Archive for February 2011
Forex-Metal Daily Analysis -24/02/2011
https://forex-metal.com/news_posts
Bank of England minutes bring pound to maximums.
Asian and European trading session:
Euro: 2-year maximums of the oil prices level supported the growing euro rate, since the possibility that the ECB would reinforce its monetary policies and raise interest rates increased.
The EUR/USD pair strengthened at the $1.3700 maximums during the Asian session, the European session brought euro to the level of $1.3740.
British Pound: The sterling also demonstrated growth. The GBP/USD pair reached maximums at the level of $1.6273. The pound was supported by the release of the minutes of the Bank of England.
Japanese Yen: The USD/JPY pair reached maximums at the Y82.90 mark.
New-Zealand Dollar: The New-Zealand dollar started to rehabilitate on Wednesday. Rating agency “Moody’s Investor Service†stated that the earthquake that took place in New-Zealand would not affect the credit rating of the country.
Oil: Political instability in the Middle East region keeps oil prices at their maximums. Wednesday prices range was at the $95.97 level per barrel.
Gold: The gold price increased and hit the $1,404.50 mark per ounce.
American trading session:
Euro: During the American session the EUR/USD hit even higher and reached the $1,3786 maximum.
Swiss Frank: Swiss Frank reached its historical maximum against the US dollar, as a save-heaven currency.
Technical analysis for 24/02
EURUSD
The pair has reached 1.37486. At this level two median lines and Fibonacci 61.8% which are resistances for the pair. But the pair still looks bullish and may rise to 1.38554.
Resistance: 1.38554, 1.39600, 1.40690
Support: 1.37486, 1.35984, 1.34882
GBPUSD
The pair may try to reach 1.63316.
Resistance: 1.63316, 1.64636, 1.65706
Support: 1.62050, 1.60322, 1.58543
USDCHF
The pair has reached new low 0.92756.
Resistance: 0.93435, 0.95125, 0.96574
Support: 0.91658, 0.90202, 0.88519
USDJPY
The pair is aiming to triangle’s bottom at 81.938.
Resistance: 83.065, 83.933, 84.866
Support: 82.219, 81.399, 80.438
AUDUSD
The pair is rising to 1.00907.
Resistance: 1.00907, 1.01744, 1.02705
Support: 1.00067, 0.99207, 0.98436
Forex-Metal Daily Analysis -23/02/2011
Demand for the save-heaven assets is growing.
Asian and European trading sessions:
New-Zealand Dollar: The devastating earthquake, that happened in New-Zealand, pressured the national currency rate and decreased the market participants’ willingness to take risks.
Euro: The EUR/USD pair traded around the $1.3600 level. Minimums were reached at the $1.3524 mark.
The euro managed to rehabilitate after the statement of the ECB representative Yves Mersh, who mentioned that ECB would soon move on to tightening of the monetary policies
US Dollar: The US dollar rate was supported by the political problems in Middle East, as a save-heaven currency. During the last couple of weeks the ruling regimes of Egypt and Tunisia were overthrown.
British Pound: The GBP/USD pair traded in the range of $1.6130 – $1.6180.
Japanese Yen: After the announcement that the credit agency “Moody’s Investors Service†reduced the credit rating of Japan from stable to negative, the Japanese yen rate dropped. Yen was overall supported on Tuesday as a save-heaven currency.
The USD/JPY pair traded in the range of Y82.80 – Y83.23.
Oil: Continuing riots in Libya reinforced concerns over the oil supply, and the oil prices grew and reached their 2-year maximums. Oil traded at the level of $93.97 rate per barrel.
Gold: Gold rate is correcting itself after it has demonstrated considerable growth. Gold is trading at the level of $1400.6.
American trading session:
Swiss Frank: Swiss Frank continued to strengthen, being supported as a save-heaven currency.
