Forex-Metal Daily Analysis – 12/10/2011

The euro decreased in the threshold of the voting over the EFSF expansion.

Asian and European trading sessions:
Euro: The euro traded in the narrow range after the yesterday’s rapid growth against the greenback. The EUR/USD traded around the $1.3615 – $1.3650 levels during the Asian trading session.
The euro dropped in the threshold of the voting at the Slovakian Parliament regarding the European Financial Support Fund expansion. As a result, the euro decreased and the EUR/USD pair temporarily dropped to the $1.3574 minimums.
US Dollar: Due to the fact that the European summit has been postponed, the US dollar strengthened against the major currencies against the background of the decreased stock markets.
British Pound: The pound was pressured by the expectations for the negative forecast of the UK industrial production figures.
The GBP/USD pair traded in the range of $1.5611-$1.5662.
Japanese Yen: The USD/JPY pair traded in the narrow range of Y76.59 –Y76.75.
Australian Dollar: The released Business Conditions index from the National Bank of Australia happened to be positive, while its previous level was negative. Therefore, the Australian dollar managed to reach parity with the greenback again.

American trading session:
Oil: The oil prices dropped today after the statement of the head of the ECB, Jean-Claude Trichet, that the debt crises poses a threat on the financial system as a whole. The WTI rate decreased to the $83.98 per barrel minimums.
Gold: The gold prices decreased as well. The yellow metal closed the trading week at the $1665.92 mark per ounce.


Technical analysis for 12/10

The pair has broken Fibonacci retracement 50% at 1.34882 and aiming to the next Fibonacci level 61% at 1.38871.
Resistance: 1.37486, 1.38554, 1.39600
Support: 1.35984, 1.34882, 1.33143
The pair is aiming to 1.54842.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53482, 1.52063
The pair is aiming to 0.91079.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
If the pair stays below 76.463 the pair will decline to 75.425. If the pair stays above 76.463 the pair will rise to 77.539.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
The pair has reached resistance 1.99207. If the pair stays below this level the pair will decline to 0.98436.
Resistance: 1.00067, 1.00907, 1.01744
Support: 0.99207, 0.98436, 0.97423