Forex-Metal Daily Analysis -16/03/2011

Forex-Metal

Master Trader
Jul 12, 2010
428
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Demand for the risky assets drops.

Asian and European trading sessions:
Euro: On Tuesday the EUR/USD pair started trading day around the minimums of the $1,3890 mark.
Euro received additional pressure after the publication of the Euro-zone fundamentals. The German ZEW survey (Economic sentiment) for March decreased and turned out to be below forecasts: 14.1 against the expected 16.0. The current situation index was below the forecast as well: 85.4 against 86.0. As a result, the EUR/USD pair dropped to the minimums of $1.3852.
US Dollar: US dollar was supported today as a result of the forecasts of the FRS statement, which is expected to announce the improvement of the US labor market. Greenback was also supported as a save-heaven currency after the announcement of the possible radiation contamination risk as a result of the earthquake in Japan.
British Pound: Following the euro, the pound also decreased. The GBP/USD hit minimums of $1,5972 level.
Japanese Yen: Explosions at the nuclear power plant in Japan, as a result of the devastating earthquake, supported the yen as a save-heaven currency. Bank of Japan continued to support national finances of the country. Additional 5 trillion yen were injected into the financial system.
The USD/JPY pair traded in the range of Y81.15 - Y82.00.
Swiss Frank: Swiss Frank received considerable support as a save-heaven currency and reached historical maximum against the greenback at the level of 0,9137.
Oil: Oil rate continued to trade at a lower level of $98.81 per barrel, due to the concerns that the devastating earthquake in Japan would decrease the Japanese demand for the oil. Against the background of the greenback strengthening, the oil showed minimums of $97.81 per barrel.
Gold: Gold rate dropped to $1381 minimums per ounce.

American trading session:
US Dollar: Trading dynamics changed during the American session after the release of the FOMC meeting results. The interest rate was left at the previous level of 0.25% and will be kept at this level unchanged for a “considerable period of time”. The QE2 program was left at the volume of $600B. As a result, the US dollar has lost its attractiveness and the EUR/USD pair grew to the $1.4012 level.
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Technical analysis for 16/03
EURUSD
If the pair stays above 1.39600 the pair will rise to 1.40690. If the pair declines below 1.39600 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 1.60322. 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 has broken 0.92026 and aiming to test 0.91079.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89891, 0.88691
USDJPY
The pair has broken the lower border of the triangle and aiming to 80.244.
Resistance: 81.399, 82.219, 83.065
Support: 80.438, 79.707, 70.070
AUDUSD
The pair has broken 0.99207. The temporary support for the pair is 0.98436.
Resistance: 1.00067, 1.00907, 1.01744
Support: 0.99207, 0.97423, 0.96464
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