US Dollar: The released US fundamentals did not have a serious impact on the trading dynamics. The Consumer confidence level turned out to be above forecasts: 70.4 against the expected 65.5. Richmond Fed manufacturing index grew amid expectations as well: 25 against forecasted 18.
Technical analysis for 23/02
EURUSD
The pair returned to Moving Average (500). The pair is aiming to 1.37486.
Resistance: 1.37486, 1.38554, 1.39600
Support: 1.35984, 1.34882, 1.33143
GBPUSD
The pair is aiming to 1.62050.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair may decline to 0.93435.
Resistance: 0.95125, 0.96574, 0.98114
Support: 0.93435, 0.91658, 0.89710
USDJPY
The pair is aiming to triangle’s bottom at 81.938.
Resistance: 83.065, 83.933, 84.866
Support: 82.219, 81.399, 80.438
AUDUSD
The pair has declined to 0.00067. The pair may decline to median line at 0.99611.
Resistance: 1.00907, 1.01744, 1.02705
Support: 1.00067, 0.99207, 0.98436
Forex-Metal Daily Analysis -22/02/2011
Instability in the Middle East and Africa regions concerns the market.
Asian and European trading sessions:
Euro: EUR/USD pair started trading day with maximums of $1.3715. The pair traded around the levels of $1.3710 after the release of the strong Euro-zone fundamentals. In particular, the German IFO – Business climate index turned out to be at the level of 111.2 amid expectations of 110.3.
Minimums were reached at the $1,3645 level.
US Dollar: Save-heaven assets received substantial support on Monday as a result of the Middle East and African instability. In particular, the problems in Libya raise world concerns. According to the released information, the civil war can start in the country. Demonstrations are taking place in Tunisia, Bahrain, Djibouti, Morocco and Iran.
British Pound: The GBP/USD pair traded in the range of $1.6245 – $1.6200.
Japanese Yen: Yen was supported as a save-heaven currency.
Oil: Instability at the Middle East region reinforced concerns regarding possible interruptions of the oil supply. Oil rate stabilized around the $91.47 level per barrel. Maximums were reached at the $92.00 mark.
Gold: Gold is trading above the maximum level of $1400 price per ounce. According to some experts’ opinion, the growth of gold might continue, though the “yellow metal†is over-bought.
American trading session:
US Dollar: US financial markets were closed today due to the President’s Day celebration.
Technical analysis for 22/02
EURUSD
The pair was unable to stay above Moving Average (500) and started to decline. The pair is aiming to 1.35984. If this level is broken the pair will decline to 1.34882.
Resistance: 1.37486, 1.38554, 1.39600
Support: 1.35984, 1.34882, 1.33143
GBPUSD
The pair has risen to 1.62050 and rolling back to 1.61144.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair is aiming to 0.95125. If this level is broken the pair will rise to 0.95904.
Resistance: 0.95125, 0.96574, 0.98114
Support: 0.93435, 0.91658, 0.89710
USDJPY
If the pair stays below resistance 83.065 the pair will decline to 82.219.
Resistance: 83.933, 84.866, 86.861
Support: 83.065, 82.219, 81.399
AUDUSD
If the pair stays below 1.00907 the pair will decline to 0.00067.
Resistance: 1.00907, 1.01744, 1.02705
Support: 1.00067, 0.99207, 0.98436
Forex Metal Weekly Newsletter
https://forex-metal.com/newsletters/192
https://forex-metal.com/newsletters/193
IN THIS ISSUE:
1. Weekly market review from Forex-Metal.
2. Weekly technical analysis.
3. 30% trading bonus is on again!
4. Representatives Wanted!
________________________________________
WEEKLY REVIEW FOR 14 – 18. 02, 2011
Previous trading week started with a US dollar competitors’ weakness.
