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Technical analysis for 17/05

EURUSD
The pair is worked out Triple Top and declined to 1.26897.
Resistance: 1.28630, 1.30277, 1.31674
Support: 1.26897, 1.25690, 1.23907
GBPUSD
The pair has broken 1.60322 and aiming to 1.58543.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair is aiming to 0.95074.
Resistance: 0.95074, 0.96220, 0.97427
Support: 0.93949, 0.93069, 0.92026
USDJPY
The pair is trading between two Moving Averages (100 and 200). If the pair breaks 79.707 the pair will decline to 79.070. If the pair breaks 80.438 the pair will rise to 81.399.
Resistance: 80.438, 81.399, 82.219
Support: 79.707, 79.070, 77.539
AUDUSD
The pair has tested Fibonacci 23% 0.98733 and rolling back to 1.00067.
Resistance: 1.00067, 1.00907, 1.01744
Support: 0.99207, 0.98436, 0.97423

Market review for 16.05.12: The ECB has stopped cash transactions with some Greek banks.

Asian and European trading sessions:

Euro: The Euro reached its lowest level in four months falling slightly below the $ 1.2700 level on the background of announcement of the early elections in Greece, which will be held on June 17. The fact that the Greek politicians could not use the last chance to form a government made an early parliamentary election inevitable. The big intraday push down to the EUR/USD’s today’s lows at 1.2688 level occurred due to the information that the ECB has stopped cash transactions with some Greek banks.

U.S. Dollar: The dollar continued its rally against major currencies against the backdrop of the continuing decline of Asian stocks. Also, the market participants expected today's publication of the protocol of the last meeting of the FOMC which was held on April 24-25.

British Pound:
The Pound declined at the Asian session against its major competitors. The GBP / USD pair continued yesterday's fall. The reason that pound fell during the European session was the publication of the report of the Bank of England on the situation with inflation in the country in the first quarter of the 2012. The British Central Bank lowered forecasts for economic growth in the country and raised its forecast for inflation thus increased market participants' expectations regarding the continuation of the Bank of England policy of quantitative easing. The GBP / USD pair fell sharply during the report announcement even breaking the $1.5900 level and recording the low of today at $ 1.5890 mark. Later the couple was able to bounce to the area of $ 1.5950.

Japanese Yen: The yen continued its decline against the dollar after the published report on Machine orders The results showed that in March on monthly basis the volume of orders fell to -2.8 % after rising 2.8% at the previous month. The USD / JPY pair rose above yesterday's highs to the region of $80.53.

American trading session:

Euro: The fall of the euro against the dollar was limited due to the technical factors. During the session the EUR/USD couple bounced from the important $1.2700 level and strengthened to the $1.2757 region which was a high of today.

Gold: The Gold prices also bounced back from a 10- month lows and strengthened to the line of resistance of 8 May the 1552.5 level. A number of technical signals indicated the possibility of early correction in gold prices. The region of $ 1520 per troy ounce, the strong level of support in the area of lows of September and December 2011 has not yet broken. The cost of the June gold futures on the COMEX today closed this day at $ 1542.90 per troy ounce.

Oil: Oil fell to its lowest level in six months of $91.8 on the previous trading session. However, due to the technical oversold the Oil futures did continue moving lower and pull back sharply to the level of $94.01.The pressure that oil prices came under was due to the report from the Energy Department, which reported that oil inventories rose last week to 2.128 million barrels. The cost of the June futures WTI on the NYMEX closed this day at $ 92.8 a barrel.

Market review for 15.05.12: The situation in Greece is still in investors’ focus.

