Forex-Metal Daily Analysis -06/04/2011

US dollar continues to loose its positions

Asian and European trading sessions:
Euro: Market participants are waiting for the results of the ECB meeting which is planned for tomorrow. The euro was supported today in anticipation of the interest rate increase. Asian trading session showed maximums of the EUR/USD pair at the level of $1.4270.
During the European trading session the EUR/USD pair hit the $1.4315 maximum. Considerable increase of the German factory orders rendered additional support to the euro.
US Dollar: The US dollar continued to loose its positions against the major currencies.
British Pound: The GBP/USD pair showed growth to the $1.6364 mark. But after the release of the GB Industrial production data, which demonstrated unexpected decrease below the forecasts, the pound dropped. The released today GB Halifax house prices showed a decrease as well.
As a result, the GBP/USD pair dropped to $1.6262 minimums.
Japanese Yen: According to the expectations, the Bank of Japan would leave the principal rate at the previous level of 0.1% today.
The USD/JPY pair reached maximum of Y85.52 level.
Oil: Oil prices showed a negative rally for the second day.
Gold: Gold rate continued to be supported by the increased demand for gold against the reinforced concerns over the Euro-zone budget crises and nuclear problem in Japan. Today’s maximum was reached at the $1460.95 mark per ounce.

American trading session:
British Pound: The sterling managed to rehabilitate and win back the previously lost positions.

Technical analysis for 07/04

The pair is under resistance of median line and testing this level. If the pair stays above 1.42996 the pair will try to rise to 1.44400. But the indicators show that rollbacks maybe expected. The pair may decline to support line at 1.42996.
Resistance: 1.42996, 1.44400, 1.46222
Support: 1.41780, 1.40690, 1.39600
The pair has risen to 1.63316. If this level is broken the pair will rise to 1.64274.
Resistance: 1.63316, 1.64636, 1.67165
Support: 1.62050, 1.60322, 1.58543
The pair is trading between 0.93069 and 0.92026.
Resistance: 0.93069, 0.93949, 0.95047
Support: 0.92026, 0.91079, 0.89635
The pair is aiming to Moving Average (500) at 87.479.
Resistance: 85.960, 86.861, 87.728
Support: 84.866, 83.933, 83.065
The pair is trying to break 1.04407.
Resistance: 1.04407, 1.05311, 1.06164
Support: 1.03535, 1.02705, 1.01744