On Monday euro demonstrated sharp decrease against the competitors during the European trading sessions. Concerns over the Euro-zone budget crises reinforced. The 2-day meeting of the EC Ministers of Finance, which started on that day, might not result in a mutual agreement regarding target levels of reducing the country’s debt loads. In addition, according to the released information, chances of restructuring of the German state bank West LB AG were reducing, which rendered pressure on the euro as well. The Euro-zone Industrial production, published on Monday, turned out to be negative at the level of -0.1%, against the forecasts of 0.0% and previous month positive figure of 1.4%. As a result, the EUR/USD pair demonstrated minimums at $1,3426. The sterling demonstrated a decrease following the euro drop. The GBP/USD pair decreased to $1.5985 minimums.
By the end of the day the euro managed to rehabilitate and won back the previously lost positions. The EUR/USD grew to the levels of $1,3480. The pound managed to grow against the greenback during the American trading session as well. The GBP/USD reached the $1,6030 mark. Speculations regarding the possibility, that the Bank of England would increase the principal rate, reinforced.
On Tuesday the EUR/USD pair demonstrated growth up to the $1.3530 maximums during the Asian trading session. But the released Euro-zone fundamentals were diverse. German GDP data for the fourth quarter turned out to be below expectations. And the Euro-zone overall GDP for the same period was below forecasts as well. The German ZEW survey (Economic sentiment) for February was at the 15.7 level against the expected 20.0, which pressured the euro. But, at the same time, the German ZEW survey (Current situation) for February grew from the previous month and happened to be above forecasts: 85.2 against the 83.0, which rendered support to the euro. European session showed maximums of $1.3552 by EUR/USD pair.
Sterling demonstrated steady growth against its competitors due to the released strong British fundamentals on that day. UK Consumer price index turned out to be at the expected level of 4.0%. DCLG House prices were above forecasts too. And the Retail price indices were above expected level as well. Therefore, the GBP/USD pair reached the $1,6170 maximums. As a result, the speculations regarding possible increase of the principal interest rate reinforced.
According to the expectations, on Tuesday the Bank of Japan left the principal rate unchanged at the previous level of 0.10%. USD/JPY pair managed to grow to the Y83.80 mark.
Diverse US fundamentals were released during the American trading session. Eventually, the US dollar received support. Empire manufacturing index for February grew and hit 15.43 amid forecasts at 15.00 level. Net long-term TIC flows were above expectations. But advance retail sales dropped for 0.3% when the expectations were 0.5%.
On Wednesday the GBP/USD pair demonstrated maximums during the Asian trading session at the level of $1,6186. But later on the release of the negative UK fundamentals changed the trading dynamics. Nationwide Consumer confidence for January dropped to 47 against expected level of 50. Jobless claims increased for 2.4K when the indicator was forecasted to drop for 3.0K. Pound reacted with a sharp decrease. According to the publication of the Bank of England Inflation report, the inflation would likely remain high over this year. Following this report the GBP/USD pair dropped to minimums of $1,5985. The drop of the pound influenced the euro dynamics. The EUR/USD pair decreased to the $1.3459 mark.
The dollar price action was mixed on the same day. But the US fundamentals, which were released during the American session, changed the trading dynamics of the major currencies. Strong economic docket increased the demand for the risky assets, and the greenback turned out to be under pressure. The EUR/USD pair managed to rehabilitate and hit the $1,3587 maximums after the release of the Industrial production index, which turned out to be -0.1% against the forecasted 0.5%. The Federal release of the FOMC meeting, which was also in the market focus on Wednesday, did not have any relevant influence on the market.
Greenback was under pressure on Thursday. US dollar was not supported as a save-haven currency.
Political problems, which were spreading over the Middle East region, supported the growing demand for the save-haven assets. Iran confirmed that two warships were forwarded to the Mediterranean through the Suez Canal. As a result, the Japanese yen rate increased against its competitors. The USD/JPY pair traded around the maximum range of Y83.50 – Y83.70. Swiss frank received considerable support as a save-haven currency and reached two-week maximum.
Additional pressure on the US dollar was received from the released US fundamentals. The Initial jobless claims turned out to be elevated above the forecast and over the previous level as well: 410K against the expected 400K.
