Forex-Metal Daily Analysis -29/03/2012

The Australian and New Zealand dollar fell today due to decline of the World’s stock markets.


Asian and European trading sessions:

Euro: The EUR / USD pair traded in a narrow range between $ 1.3320 -$ 1.3335 at the Asian trading sessions. The expectations of the positive result of the euro zone finance ministers’ meeting on March 30 in Copenhagen where they will discuss the prospects of the temporary association of the European Foundation for financial stability and a permanent mechanism for European stability supported the demand for Euro currency at the European trading session. The EUR / USD pair strengthened in a region of $ 1.3371.

British Pound: The Pound came under pressure today due to reaction of market participants to weaker than expected UK’s GDP report. Statistics showed that GDP of the 4th quarter fell by 0.3 % in QoQ term vs. forecasted -0.2% and grew only by 0.5 % in YoY term vs. forecasted 0.7 %. The GBP / USD couple fell into the region of $ 1.5903.

Australian and New Zealand dollar: These currencies fell against most major currencies amid decline of Asian stock indices. The Australian exports for China is going to be limited and the main reason for that would be a slowdown in China economy.

American trading session:

US Dollar: The demand for U.S. Dollar increased on the American trading session. The dollar rose against almost all of the 16 most traded currencies amid fears that the world’s economic growth is slowing. The report on February’s Durable Goods Orders showed worse than expected results rising only by 2.2 % compared with January, when the decline rate was fixed at 3.6% and forecasted value of 3.0% of February.

Oil: The report on Crude Oil Inventories in the United States for the week ended March 23 rose by 7.1 million barrels and, therefore, the world oil prices decreased today. May’s WTI futures fell to 104.68 dollars a barrel on NYMEX.

Gold: The gold prices steadily decreased on the background of strong dollar. Also, the gold became cheaper today after the statements of the Italian Prime Minister Mario Monti, who mentioned the nearest completion of the European debt crisis, as well as the lack of concerns about the economy’s situation in Spain. The April futures price of gold on COMEX dropped to $ 1667.7 per troy ounce.


Technical analysis for 28/03


The pair has nearly touched the Moving Average (200) at 1.34111 and rolling back to 1.31674. 
Resistance: 1.33143, 1.34882, 1.35984 
Support: 1.31674, 1.30277, 1.28630 
The pair’s resistance is 1.60322, support 1.58543. 
Resistance: 1.60322, 1.62050, 1.63316 
Support: 1.58543, 1.56722, 1.54842 
The pair is trading between 0.91079 and 0.89635. 
Resistance: 0.91079, 0.92026, 0.93069 
Support: 0.89635, 0.88418, 0.87214 
If the pair stays above 83.065 the pair will rise to 83.933. If the pair stays below 83.065 the pair will decline to 82.219. 
Resistance: 83.065, 83.933, 84.866 
Support: 82.219, 81.399, 80.438 
If the pair stays below 1.04407 the pair will decline to 1.03535. 
Resistance: 1.05332, 1.06164, 1.07005 
Support: 1.04407, 1.03535, 1.02558