Forex-Metal Daily Analysis - 06/10/10

[Forex-Metal]

Risk appetites are back.

Asian and European trading sessions:
Euro: On Tuesday the EUR/USD rate managed to grow and reach its trading session maximums at the level of $1.3792. The release of the strong European statistics supported the euro growth, which also reinforced the speculations over the increased growth rate of the European economy rehabilitation. European PMI data showed better than expected results, which lifted the risk appetites. At the same time, the Euro-zone retail sales demonstrated weaker results, compared to the forecasts, but did not have an impact of the price movement.
British Pound: The UK PMI index showed an unexpected increase compared to the forecasted drop. Therefore, the GBP/USD rate also grew and set its trading session maximums at the $1.5913 level.
Japanese Yen: The Bank of Japan interest rate decision was very unexpected by the investors on Tuesday. The principal rate was actually decreased to the level of 0.0%. The Bank of Japan also surprised the markets by easing the monetary policy further. The Japanese yen reacted with a considerable drop against the major currencies.
As a result, the USD/JPY pair grew to the Y83,98 mark.
Australian Dollar: Market participants were also surprised by the decision of the Reserve Bank of Australia to leave the principal rates unchanged at the level of 4.50%. Experts forecasted the interest rate increase for 25 basic points. But the Australian dollar was pressured even harder, when the accompanying statement read that “the financial markets were still uncertain”. The central bank also mentioned that the principal rate could be raised in the future at some point. As a result, the national currency weakened against all its competitors.
Oil: Morning trading saw oil prices at the level of 81.35 per barrel.
Gold: The gold rate reached its new historical maximums on Tuesday at $1328.25 per ounce against the weakening of the greenback and euro growth.

American trading session:
US Dollar: The greenback reached low levels against the euro and the yen due to the continuing speculations regarding the intentions of the FRS to weaken the national currency and increase the government debt.

Technical analysis for 06/10
EURUSD
The pair has reached Fibonacci 61.8% at 1.38554. This level may stop pair from rising. Support at 1.37486.
Resistance: 1.38554, 1.39600, 1.40690
Support: 1.37486, 1.35984, 1.34882
GBPUSD
The pair has broken trendline and aiming to 1.60322.
Resistance: 1.60322, 1.62050, 1.64274
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair has declined to support level at 0.96480. If the pair breaks this level the pair will decline to 0.95510. If the pair stays above 0.96480 the pair will rise to 0.97130.
Resistance: 0.97130, 0.97915, 0.99066
Support: 0.96480, 0.95510, 0.94661
USDJPY
The pair has declined to support 83.330. If the pair stays below this level the pair will decline to 82.219. If the pair stays above 83.330 the pair will rise to 84.260.
Resistance: 84.260, 85.161, 86.246
Support: 83.330, 82.219, 79.957
AUDUSD
The pair is trading in the narrow range. The pair may start corrections if the pair stays below 0.97715. First aim is 0.96392, second 0.94898.
Resistance: 0.97715, 0.98436, 0.99438
Support: 0.96392, 0.94898, 0.93788