Forex-Metal Daily Analysis – 07/10/10

Unexpectedly low ADP employment affects the market. Asian and European trading session:
Euro: The EUR/USD pair reached the 8-months maximum at the $1,3880 mark.
US Dollar: On Wednesday the US dollar was still trading at the 8-months minimums against the euro. The pressure is also coming from the unemployment rate, which will be released on Friday, and is forecasted to advance to 9.7 % from 9.6 %. The initial jobless claims are expected to show growth as well on Thursday. 
British Pound: The European trading session saw GBP/USD rate maximums at $1,5940.
Japanese Yen: The yen demonstrated strengthening against the US dollar. The speculations regarding the possible intervention by the Bank of Japan reinforced.
The USD/JPY pair showed minimums at the Y83.00 level and continued to trade in this range.
Oil: As the greenback showed a continuous weakening, the oil rate grew and reached the level of $82.86 per barrel.
Gold and Silver: The gold reset its historical maximum today at $1349.90 mark per ounce. The silver also showed growth to $23.07 per ounce, as investors expressed great interest in precious metals. American trading session:
US Dollar: According to the today’s releases, the ADP employment change in the US unexpectedly fell 39 thousand in September after increasing 10 thousand during the previous month against the expectations of a 20 thousand rise.
British Pound: According to the published data, the UK Shop Price Index rose 1.9 %, which was the highest reading in five months. But the sterling did not manage to hold the reached maximums above the $1,5900 level, since the risk sentiment was affected by the unexpectedly low release of the ADP employment.
Technical analysis for 07/10 EURUSD
The pair is aiming to 1.39600. Support is at 1.38554.
Resistance: 1.39600, 1.40690, 1.41780
Support: 1.38554, 1.37486, 1.35984
The pair has broken trendline and aiming to 1.60322.
Resistance: 1.60322, 1.62050, 1.64274
Support: 1.58543, 1.56722, 1.54842
The pair has broken support level 0.96480 and aiming to 0.95510.
Resistance: 0.96480, 0.97130, 0.97915
Support: 0.95510, 0.94661, 0.93831
The pair has broken support 83.330 and aiming to 82.219.
Resistance: 83.330, 84.260, 85.161
Support: 82.219, 81.162, 79.957
The pair closed above 0.97715 and continue rising. Resistance level is at 0.98436.
Resistance: 0.98436, 0.99207, 1.00067
Support: 0.97715, 0.96392, 0.94898