Forex-Metal Daily Analysis -08/02/2011

Concerns over the instability in Egypt.

Asian and European trading sessions:
Australian Dollar: The Australian dollar rate demonstrated a negative trend against the American dollar after the released Australian retail sales data during the Asian trading session, which happened to be below expectations: 0.2% against the forecasted 0.5%.
Euro: German factory orders, which were published today, turned out to be below expectations: 19.7% against the forecasted 21.3%. As a result, the euro decreased against the greenback. The EUR/USD pair dropped to the $1,3540 level.
Concerns over the instability in Egypt continue to pressure market participants’ trading. Minimums of the EUR/USD pair were set at the $1.3506 level.
US Dollar: On Monday the American dollar was still under influence of the released on Friday positive employment data.
British Pound: The sterling followed the decrease of the euro. At the same time, the pound continues to be supported by the expectations of the possibility that the Bank of England would increase the principal rates. The GBP/USD pair decreased to $1,6100.
Japanese Yen: The USD/JPY pair traded in the range of Y82,15-Y82,50.
Oil: Political instability in Egypt continues to pressure the oil prices. And the oil rate demonstrates growth to the level of $89.06 per barrel.
Gold: Gold prices increased as well, and showed growth to $1,350.70 mark per ounce.

American trading session:
Euro: During the American trading session, the American stock indices growth resulted in the increased demand for risky assets, and the EUR/USD pair demonstrated rehabilitation and increased to the $1.3600 mark.


Technical analysis for 08/02

The pair has declined to support level Fibonacci retracement 50.0%. A rise to Moving Average (500) maybe expected to 1.367684.
Resistance: 1.37486, 1.38554, 1.39600
Support: 1.35984, 1.34882, 1.33143
The pair has worked figure upside down Head and Shoulders. The pair may return to 1.62050.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
The pair has broken 0.95125 and aiming to 0.96574, but before that the pair may roll back to support level at 0.95125.
Resistance: 0.96574, 0.98114, 0.99201
Support: 0.95125, 0.93435, 0.91658
The pair is trying to stay above 82.219. It may bring pair to rise to Moving Average (100) at 83.065.
Resistance: 83.065, 83.933, 84.866
Support: 82.219, 81.399, 80.438
The pair has rolled back to 1.00907 and aiming to 1.01744.
Resistance: 1.01744, 1.02705, 1.03535
Support: 1.00907, 1.00067, 0.99207