Forex-Metal Daily Analysis -14/04/2011

Greece announced of the necessity to write off part of its debt

Asian and European trading sessions:
New-Zealand Dollar: The New-Zealand dollar showed growth on Wednesday after the released on Tuesday increased house price data.
Euro: The EUR/USD pair strengthened in the range of $1.4500. Market participants expected the publication of the strong Euro-zone Industrial production data. EUR/USD maximum was reached at the $1.4520 mark.
Nevertheless, the released Euro-zone fundamentals showed unexpected decrease. The Euro-zone Industrial production for February showed a decrease to 0.4% compared to forecasted 0.8%.
Greece announced of the necessity to write off part of its debt, so that the normal development of the country would still be possible. As a result, the EUR/USD dropped to the $1.4450 minimums.
British Pound: Diverse GB labour market data was released today. The Jobless claims change for March increased for 0.7K, but the UK unemployment rate grew to 7.8% (which was below the expected level).
The GBP/USD pair demonstrated its maximum at the level of $1.6280.
Japanese Yen: The USD/JPY pair managed to reach the Y84.00 level.
Oil: Oil rate showed some decrease on Wednesday, and the price dropped to the $106.23 mark per barrel, due to concerns over the slow-down of the demand for the oil inventories.
Gold: Gold traded at the level of $1,461.20 mark per ounce.

American trading session:
US Dollar: Released today US Advance Retail sales for March decreased. But the Beige Book Economic survey publication was positive, which rendered support for the greenback and resulted in its temporary growth against its competitors.

Technical analysis for 14/04

The pair has risen to 1.44400 and may roll back to 1.42996 if stays below 1.44400.
Resistance: 1.46222, 1.47342, 1.48550
Support: 1.44400, 1.42996, 1.41780
The pair has risen to 1.63316. Support maybe met at 1.62050.
Resistance: 1.64636, 1.67165, 1.67165
Support: 1.63316, 1.62050, 1.60322
The pair has broken support 0.89635 and aiming to 0.88418.
Resistance: 0.89635, 0.91079, 0.92026
Support: 0.88418, 0.87214, 0.85939
The pair couldn’t break 84.866 and rolling back to 83.065. If 83.065 is broken the pair will decline to 82.219.
Resistance: 83.933, 84.866, 85.960
Support: 83.065, 82.219, 81.399
The pair is aiming to 1.05332.
Resistance: 1.05332, 1.06164, 1.07005
Support: 1.04407, 1.03535, 1.02705