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Forex-Metal Daily Analysis - 31/08/10
he Bank of Japan decided to expand its financial stimulus plan.
Asian and European trading sessions
Euro: The published on Monday Euro-zone fundamentals showed unexpected encouraging results. The Euro-zone consumer confidence turned out to be -11, while the forecast was -12. The Euro-zone economic confidence resulted at the level of 101.8 against the predicted 101.6. But the speculations regarding the possibility that ECB would decide to continue its economy stimulating program into the next year pressured the euro.
The EUR/USD pair traded in the range of $1,2710-$1,2770.
British Pound: The UK financial markets were closed for the holiday on Monday, but the sterling demonstrated increase due to the released fundamentals. The Gfk Consumer confidence survey for August turned out to be above expectations: -18 against the forecasted -24 and the previous level of -22.
The GBP/USD rate strengthened at the level of $1,5560.
Japanese Yen: At the extraordinary meeting on Monday, the Bank of Japan left the principal rate unchanged at the level of 0,1% and increased credit facilities to 30 trillion yen. The yen grew against the major currencies since the speculations pointed out that those measures were not enough to weaken the national currency.
Oil: The oil prices consolidated at the $75 mark per barrel during the morning trading due to the positive US GDP data, which has been published on Friday.
American trading session:
US Dollar: Opposing its decline during the three previous days, the greenback showed a steady growth on Monday.
Personal spending for July increased to 0.4% against expected 0.3%, at the same time Personal income for the same month turned out to be 0.2% against expected 0.3%.
Canadian Dollar: Following the release of the negative fundamentals in Canada, the speculations regarding the slow-down of the Canadian economy rehabilitation rate increased. The industrial product price turned out to be 0.1%, which was below the expectations of 0.4%. The Current Account (BoP) dropped to -$11.0B. As a result the Canadian dollar dropped against the greenback.
Oil: The oil rate decreased to $74.80 per barrel.
Technical analysis for 31/08
The pair has dropped to Fibonacci 1.26326. If the pair breaks this level and closes below, then the pair may continue declining. The next aim maybe found at 1.25690.
Resistance: 1.27009, 1.28630, 1.30277
Support: 1.25690, 1.23907, 1.21813
If the pair stays below 1.54842 the pair will decline to 1.52523. If the pair stays above 1.54842 the pair may rise to 1.56722.
Resistance: 1.54842, 1.56722, 1.58543
Support: 1.52523, 1.50581, 1.48532
The pair will decline to 1.01498 if the pair stays below 1.02747.
Resistance: 1.03987, 1.05139, 1.06179
Support: 1.01498, 0,99821, 0,98567
The pair will decline to 83.330 if the pair stays below 84.260.
Resistance: 85.161, 86.246, 87.014
Support: 84.260, 83.330, 82.016
The pair will test 0.87243 if stays below 0.89029.
Resistance: 0.90284, 0.92170, 0.92170
Support: 0.89029, 0.87243, 0.85760
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