Archive for January 2012
Forex Metal Weekly Newsletter
Weekly technical analysis for 30.01-3.02
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The U.S. dollar was traded lower against almost all of its major competitors.
Asian and European trading sessions:
Euro: During the Asian trading session the EUR/USD pair traded in range $1.3094-$1.3132. Although, the Euro recorded today its new monthly high of $1.3182 during the European session, its growth was limited. The confidence of market participants that Greece government and private lenders will not be able to reach an agreement on Greek debt was pressuring the Euro currency. The EUR/USD retreated to $1.3150 level.
US Dollar: The U.S. dollar was traded lower against almost all of its major competitors during both sessions on the background of yesterday’s decision of FOMC regarding the interest rate. The committee decided to leave the interest rate unchanged at 0, 25% value and stated that this rate is going to be kept till 2014 year.
British Pound: The GBP / USD traded today positively showing its growth to $ 1.5716.
Japanese Yen: The USD / JPY pair continued it’s down trade which was started yesterday and dropped to Y77.40 level at the European trading session.
American trading session:
Oil: Today, the March’s WTI (Light Sweet Crude Oil) futures grew to 101.32 dollars per barrel and closed at $99.84 mark.
Gold: The February gold futures on the COMEX rose today to the 1719.20 dollars per ounce.
Canadian dollar: For the first time since November, the Canadian dollar strengthened to parity with the U.S. dollar.
New Zealand dollar: Even though, the New Zealand country’s central bank left its key interest rate at record low, the New Zealand dollar continued its four-day up trend.
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Technical analysis for 24/01
EURUSD
The pair has found support at Fibonacci 23% and aiming to the next Fibonacci level 38% at 1.31150.
Resistance: 1.30277, 1.31674, 1.33143
Support: 1.28630, 1.26897, 1.25690
GBPUSD
The pair has MACD convergence that may support pair to start upwards corrections. First aim is at 1.54842, the second level at 1.56722.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53482, 1.52063
USDCHF
On daily graph MACD divergence which might be a signal of downwards corrections.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair is trying decline to 76.463. If this level is broken the pair will continue declining to 75.425.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
AUDUSD
The pair is trading in the triangle. The triangle’s upper level is 1.04407 (resistance), lower level is 0.99207 (support). The pair tried to break it and can roll back to the triangle’s line at 1.04407.
Resistance: 1.05332, 1.06164, 1.07005
Support: 1.04407, 1.03535, 1.02558
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The Asian financial markets celebrated a New Year.
Asian and European trading sessions:
Euro: The euro fell at the beginning of the Asian trading session amid continuing disagreement in the negotiations on restructuring the debt of the Greece. The EUR/USD pair dropped to its daily low of $1.2875, but then recovered to $1.2902 and continued traded mostly around $1.2890 level where finally found its support. Coming later, the European session provided positive trend dynamics for the Euro currency and the EUR / USD couple updated its two week high of $1.3045 level. All these dynamics were amidst the background of speculations that the heads of the European countries at a coming meeting in Brussels will take decisive actions to address the debt crisis in the region. One of the main topics of the meeting will be the situation in Greece. Supported the euro currency today also the other market speculations of the positive results of the ongoing negotiations about making attempts to force the Greek private lenders such as banks, insurance companies and hedge funds to agree to cancel 50% of the country’s debt in their holding.
British Pound: The GBP/USD pair traded today in the range of $1.5514- $1.5601.
American trading session:
Oil: The WTI oil futures on the NYMEX increased by 1.4% to $100.2.
Gold: The Gold prices were stable today and rose to 1680.8 dollars per ounce.
Today, in observance of New Year according to lunar calendar, the financial markets in China, Hong Kong, Singapore, South Korea, and Taiwan were closed.
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