Daily Technical Analysis by ACFX

[johnathan]

Currencies EUR/USD The euro had a quiet trading day yesterday as the range levels remained unchanged, the euro against the greenback was ranging between high of 1.2788 and low of 1.2710. During the Asian session the pair came to life after China reported that its economy grew at a strong pace, at the moment of writing this report the pair is trading at 1.2771, where we have the first major support level at 1.2813.

USD/CAD Canada’s dollar reached the strongest level in two weeks against its U.S. counterpart as faster-than-forecast growth in China bolstered demand for higher-yielding assets.
Canada’s currency touched C$1.0113 per U.S. dollar, the strongest since Jan. 4. It ended 0.3 percent higher at C$1.0151 in Toronto.

Commodities Oil rose for a second day after Iran cautioned Saudi Arabia against increasing supplies if sanctions are imposed on Iranian exports, while signs of economic growth in the U.S. and Germany bolstered bets fuel demand may increase.
Crude for February delivery rose as much as 72 cents to $101.43 a barrel in electronic trading on the New York Mercantile Exchange.

Gold rose for a third day, climbing alongside other commodities including copper, as the dollar weakened before data forecast to show signs of economic recovery.
Spot gold gained as much as 0.4 percent to $1,658.45 an ounce and traded at $1,654.48 at 1:40 p.m. in Singapore.
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[johnathan]

Currencies EUR/USD The dollar maintained a two-day decline against the euro amid signs the U.S. economy is gaining momentum and as Asian stocks extended a global rally, damping demand for haven currencies.
The greenback was unchanged at $1.2863 per euro as of 6:53 a.m. in London from yesterday in New York, when it slid 1 percent, the most since Nov. 11.
AUD/USD Australia’s dollar declined yesterday after a government report showed the nation’s employers unexpectedly cut jobs in December.
Australia’s dollar fell 0.5 percent to $1.0384 at 4:48 p.m. in Sydney.
Commodities Oil declined in New York as the Obama administration denied a permit for TransCanada Corp. (TRP)’s Keystone XL pipeline, which would have carried crude to U.S. Gulf Coast refineries from Alberta’s oil sands.
Crude oil for February delivery fell 12 cents to settle at $100.59 a barrel on the New York Mercantile Exchange.
Gold futures climbed to the highest settlement price in five weeks as a slumping dollar boosted the appeal of the precious metal as an alternative asset.
Gold futures for February delivery rose 0.3 percent to close at $1,659.90 an ounce at 1:39 p.m. on the Comex in New York, the highest settlement since Dec. 13.

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[johnathan]

Important Financial Indicators of the day Forecast Previous
GBP 09:30 (GMT) Retails Sales 0.6% -0.4%
CAD 12:00 (GMT) Core CPI m/m -0.2% 0.1%
USD 15:00 ( GMT) Existing Home Sales 4.65M 4.42M
Currencies EUR/USD The 17-nation euro strengthened yesterday as Spain and France sold bonds at lower yields in their first sales of medium and long-term debt since being downgraded by Standard & Poor’s.
The dollar has fallen 2.3 percent versus the euro since Jan. 13.

USD/CAD Canada’s dollar was little changed against its U.S. counterpart as a decline in crude oil countered a rally in equities.
Canada’s currency, also known as the loonie, was little changed at C$1.0108 per U.S. dollar at 5 p.m. in Toronto after touching C$1.0071, the most since Dec. 8.

Commodities Oil rose in New York, extending its gain for the week, as investors bet fuel demand will rise along with an economic recovery in the U.S.
Crude for February delivery advanced as much as 35 cents to $100.74 in electronic trading on the New York Mercantile Exchange at 4:36 p.m. Sydney time.


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[johnathan]