Euro: The second day of meeting of finance ministers of Euro zone which held in Brussels for resolving the situation in region did not bring any result. The Euro continued trading near a four-month low against the dollar on the background on fears that the Greece will have to leave out the Euro union due to the fact that the new government could not be still formed. The EUR / USD pair was trading between $ 1.2814 -$ 1.2865 at the Asian session. Some support for the currency today was provided by the stronger than expected Germany’s GDP report, which on the quarterly basis increased by 0.5 % in the first quarter of 2012. The forecast of analysts was of growing by only 0.1%. According to preliminary data, the GDP of the euro zone as a whole was 0, 0% against the average of forecasts -0, 2%. The report was also better than expected. The EUR / USD couple showed the high of the day in the area at $ 1.2869, but couldn’t sustain and fell below the $1.28 level to the region of $ 1.2770 during the European trading session.

U.S. Dollar: The dollar remained trading at highs against most major currencies due to the strong demand for the currency with safe haven status as well as in anticipation of tomorrow's publication of the minutes of the last meeting of the US Federal Reserve.

British Pound: The GBP / USD pair traded between $ 1.6085 -$ 1.6115 during the Asian session. At the next following session the pair fell into the region of $ 1.6018 on the backdrop of publication the report on trade balance deficit which was up in March at 8.6 billion pounds compared with an expected 8.4 billion pounds.

Japanese Yen: The USD / JPY pair traded in a narrow range of Y79.80-Y79.92 at the Asian session. During the next following session the couple strengthened to the region of Y80, 05 due to the strong demand for American currency.

American trading session:

U.S. Dollar:

Gold: The fact that the Gold has a strong demand of Asian countries – Indonesia, India, and Thailand for the jewelry industry the decline in gold prices was limited. However, the gold remained under pressure on the background of the continued concerns about the political situation in Greece. The cost of the June Gold futures on the COMEX fell today to $ 1541.8 per troy ounce.

Oil: The Oil futures tried to bounce after the big drop of previous days on the background of American economy statistical data which revealed that the index of activity in manufacturing sector of the New York City region grew stronger than expected in May. Indeed, the activity of the manufacturing sector in the region rose to 17.1 this month from 6.6 in April and exceeded analysts' average forecast, which implied growth of only 9. The cost of the June futures of WTI was kept in the range of $ 93.98 - $ 95.42 per barrel earlier; however, fell steeply during the session to the new lows of $93.00.

Market review for 14.05.12: The dollar rose on fears of aggravating the situation in Europe.

Asian and European trading sessions:

Euro: The EUR / USD pair continued to update the monthly minimums. The couple fell by the end of the European session to new lows of 1.2826 areas, to its lowest level for the past three months. The investors had more and more concerns seeing a growing risk of new elections in Greece in June because the new government could not be still formed as well as a possible situation where the Greece would have to leave out the Euro zone union. The others factors were also pressured the euro today. The results of auctions on government bonds of Spain and Italy recorded a growth of profitability. Indeed, the Italy raised 5.25 billion Euros with targeted 3.50-5.25 billion Euros and the average yield of bonds maturing in 2015 rose to the level of 3.91% from 3.89% for a similar previous release. Second negative factor was the result of published report on Industrial production in the euro area, which recorded stronger than the predicted decline in -2.2 % versus forecasted -1.4%.

U.S. Dollar: The Dollar was in demand today on fears that the global economic recovery may be slower than expected as well as on transferring assets by investors towards safe haven currencies. The dollar Index continued climbing today strengthening to the 80.85 region.

British Pound: The GBP / USD pair after trading between $ 1.6049 -$ 1.6081 levels had a big intraday push towards $1.6120area.

Japanese Yen: The USD / JPY couple raised toY80.17 area at the Asian session but after reaching this area got hammered and fell to a minimum of previous week Y79.67 zone in early European session.

Australian dollar: The news that the People's Bank of China has reduced the reserve requirement for commercial banks by 50 basis points had a negative impact on the currency pushing it down the equal level with US dollar. All news which comes from China may dramatically influence the Australian currency trading dynamics due to the fact that the China is the largest trading partner of Australia. Also, the Australian dollar fell on the reducing investors’ appetite for higher-yielding currencies.

American trading session:

British Pound: The pound rose against traded currencies as investors looked for alternatives for the Euro currency. Also, the support for the currency was provided by the result of recent meeting of the Bank of England, which confirmed that the authorities will unchanged the course of monetary policy and continuation of the program of asset purchases.

