Forex-Metal Daily Analysis -15/03/2012

The U.S. dollar strengthened after the FOMC’s decision on interest rate.

 

Asian and European trading sessions:

Euro: The EUR / USD couple traded today in a range of $1.3031-$$1.3090 during both Asian and European trading sessions.

US Dollar: The U.S. dollar strengthened against most major currencies after the yesterday’s FOMC decision on interest rate in the United States. The Fed also confirmed the improvements in the U.S. labor market and said that the economy grows at a moderate pace. Saying that, the Federal Reserve reduced the likelihood of a new round of quantitative easing, namely Q3. The only one thing that constrained U.S. dollar growth today was the positive on the global stock markets. The market participants were stocks and futures amid increasing the tendency of taking risks, and, therefore, decreasing in demand for safe assets, like the U.S. dollar.

British Pound: During the Asian trading session the GBP / USD pair fell retreating from yesterday’s highs. The reason for that drop was the release of data on the UK labor market. The statistics recorded that the unemployment rate in January remained unchanged at 8.8%, while the number of Jobless Claims in February increased to 7.2K, more significantly than it was expected. The GBP / USD couple approached to the lows of $1.5658 by the end of the European session.

Japanese Yen: The yen fell to the lows of 83.85 against the U.S dollar, after the profitableness of spread between two-year-old bonds in the USA and Japan had increased up to the most significant levels from July. That makes U.S. dollar more attractive as an asset than Japanese yen. Also, the rally in Asian stock markets had pressured the yen’s trading dynamics.

American trading session:

Euro: The Euro fell to new lows of $1.3015. The Negative for the euro was the publication of report on Industrial Production in the euro area, 0.2% compare forecasted 0.6% in January, much worse than expected.

Gold: The price of gold fell to its lowest level since January, level of $ 1638.2 per troy ounce on the background of strong dollar and increased positive perspectives for U.S. economy.

Oil: The Oil prices also fell because of strengthening of the U. S. dollar. Also, support for this dynamics was provided by the report on oil inventories in the U.S. and news from Saudi Arabia, the representatives of which announced the readiness of Saudi Arabia for supply the oil slacks for global markets. April WTI futures dropped to 105.63 dollars per barrel on the American trading session.

 

Technical analysis for 15/03

 

EURUSD 
The pair has declined to first shoulder support 1.30277. The pair may roll back to 1.31142 before breaking 1.30277. 
Resistance: 1.31674, 1.33143, 1.34882 
Support: 1.30277, 1.28630, 1.26897 
GBPUSD 
The pair has drawn Head and Shoulders. MACD also has formed divergence that supports pair to start workout of the figure. The end of the figure is at 1.54842. 
Resistance: 1.58543, 1.60322, 1.62050 
Support: 1.56722, 1.54842, 1.53482 
USDCHF 
The pair has reached Moving Average (500) at 0.93949 and may roll back to 0.92026. 
Resistance: 0.93069, 0.93949, 0.95074 
Support: 0.92026, 0.91079, 0.89635 
USDJPY 
The pair is aiming to the channel line at 83.933. The pair may try to rise higher. 
Resistance: 83.933, 84.866, 85.960 
Support: 83.065, 82.219, 81.399 
AUDUSD 
The pair has worked out the figure Triple Top at 1.04407. The pair now is choosing the direction and may roll back to 1.05332. 
Resistance: : 1.05332, 1.06164, 1.07005 
Support1.04407, 1.03535, 1.02558