Forex Technical & Market Analysis FXCC

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<b>Forex Technical & Market Analysis FXCC Nov 04 2013

China's non manufacturing PMI rose to 56.3, whilst fireworks may come later in the week with falling USA GDP numbers and rising unemployment...

China's Federation of Logistics and Purchasing (CFLP), Purchasing Managers' Index (PMI) came in at 56.3 over the weekend, it's a survey of about 1200 purchasing managers which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories. HSBC Holdings Plc and Markit Economics will release a services PMI on Nov. 5th whilst China’s Communist Party leaders enter a policy-making summit this week with the economy on an upswing, services and manufacturing surveys show. The estimates are that GDP (gross domestic product) will rise to 7.7 percent in the fourth quarter from a year earlier, down from 7.8 percent in the July-September period. China’s top party officials will meet in Beijing from Nov. 9-12 to map out a blueprint for reform as the country heads for its slowest growth in more than two decades. Sunday evening/Monday overnight is a relatively quiet opening for high impact news events, there's a bank holiday in Japan, whilst late on Monday the retail figures for Australia are produced, with the expectation that the print comes in at 0.5% from the previous month of 0.4%. Monday sees an early raft of PMI prints published courtesy of Markit Economics; Spanish and Italian manufacturing PMIs are published with the key data print being the overall European final manufacturing PMI, predicted to come in at 51.3. The Sentix sentiment index for Europe is predicted in at 6.6 from 6.1 previously. The UK's construction PMI may be crucial to establishing how deep the UK recovery really is, the expectation is for a print at 58.9, no change from the previous month. A significant reduction would begin to bring into question the strengths of the UK's GDP figures printed later this month and perhaps encourage the BoE's MPC to adjust interest rates, or increase monetary easing.

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FOREX ECONOMIC CALENDAR :

2013-11-04 08:58 GMT | EMU Markit Manufacturing PMI

2013-11-04 09:30 GMT | UK PMI Construction

2013-11-04 15:00 GMT | US Factory Orders (MoM)

2013-11-04 23:30 GMT | AU AiG Performance of Services Index

FOREX NEWS :

2013-11-04 06:26 GMT | AUD/USD trying more upside after Monday’s gap-up and consolidation; resistance 0.9515

2013-11-04 06:03 GMT | GBP/USD recouping a good percentage of the post-Fisher losses ahead of data

2013-11-04 05:33 GMT | EUR/GBP hovers near its Friday levels ahead of EZ/UK data

2013-11-04 05:01 GMT | USD/JPY continues to set up a bullish stance amidst Japanese holidays

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EURUSD

HIGH 1.35021 LOW 1.34422 BID 1.34886 ASK 1.34890 CHANGE 0.01% TIME 08 : 46:51

OUTLOOK SUMMARY : Down

TREND CONDITION : Down trend

TRADERS SENTIMENT : Bullish

IMPLIED VOLATILITY : Low

Upwards scenario: Medium-term bias is clearly bearish, to resume ascending structure price is required to clear the barrier at 1.5976 (R1). Next on tap locates our intraday targets at 1.6007 (R2) and 1.6040 (R3). Downwards scenario: Although market players may prefer to increase exposure on the short positions and push the price below the support level at 1.5901 (S1). In such case we would suggest initial targets at 1.5869 (S2) and then 1.5838 (S3).

Resistance Levels: 1.5976, 1.6007, 1.6040

Support Levels: 1.5901, 1.5869, 1.5838

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USDJPY :

HIGH 98.844 LOW 98.644 BID 98.716 ASK 98.718 CHANGE 0.01% TIME 08 : 46:52

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