Gold: The price of the June Gold futures fell on COMEX today to $ 1556.0 per troy ounce as investors transferred funds to the dollar on fears of aggravating the situation in Europe.

Oil: The cost of the June futures of WTI type of oil fell to $ 93.68 per barrel, the lowest price level since the middle of December 2011. The Oil dropped amid statements of oil minister of Saudi Arabia, which said that Oil prices should fall further.

Technical analysis for 15/05

EURUSD
The pair is working out Triple Top. The end of the figure maybe expected at 1.26897 if the pair stay below 1.28630.
Resistance: 1.30277, 1.31674, 1.33143
Support: 1.28630, 1.26897, 1.25690
GBPUSD
The pair stays below 1.62050, if the pair stays below this level the pair will decline to 1.60322.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair has broken triangle’s upper line and broken Moving Average (500) at 0.92842, but left unclosed gap at 0.91835.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair is trading between two Moving Averages (100 and 200). If the pair breaks 79.707 the pair will decline to 79.070.
Resistance: 80.438, 81.399, 82.219
Support: 79.707, 79.070, 77.539
AUDUSD
The pair has declined to 0.99403 lower is a strong support at Fibonacci 23% 0.98733.
Resistance: 1.00067, 1.00907, 1.01744
Support: 0.99207, 0.98436, 0.97423

Market review for 10.05.12: The Bank of England kept its interest rate unchanged.

Asian and European trading sessions:

Euro: After the EUR / USD pair had corrected to the level of $1.2967 on the Asian session, the new sellers came in and pushed down the couple back to towards the lows of previous day bellow the $1.2930 area. The Euro is still under pressure due to the fact that the Greek authorities are not the able to form a coalition. The rest of the day the pair traded in a range of $ 1.2924- $1.2979.

U.S. Dollar: The dollar fell against most major currencies amid falling demand for safe haven currencies. The Dollar index tested the level of 80.10 many times during the sessions.

British Pound: The GBP / USD pair couple was traded in the narrow range of $ 1.6120-50 in the Asian session. The pound was in focus today due to the meeting of the Committee on Monetary Policy Bank of England regarding the interest rate in the country. Accordingly to the announcement of the Bank of England the interest rate was kept unchanged at the rate of 0.50% and the quantitative easing program of asset purchasing remained at the same level of 325 billion pounds. The GBP / USD pair showed some weakness moving firstly to the lows of $ 1.6090 but then big strength growing in the area of $ 1.6177 in a 1 hour time period.

Japanese Yen: After a board member of the Bank of Japan Mr. Sayuri Shirai noticed in his speech that the Central Bank must carefully monitor the exchange rates the yen weakened against the major traded currencies. The USD / JPY couple after trading in the range of Y79.59- Y79.76 moved to the highs of Y79, 98.

Australian dollar: The unemployment rate in Australia unexpectedly declined in April to the 12- month low and recorded 4.9 % against 5.2% the previous month and forecasted 5.3 % as it was reported by the Bureau of Statistics today in Sydney. This is the lowest rate since December 2008.As the result, the Australian dollar rose on these positive news. The increase on the 15,500 in the number of new work positions created had also a positive impact on the Australian currency trading dynamics. The big disappointment though for the currency was the report on China’s export which showed that the volume of exports to the country in April grew by only 4.9%, with forecasted growth of 9.1 %.

American trading session:

Gold: The price of gold continued to decline in early today on fears of investors for the aggravation of the debt crisis in the euro area. The cost of the June gold futures on the COMEX fell today to $ 1584.0 per troy ounce yet was able to rose to $ 1603.2 The weak physical demand for the precious metal despite the decrease in the value of precious metals was pressuring the gold prices today as well.