Currencies EURUSD The dollar traded 0.1 percent from the least in five weeks against the euro after the Federal Reserve extended its pledge to keep interest rates low until late 2014.
The dollar traded at $1.3118 per euro as of 2:51 p.m. in Tokyo from $1.3106 in New York yesterday, when it dropped to $1.3121, the lowest level since Dec. 21
USDCAD Canada’s dollar gained to the strongest in almost three months after U.S. policy makers said their key interest rate will stay at almost zero until at least late 2014, boosting the attraction of Canada’s 1 percent rate.
Canada’s currency, appreciated 0.5 percent to C$1.0043 per U.S. dollar at 5 p.m. Toronto time.
Commodities OIL rose for a second day in New York on speculation that a Federal Reserve pledge to keep U.S. interest rates low will bolster economic growth and boost fuel demand in the world’s biggest crude consumer.
Crude for March delivery rose as much as 84 cents to $100.24 a barrel on the New York Mercantile Exchange and was at $100.21 at 2:16 p.m. Singapore time.
Gold jumped to its strongest in more than a month on Thursday after a promise by the U.S. Federal Reserve to keep rock-bottom rates for at least two more years helped burnish the metal's safe-haven appeal.
Spot gold was hardly changed at $1,709.19 an ounce by 0036 GMT after earlier hitting a high of $1,713.59 an ounce, its highest since mid-December.

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[johnathan]

Currencies EURUSD The euro declined against the dollar, snapping a five-day gain, before European Union leaders meet in Brussels to discuss the region’s debt crisis.
The euro slid 0.4 percent to $1.3169 as of 6:35 a.m. in London from the Jan. 27 close in New York
USDJPY fell during the Friday session as the Dollar continues to weaken against most other currencies, the area just below 76.66 starts the support level that the Bank of Japan has been defending.
Commodities Oil declined before a meeting of European Union leaders to discuss the region’s debt crisis, which has slowed the economy and threatened to curb fuel consumption.
Crude for March delivery fell as much as 82 cents to $98.74 a barrel in electronic trading on the New York Mercantile Exchange.
Gold ticked lower on Monday after earlier rising to its highest in more than seven weeks as investors awaited the outcome of Greece's debt deal talks.
Gold hit a high of $1,739 an ounce, its strongest since December 8, on safe-haven buying after data showed U.S. fourth-quarter economic growth was weaker, however it found resistance at 1739.00 and pulled back to 1725.95 the lowest for today 7:39 GMT.
Equities Asian stocks fell, with a regional benchmark index dropping from a three-month high, ahead of a European summit on the region’s debt crisis.
Nikkei 225 Stock Average slid 0.5 percent.
Hong Kong’s Hang Seng Index declined 0.9 percent.
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[johnathan]

Currencies EUR/USD The dollar weakened against most of its major peers after Greek Prime Minister Lucas Papademos said progress had been made in debt-swap talks with bondholders, snapping demand for a refuge from Europe’s fiscal crisis.
The U.S. currency dropped 0.3 percent to $1.3184 per euro as of 6:36 a.m. in London
USDJPY The greenback fell as much as 0.2 percent to 76.18 yen, the lowest since Oct. 31, before trading at 76.30.
USDCAD Canada’s dollar fluctuated versus its U.S. counterpart and climbed against most of its other major peers as sparring over a second bailout for Greece spurred demand for safety.
Canada’s dollar, was little changed at C$1.0015 per U.S. dollar at 5 p.m. Toronto time.
Commodities OIL gained as investors speculated that fuel demand will climb after industrial output rose more than forecast in Japan, the third-biggest crude consumer.
Crude for March delivery gained as much as 79 cents to $99.57 a barrel in electronic trading on the New York Mercantile Exchange.
Gold : Gold ticked up on Tuesday after the euro recouped some losses, while bullion prices headed for their biggest monthly rise since August as lingering concerns about growth in the United States prompted buying from investors.
Gold added $7.05 an ounce to $1,735.69 by 0315 GMT, having hit a low around $1,716 on Monday.
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[johnathan]

Currencies EUR/USD The 17-nation euro held yesterday’s gain versus the greenback after German Chancellor Angela Merkel said Europe must be united in protecting stability in the currency.
The dollar dropped 0.1 percent to $1.3178 per euro as of 6:37 a.m. in London from $1.3161 in New York yesterday when it slid 0.6 percent.
USD/JPY A gauge of volatility for the yen climbed to the highest this year amid speculation Japan will intervene in the foreign-exchange market.
The Japanese currency traded at 76.12 per dollar, 1 percent from the record high of 75.35 set on Oct. 31.
AUD/USD Australia’s dollar reached a five-month high after a report showed the nation’s trade surplus widened in December to A$1.71 billion ($1.83 billion) from a revised A$1.34 billion the previous month.
Australia’s dollar climbed 0.2 percent to $1.0726 after touching $1.0757, the most since Sept. 1.
Commodities Oil traded near the lowest in six weeks as U.S. crude stockpiles increased more than estimated and gasoline use fell to a 10-year low.
Crude for March delivery was at $97.40 a barrel, down 21 cents, in electronic trading on the New York Mercantile Exchange at 12:55 p.m. Singapore time.
Gold advanced to the highest level in eight weeks, gaining alongside equities and other commodities, as global manufacturing improved, weakening the dollar and boosting demand for alternative investments.
Gold rallied as much as 0.5 percent to $1,751.97 an ounce, the most expensive since Dec. 8, and traded at $1,746.30 at 1:20 p.m. in Singapore.
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[johnathan]

