserve's policy setting committee began a two-day meeting, with a policy statement to be released Wednesday.According to Marc Chandler, Global Head of Currency Strategy at BBH, given the proximity of the election and the fact that an open-ended asset purchase plan was announced last month (QE3 or QE+), there will be a great deal more talk than action at the FOMC meeting.
"There are two issues that market expects the Fed to discuss. The first may fall under communication, but is really more substantive", says BBH. "Currently the Fed uses a calendar date approach, now mid-2015 to guide expectations of the minimum amount of time the Fed will keep interest rates low. There has been some talk…that perhaps the Fed should provide numerical targets".
The second issue addresses the amount of securities the Fed is purchasing, says BBH analyst. "The question here is whether the Fed should roll the $45 bln a month in Treasuries it is buying under Operation Twist (and selling short-end holdings) and roll them into QE3+", he explains. "This would mean buying $85 bln a month in MBS and Treasuries a month".
Read More
|
|
2012-10-24 14:00 GMT
United States. New Home Sales
2012-10-24 15:15 GMT
Canada. BoC Press Conference
2012-10-24 18:15 GMT
United States. Fed's Monetary Policy Statement and press conference
N/A
European Monetary Union. ECB President Mario Draghi Visits Germany
|
2012-10-24 05:02 GMT
EUR/USD looking ahead to EZ PMI, FOMC
2012-10-24 00:43 GMT
AUD/USD spike hits 1.0300 post-AU CPI
2012-10-23 23:23 GMT
Buy dips on gold towards a $1775 target - Nomura
2012-10-23 21:24 GMT
AUD/JPY bears protecting 82.70
|
|
|
|
|
|
|
|
|
|
SUMMARY
Down
|
TREND
Down
trend
|
MA10
Bullish
|
MA20
Bearish
|
STOCHASTIC
Neutral
|
|
|
|
|
MARKET ANALYSIS - Intraday Analysis
Technical Summary: Plenty of macroeconomic data releases ahead. Today in focus ECB President Mario Draghi speech at 14:00 GMT and Fed's Monetary Policy Statement and press conference at 18:15 GMT. Technically, instrument extended its weakening and determined negative bias on the medium term perspective.
Main scenario: Risk of further depreciation is seen below the next support level at 1.2971 (S1). Clearance here might put selling pressure to the pair and enable next targets at 1.2951 (S2) and 1.2930 (S3).
Alternative scenario: Our next resistance level is placed above the fresh high, provided today at 1.2994 (R1). Strengthening above it would suggest higher targets at 1.3013(R2) and 1.3037 (R3).
-
|
|
|
|
|
|
SUMMARY
Down
|
TREND
Down
trend
|
MA10
Bearish
|
MA20
Bearish
|
STOCHASTIC
Neutral
|
|
|
|
|
MARKET ANALYSIS - Intraday Analysis
Technical Summary: Technically, picture is negative for GBPUSD. We expect gradual market decline later on today however possibility of consolidation development is seen above our resistance levels.
Main scenario: Next support level in focus at 1.5931 (S1), if it manages to break our support here we suggest next targets at 1.5913 (S2) and 1.5894 (S3).
Alternative scenario: Successful attack to the next resistance level at 1.5956 (R1) might establish retracement formation with next targets at 1.5975 (R2) and 1.5993 (R3) in focus.
-
|
|
|
|
|
|
SUMMARY
Up
|
TREND
Up
trend
|
MA10
Bullish
|
MA20
Bearish
|
STOCHASTIC
Neutral
|
|
|
|
|
MARKET ANALYSIS - Intraday Analysis
Technical Summary: Yesterday USDJPY continued its consolidation and now is settled for a move. We expect retest of our resistance level today. If it fails to establish positive bias likely we will see a correction development on the hourly timeframe.
Main scenario: Next resistance at 79.94 (R1) comes ahead. The break here is required for the price appreciation towards to next target at 80.08 (R2) and any further rise would then be targeting to 80.22 (R3).
Alternative scenario: Downside fluctuations remains for now limited by next support level at 79.78 (S1), only clear break here would be a signal of market easing, targeting 79.64 (S2) and 79.49 (S3) in potential.
-
|
|
|
MARKET INFORMATION AND OPINIONS: Any information provided by FXCC
on this newsletter, including but not limited to news, research, opinions, analyses
and prices, is provided as commentary on the Forex market generally -- in other
words, it is not, and should not be considered as, investment advice. Consequently,
FXCC shall not be liable for any loss or damage, including but not limited to loss
of profits, which arises directly or indirectly from reliance upon or use of information
contained on this newsletter.
RISK WARNING: Trading in Forex and Contracts for Difference (CFDs) is highly speculative
and involves substantial risk of loss. It is possible to lose all your capital.
Forex and CFDs may not be suitable for all investors. Only invest with money you
can afford to lose. Please ensure you fully understand the risks involved before
investing. Seek independent advice if necessary.
|
|