Oil: Oil rose to $ 97.69 for the first time in seven days. The report on amount of people unemployed in US showed some decrease and added optimism to investors in the hope that the demand in the world's largest consumer of raw materials will increase. The cost of the June WTI on the NYMEX today fell back to lows of yesterday by the end of the session to the level of $ 96.45 per barrel.

Technical analysis for 10/05

EURUSD
The pair has reached neckline of Triple Top and if stays below 1.30277 the pair will workout the figure, the end maybe expected at 1.26897, after breaking 1.28630.
Resistance: 1.30277, 1.31674, 1.33143
Support: 1.28630, 1.26897, 1.25690
GBPUSD
The pair stays below 1.62050, if the pair stays below this level the pair will decline to 1.60322.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair has broken triangle’s upper line and reached Moving Average (500) at 0.92842, but left unclosed gap at 0.91835.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair is aiming to break Moving Average (200) 79.707,this may lead pair to 79.070.
Resistance: 80.438, 81.399, 82.219
Support: 79.707, 79.070, 77.539
AUDUSD
The pair has reached the median line at 1.00907. If the pair stays above 1.00907 the pair will rise to 1.01744.
Resistance: 1.01744, 1.02558, 1.03535
Support: 1.00907, 1.00067, 0.99207

Market review for 09.05.12: The Euro fell on fears of a possible new round of the dept crisis in Europe.

Asian and European trading sessions:

Euro: The Euro continued falling on fears of investors regarding the political situation in Greece where the political parties still could not manage how to form a new government. The fears also were based on increasing the probability that the country can reject the cost-saving measures or even leave the euro zone. The EUR / USD pair traded slightly higher at the Asian session, however, dropped steeply at the beginning of the European session to new lows of $ 1.2930 area

U.S. Dollar: On the backdrop of increasing demand for safe-haven assets due to the fears based on probability the dollar raised against most major currencies. The Dollar Index recorded a new high today, the 80.39 level.

British Pound: The GBP / USD pair declined to new lows of $1.6097 at the beginning of the European trading session. The reason why the pound was falling against its competitors was the anticipation of tomorrow's meeting of the Bank of England. The recent disappointed report on UK’s GDP might raise the expectations of market participants on further measures of the Bank of England of stimulating the British economy. The GBP / USD pair continued its downtrend to new lows of $ 1.6065.

Japanese Yen: The Yen was in demand today on fears that the global economic recovery may be slow than expected. The USD / JPY pair fell towards yesterday’s lows at the Asian session and continued its downtrend on European session breaking the support at Y79.60 level and falling to the area of Y79. 41

Australian dollar: The Australian dollar fell again, now because the information which the country's Prime Minister, Ms. Julia Gillard revealed to the publicity today saying that, “if the country's budget will be in profit again, it will give the central bank “maximum space " to change the level of interest rates.

American trading session:

Canadian Dollar: On the backdrop of falling Oil prices, due to a six-day decline and a record level of growth of amount of Oil in the U.S. inventories, the Canadian dollar fell to a three-month low against the U.S dollar.

Gold: The cost of the June gold futures on the COMEX fell today by 0.83 % to $ 1578.67per troy ounce on the backdrop of investor’s escaping from risky assets. The Gold continued its three-day decline against the strong the dollar. On the American session the Gold prices showed some strength pulling back to the lows of previous day, the region of $1596 per troy ounce.

Oil: The US Department of Energy reported that the amount of Oil contains in inventories grew by 3.65 million barrels to 379.5 million barrels, which hit a maximum level since August 1990, its highest level in nearly 22 years. The cost of June futures on U.S. light crude oil WTI fell by almost 2% on the NYMEX to the level of $ 95.21 at the beginning of the session yet later was able to recover to the region of 96.87 per barrel.

Market review for 08.05.12: A diverse parliament of Greece will not be able to reach a compromise in the formation of the government.

