Forex-Metal Daily Analysis – 20/09/2011

Euro is loosing its positions against the greenback.

Asian and European trading sessions:
Euro: The Euro started this week with the losses against the greenback, since European leaders could not come to a mutual decision on how to stop spreading of the debt crises in the EU. Investors were very negative towards the euro, and the EUR/USD showed minimums below the $1.3600. The pair traded in the range of $1.3586-$1.3720.
US Dollar: The dollar strengthened against the main currencies against the background of the world major stock markets drop, which lead to the increased demand for the safe heaven currencies.
Australian Dollar: Speculations in regards to the possible interest rate reduction by the Reserve Bank of Australia pressured the national currency, and the Australian dollar dropped against the greenback. Investors are waiting for the last minutes of the RBA meeting to be published tomorrow.
British Pound: The sterling renewed its yearly minimum around the $1.5630. Later on the GBP/USD managed to rehabilitate and reach the $1.5725 range.
Japanese Yen: The USD/JPY decreased to the Y76.60 level.

American trading session:
Euro: American session demonstrated a change in the trading dynamics. Greenback started to weaken against the major competitors. The new stage of the negotiations between the representatives of Greece, Euro-zone, IMF and the ECB has been called “efficient”. A new spin of optimism pushed euro to its temporary maximum of $1.3700, and the pound strengthened above the $1.5700.


Technical analysis for 20/09

The pair is aiming to Fibonacci retracement 50% at 1.34882.
Resistance: 1.37486, 1.38554, 1.39600
Support: 1.35984, 1.34882, 1.33143
The pair has declined to support level of Moving Average (500) and median line at 1.56722.
Resistance: 1.58543, 1.60322, 1.62050
Support: 1.56722, 1.54842, 1.53482
The pair’s resistance is 0.89635, support is 0.87214. If 0.87214 is broken the pair will decline to 0.85939.
Resistance: 0.88418, 0.89635, 0.91079
Support: 0.87214, 0.85939, 0.84685
The pair could not break 77.539 and aiming to 76.463. If 76.463 is broken the pair will decline to 75.425.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
The pair has broken 1.02558 and aiming to 1.01744.
Resistance: 1.02558, 1.03535, 1.04407
Support: 1.01744, 1.00907, 1.00067