Forex-Metal Daily Analysis - 09/11/2011


Master Trader
Jul 12, 2010
Market participants are looking forward for the voting results in the Italian Parliament.

Asian and European trading sessions:
Euro: Today’s trading dynamics of the euro was influenced by the situation in Italy, and the market participants’ reaction to the voting in the Parliament regarding the country’s budget and possible resignation f the Prime Minister of Italy.
Euro was under pressure during the Asian trading session. The EUR/USD pair traded in the range of $1.3720-$1,3770.
After the meeting of the Italian President and the Prime Minister Berlusconi, it was announced that the Prime Minister will resign. This lead to the growth of the euro against the US dollar.
US Dollar: The demand for the save-heaven assets grew and the greenback strengthened.
British Pound: The GBP/USD pair traded in the range of $1.6034-$1,6098.
Japanese Yen: The USD/JPY pair traded around the Y78,00 level, and showed minimums at the Y77.6 mark.

American trading session:
Canadian Dollar: Canadian dollar grew against the major 16 currencies after the three-months’ maximum which was reached by the oil.
Japanese Yen: The yen reached its maximums against the US dollar today after the last intervention by the National Bank of Japan.
Technical analysis for 9/11

The pair is aiming to Fibonacci 61% at 1.38554.
Resistance: 1.38554, 1.39600, 1.40690
Support: 1.37486, 1.35984, 1.34882
The pair stays above Moving Average (200) and resistance 1.60322 it may bring pair to 1.62050.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
The pair has broken resistance 0.89635 and trying to rise to 0.91079. If the pair stays below 0.89635 the pair will decline to 0.88418.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
The pair has declined to 78.345 and aiming to 77.539. If the pair breaks 77.539 the pair will decline to 76.463.
Resistance: 78.345, 79.070, 79.707
Support: 77.539, 76.463, 75.425
The pair may try to break the Moving Average (200) 1.03178 and decline to 1.02558.
Resistance: 1.03535, 1.04407, 1.05332
Support: 1.02558, 1.01744, 1.00907