Forex-Metal Daily Analysis -22/06/2011


Master Trader
Jul 12, 2010
Market review for 21.06.2011: Negative EU and UK statistics pressured the euro and pound.

Asian and European trading sessions:
Euro: Released today German ZEW survey turned to be -9 against the forecasted-3 level. The Euro-zone economic sentiment survey was at the -5.9 mark while the expected level was 6.1. As a result, the EUR/USD showed temporary minimums of $1.4315.
Concerns over the situation in Greece weakened on Tuesday in anticipation of the vote of confidence for the Greek Prime Minister, Georgius Papandreu.
British Pound: The publication of the UK public sector net borrowing demonstrated growth for only 15.2B against the forecasted growth for 16.5B. Consequently, the GBP/USD dropped to $1.6180, but only temporarily.
Japanese Yen: The USD/JPY traded around the Y80.20 range.
Australian Dollar: Australian dollar decreased today after the publication of the minutes of the last meeting of the Reserve Bank of Australia. RBA pointed out that its decision to keep the interest rate at the previous level was reasonable due to the uncertain situation with the European crises.
Oil: Oil traded around the level of $94.29 per barrel.
Gold: Gold traded at the range of $1,545.10 per ounce.

American trading session:
US Dollar: Positive US statistics, which was released during the second part of the day, rendered support to the risky assets. The US existing home sales decreased only for 3.8% compared to the forecasted drop of 5.0%. Therefore, the EUR/USD managed to reach the $1.44 level, and the GBP/USD grew to the $1.6240 mark.
Technical analysis for 22/06
The pair stays above 1.42996, it may bring pair to test 1.44400. If the pair declines below 1.42996 the pair will decline to 1.41780.
Resistance: 1.44400, 1.46222, 1.47342
Support: 1.42996, 1.41780, 1.40690
The pair is trying to decline below 1.62050, it may bring pair to test 1.60322.
Resistance: 1.63316, 1.64636, 1.65706
Support: 1.62050, 1.60322, 1.58543
The pair will be able to reach 0.85939 in case 0.84685 is broken. If the pair stays below 0.84685 the pair will decline to 0.83541.
Resistance: 0.84685, 0.85939, 0.87214
Support: 0.83541, 0.82483, 0.81356
If the pair breaks 80.438 the pair will try to reach Moving Average (100) at 81.399.
Resistance: 80.438, 81.399, 82.219
Support: 79.707, 79.070, 78.345
The pair is declining to 1.05332. If this level is broken the pair will decline to 1.04407.
Resistance: 1.06164, 1.07005, 1.07739
Support: 1.05332, 1.04407, 1.03535