Forex-Metal Daily Analysis - 17/08/2011


Master Trader
Jul 12, 2010
Statistics from Germany caused pressure on the Euro.

Asian and European trading sessions:
Euro: After testing a 3-week’s high, the single currency fell today. The main reason for that was a report of Germany’s GDP and the EU as a whole for the second quarter, which showed slowing down of GDP growth in Germany (GDP fell to 0.1% versus +1.3% for the first quarter). As a result, the EUR/USD declined to the $1.4358 area.
British Pound: The GBP/USD was under pressure and pair decreased to $1.6318 during the Asian session. However, the strong inflation report in Britain helped this pair to return to $1.6382 level.
Japanese Yen: The USD/JPY remained trading between Y76.70 - Y76.90.

American trading session:
Swiss Franc: Swiss Franc reduced its achievements against the dollar and the euro after the report publication of the Industrial Production in the U.S., which was better than expected and amounted to 0.9% versus 0.4% in the previous period.

Technical analysis for 17/08
The key level for the pair is 1.40690, if this level is broken the pair will decline to Fibonacci 61.8% at 1.38867. If the pair breaks 1.44406 the pair will rise to 1.46222.
Resistance: 1.44400, 1.46222, 1.47342
Support: 1.42996, 1.41780, 1.40690
The pair has risen to Fibonacci 38.2% 1.64636. If this level is broken the pair will rise to 1.65706.
Key level is 1.62050 after which may be expected decline to 1.60322.
Resistance: 1.64636, 1.65706, 1.67165
Support: 1.63316, 1.62050, 1.60322
The pair’s resistance is 0.80313, support 0.77849.
Resistance: 0.73265, 0.74362, 0.75450
Support: 0.71993, 0.70687, 0.69336
The pair has declined to the next support level at 76.463.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
The pair is aiming to Moving Average (100) at 1.05799.
Resistance: 1.05332, 1.06164, 1.07005
Support: 1.04407, 1.03535, 1.02558