Asian and European trading sessions:

Euro: The EUR/USD pair traded lower at the Asian and European sessions. It was on the way to test the lows of the previous day. All these were on the background of the background of news which came from Athens revealing the fact that the new government of Greece could not be still formed. Also after the French President Nicolas Sarkozy, a partner and supporter of German Chancellor Angela Merkel was defeated at the election by the socialist Francois Hollande the rumors came to the markets about the possible revising of economy measures in Europe. These rumors increased investors’ concerns about the worsening of the situation with the debt crisis in Euro zone. What was done is a very diverse parliament was formed, which will not be able to reach a compromise in the formation of the government. The only positive news that prevented currency from falling to new lows today was a report on industrial production in Germany, the results of which recorded a growth in March and were significantly higher than forecasts. The EUR/USD couple showed a low of the European session around $1.2982 level.

British Pound: The GBP / USD couple traded down in the Asian and declined to $1.6154 area. The currency came under pressure mostly for same reasons as the Euro. The GBP / USD pair accelerated its move at the beginning of the European session falling to the lows of $1.6124.

Japanese Yen: Against the background of growing of Asian markets the demand for the yen was limited. The USD / JPY pair during the Asian trading firstly grew to the highs of Y80.05 than steeply fell under the pivot point to the lows of Y79.81.

Australian dollar: One more negative day for the Australian dollar which weakened again against its competitors on the news of growing the trade deficit in the country's to a five-year maximum. Analysts expected the figure will be -1.40B, however the official data showed that Australia 's trade balance changed more than expected and went up from -0.75B (last month) to -1.59B.

American trading session:

British Pound: The reaction of the pound fell against the dollar after a report showed that UK house prices fell in April was falling to the lows of previous session of $1.6124.The index fell to - 19 from - 11 in March, which was announced by the Royal Institution of Chartered Surveyors. The values below zero means that the more analysts expect lowering the prices rather than their increasing.

Gold: While the dollar was strengthening and the market traded on news of political situation in Europe the Gold prices were falling. The Gold fell today by 2.65% below support which was at the $1.611 area. The cost of the June gold futures on the COMEX today fell to $ 1595.4 per troy ounce close to the lows of 2012 year.

Oil: The Oil dropped today on the background of the speech of the minister of Saudi Arabia who mentioned the high oil prices and the weakening of the euro against the dollar after the election results in Greece and France. The cost of the June WTI’s futures on the NYMEX fell to $ 95.48 per barrel today.

Technical analysis for 09/05

EURUSD
The pair has reached neckline of Triple Top and if stays below 1.30277 the pair will workout the figure, the end maybe expected at 1.26897, after breaking 1.28630.
Resistance: 1.30277, 1.31674, 1.33143
Support: 1.28630, 1.26897, 1.25690
GBPUSD
The pair stays below 1.62050, if the pair stays below this level the pair will decline to 1.60322.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair has broken triangle’s upper line but left unclosed gap at 0.91835.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair is trading between two Moving Averages (100 and 200) 80.438 and 79.707. If the pair breaks 79.707 the pair will decline to 79.070.
Resistance: 80.438, 81.399, 82.219
Support: 79.707, 79.070, 77.539
AUDUSD
The pair has reached the median line at 1.00907.
Resistance: 1.01744, 1.02558, 1.03535
Support: 1.00907, 1.00067, 0.99207

Technical analysis for 08/05

EURUSD
The pair has reached neckline of Triple Top and if stays below this level may workout the figure, the end maybe expected at 1.26897, after breaking 1.28630.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair stays below 1.62050 trading below this level may bring pair to decline to 1.60322.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair has broken triangle’s upper line but left unclosed gap at 0.91835.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair is trading between two Moving Averages (100 and 200) 80.438 and 79.707.
Resistance: 80.438, 81.399, 82.219
Support: 79.707, 79.070, 77.539
AUDUSD
The pair is aiming to the median line at 1.00907.
Resistance: 1.01744, 1.02558, 1.03535
Support: 1.00907, 1.00067, 0.99207

Market review for 07.05.12: The Euro was driven by the political news today.