Currencies EUR/USD headed for a weekly decline against all of its 16 major peers as Greece and its creditors struggle to reach an agreement on a debt swap.The euro was little changed at $1.3140 as of 2:40 p.m. in Tokyo from $1.3144 in New York yesterday, set for a 0.6 percent weekly decline.
USD/JPY traded within one yen of a postwar high versus the dollar, raising speculation the country will intervene to weaken it.The yen traded at 76.19 per dollar from 76.22. It rose to as high as 76.03 on Feb. 1, approaching the post-World War II record of 75.35 set on Oct. 31.
AUD/USD fell from near five-month highs as Asian stocks dropped, curtailing a global advance in equities and reducing demand for riskier assets.Australia’s dollar declined 0.2 percent to $1.0691 from yesterday, when it reached $1.0757, its strongest since Sept. 1.
Commodities Oil traded near a six-week low before a report forecast to show the U.S. added fewer jobs last month than in December.Crude for March delivery was at $96.56 a barrel, up 20 cents, in electronic trading on the New York Mercantile Exchange at 1:32 p.m. Singapore time. The contract fell 1.3 percent to $96.36 yesterday, the lowest since Dec. 19.
Gold advanced to the highest level in eight weeks, gaining alongside equities and other commodities, as global manufacturing improved, weakening the dollar and boosting demand for alternative investments. Gold rallied as much as 0.5 percent to $1,751.97 an ounce, the most expensive since Dec. 8, and traded at $1,746.30 at 1:20 p.m. in Singapore.
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[johnathan]

Currencies EUR/USD declined for a 2nd day before Greek PM Lucas Papademos share out details to the other 3 parties in regards to the details of measures to be held on nation in order to control and solve the debt issue. The euro dropped 0.2% to $1.3107 as of 2:23 p.m. in Tokyo from the close in NY yesterday when it fell 0.2%. It was little changed at 100.56 yen. Japan’s currency weakened 0.2 percent to 76.73 per USD
USD/JPY The dollar was little changed against the Japanese yen as traders consider whether Tokyo will intervene in currency markets
The dollar bought 76.58 Japanese Yens, versus 76.62 JPY that was traded on late Friday.
AUD/USD gained against all of its 16 major counterparts after the Central Bank maintained the benchmark interest rate at 4.25%. Forecasts expect a cut of 4%.
The Australian dollar advanced 0.6 percent to $1.0792 and touched $1.0811,
the strongest since Aug. 2.
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[johnathan]

Important Financial Indicators of the Day Forecast Previous
NZD (GMT) Employment change q/q 0.4% 0.2%
NZD (GMT) Unemployment Rate 6.5% 6.6
Currencies EUR/USD The euro hit an eight-week high against the dollar on Tuesday, helping lift stocks and commodities on signs a Greek bailout agreement was near, but the rally paused after a key meeting on Greece was postponed by a day.
The euro at one point jumped more than 1 percent to a session high of $1.3270, hitting its highest level since December 12. After paring some gains, the euro traded near session highs, up 1 percent on the day.
USD/JPY The yen weakened versus all of its major peers as gains in Asian shares damped demand for haven currencies and data showed that Japan’s current-account surplus slid to a 15-year low in 2011.
The yen fell 0.5 percent to 77.14 per dollar as of 6:11 a.m. in Tokyo. It dropped 0.6 percent to 102.35 per euro, the weakest level since Dec. 22. Europe’s 17-nation currency gained 0.1 percent to $1.3271 after reaching $1.3276, the most since Dec. 12.
AUD/USD Aussie gained against the majority of its 16 major counterparts after the central bank maintained the benchmark interest rate at 4.25 percent. Predictions were expecting a cut of 4 percent.
The Australian dollar advanced 0.8 percent to $1.0809 after rising to $1.0823, the strongest since Aug. 2.
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