Forex-Metal Daily Analysis -08/03/2011

Forex-Metal

Master Trader
Jul 12, 2010
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Moody’s Greece rating pushes the euro lower.


Asian and European trading sessions:

Euro: This week started with a diverse trading dynamics of the euro. Euro was supported by the expectations for the reinforced possibility of the interest rate increase by the ECB. The released state bonds’ rating of Greece, announced today by the Moody’s rating agency, was reduced for 3 levels to B1. As a result, the euro dropped against the greenback.

But after the European stock indices growth the euro demonstrated maximums at the level of $1,4037.

British Pound: In the beginning of the trading day the GBP/USD pair showed minimums of $1,6230. Nevertheless, the pound followed the positive euro trend, and the GBP/USD demonstrated its maximum of $1,6340. The sterling was supported by the expectations for the interest rate increase at the next meeting of the Bank of England.

Japanese Yen: Japanese yen grew against its major counterparts on Monday. The USD/JPY pair hit minimums of Y81,90 and strengthened to Y82,00.


Oil: Oil prices were around the $104.42 per barrel maximums today.

Gold: Gold also reached new maximums of $1444.25 per ounce.


American trading session:

US Dollar: The US dollar was supported by the FRB officials during the second part of the day.

Euro: American trading session showed a different trend. The EUR/USD dropped to $1,3953.

British Pound: By the end of the day the GBP/USD decreased to $1,6180 as well.

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Technical analysis for 08/03
EURUSD
The pair has broken 1.39600. If the pair stays above this level the pair will rise to 1.40690. If the declines below1.39600 the pair will decline to 1.38554.
Resistance: 1.40690, 1.41780, 1.42996
Support: 1.39600, 1.38554, 1.37486
GBPUSD
If the pair stays below 1.62050 the pair will decline to 1.60969. If the pair stays above 1.62050 the pair will rise to 1.63316.
Resistance: 1.63316, 1.64636, 1.65706
Support: 1.62050, 1.60322, 1.58543
USDCHF
The pair is trying return to previous low at 0.92005.
Resistance: 0.93069, 0.93949, 0.96220
Support: 0.92026, 0.91079, 0.89891
USDJPY
The pair has reached 82.219 and aiming to 81.600.
Resistance: 82.219, 83.065, 83.933
Support: 81.399, 80.438, 79.707
AUDUSD
The pair is trading in the narrow corridor between 1.01744 and 1.00907. Breakage of one of the levels will give a movement to the next levels .
Resistance: 1.01744, 1.02705, 1.03535
Support: 1.00907, 1.00067, 0.99207
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Forex-Metal

Master Trader
Jul 12, 2010
428
0
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Forex-Metal Daily Analysis -09/03/2011

Concerns over the deteriorating debt crises in Euro-zone pressure the euro.

Asian and European trading sessions:
Euro: On Tuesday concerns over the deteriorating and spreading debt crises in Euro-zone rendered pressure on the euro. Possibility of the ECB interest rate increase and expectations for the release of the strong European fundamentals did not support the euro today.
The EUR/USD pair demonstrated maximums during the Asian session at the $1,3990 level and then decreased.
The German Factory orders for January showed growth for 16.0% against the forecasted increase for 15.6% and last month’s drop for 19.6%. The EUR/USD traded at the $1,3900 mark.
At the next meeting of the Euro-zone leaders in Brussels, planned for 24-25 th of March, a new package of measures aimed to stabilize the debt market is supposed to be accepted. Nevertheless, investors are concerned that there are too many controversies in the overcoming debt crises problems. The decision of the Moody’s rating agency to decrease the rating of Greece continued to pressure the euro as well.
US Dollar: The greenback showed consolidation on Tuesday, and the decreased oil prices supported the American dollar.
British Pound: The GBP/USD pair traded in the range of $1,6170-$1,6200.
Japanese Yen: The USD/JPY pair strengthened and reached the Y82,60 level.
Oil: On Tuesday the oil prices showed some negative movement, but the rate did not fell below the $104 mark per barrel.

American trading session:
Euro: The EUR/USD dropped to weekly minimums of $1.3861.
British Pound: The sterling also followed the euro and dropped to $1.6150.
https://forex-metal.com/news_posts
Technical analysis for 09/03
EURUSD
The pair has declined to support level at 1.38554.
Resistance: 1.39600, 1.40690, 1.41780
Support: 1.38554, 1.37486, 1.35984
GBPUSD
If the pair stays below 1.62050 the pair will decline to 1.60969. If the pair stays above 1.62050 the pair will rise to 1.63316.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair is aiming to 0.93949.
Resistance: 0.93949, 0.96220, 0.97427
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair is aiming to 83.065.
Resistance: 83.065, 83.933, 84.866
Support: 82.219, 81.399, 80.438
AUDUSD
The pair has broken support 1.00907 and will try to decline to the next level at 1.00067.
Resistance: 1.01744, 1.02705, 1.03535
Support: 1.00907, 1.00067, 0.99207
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Last edited:

Forex-Metal

Master Trader
Jul 12, 2010
428
0
52
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