Asian and European trading sessions:

Euro: The Euro was driven by the political news today. It fell steeply on the early morning sessions below the $1.30.The currency fell today on the result of elections in France. Today France got a new president, Mr. Francois Hollande. The loss of previous president, Mr. Nicolas Sarkozy had negative impact for the Euro. The single currency fell against the US dollar to the three months lows, the region of $1.2956, showing the biggest drop since September 2011. During the European session, the euro compensated some of its losses against its main competitors strengthening against the dollar to the region of $1.3059. The report on industrial orders in Germany, which on the monthly basis in March was significantly better than expected provide positive support for the currency trading dynamics .

British Pound: The Britain's financial markets were closed today in connections with May’s Bank holidays. The GBP / USD pair traded lower in the Asian pair continuing Friday's decline yet was able to recover and strengthen to the maximums at $ 1.6194 on the backdrop of weakening the dollar at the European trading session.

Australian dollar: Despite of the positive macroeconomic statistics, which recorded a growth in retail sales in March on monthly basis by 0.9% after a revised 0.3% gain of the previous month, the Australian dollar continued its strong fall also today. The number of Building Approvals grew by 7.4 percent in March, after falling in February by 8.8 percent and triggered some players to take profit on their short positions taken on this currency a week ago.

American trading session:

Euro: The speech of the representative of the Government of Germany, who noted that the relationship between German Chancellor, Ms.Angela Merkel and the new President of France, Mr. Francois Hollande will be kept and developed successfully, supported the euro during all session. The EUR / USD couple grew to the region of $1.3064.

Gold: The Gold traded down on Monday on election’s results of France. Moreover, the investors still have concerns about the implementation of existing programs and budget savings procedures in Greece. The cost of the June gold futures on the COMEX fell today to $ 1632 however were able to recover to the region of $ 1640.6 per troy ounce later.

Oil: Oil continued its strong downtrend falling to the lowest level of $96.45 on the election’s results in France. However, at the American trading session the black gold showed some strength and by the end of the day the WTI futures were traded around $98 area.

Market review for 03.05.12: The ECB president, Mr. Mario Draghi: “The Euro Zone’s prospects became “increasingly uncertain "”.

Asian and European trading sessions:

Euro: The EUR / USD pair was trading between $ 1.3136 -$ 1.3158.during the Asian session. The Euro was still under pressure in anticipation of today's meeting of the European Central Bank, where the ECB president, Mr.Mario Draghi should have been talked of further measures to stimulate the economy and announced the decision of the Bank regarding the interest rate of Euro zone. The decision of the ECB was keeping the interest rate at 1.00 % which matched analysts’ forecasts. The reaction of euro’s trading dynamics on this news was rising to a session’s high against the dollar, the region of $1.3175 area. However, on fact that Mr. Draghi had not signaled on a possible easing of monetary policy in his speech, the EUR / USD couple did not go higher than this level.

U.S. Dollar: The US dollar strengthened against most of its major competitors against the increased demand for currencies with safe haven status.

Japanese Yen: The USD / JPY pair recovered after yesterday's fall during the Asian trading session. The USD / JPY couple tested a high of Y80, 54 by the end of the European session.

New Zealand dollar: The New Zealand dollar suffered a big loss today trading down against other major currencies. The kiwi came under pressure due to the disappointed Unemployment report. The result of the report showed that in the first quarter of 2012 the rate jumped to 6.7% versus forecasted 6.2. The news reinforced expectations that the interest rate of the country would be kept unchanged for a longer period of time

American trading session:

New Zealand dollar: The New Zealand dollar fell even more during the American session reaching the level of $ 0.7986 on the backdrop of increasing the unemployment in New Zealand. That time the market participants took short position on the currency on speculations the New Zealand's central bank would be forced to lower the interest rate at its next meeting.

Japanese Yen: The USD / JPY pair dollar retreated from daily highs to lows of Y80.15 against the report on ISM Non-Manufacturing Composite index of the U.S. service sector which fell in April to 4 -month low of 53.5 from previous 56 and was weaker than analysts’ forecasts of 55.3.

