Forex-Metal Daily Analysis -15/06/2011


Master Trader
Jul 12, 2010
China demonstrates industrial production growth.

Asian and European trading session:
Euro: The released economic statistics in China demonstrated industrial production growth (actual value of 13.3% growth against the 13.1% forecasted), which pressured the demand for the low-risk currencies and the high-yielding assets increased. As a result the EUR/USD reached the $1.4470 maximums.
Later on the rate decreased to the $1.4420 temporary minimums.
US Dollar: The greenback was under pressure in anticipation of the weak US fundamentals. The demand for the save-heaven assets dropped, which reinforced the negative impact on the US dollar rate.
British Pound: The pound strengthened as well, and the GBP/USD grew to the $1.6440 level. Minimums were reached at the $1.6375 mark.
Japanese Yen: According to the forecasts, the Bank of Japan left the principal rate unchanged at the previous level of 0.10%.
Oil: Oil prices decreased today to the $97.19 level per barrel.

American trading session:
Japanese Yen: The USD/JPY pair closed the trading day at the level of Y80,45.
US Dollar: According to the released information, the US Advance retail sales drop was not as serious as forecasted: decrease for 0.2% against the expected drop of 0.5%. And the Producer price index turned out to be above expectations: 0.2% against the forecasted 0.1%.

Technical analysis for 15/06
If 1.42996 is broken the pair will decline to Moving Average (100) at 1.41780.
Resistance: 1.44400, 1.46222, 1.47342
Support: 1.42996, 1.41780, 1.40690
The pair is trading between Fibonacci retracement 38.2% and Moving Average (100) 1.62050.
Resistance: 1.64636, 1.65706, 1.67165
Support: 1.63316, 1.62050, 1.60322
The pair has reached 0.84685. If this level is broken the pair will rise to 0.85939.
Resistance: 0.84685, 0.85939, 0.87214
Support: 0.83541, 0.82483, 0.81356
If the pair stays below 80.438 the pair may decline to 79.707.
Resistance: 80.438, 81.399, 82.219
Support: 79.707, 79.070, 78.345
The pair has risen to 1.07005.
Resistance: 1.07005, 1.07739, 1.08413
Support: 1.06164, 1.05332, 1.04407