On Friday after the announcement of the ECB Board member, Lorenzo Bini Smagi, that the ECB would raise the principal rate due to the increasing pressure from the global inflation, the greenback competitors started to grow. The EUR/USD pair reached maximums of $1,3700, and the GBP/USD hit the $1,6250 level.
________________________________________
WEEKLY TECHNICAL ANALYSIS FOR 21- 25. 02, 2011
EURUSD
The pair is trading in the triangle. Upper border (resistance) is 1.41130, lower border (support) is 1.30651. The pair needs to break one of these levels to be able continue rising or falling.
Resistance: 1.37441, 1.41130, 1.44835
Support: 1.33427, 1.2800, 1.25667
GBPUSD
The pair has broken channel line. A return for a test to channel line maybe expected to 1.61380. If the pair stays above this level the pair will rise to Fibonacci retracement 38.2% at 1.64274 and Moving Average 9200) at 1.65789.
Resistance: 1.64274, 1.68504, 1.72652
Support: 1.59962, 1.52523, 1.48532
USDCHF
The pair has rolled back to 0.94501. Lower is stronger support at 0.93264.
Resistance: 0.96525, 0.99031, 1.01369
Support: 0.93264, 0.91074, 0.88022
USDJPY
The pair is closed in the triangle. Resistance 83.330 supports 81.010. The pair needs to break one of these levels to be able to continue rising or declining.
Resistance: 83.330, 86.836, 90.909
Support: 80.244, 76.535, 73.126
AUDUSD
The pair has risen to 1.01873 and may roll back to 1.00031.
Resistance: 1.01873, 1.03847, 1.05810
Support: 1.00031, 0.97889, 0.94048
________________________________________
30% TRADING BONUS IS ON AGAIN!
Cash bonus promotion – “You nominate the amount of the bonus”. Get a cash bonus of up to $3000 when you deposit funds into your account for the first time. The full bonus conditions are available here: https://forex-metal.com/discount/discount02
If you have just opened a trading account with us and fund your trading account within a week from the time of this message, you can receive a cash bonus in addition to your deposit.
If you would like to receive the bonus, please contact us at payments@forex-metal.com and confirm the bonus amount you would like to receive, at the time your account is being funded. REPRESENTATIVES WANTED!
We are expanding our operations and would like to open a representative office in your country, so we can be closer to our customers. If you feel that you are up to it: to have an interesting business and to have a steady income, then talk to us. You do not need to have any special knowledge – full training and support will be provided by us.
For more details please contact our Business Development team at business@forex-metal.com or talk to our operators via live chat and they will put you to the right person.
________________________________________
Forex-Metal Presents a Risk-Free Forex White Label Solution
We are happy to present a Risk-Free Forex White Label Solution that will allow brokers, financial companies, and banks expand into forex and CFD markets by establishing independent brokerage business.
White-Label partners are supplied with Metatrader 4 terminal with their company logo and contact details. The platform, hosted on Forex-Metal servers, provides real time financial datafeeds that include spot forex prices, as well as shares and indices from major exchanges. Brokers, using a different trading platform, can use Forex-Metal White Label Solution to offer Metatrader 4 platform as additional service.
White Label Introducing brokers enjoy the following benefits:
1) A risk free business solution: Forex-Metal takes care of White Label Partners’ trading risks by hedging customers’ trades;
2) Quick and Easy start: no need to spend time and money creating and purchasing trading platform, a “turn-key” White Label business solution can be set up in a matter of weeks;
3) Flexibility: ability to create and adjust trading conditions and spreads, add new forex pairs and other financial instruments.
4) full technical and logistical support, free analytical information and news.
For more information on Forex-Metal White Label Program, visit https://forex-metal.com/questionary_white_labels/new
Forex-Metal Daily Analysis -18/02/2011
Middle East problems support the demand for save-haven assets.
Asian and European trading session:
Euro: EUR/USD pair traded in the range of $1.3535 – $1.3590.
