Forex-Metal Daily Analysis -19/04/2011

The rally of the euro and the pound.

Asian and European trading sessions:
Euro: Tuesday saw strengthening of the euro. Several factors supported euro today. Greece placed its bonds successfully. In addition, Euro-zone released strong statistics today. The PMI manufacturing and PMI services data of most of the European countries were above expectations.
Negative US fundamentals supported the euro strengthening as well.
Expectations for the increase of the ECB interest rate reinforced. The EUR/USD pair grew to the maximums of $1.4315.
US Dollar: The released diverse US fundamentals did not support the US dollar. The Housing starts data showed a decrease to 7.2% against the predicted 8.6%. At the same time the Building permits grew above expectations.
British Pound: The pound rate increased as well today, and the GBP/USD pair traded in the range of $1.6230-$1.6310.
Japanese Yen: The USD/JPY pair traded in the range of Y82.30-Y82.70.

Canadian Dollar: The released today Canadian Consumer Price index for March increased for 3.3% against the forecasted growth of 2.8%. As a result, the Canadian dollar strengthened against the greenback.
Oil: Oil prices reached strengthened around the $107.65 range per barrel.
Gold: Gold hit its new historical maximum today at the level of $1499 per ounce.

American trading session:
Euro: The EUR/USD pair managed to reach the level of $1.4350 by the end of the trading day.
British Pound: The sterling grew as well and the GBP/USD almost reached the $1.6350 mark.

Technical analysis for 20/04

The pair is aiming to 1.44400.
Resistance: 1.44400, 1.46222, 1.47342
Support: 1.42996, 1.41780, 1.39600
The pair is aiming to test resistance 1.63316, if this level is broken the pair will rise to 1.64636.
Resistance: 1.63316, 1.64636, 1.67165
Support: 1.62050, 1.60322, 1.56722
The pair is trying to break 0.89635, this will bring the pair to rise to 0.91079.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
The pair is aiming to 82.219. If this level is broken the pair will decline to 81.399.
Resistance: 83.065, 83.933, 84.866
Support: 82.219, 81.399, 80.438
The pair couldn’t break 1.04407 and aiming to test again 1.06164.
Resistance: 1.06164, 1.07005, 1.07739
Support: 1.05332, 1.04407, 1.03535