Archive for March 2011
Forex-Metal Daily Analysis -31/03/2011
Forex-Metal Daily Analysis -31/03/2011
Pressure of the expanding Euro-zone sovereign debt.
Asian and European trading sessions:
Euro: On Wednesday the EUR/USD minimum was reached at the $1.4060 level. Member of the ECB’s Executive Board, Lorenzo Bini Smaghi mentioned in his statement that risk of the expanding Euro-zone sovereign debt “should not be called insignificantâ€. As a result, the euro was pressured. But during the second part of the day the trading dynamics changed.
US Dollar: Greenback was supported today due to the expectations for the FRS to reinforce its credit monetary policies, as a result of the forecasted strong US labour market data.
After the release of the ADP Employment change the American dollar rate dropped. The published data turned out to be below expectations: 201K against the forecasted 208K.
British Pound: Sterling managed to stabilize and the GBP/USD pair reached the $1.6083 maximum. The released today CBI reported sales for March turned out to be much higher expectations: forecasted -1 against the factual 15.
Japanese Yen: Japanese yen demonstrated decrease against the major currencies due to the Asian stock market growth. Demand for the save-heaven assets dropped.
The USD/JPY pair reached the Y83.00 maximums. The two-week maximum was reached at the Y83.18 level.
Australian Dollar: Australian dollar set a new historical maximum against the US dollar due to the speculations regarding the possibility that the world economy growth would support the demand for the commodities, which play a major role in the Australian export.
Gold: Gold prices showed growth to the level of $1,418.30 per ounce.
Oil: Oil traded in the range of $104.33 mark per barrel. The decrease in the oil rate was a result of the released US oil inventories growth.
American trading session:
Euro: The EUR/USD pair reached maximum during the American trading session at the level of $1.4146.
http://ping.fm/tKOe0
Technical analysis for 31/03
EURUSD
The pair has drawn Flag and trying to break upper border of the figure. If the pair stays above 1.41780 the end of the figure maybe expected at 1.42996.
Resistance: 1.41780, 1.42996, 1.44400
Support: 1.40690, 1.39600, 1.38554
GBPUSD
The pair is rising and aiming to 1.62050.
Resistance: 1.62050, 1.64636, 1.67165
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair is declining and aiming to 0.91079.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88417
USDJPY
The pair is trying to rise to Moving Average (200) at 83.573.
Resistance: 83.065, 83.933, 84.866
Support: 82.219, 81.399, 80.438
AUDUSD
The pair has broken 1.02705 and risen to 1.03535. The pair may return to 1.02705 before continue rising.
Resistance: 1.03535, 1.04407, 1.05311
Support: 1.02705, 1.01744, 1.00907
http://ping.fm/fGDzo
Forex-Metal Daily Analysis -30/03/2011
Forex-Metal Daily Analysis -30/03/2011
Standard & Poor’s reduced the credit rating of Portugal and Greece.
Asian and European trading sessions:
Euro: The EUR/USD pair reached the $1.4149 maximum on Tuesday morning, being supported by the statement of the head of ECB, Jean-Claude Trichet.
Following decrease of the euro was also a result of the decision of Standard & Poor’s to reduce credit ratings of Portugal and Greece. Rating of Portugal was decreased to BBB-. Rating of Greece was reduced to BB-.
US Dollar: The speech of James Bullard supported the greenback, and the trading dynamics changed. The President of the St. Louis FRS commented today that normalization of monetary policy would be one of the top priorities this year. Expectations for the strong US employment release this week supported the American dollar as well.
British Pound: Following the decrease of the euro, the sterling dropped to $1.5941 level against the US dollar.
Japanese Yen: The USD/JPY pair managed to strengthen to Y82.24 mark. The drop of the yen was also a result of the decreased demand for the save-heaven assets.
Oil: After a temporary reduction on Tuesday, the oil prices grew to the $104.42 mark per barrel.
American trading session:
Euro: By the end of the trading day the euro managed to grow and the EUR/USD pair reached the $1.41 level.
