Forex-Metal Daily Analysis – 28/10/10

The greenback reaches weekly maximums against the euro and the yen. Asian and European trading sessions:
US Dollar: Speculations regarding the positive impact from the US quantitative easing policy rendered support to the greenback on Wednesday, which reached weekly maximums against the euro and the yen. 
The release of the positive US fundamentals resulted in the stabilization of the US dollar. The Durable goods orders for September grew for 3.3% against the forecast of only 2.0% growth. The Durable goods orders report reflects the positive mood of the national economy.
At the same time concerns that the Federal Reserve’s quantitative easing program in November would not be as large as markets expected, reinforced.
Euro: The EUR/USD pair dropped below the $1.3800 mark, but managed to reach its maximums at $1.3850. The German Consumer price index, published today, did not change and showed the forecasted level of 1.3%.
Greece informed of the insufficient tax levy, which pressured the euro. At the same time Portugal released its 2011 budget report failure. The problems of the European countries’ budgets were not over yet, and continued to pressure the market.
British Pound: The sterling also decreased, and the GBP/USD rate dropped below the $1,5800 level. Its maximums were set at $1.5860.
Japanese Yen: The USD/JPY pair grew and reached the level of Y82.00, but stepped back after that.
Australian Dollar: The released on Wednesday Consumer price index for the 3-d quarter showed increase only for 0.7% against the forecasted growth for 0.8%. As a result, the probability, that the RBA would increase the interest rate, dropped. Therefore, the Australian dollar rate decreased against the spectrum of the major currencies.
Oil: The oil traded around the level of $82.00. American trading session:
New-Zealand Dollar: According to the expectations, the Reserve Bank of New-Zealand left the principal rate unchanged at the previous level of 3.00%. This has been already the second meeting in a row, when the Reserve Bank kept the principal rate unchanged.
Technical analysis for 28/10 EURUSD
The pair has nearly touched support 1.37486 and trying to rise to 1.38554. If the pair breaks 1.38554 the pair will rise to 1.39600.
Resistance: 1.38554, 1.39600, 1.40690
Support: 1.37486, 1.35984, 1.34882
The pair is trying to reach resistance at 1.58543.
Resistance: 1.58543, 1.60322, 1.62050
Support: 1.56722, 1.54842, 1.53301
If the pair unable to close above 0.99608, it will bring pair to decline to support level at 0.97892.
Resistance: 0.98750, 0.99608, 1.00466
Support: 0.97892, 0.97130, 0.96480
The pair found resistance at Moving Average (100) at 81.773 and declining. Support maybe met at 81.162.
Resistance: 82.219, 83.065, 83.933
Support: 81.162, 80.438, 79.707
The pair declined to 0.96464 and now is under resistance level 0.97715. If the pair closes below 0.97715 it will bring pair to 0.96464.
Resistance: 0.97715, 0.98436, 0.99207
Support: 0.96464, 0.95154, 0.93788