Forex-Metal Daily Analysis -25/09/2012


Master Trader
Jul 12, 2010
Market review for 24.09.12: There were disagreements between European leaders.
Asian and European trading sessions:

Euro: The EUR / USD pair fell during the Asian session in anticipation of publication of report of business confidence in Germany. Another factor that pressured currency’ s trading dynamics was the fact that German Chancellor Ms. Angela Merkel and French President Mr. Francois Hollande could not reach an agreement about the starting activation of the single regulator of the banking sector in the Eurozone. Mr. Hollande stood for "as quickly as possible activation" of the regulator, while Ms. Merkel wanted to postpone. The EUR / USD pair dropped during the European session to the level of $ 1.2896.

U.S. Dollar: The dollar index opened this day with a small gap up and held the highs of the day around 79.76 areas during both sessions.

Japanese Yen: The situation associated with odds of European leaders on solutions for resolving the debt crisis in the EU had a negative impact on the trading dynamics of the currency. In addition, the Yen grew against all major currencies along with increase demand for safe haven assets on the background of the weakness of Asian and European stock markets. The pair USD / JPY dropped to the level of Y77.85.

Australian and New Zealand dollar: The Australian dollar and New Zealand dollar fell against most major currencies due to decline in demand for higher-yielding assets. The information of further weakening of economic growth in China as well as on speculations that the disagreements between the leaders of the Eurozone could cause a negative impact on prospects of growth put some pressure on these currencies today.

American trading session:

Euro: The euro fell to one-week low against the dollar after published statistics revealed that the IFO German business climate unexpectedly fell in September to the level of 101,4 value versus 102.5 predicted. Also, the German Expectations index fell to 93.2 vs 95.0 forecasted. The results provided pressure on the single currency and the EUR / USD pair dropped to the level of $ 1.2890.

Gold: Gold prices closed to the lower level of the range that has been drawn during the past week. Today, the asset fell by almost 1 % on strong dollar. The October futures price of gold hit $1756.0 dollars per ounce on the COMEX today.

Silver: The Silver prices declined even more than Gold’s reaching the area of $33.60 per troy ounce on COMEX.

Oil: The WTI October futures price of oil sink to $ 91.06 per barrel level on the NYMEX. The prices were influenced by declining of the U.S. stock markets.

Technical analysis for 25.09
The pair has reached 1.30277, if stays below this level the pair will decline to 1.28630.
Resistance: 1.30277, 1.31674, 1.33143
Support: 1.28630, 1.26897, 1.25690
The pair’s support is 1.62050, resistance 1.63316.
Resistance: 1.63316, 1.64636, 1.65706
Support: 1.62050, 1.60322, 1.58543
The pair returned to 0.93069 and trying to rise to 0.93949.
Resistance: 0.93069, 0.93949, 0.95047
Support: 0.92026, 0.91079, 0.89635
The pair is aiming to 77.539.
Resistance: 78.345, 79.070, 79.707
Support: 77.539, 76.463, 75.425
If the pair stays above 1.04407 the pair may rise to the next resistance level at 1.05332. If the pair stays below 1.04407 the pair will decline to 1.03535.
Resistance: 1.04407, 1.05332, 1.06164
Support: 1.03535, 1.02558, 1.01744