Forex-Metal Daily Analysis – 21/10/10

The Beige book report showed moderate US economy growth. Asian and European trading sessions:
Euro: On Wednesday the EUR/USD rate grew and reached the $1,3856 level.
US Dollar: The expectations for the release of the Beige book today had a negative impact on the US dollar. According to the forecasts, the report would demonstrate the slow-down of the US economical activity. 
British Pound: The GBP/USD pair showed maximums above the $1,5700 level, but the rate stopped growing after the release of the last Bank of England minutes.
Japanese Yen: The USD/JPY rate dropped to the range of Y81.14.
Canadian Dollar: The monetary policy report of the Bank of Canada, which was released today, showed the decrease of the economic forecasts. The central bank reduced its 2010 growth forecast from 3.5 % to 3.0 %.
Australian Dollar: According to the forecasts, the possibility for the principal rate increase by the Reserve Bank of Australia grew. As a result, the Australian dollar rate strengthened against its competitors.
Gold and Silver: Precious metals started to rehabilitate after the decrease yesterday. The gold rate grew to $1343.20 mark per ounce. The silver price also increased to $23.88 per ounce. American trading session:
US Dollar: The results of the Beige book report turned out to be a little stronger than the previous one, since the national economic activity demonstrated moderate growth. The greenback did not show any reaction to the Beige book publication, and the EUR/USD pair consolidated round the $1.3970 level.
Technical analysis for 21/10 EURUSD
The pair was supported by Moving Average (500) and returned to 1.39600. If the pair stays below this level the pair will decline to 1.38554 and 1.37486.
Resistance: 1.39600, 1.40690, 1.41780
Support: 1.38554, 1.37486, 1.35984
The pair has met resistance at 1.58543 and declining. Aim at 1.56722. The pair has dropped to Moving Average (500) at 1.56722. Now the pair’s resistance is 1.58543 and support 1.5442.
Resistance: 1.58543, 1.60322, 1.62050
Support: 1.56722, 1.54842, 1.53301
The pair is trying to stay above 0.96480. It will lead pair to 0.97130.
Resistance: 0.97130, 0.97915, 0.99066
Support: 0.96480, 0.95510, 0.94661
The pair is trying to stay below 81.162. This may bring pair to decline to 80.438. If the pair stays above 81.162 the pair will rise to 82.219.
Resistance: 82.219, 83.330, 84.260
Support: 81.162, 80.438, 79.707
The pair has reached 0.98436 and declining to 0.97715 and probably 0.96464.
Resistance: 0.98436, 0.99207, 1.00067
Support: 0.97715, 0.96464, 0.95154