British Pound: Sterling rehabilitated as well and the GBP/USD reached the $1.60 range.
http://ping.fm/M7Z25
Technical analysis for 30/03
EURUSD
The pair is declining. Support maybe met at 1.39600.
Resistance: 1.41780, 1.42996, 1.44400
Support: 1.40690, 1.39600, 1.38554
GBPUSD
The pair is declining and support maybe met at Moving Average (200) 1.58543.
Resistance: 1.60322, 1.62050, 1.64636
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair tried to break 0.92026. After the second testing this level maybe broken, then the pair will try to reach 0.93069.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88417
USDJPY
The pair is trying to rise to Moving Average (200) at 83.573.
Resistance: 83.065, 83.933, 84.866
Support: 82.219, 81.399, 80.438
AUDUSD
The pair has broken 1.01744 and risen to 1.02705. The pair may return to 1.01744 before continue rising.
Resistance: 1.02705, 1.03535, 1.04407
Support: 1.01744, 1.00907, 1.00067
http://ping.fm/zO7F5
Forex-Metal Daily Analysis -29/03/2011
Forex-Metal Daily Analysis -29/03/2011
Expectations for interest rate increase ruling the market.
Asian and European trading sessions:
Euro: During the morning trading on Monday the EUR/USD pair traded in the range of $1,4020-$1,4070. Euro was under pressure due to the influence from the statement of the head of the Philadelphia FRS regarding the necessity of reinforcing the US credit policy.
Political instability with the leading German coalition rendered additional pressure on the euro.
US Dollar: The US dollar strengthened on Monday morning. The dollar was also supported by the expectations for the strong US economic data release this week. During the European trading session the dollar rate grew and consolidated.
British Pound: The GBP/USD pair traded in the range of $1,6000-$1,6020.
Japanese Yen: Japanese yen showed decrease on Monday against the major currencies, since the radioactive contamination risk at the nuclear power plant deceased. Demand for the save-heaven currencies dropped, which pressured the yen as well.
The USD/JPY rate grew to the maximums of Y81.85.
Oil: Oil rate dropped to $103.80 marl per barrel. Later on the price increased.
Gold: Gold price decreased to the $1,415.60 level per ounce.
American trading session:
Euro: During the American trading session the market dynamics changed. After the statement of the Jean-Claude Trichet the expectations for the interest rate increase by the ECB reinforced and the euro strengthened. As a result, the EUR/USD pair reached maximums of $1.41.
British Pound: The sterling followed the euro strengthening, and the GBP/USD rate grew to the $1,6000 level.
http://ping.fm/aq9Ee
Technical analysis for 29/03
EURUSD
The pair is declining. Support maybe met at 1.39600.
Resistance: 1.41780, 1.42996, 1.44400
Support: 1.40690, 1.39600, 1.38554
GBPUSD
The pair is declining and support maybe met at Moving Average (200) 1.58543.
Resistance: 1.60322, 1.62050, 1.64636
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair tried to break 0.92026. After the second testing this level maybe broken, then the pair will try to reach 0.93069.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88417
USDJPY
The pair is trying to rise to Moving Average (200) at 82.219.
Resistance: 82.219, 83.065, 83.933
Support: 81.399, 80.438, 79.707
AUDUSD
The pair has broken 1.01744 and risen to 1.02705. The pair may return to 1.01744 before continue rising.
Resistance: 1.02705, 1.03535, 1.04407
Support: 1.01744, 1.00907, 1.00067
http://ping.fm/iOygY
Forex Metal Weekly Newsletter
Forex Metal Weekly Newsletter
https://forex-metal.com/newsletters/202
https://forex-metal.com/newsletters/203
Weekly review for 21-25.03.2011
On Monday the market participants were waiting for the Euro-zone leaders’ summit, planned for the end of the week in Brussels, aimed to discuss the ways out of the crises. The EUR/USD pair reached its 4-months maximum at the level of $1,4240, due to the reinforced expectations for the possible increase of the interest rate at the next ECB meeting. US dollar was supported on the same day, as a save-heaven currency.