US Dollar: Greenback was under pressure on Thursday. US dollar was not supported as a save-haven currency.
British Pound: In spite of the general negative tendency of the risky assets, the sterling rate demonstrated growth on Thursday. GBP/USD pair hit maximums at the level of $1.6144.
Japanese Yen: Political problems, which are spreading over the Middle East region, support the growing demand for the save-haven assets. Iran confirmed that two warships were forwarded to the Mediterranean through the Suez Canal. As a result, the Japanese yen rate increased against its competitors.
The USD/JPY pair traded around the maximum range of Y83.50 – Y83.70.
Swiss Frank: Swiss frank received considerable support as a save-haven currency and reached two-week maximum.
Oil: Oil rate was under pressure due to the instability in the Middle East region and possible reduction of the oil inventories supply. Oil traded around its two-year maximums.
American trading session:
US Dollar: Additional pressure on the US dollar was received from the released US fundamentals. The Initial jobless claims turned out to be elevated above the forecast and over the previous level as well: 410K against the expected 400K.
British Pound: The GBP/USD pair reached maximums at the $1,6186 mark.
Forex-Metal Daily Analysis -17/02/2011
https://forex-metal.com/news_posts
Negative rally of the euro and the pound.
Asian and European trading sessions:
British Pound: The GBP/USD pair set maximums during the Asian trading session at the level of $1,6186. But Wednesday saw the release of the negative UK fundamentals. Nationwide Consumer confidence for January dropped to 47 against expected level of 50. Jobless claims increased for 2.4K when the indicator was forecasted to drop for 3.0K. Pound reacted with a sharp decrease.
According to the publication of the Bank of England Inflation report, the inflation will likely remain high over this year. Following this report the GBP/USD pair dropped to minimums of $1,5985.
Euro: The drop of the pound influenced the euro dynamics. The EUR/USD pair decreased to the $1.3459 mark.
US Dollar: The released Producer price index indicators showed growth and were above their forecasts. Building permits and Housing starts showed growth amid expectations.
American trading session:
US Dollar: The dollar price action was mixed on Wednesday. Buut the US fundamentals, which were released during the American session, changed the trading dynamics of the major currencies. Stro0ng economic docket increased the demand for the risky assets, and the greenback turned out to be under pressure.
The EUR/USD pair managed to rehabilitate and hit the $1,3587 maximums after the release of the Industrial production index, which turned out to be -0.1% against the forecasted 0.5%.
The Federal release of the FOMC meeting, which was also in the market focus today, did not have any relevant influence on the market.
Technical analysis for 17/02
EURUSD
The pair has reached resistance 1.35984 and if this level is broken the pair may rise to Moving Average (500) at 1.36639.
Resistance: 1.35984, 1.37486, 1.38554
Support: 1.34882, 1.33143, 1.31674
GBPUSD
The pair is trading below channel line. The pair needs to stay above 1.61349 for being able continue rising to 1.62050.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair is aiming to 0.95814. Next level is 0.95125.
Resistance: 0.96574, 0.98114, 0.99201
Support: 0.95125, 0.93435, 0.91658
USDJPY
The pair found support at 83.065 and aiming to Moving Average (200) at 84.350.
Resistance: 83.933, 84.866, 86.861
Support: 83.065, 82.219, 81.399
AUDUSD
If the pair stays below 1.00067 the pair will decline to 0.99207.
Resistance: 1.00907, 1.01744, 1.02705
Support: 0.99207, 0.98436, 0.97423
Forex-Metal Daily Analysis -16/02/2011
https://forex-metal.com/news_posts
: British pound receives support from UK fundamentals.
Asian and European trading sessions:
Euro: Today the EUR/USD pair demonstrated growth up to the $1.3530 maximums during the Asian trading session.
