Forex-Metal Daily Analysis -19/05/2011

British pound loses more than 100 points today.

Asian and European trading sessions:
Euro: EUR/USD demonstrated maximums at the level of $1.4285 and minimums of $1.4215 during the European trading session. Euro was supported by the speculations that the ECB would continue to increase the interest rates politics.
British Pound: GBP/USD pair dropped on Wednesday from $1.6290 to minimums of $1.6133 during the European trading session. A number of factors influenced this drop of the pound. UK jobless claims for April grew for the record-breaking amount of 12.4K. Claimant count rate increased for 4.6% against the forecasted increase for 4.5%.
The released today minutes of the Bank of England meeting showed, that most of the members voted for keeping the interest rate at the previous level.
New-Zealand Dollar: The released on Tuesday New-Zealand statistical data rendered considerable support to the national currency on Wednesday. The Producer price inputs and Producer price outputs showed unexpected growth for the first quarter.
Oil: Oil traded around the $97.69 level per barrel.
Gold: Gold traded at the range of $1497.00 per ounce.

American trading session:
Euro: Concerns over the restructuring of the Greek debt reinforced today, and the EUR/USD dropped below the $1.4200 level.
British Pound: The GBP/USD decreased to $1.6100 minimums.
US Dollar: Publication of the FOMC meeting rendered temporary support to the greenback, which demonstrated some possibility for the principal rates increase in the US.
Japanese Yen: The USD/JPY closed the trading around the level of Y81.50.

Technical analysis for 19/05

The pair has been able to rise to 1.42996. If this level is broken the pair will rise to 1.44400.
Resistance: 1.42996, 1.44400, 1.46222
Support: 1.41780, 1.40690, 1.39600
The pair stays above 1.62050 and it may bring pair to test 1.63316. If the pair stays below 1.62050 the pair will decline to 1.60322.
Resistance: 1.63316, 1.64636, 1.65706
Support: 1.62050, 1.60322, 1.58543
The pair stays below 0.88418, it may bring pair to decline to 0.87214.
Resistance: 0.88418, 0.89635, 0.91079
Support: 0.87214, 0.85939, 0.84685
If 80.438 is broken the pair will decline to 79.707. If 81.399 is broken the pair will rise to 82.219.
Resistance: 81.399, 82.219, 83.065
Support: 80.438, 79.707, 78.345
The pair is aiming to reach 1.07005.
Resistance: 1.07005, 1.07739, 1.08413
Support: 1.06164, 1.05332, 1.04407