Forex-Metal Daily Analysis -21/04/2011

US dollar weakness brings competitors to new maximums.

Asian and European trading sessions:

US Dollar: The US real estate statistics, which was released on Tuesday, had a very positive impact on the market participants’ optimism. This influence lasted on Wednesday as well, and risky assets received substantial support. As a result, investors moved out their funds from the US dollar.

Australian Dollar: As a risky asset, the Australian dollar rate increased against the US dollar, and hit a new historical maximum.

Canadian Dollar: Canadian dollar rate grew against the American dollar due to the strong consumer price indices data, which was released in Canada yesterday.

Euro: EUR/USD pair showed growth above the $1.4400 level. Released today German producer prices demonstrated decrease, but this did not have any negative impact on the euro dynamics.

British Pound: The GBP/USD pair grew and strengthened at the level of $1.6400. But this growth was only temporary, since after the release of the Bank of England meeting, the pound was under pressure. According to the expectations, the principal rate would not be increased at the next BoE meeting. Eventually, the sterling decreased to the $1.6300 range.

Japanese Yen: Japanese yen strengthened against the greenback as well. The USD/JPY pair dropped to the Y82.50 level.

Oil: Oil rate maximum was reached at the $109.84 mark per barrel.

Gold: Gold renewed its historical maximum at the level of $1504.50 per ounce against the background of the weakened US dollar.

American trading session:

Euro: Euro closed the trading day at the maximums of $1.4500.

Technical analysis for 21/04

The pair is aiming to 1.46222.
Resistance: 1.46222, 1.47342, 1.48550
Support: 1.44400, 1.42996, 1.41780
The pair is aiming to test resistance 1.64636.
Resistance: 1.64636, 1.67165, 1.68756
Support: 1.63316, 1.62050, 1.60322
The pair has declined to 0.88418.
Resistance: 0.89635, 0.91079, 0.92026
Support: 0.88418, 0.87214, 0.85939
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 has broken 1.07005 and aiming to 1.07739.
Resistance: 1.07739, 1.08412, 1.09112
Support: 1.07005, 1.06164, 1.05332