Forex-Metal Daily Analysis -30/06/2011


Master Trader
Jul 12, 2010
Greek parliament approves of the austerity measures.

Asian and European trading session:

Euro: Euro showed consolidation on Wednesday, and the EUR/USD pair grew to its maximums of $1.4400 during the Asian trading session. Market participants were optimistic due to reinforced expectations that the Greek parliament would approve of the austerity measures for the national economy in order to receive the financial help and avoid the default. Some experts note that the current euro stabilization is only temporary.

According to the announcement, the Greek parliament supported the program of the austerity measures. The EUR/USD showed maximums at the $1.4450 level.

US Dollar: Demand for the high-risk currencies increased, and the US dollar was under pressure.

British Pound: Sterling strengthened as well due to the Greek optimism and the GBP/USD pair reached the $1.6014 highs.

But the negative movement of the pound followed the released weak UK statistics. The UK Net consumer credit turned out to be at the lower level than forecasted.

Japanese Yen: The USD/JPY traded in the range of Y80.90-Y81.20.

Oil: Oil prices grew to the $94.10 mark per barrel.

Gold: Gold rate increased as well and reached the $1,509.20 price per ounce.

American trading session:

Euro: Investors are expecting the ECB to raise the interest rates during their next meeting on July 7-th.

Technical analysis for 30/06
The pair has broken 1.44400 and aiming to 1.46222.
Resistance: 1.46222, 1.47342, 1.48550
Support: 1.44400, 1.42996, 1.41780
The pair has broken 1.60322 and aiming to 1.62050.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
The pair has declined to 0.83541. If the pair stays below this level the pair will decline to 0.82438.
Resistance: 0.83541, 0.84685, 0.85939
Support: 0.82483, 0.81356, 0.80313
The pair has nearly touched Moving Average (100) at 81.399 and rolling back to 80.438. If this level will be broken the pair will decline to 79.707.
Resistance: 81.399, 82.219, 83.065
Support: 80.438, 79.707, 79.070
The pair has found support at 1.04407 and rolling back to 1.07739.
Resistance: 1.07739, 1.08413, 1.09112
Support: 1.07005 ,1.06164, 1.05332