Forex-Metal Daily Analysis -30/08/2012

Technical analysis for 30.08


The pair’s resistance 1.25690, support is 1.23907. The pair is trying to break Moving Average (100) and may rise to the Moving Average (200) at 1.27723. 
Resistance: 1.25690, 1.26897, 1.28630 
Support: 1.23907, 1.21813, 1.19332 
The pair is trading between Moving Averages (100 and 500) 1.56722 and 1.59260.
Resistance: 1.58543, 1.60322, 1.62050 
Support: 1.56722, 1.54842, 1.53482 
The pair stays below 0.96220, this may bring pair to 0.95074. 
Resistance: 0.96220, 0.97427, 0.98512 
Support: 0.95047, 0.93949, 0.93069 
The pair’s resistance 79.070, support is 78.345. 
Resistance: 79.070, 79.707, 80.438 
Support: 78.345, 77.539, 76.463 
The pair has declined to the Moving Average (500) at 1.03535. If this level is broken the pair will decline to 1.02558. 
Resistance: 1.03535, 1.04407, 1.05332 
Support: 1.02558, 1.01744, 1.00907


Market review for 29.08.12: The “greenback” strengthened on positive economic statistics from U.S.


Market review for 29.08.12: The “greenback” strengthened on positive economic statistics from U.S.

Asian and European trading sessions:

Euro: The investors’ confidence increased on Tuesday in the fact the ECB initiated a new program to support the European bond market. The sharp decline in the cost of borrowing in two conducted auctions in the euro zone helped the euro to grow on Tuesday. The currency continued to hold the eight-week high as well as on today’s Asian session in anticipation of ECB bond purchases on today’s auction for Italian bonds. The country planned to place six-month bonds today and the new bonds in the amount of 7.5 billion euros tomorrow. The information revealed that no one of the ECB management members will not attend the economic symposium in Jackson Hole on August 31 spread rumors that the European Central Bank is preparing to announce new initiatives at its meeting on September 6. The EUR / USD pair traded in the range of $ 1.2531-72 during both sessions.

British Pound: After trading in the narrow range of $ 1.5811-24 during the Asian session, the GBP / USD pair strengthened to the highs of $ 1.5853 in the last hour of the next following session ahead of the release of the consumer price index in Germany. The GBP / USD pair was able to update its yesterday’s high.

Australian dollar: The Australian dollar fell after the negative statistics which informed that the volume of construction completed in Australia during the previous month decreased by 0.2%, after rising 7.8% in the previous period and forecasts of analysts of 0.5%.

American trading session:

Australian and New Zealand dollar: These currencies were supported today by the good news from Europe. Today, the president of the European Union, Mr. Herman Van Rompuy said that the region’s rescue fund ready to help Spanish banks. The information leaded for increasing demand for higher-yielding assets.

U.S. Dollar: The dollar rose against most major traded currencies after the report on Personal Consumption in 2nd quarter showed that the level consumption in the U.S. rose more than expected. Also, the report on the number of pending home sales reached a two-year high by rising in 15% in July.

Euro: The euro fell against the dollar as investors doubted that the Federal Reserve Chairman Ben Bernanke will hint about the further easing of monetary policy of U.S. in at the conference on August 31.

Gold: The cost of the August gold futures on the COMEX fell to 1652.2 dollars per troy ounce on Wednesday as investors cut their opened positions before the meeting of the heads of the central banks of the world which will reveal on the Fed monetary policy.

Oil: After the U.S. Department of Energy announced that the volume of oil in stocks grew, the Crude oil prices fell. In details, the oil reserves increased unexpectedly by 3.78 million barrels to 364.5 million barrels level, while analysts expected that stocks will be reduced by 1.75 million barrels. The October futures prices of WTI fell to $ 94.74 per barrel on the NYMEX today.