Japanese financial markets were closed on Monday due to celebration of the national holiday. Japanese yen continued to stay under pressure, since interventions of G7 countries prevented the yen rate from growing. According to the released information, the situation at the Fukusima NPP was stabilizing. The USD/JPY pair traded at the level of Y81.00. Australian dollar rate grew, due to the increased oil prices. Other commodity currencies, such as New-Zealand dollar and Canadian dollar increased as well.
Euro continued to strengthen on Tuesday, since the expectations for the possible increase of the interest rate by the ECB reinforced. The EUR/USD pair traded at the level of $1.4240. Released on the same day Consumer Price index turned out to be above forecasts: 4.4% against the 4.2%, which rendered considerable support to the pound. Expectations for the interest rate increase by the Bank of England strengthened as well. As a result, the GBP/USD rate reached the $1.6400 maximum.
The New-Zealand dollar rate showed considerable growth against the greenback, since according to the released information, the New-Zealand economy showed rehabilitation, and the interest rates could be increased during the next meeting by the Reserve Bank of New-Zealand.
Instability in Portugal and concerns regarding the possible deepening of the crises pressured the euro on Wednesday. The EUR/USD pair showed minimums at the level of $1.4150 in the threshold of the Portuguese Parliament meeting on the same day. New reductions of the budget would be discussed, and contradictions between the parties could result in a political crises. Announcement regarding the possible suspension of the European Financial Stability Facility extension pressured the euro, which dropped against its counterparts.
Pound started the day at the previously reached maximum levels. Market participants were waiting for the release of the Bank of England meeting report. After the publication of the minutes of the meeting, the sterling dropped against the US dollar. The GBP/USD pair reached minimums at the $1.6265 mark.
Concerns over the escalated European budget crises continued to pressure the euro on Thursday as well. Portuguese Parliament rejected the government plan to reduce the budget deficit. In addition to that, Moody’s credit agency reduced ratings of a number of Spanish banks. Nevertheless, speculations over the possible increase of the Euro-zone interest rate reinforced, and the euro received considerable support. The EUR/USD pair reached the maximum at the $1.4220 level. Later on the Fitch credit agency decreased the rating of Portugal from A++ to A- with the negative forecast.
According to the released fundamentals on Thursday, US Initial jobless claims dropped below forecast, Durable goods orders data showed unexpected decrease.
On Friday the Standard & Poor’s credit agency reduced the credit rating of Portugal from A- to BBB. According to the results of the European summit, the European Financial Stability Fund would be reduced, which rendered additional pressure on the euro. At the sane time, the greenback received substantial support by the announcement of the head of the Philadelphia FRS, Charles Prosser, who stated that the US interest rate should be increased to 2,50% during the current year.
https://forex-metal.com/newsletters/202
Weekly TECHNICAL ANALYSIS for 28 – 01.04, 2011
EURUSD
The pair has reached channel line at 1.42557 and rolled back to 1.40173. The pair may decline to the triangle’s upper border 1.39348.
Resistance: 1.44835, 1.47697, 1.50676
Support: 1.41130, 1.37441, 1.33427
GBPUSD
The pair has declined to triangle’s upper border and Moving Average (100) and testing this level for the support. If the pair breaks 1.59962 the pair will decline to 1.57804.
Resistance: 1.64274, 1.68504, 1.72652
Support: 1.59962, 1.52523, 1.48532
USDCHF
MACD convergence may support the pair to start corrections. Resistance is at 0.93264. Support is at 0.91074.
Resistance: 0.93264, 0.96525, 0.99031
Support: 0.91074, 0.88022, 0.85633
USDJPY
The pair is returning to the triangle’s border and aiming to break it. The pair may rise to 83.330.
Resistance: 83.330, 86.836, 90.909
Support: 80.244, 76.535, 73.126
AUDUSD
The pair has broken 1.01873 and aiming to 1.03847.
Resistance: 1.03847, 1.05810, 1.07806
Support: 1.01873, 1.00031, 0.97889
Forex-Metal Daily Analysis -25/03/2011
Forex-Metal Daily Analysis -25/03/2011
http://ping.fm/ijwWE
Euro rehabilitates.
