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Forex-Metal Daily Analysis -21/03/2012
Technical analysis for 21/03
The pair is aiming to 1.33143.
Resistance: 1.33143, 1.34882, 1.35984
Support: 1.31674, 1.30277, 1.28630
The pair has risen to the Moving Average (500) at 1.59115 and rolling back to 1.58543. If the pair breaks 1.58543 the pair will decline to 1.56722.
Resistance: 1.58543, 1.60322, 1.62050
Support: 1.56722, 1.54842, 1.53482
The pair has declined to 0.91079 and may continue declining to 0.89635.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
The pair is aiming to the channel line at 83.933.
Resistance: 83.933, 84.866, 85.960
Support: 83.065, 82.219, 81.399
The pair is aiming to 1.04407 and if this level is broken the pair will decline to 1.03535.
Resistance: 1.05332, 1.06164, 1.07005
Support: 1.04407, 1.03535, 1.02558
Market review for 20.03.12: The U.S. dollar strengthened against most major currencies due to decline in steel production in China.
Asian and European trading sessions:
Euro: The EUR / USD pair was traded in a narrow range of $ 1.3223 -$ 1.3241 during the Asian trading session. Pressured the Euro currency at the European session the existed concerns about the slowdown of the Eurozone economy recovery, which is a consequence of the debt crisis in the region. The EUR / USD couple pair fell to the region of $ 1.3178.
US Dollar: After a representative of the largest mining company in the world, BHP Billiton Ltd, informed the markets about the decline in steel production in China, the U.S. dollar strengthened against most major currencies. This news supported for the demand for safe-haven assets. The dollar positive trading dynamics were kept during both sessions.
British Pound: The GBP / USD pair fell from the level of $ 1.5895. The report on inflation in the UK, which has coincided with the predictions, did not noticeably affect the dynamics of the pound sterling. The GBP / USD couple tested the lows of $ 1.5830 at the end of the European trading session.
Australian Dollar: The Australian dollar traded lower for two reasons. First, after a representative of the largest mining company in the world, BHP Billiton Ltd warned the markets about falling demand for iron ore. Second, after the Central bank of Australia left open the possibility of reducing interest rates in coming months.
New Zealand Dollar: The New Zealand dollar traded slightly lower at the end of the European session against the backdrop of the sharp falling of Asian stocks markets.
American trading session:
Oil: The Oil prices fell Tuesday against the background of the decision of the authorities of China to raise prices for gasoline and diesel fuel. The April WTI futures price fell to 105.70 dollars a barrel on NYMEX.
Gold: April futures price of gold on COMEX dropped today to $ 1641.41 per troy ounce due to increasing of the U.S. dollar. The demand was markedly reduced this week because of the jeweler’s strike in India, the world's largest consumer of gold. The jewelers protest against the government's intention to increase the taxes on import of the Gold.
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