Forex-Metal Daily Analysis -05/07/2011

Comments of the S&P agency regarding the Greek default pressured the euro.

Asian and European trading sessions:
Euro: The euro was supported during the Asian trading session, due to the expectations for the principal rate increase. It is expected, that the ECB would increase the interest rate to 1.5%.
Nevertheless, the following comments of the S&P agency regarding the possibility of the selective Greek default, rendered pressure on the euro. The USD/USD dropped to minimums of $1.4510 from the maximums of $1.4580.
British Pound: The GBP/USD pair traded in the range of $1.6060-$1.6090. The PMI Construction index showed reduction compared to the previous level, and the sterling rate was pressured.
Japanese Yen: The USD/JPY pair traded around the Y80.70 mark.
Australian Dollar: The release of the Australian Retail sales volume, which demonstrated an unexpected decrease, had a negative influence on the national currency.
The AUDUSD pair declined to lows of 1.0713.
Swiss Frank: Swiss frank rate decreased after the publication of the Retail sales drop for 4.1%.
Oil: Oil prices stabilized at the $95.30 level per barrel. Minimums were set at the $94.89 level.
Gold: The gold rate moved lower to $1485.70 per ounce.

American trading session:
US Dollar: The American financial markets were closed today due to the celebration of the Independence Day.


Technical analysis for 05/07

The pair couldn’t reach 1.46222 and returning back to support 1.44400. If 1.44400 is broken the pair will decline to 1.42996.
Resistance: 1.46222, 1.47342, 1.48550
Support: 1.44400, 1.42996, 1.41780
The pair is trading below Moving Average (200) at 1.60892. If the pair stays below this level the pair will decline to the channel line at 1.58543.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
The pair has risen to the resistance 0.84685. Once the level is broken the pair will continue rising to the next level at 0.85939.
Resistance: 0.84685, 0.85939, 0.87214
Support: 0.83541, 0.82483, 0.81356
The pair is aiming to the Moving Average (100) at 81.399. If the pair breaks this level the pair will rise to 82.219.
Resistance: 81.399, 82.219, 83.065
Support: 80.438, 79.707, 79.070
The pair has declined to 1.07005. If this level is broken the pair will decline to 1.06164.
Resistance: 1.07739, 1.08413, 1.09112
Support: 1.07005 ,1.06164, 1.05332