Asian and European trading sessions:
Euro: Yesterday’s concerns over the escalated European budget crises continued to pressure the euro on Thursday as well. Portuguese Parliament rejected the government plan to reduce the budget deficit. In addition to that, Moody’s credit agency reduced ratings of a number of Spanish banks.
Nevertheless, speculations over the possible increase of the Euro-zone interest rate reinforced, and the euro received considerable support. The EUR/USD pair reached the maximum at the $1.4220 level.
Later on the Fitch credit agency decreased the rating of Portugal from A++ to A- with the negative forecast.
British Pound: The sterling was pressured by the release of the negative UK Retail sales data.
The GBP/USD pair reached minimums at the $1.6089 mark.
Japanese Yen: Investors are concerned about the possibility of another currency intervention.
The USD/JPY pair traded in the range of Y80.70 – Y81.10.
Oil: Oil rate showed growth and reached the $106.20 level per barrel.
Canadian Dollar: Canadian dollar rate grew due to the oil prices increase.
Gold: Gold reached today its historical maximum at $1446.45 per ounce.
American trading session:
US Dollar: According to the released fundamentals, US Initial jobless claims dropped below forecast, Durable goods orders data showed unexpected decrease.
http://ping.fm/3pGjR
Forex-Metal Daily Analysis -24/03/2011
Forex-Metal Daily Analysis -24/03/2011
http://ping.fm/qANpD
Instability in Portugal and possible deepening of the crises.
Asian and European trading sessions:
Euro: Instability in Portugal and concerns regarding the possible deepening of the crises pressured the euro on Wednesday. The EUR/USD pair showed minimums at the level of $1.4150 in the threshold of the Portuguese Parliament meeting today. New reductions of the budget would be discussed, and contradictions between the parties could result in a political crises.
Announcement regarding the possible suspension of the European Financial Stability Facility extension pressured the euro, which dropped against its counterparts.
British Pound: Pound started the day at the previously reached maximum levels. Market participants were waiting for the release of the Bank of England meeting report. After the publication of the minutes of the meeting, the sterling dropped against the US dollar.
The GBP/USD pair reached minimums at the $1.6265 mark.
Japanese Yen: The USD/JPY pair traded in the range of Y80.70-Y81.00
Oil: Oil traded at the level of $105.39 per barrel.
Gold: Gold rate showed increase to the $1,433.10 mark per ounce.
American trading session:
Euro: The EUR/USD pair dropped to $1.4150 minimums.
British Pound: Pound decreased to the $1,6240 minimums.
http://ping.fm/hOAqW
Technical analysis for 24/03
EURUSD
The pair is declining. Support maybe met at 1.39600.
Resistance: 1.41780, 1.42996, 1.44400
Support: 1.40690, 1.39600, 1.38554
GBPUSD
MACD divergence on daily graph may push the pair to start corrections. Strong resistance maybe met at 1.64636.
Resistance: 1.64636, 1.65706, 1.67165
Support: 1.62050, 1.60322, 1.58543
USDCHF
The pair is trading between 0.91079 and 0.89635.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88417, 0.87214
USDJPY
The pair is trying continue declining and aiming to 80.438.
Resistance: 81.399, 82.219, 83.065
Support: 80.438, 79.707, 79.707
AUDUSD
The pair is trying to recover. Resistance 1.01873, support 1.00031.
Resistance: 1.01744, 1.02705, 1.03535
Support: 1.00907, 1.00067, 0.99207
http://ping.fm/dOJ9f
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Forex-Metal Daily Analysis -23/03/2011
Forex-Metal Daily Analysis -23/03/2011
https://forex-metal.com/news_posts
Bank of England is under pressure to rise interest rate.
Asian and European trading sessions:
Euro: Euro continued to strengthen on Tuesday, since the expectations for the possible increase of the interest rate by the ECB reinforced. The EUR/USD pair traded at the level of $1.4240.
US Dollar: Greenback weakened, as demand for the risky assets strengthened.
British Pound: Released today Consumer Price index turned out to be above forecasts: 4.4% against the 4.2%, which rendered considerable support to the pound. Expectations for the interest rate increase by the Bank of England strengthened as well.
As a result, the GBP/USD rate reached the $1.6400 maximum.