The released Euro-zone fundamentals were diverse. German GDP data for the fourth quarter turned out to be below expectations. And the Euro-zone overall GDP for the same period was below forecasts as well. The German ZEW survey (Economic sentiment) for February was at the 15.7 level against the expected 20.0, which pressured the euro. But, at the same time, the German ZEW survey (Current situation) for February grew from the previous month and happened to be above forecasts: 85.2 against the 83.0, which rendered support to the euro.
European session showed maximums of $1.3552 by EUR/USD pair.
US Dollar: Demand for the save-haven assets dropped, which had a negative influence on the greenback.
British Pound: Sterling demonstrated steady growth against its competitors due to the released strong British fundamentals.
UK Consumer price index turned out to be at the expected level of 4.0%. DCLG House prices were above forecasts too. And the Retail price indices were above expected level as well.
Therefore, the GBP/USD pair reached the $1,6170 maximums. As a result, the speculations regarding possible increase of the principal interest rate reinforced.
Japanese Yen: According to the expectations, the Bank of Japan left the principal rate unchanged at the previous level of 0.10%.
USD/JPY pair managed to grow to the Y83.80 mark.
Gold: Gold prices reached maximums today at the level of $1373.75 per ounce.
American trading session:
American Dollar: Diverse US fundamentals were released during the American trading session. Eventually, the US dollar received support. Empire manufacturing index for February grew and hit 15.43 amid forecasts at 15.00 level. Net long-term TIC flows were above expectations. But advance retail sales dropped for 0.3% when the expectations were 0.5%.
Technical analysis for 16/02
EURUSD
The pair has declined to support level Fibonacci retracement 50.0%. A rise to 1.35984 maybe expected.
Resistance: 1.35984, 1.37486, 1.38554
Support: 1.34882, 1.33143, 1.31674
GBPUSD
If the pair has broken 1.61085 and the pair started to work out the Flag. The end of the figure maybe expected at 1.63316. But first 1.62050 should be broken.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair is breaking 0.96574 and aiming to 0.95814.
Resistance: 0.98114, 0.99201, 1.00168
Support: 0.96574, 0.95125, 0.93435
USDJPY
The pair found support at 83.065 and aiming to Moving Average (200) at 84.350.
Resistance: 83.933, 84.866, 86.861
Support: 83.065, 82.219, 81.399
AUDUSD
If the pair stays below 1.00067 the pair will decline to 0.99207.
Resistance: 1.00067, 1.00907, 1.01744
Support: 0.99207, 0.98436, 0.97423
Forex-Metal Daily Analysis -15/02/2011
https://forex-metal.com/news_posts
Concerns over the EC budget crises rise again.
Asian and European trading sessions:
Euro: Today euro demonstrated sharp decrease against the competitors during the European trading sessions. Concerns over the Euro-zone budget crises reinforced. The 2-day meeting of the EC Ministers of Finance, which started today, might not result in a mutual agreement regarding target levels of reducing the country’s debt loads.
In addition, according to the released information, chances of restructuring of the German state bank West LB AG are reducing, which renders pressure on the euro as well.
The Euro-zone Industrial production, published on Monday, turned out to be negative at the level of -0.1%, against the forecasts of 0.0% and previous month positive figure of 1.4%.
As a result, the EUR/USD pair demonstrated minimums at $1,3426.
New-Zealand Dollar: The released on Sunday retail sales data pressured the national currency, since it happened to be negative at the level of -1.1%, when previous month the indicator was positive at the 1.5% mark.
US Dollar: The greenback was pressured by the increased demand for the risky assets.
British Pound: The sterling demonstrated a decrease following the euro drop. The GBP/USD pair decreased to $1.5985 minimums.
Japanese Yen: The USD/JPY pair decreased to the level of Y83.10.
Oil: Oil is trading at the minimums of $85.67 per barrel.
American trading session:
Euro: By the end of the day the euro managed to rehabilitate and won back the previously lost positions. The EUR/USD grew to the levels of $1,3480.
