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Forex-Metal Daily Analysis -05/05/2011
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[QUOTE="Forex-Metal, post: 18985, member: 5723"] Expectations for the ECB and BoE rate decisions. Asian and European trading sessions: Euro: Investors avoided risks on Wednesday in anticipation of the ECB interest rate decision this week. Released Euro-zone fundamentals pressured the euro, since the data turned out to be negative. European PMI indices were below expectations. Euro-zone retail sales volume decreased below forecasts. British Pound: Publication of the UK data could not support the pound either. GBP nationwide house prices dropped below expectations. GBP PMI turned out to be 53.3, which was below the forecasts of 55.9. Japanese Yen: Tomorrow Japan continues to celebrate national holidays. Gold: Gold continued its decrease and reached minimums of $1507.70 mark per ounce. American trading session: Euro: Euro grew during the second part of the day on Wednesday. Euro reached its 17-months maximum against the US dollar. The EUR/USD pair traded at the level of $1,4900. British Pound: Sterling grew as well as a result of the speculations that the Bank of England would increase principal rates. US Dollar: Greenback dropped against the euro and the pound as a result of the released weak US statistics today. In particular, the ADP employment dropped in April to 179K against the forecasted level of 195K. The ISM non-manufacturing composite index showed decrease to 52.8 against the expected 57.5. Canadian Dollar: Canadian dollar dropped against the greenback due to the decreased oil prices. [url]https://forex-metal.com/news_posts[/url] Technical analysis for 5/05 EURUSD If the pair stays below 1.48550 the pair will decline to 1.47342. Resistance: 1.48550, 1.49592, 1.50630 Support: 1.47342, 1.46222, 1.44400 GBPUSD The pair has reached support 1.64636 and aiming to 1.65706. Resistance: 1.65706, 1.67165, 1.68756 Support: 1.64636, 1.63316, 1.62050 USDCHF The pair has declined to 0.85939. Resistance: 0.87214, 0.88418, 0.89635 Support: 0.85939, 1.84685, 0.83541 USDJPY The pair has reached 80.43. If this level is broken the pair will decline to 79.707. Resistance: 81.399, 82.219, 83.065 Support: 80.438, 79.707, 78.345 AUDUSD The pair has reached 1.07005, if this level is broken the pair will decline to 1.06164. Resistance: 1.07739, 1.08412, 1.09112 Support: 1.07005, 1.06164, 1.05332 [url]https://forex-metal.com/news_posts[/url] [/QUOTE]
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