Japanese Yen: Weakened concerns over the Fukusima NPP situation kept the yen at its minimums.
The USD/JPY pair traded in the range of Y80.80-Y81.30.
Oil: Today’s oil rate maximum was reached at the $103.75 level per barrel.
Gold: Gold is trading at the $1424.50 range per ounce.
American trading session:
New-Zealand Dollar: The New-Zealand dollar rate showed considerable growth against the greenback, since according to the released information, the New-Zealand economy shows rehabilitation, and the interest rates might be increased during the next meeting by the Reserve Bank of New-Zealand.
https://forex-metal.com/news_posts
Technical analysis for 23/03
EURUSD
The pair is aiming to median line at 1.42996 which is a resistance level for the pair. After testing this level the pair may roll back to 1.41780.
Resistance: 1.42996, 1.44400, 1.46222
Support: 1.41780, 1.40690, 1.39600
GBPUSD
The pair has broken 1.63316, the next aim is at 1.64636.
Resistance: 1.64636, 1.65706, 1.67165
Support: 1.63316,.62050, 1.60322
USDCHF
The pair is trading between 0.91079 and 0.89635.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88417, 0.87214
USDJPY
The pair is trying continue declining and aiming to 80.438.
Resistance: 81.399, 82.219, 83.065
Support: 80.438, 79.707, 79.707
AUDUSD
The pair is trying to recover. Resistance 1.01873, support 1.00031.
Resistance: 1.01744, 1.02705, 1.03535
Support: 1.00907, 1.00067, 0.99207
https://forex-metal.com/news_posts
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Forex-Metal Daily Analysis -22/03/2011
Forex-Metal Daily Analysis -22/03/2011
http://ping.fm/mP1Tf
Demand for the risky assets is coming back.
Asian and European trading sessions:
Euro: The EUR/USD pair traded in the range of $1.4145-$1.4185. Market participants are waiting for the Euro-zone leaders’ summit, planned for the end of this week in Brussels, aimed to discuss the ways out of the crises.
The EUR/USD pair reached its 4-months maximum at the level of $1,4240, due to the reinforced expectations for the possible increase of the interest rate at the next ECB meeting.
US Dollar: US dollar was supported on Monday, as a save-heaven currency.
British Pound: The pound followed strengthening of the euro and the GBP/USD pair traded in the range of $1.6200-$1.6250. Maximum was reached at the level of $1,6327.
Japanese Yen: Japanese financial markets were closed on Monday due to celebration of the national holiday.
Japanese yen continued to stay under pressure, since interventions of G7 countries prevented the yen rate from growing. According to the released information, the situation at the Fukusima NPP was stabilizing.
The USD/JPY pair traded at the level of Y81.00.
Oil: Oil rate increased and traded above the $100 level per barrel. Instability in Libya pushed the oil prices higher.
Gold: Gold reached the $1,433.10 maximums per ounce against the background of the weakening greenback.
American trading session:
Australian Dollar: Australian dollar rate grew, due to the increased oil prices. Other commodity currencies, such as New-Zealand dollar and Canadian dollar increased as well.
http://ping.fm/EA0Ht
Technical analysis for 22/03
EURUSD
The pair is aiming to median line at 1.42996 which is a resistance level for the pair. After testing this level the pair may roll back to 1.41780.
Resistance: 1.42996, 1.44400, 1.46222
Support: 1.41780, 1.40690, 1.39600
GBPUSD
The pair is aiming to 1.63316, if this level is broken the pair will rise to 1.64636.
Resistance: 1.63316, 1.64636, 1.65706
Support: 1.62050, 1.60322, 1.58543
USDCHF
The pair is trading between 0.91079 and 0.89635.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88417, 0.87214
USDJPY
The pair is trying continue declining and aiming to 80.438.
Resistance: 81.399, 82.219, 83.065
Support: 80.438, 79.707, 79.707
AUDUSD
The pair is trying to recover. Resistance 1.01873, support 1.00031.
Resistance: 1.00907, 1.01744, 1.02705
Support: 1.00067, 0.99207, 0.98436
http://ping.fm/0V0Ai
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