British Pound: The pound managed to grow against the greenback during the American trading session. The GBP/USD reached the $1,6030 mark. Speculations regarding the possibility, that the Bank of England would increase the principal rate, reinforced.
Technical analysis for 15/02
EURUSD
The pair has declined to support level Fibonacci retracement 50.0%. A rise to 1.35984 maybe expected.
Resistance: 1.35984, 1.37486, 1.38554
Support: 1.34882, 1.33143, 1.31674
GBPUSD
If the pair breaks 1.61085 the pair may start to work out the Flag. The end of the figure is at 1.63316.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair has touched Moving Average (100) at 0.97022 but rolling back to 0.96574. If the pair breaks 0.96574 the pair may decline to 0.95814.
Resistance: 0.98114, 0.99201, 1.00168
Support: 0.96574, 0.95125, 0.93435
USDJPY
The pair will decline if declines below 83.065.
Resistance: 83.065, 83.933, 84.866
Support: 82.219, 81.399, 80.438
AUDUSD
The pair will continue rising if breaks and stays above 1.00907.
Resistance: 1.00907, 1.01744, 1.02705
Support: 1.00067, 0.99207, 0.98436
Forex Metal Weekly Newsletter
https://forex-metal.com/newsletters/190
https://forex-metal.com/newsletters/191
IN THIS ISSUE:
1. Weekly market review from Forex-Metal.
2. Weekly technical analysis.
3. New Introducing Broker Opportunities
4. Trade forex from iPhone or iPad: new apps are available.
5. 30% trading bonus is on again!
6. Representatives Wanted!
________________________________________
1. WEEKLY REVIEW FOR 7.02 – 11.02, 2011
The previous trading week saw the continuous strengthening of the US dollar. On the first day of the week German factory orders turned out to be below expectations: 19.7% against the forecasted 21.3%. As a result, the euro decreased against the greenback. The EUR/USD pair dropped to the $1,3540 level. Concerns over the instability in Egypt continued to pressure market participants’ trading. Minimums of the EUR/USD pair were set at the $1.3506 level.
The Australian dollar rate demonstrated a negative trend against the American dollar on Monday as well after the released Australian retail sales data during the Asian trading session, which happened to be below expectations: 0.2% against the forecasted 0.5%.
On Tuesday the trading dynamics demonstrated some change. Expectations for the strong Euro-zone fundamentals supported the euro. And the EUR/USD pair reached maximums at the $1.3688 level. Demand for the save-haven currencies started to drop, and the greenback rate decreased against the major currencies. American dollar was under additional pressure of the increased Chinese interest rate. People’s Bank of China announced the interest rate decision on Tuesday: principal rate was increased to 6.06%.
The released on the same day UK RICS House Price balance was better, than expected: -31% compared to the forecasted -38%. As a result, the pound grew against the US dollar and strengthened around the $1.6162 mark. Market participants were concerned regarding the interest rate announcement by the Bank of England, which was planned for this Thursday. But later during the day the decrease of the sterling showed minimums of $1.6080 as a result of the introduced additional taxes for banking institutions in the UK.
The Federal Reserve Chairman, Ben Bernanke, expressed his support of the QE2 program in his statement on Wednesday. He mentioned that this program would help job creation and economic growth. Ben Bernanke also stated that the unemployment level would remain above the “normal levelâ€.
Greenback started to lose its positions during the American trading session, since Ben Bernanke did not mention any intentions to reinforce the credit monetary policies. As a result, the EUR/USD pair managed to hit the $1.3730 maximums. The pound followed the euro growth and the GBP/USD pair reached the $1.6125 highs.
On Thursday the US dollar rate rehabilitated and won its previously lost positions. The greenback was supported by the expectations for the release of the strong fundamentals. Decreased stock markets supported the growing demand for the save-haven assets.
According to the released information, the Bank of England left the principal rate unchanged at the previous level of 0.50% and the Assets purchase target at the previous level of 200B. The sterling was not influenced by this decision and the GBP/USD rate demonstrated moderate trading. The GBP/USD showed minimums of $1.6020.
