Forex-Metal Daily Analysis – 08/09/2011

The US Dollar stepped back against the background of an increase in the stock markets.

Asian and European trading sessions:
Euro: The Euro strengthened on the backdrop of the report, which showed a significant increase in industrial production in Germany from July. Indicator grew by 4.0% in July against the forecasted value of +0.5% and previous -1.0% in June. The EUR/USD pair rose from $1.4008 to its daily high at $1.4150, then rolled back to $1.4050.
US Dollar: After 6 days of growth, the US Dollar fell against the Euro and other major currencies. The greenback also decreased amid the growing stock markets around the world and reduced demand for currencies with the “safe haven” status. Another factor which pressured the US Dollar was speculations that Fed Chairman Ben Bernanke would express his willingness to continue stimulate the U.S. economy in his tomorrow speech.
British Pound: The GBP/USD pair was trading in range of $1.5935 to $1.6015, however, the pair established its daily high at $1.6038 during the European trading session.
Japanese Yen: The USD/JPY pair initially dropped to Y77.06 from its highs around the Y77.70 area. Then, during the European trading session, the pair had shown a correction and remained trading between Y77.10 and Y77.36 levels.
Australian Dollar: According to statistics, the Australian GDP grew by 1.2% against analysts forecasts of 1%. As a result of this report, the Australian Dollar grew against all major currencies.
Oil: The October’s Oil added 79 cents to its price and rose to $86.81 for a barrel.
Gold: Today, the price of Gold marked its daily low at $1,793 per ounce.

American trading session:
Canadian Dollar: The Canadian dollar held its positions against the greenback after the Bank of Canada has kept its interest rates unchanged today.

Technical analysis for 8/09

The pair is trying to recover and if 1.40690 is broken the pair will rise to 1.41780.
Resistance: 1.40690, 1.41780, 1.42996
Support: 1.39600, 1.38554, 1.37486
The pair is aiming to 1.58543.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
The pair’s resistance is 0.85939, support 0.84685.
Resistance: 0.85939, 0.87214, 0.88418
Support: 0.84685, 0.83541, 0.82483
The pair’s resistance is 77.539. The pair’s support is at 76.463.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
The pair is aiming to 1.05332.
Resistance: 1.06164, 1.07005, 1.07739
Support: 1.05332, 1.04407, 1.03535