Forex-Metal Daily Analysis – 30/08/2011

An increase in the risk appetites supported high-yielding currencies.

Asian and European trading sessions:
Euro: EUR/USD traded from its lows at $1.4463 up to its highs at $1.4550. The pair stepped back from the maximums after statistics that showed the slowdown in inflation in some parts of Germany.
US Dollar: The dollar is finishing the current month with the maximal growth since May: in August, the dollar rose 1.2% against a basket of currencies and returned to the status of “safe-haven” currency. Today the greenback lost its positions against high-yielding currencies (Euro, Pound, Australian and New Zealand dollars), but strengthened against other currencies with the same “safe-haven” status (the Yen and the Franc).
British Pound: The GBP/USD rose from $ 1.6341 and showed its session highs at $ 1.6412. Then, the pair was trading near the $1.6400 zone.
Japanese Yen: After consolidating in the Y76.55 – Y76.75 range, the USD/JPY rose nearly 50 pips and stopped at a mark of 77.05 yen per dollar.
Swiss Franc: Swiss franc fell against the major currencies on the background of the strengthening of the major fund indices of the world markets. During the Asian session the Franc was trading for less than 0.8100 for USD, but later during the European trade session, it was able to reach 0.8180 level.
Oil: Oil reached the $87.62 mark per barrel.
Gold: Gold decreased to $1781.30 per ounce and currently remained below $1800 level.
Australian Dollar: The Australian dollar rose against the major currencies on the backdrop of the increasing demand for high-yielding currencies as well as in connection with the expectations of tomorrow’s data on building permits.

American trading session:
During this session, growth of appetites to risks was supported by high-yielding currencies, such as the Australian and Canadian dollars.

Technical analysis for 30/08

The pair has broken 1.44406 and aiming to 1.46222.
Resistance: 1.46222, 1.47342, 1.48550
Support: 1.44400, 1.42996, 1.41780
MACD divergence doesn’t let pair continue rising. If the pair declines below 1.64636 the pair will decline to 1.63316.
Resistance: 1.64636, 1.65706, 1.67165
Support: 1.63316, 1.62050, 1.60322
The pair’s resistance is 0.82483, support 0.81356.
Resistance: 0.82483, 0.83541, 0.84685
Support: 0.81356, 0.80313, 0.79115
The pair has declined to the next support level at 76.463. If this level is broken the pair will decline to 75.425.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
The pair has risen to the resistance 1.07005 and rolling back to 1.06164.
Resistance: 1.07005, 1.07739, 1.08413
Support: 1.06164, 1.05332, 1.04407