Forex-Metal Daily Analysis -22/03/2012

The Greece Parliament adopted the new loan agreement.


Asian and European trading sessions:

Euro: The EUR / USD pair hit a maximum of $ 1.3280 at the Asian trading session. The main reason for that growth was an announcement that Greece Parliament adopted the new loan agreement. This news was supportive for positive Euro currency trading dynamics and increased the demand for European assets.

British Pound: The GBP / USD couple fell into the region of $ 1.5840 at the European trading session. The pound dropped against the U.S. dollar as well against of other major currencies. Pressured the Pound’s trading dynamics today the publication of the protocol of the Bank of England last meeting, which was dedicated to monetary policy of England. The protocol revealed that there is a disagreement among committee members regarding the level of QE.

Japanese Yen: The USD / JPY pair rose to the level of Y84.10. However, the Yen could not go higher than that due to anticipations of market participants of tomorrow’s report on the trade balance. As it was published before, the preliminary estimates recorded the decline in the Japanese export in this month.

American trading session:

US Dollar: The dollar strengthened against most major currencies after the publication of U.S. housing market report. In February, the Existing Home Sales fell stronger than it was expected, by 0.9 % to 4.59 million. The report triggered the demand for the safe assets like U.S. dollar.

Oil: May WTI rose to 107.51 dollars per barrel on NYMEX. Oil prices rose after the report on U.S. oil inventories. The amount of Oil unexpectedly declined by 1.37 million barrels, compare forecasted growth to 2.4 million barrels.

Gold: April Gold on COMEX today hit the $ 1661.6 per ounce mark. The Gold grew on a weak U.S. housing statistics. This fact has increased investor’s interest in gold as well as for other precious metals.


Technical analysis for 22/03


The pair is trading between 1.33143 and 1.31674. 
Resistance: 1.33143, 1.34882, 1.35984 
Support: 1.31674, 1.30277, 1.28630 
The pair has risen to the Moving Average (500) at 1.59115 and rolling back to 1.58543. If the pair breaks 1.58543 the pair will decline to 1.56722. 
Resistance: 1.58543, 1.60322, 1.62050 
Support: 1.56722, 1.54842, 1.53482 
The pair has declined to 0.91079 and may continue declining to 0.89635. 
Resistance: 0.92026, 0.93069, 0.93949 
Support: 0.91079, 0.89635, 0.88418 
The pair is trading between 83.933 and 83.065. 
Resistance: 83.933, 84.866, 85.960 
Support: 83.065, 82.219, 81.399 
The pair is aiming to 1.04407 and if this level is broken the pair will decline to 1.03535. 
Resistance: 1.05332, 1.06164, 1.07005 
Support: 1.04407, 1.03535, 1.02558