Concerns over the possible interruptions of oil inventories through the Suez Canal pressured the oil prices, which made the oil rate grow up to $86.93 per barrel. Following the US dollar growth, the oil rate decreased to $86.30 per barrel.
The publication of the US fundamentals rendered additional support to the greenback during the second part of the day on Thursday. Initial jobless claims dropped to 383K against the expected 410K.
On Friday the resignation announcement of the President of Egypt increased the uncertainty of the country’s future, and the demand for the save-haven assets grew, which supported the US dollar rate. As a result, the greenback strengthened against its competitors even more.
Happy trading!
________________________________________
2. WEEKLY TECHNICAL ANALYSIS FOR 14-18.02 2011
EURUSD
The pair is trading in the triangle. Upper border (resistance) is 1.41130, lower border (support) is 1.30651. The pair needs to break one of these levels to be able continue rising or falling.
Resistance: 1.37441, 1.41130, 1.44835
Support: 1.33427, 1.2800, 1.25667
GBPUSD
The pair has reached channel line at 1.60874. If the pair rises above this level the pair will continue rising aiming to reach Fibonacci retracement 38.2% at 1.64274. If the pair stays below1.60874 the pair will decline to 1.56780.
Resistance: 1.64274, 1.68504, 1.72652
Support: 1.59962, 1.52523, 1.48532
USDCHF
The pair may roll back to support line at 0.96526 before continue rising to 0.99031.
Resistance: 0.99031, 1.01369, 1.04060
Support: 0.96525, 0.93264, 0.91074
USDJPY
The pair is closed in the triangle. Resistance 83.330 supports 81.010. The pair needs to break one of these levels to be able continue rising or declining.
Resistance: 83.330, 86.836, 90.909
Support: 80.244, 76.535, 73.126
AUDUSD
The pair has risen to 1.01873 and rolled back to 1.00031. If 1.00031 is broke the pair will decline to 0.97889.
Resistance: 1.01873, 1.03847, 1.05810
Support: 1.00031, 0.97889, 0.94048
________________________________________
3. NEW INTODUCING BROKER OPPERTUNITIES
We recently have been upgrading our IB section with new exciting offers for our partners, starting with various commission structures for IBs and affiliates and also introducing new full White Label business options. Feel free to browse the information at our Introducing Broker section. Whether you are an investment manager or an IB, we are sure you will find some new information there that would help you to further develop your business.
4. TRADE FOREX FROM I-PHONE OR I-PAD: NEW APPS ARE AVAILABLE.
You can now trade forex and other instruments from your iPhone or iPad.
Simply look up the new app ( Forex Metal) at App Store on your device and start to trade.
You can login to your trading terminal via iPhone/iPad as usual, using your login and password. We hope you will enjoy this new convenient service.
Soon to come: a new application for Google Android.
30% TRADING BONUS IS ON AGAIN!
Cash bonus promotion – “You nominate the amount of the bonus”. Get a cash bonus of up to $3000 when you deposit funds into your account for the first time. The full bonus conditions are available here: https://forex-metal.com/discount/discount02
If you have just opened a trading account with us and fund your trading account within a week from the time of this message, you can receive a cash bonus in addition to your deposit.
If you would like to receive the bonus, please contact us at payments@forex-metal.com and confirm the bonus amount you would like to receive, at the time your account is being funded.
REPRESENTATIVES WANTED!
We are expanding our operations and would like to open a representative office in your country, so we can be closer to our customers. If you feel that you are up to it: to have an interesting business and to have a steady income, then talk to us. You do not need to have any special knowledge – full training and support will be provided by us. For more details please contact our Business Development team at business@forex-metal.com or talk to our operators via live chat and they will put you to the right person.
________________________________________
OPEN ACCOUNT | ECONOMIC CALENDAR | PIP VALUE CALCULATOR | FOREX FOR BEGINNERS
forexmetal 