Gold: The decision of European Central Bank on interest rates also influenced the trading dynamics of the Gold. The cost of the June gold futures fell today to $ 1630.7 per troy ounce on the COMEX.

Oil: The cost of the June futures of WTI fell to $ 102.65 on the NYMEX per barrel today, suffering the highest intraday sell-off since the beginning of April. The reason for that drop was words of the President of European Central Bank, Mr. Mario Draghi, who noticed that the economic prospects of the euro area became “increasingly uncertain ".

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Market review for 02.05.12: The Euro-Zone Unemployment Rate in March reached a new record of 10.9 %.

Asian and European trading sessions:

Euro: The EUR/USD couple traded in a range of $1.3209-$1.3241 at Asian trading session.
The demand for the euro was limited ahead of the publication of PMI data today. Also, the market participants were expected that the outcome of tomorrow's meeting of the European Central Bank in Barcelona would be the keeping the benchmark interest rate at a record low 1 % level. The published reports on indices of business and industrial sectors’ activity in Germany, France, and the Euro zone as a whole, which were worse than expected, pressured the Euro currency during the European trading session. The Euro fell steeply down against almost all major currencies. The EUR / USD pair declined to $ 1.3132 area.

US Dollar: The U.S. dollar was in demand today after the yesterday’s publication of ISM manufacturing data, which was better than expected. The results of report weakened the strong expectations for possible Q3 program of the U.S. Federal Reserve.

British Pound: The GBP/USD pair copied the trading dynamics of the EUR / USD pair. It traded in a narrow range of $1.6218-$1.6235 at the Asian session than fell to lows of $1.6159 when the European session started.

Japanese Yen: The yen fell against almost all its competitors after the senior vice president of Moody’s rating agency, Mr. Tom Byrne warned about the possible consequences of increasing taxes in Japan, which were proposed by the Minister of Japan, Mr. Ozawa. The USD / JPY couple strengthened during the Asian session to Y80.60 area yet fell later to the lows of the day at Y80.05 area.

American trading session:

Euro: On the background of publication of the reports on the European production which showed a reduction and rising unemployment rate in Germany, the EUR / USD pair continued its decline falling to the $ 1.3132 area. In details, the Euro-Zone Unemployment Rate in March in monthly terms increased by 0.1 percentage points and reached a new record - 10.9 %.

US Dollar: Also the greenback got hammered at the American trading session by the weak results on US economy’s performance. The ADP Employment Change report showed that the number of jobs in private companies in the USA in April rose by only 119K compared with 201K in March. The result was worse than analysts' forecasts who predicted this value at 170K. However, the Factory Orders in March decreased by 1.5% versus forecasted reduction of 1.6% thus provided some support for the currency.

Gold: The June’s futures of Gold decreased today to $ 1645.97 per troy ounce on the backdrop of published statistics on an index of business activity in the industry sectors of the euro area in April, as well as on report on unemployment rate in the Euro region in March.

Oil: The Oil prices fell after the U.S. Department of Energy reported that amount of Crude Oil contains in US inventories rose to 2.840 million barrels, its highest level in more than 21 years. The cost of June’s futures of WTI type of Oil fell to $ 104.90 per barrel on the NYMEX today.

Technical analysis for 03/05

EURUSD
If the pair stays below 1.31674 the pair will decline to 1.30277.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair has nearly touched 1.63316 and rolling back to 1.62050. If 1.62050 is broken the pair will decline to 1.60322.
Resistance: 1.63316, 1.64636, 1.65706
Support: 1.62050, 1.60322, 1.58543
USDCHF
The pair has drawn five lines inside the triangle. The pair couldn’t break the lower triangle line and is aiming to upper line at 0.91819.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair is trading between two Moving Averages (100 and 200) 80.438 and 79.707.
Resistance: 80.438, 81.399, 82.219
Support: 79.707, 79.070, 77.539
AUDUSD
The pair is trading in the range between Moving Averages (100 and 500) 1.04407 and 1.02558. If the pair breaks 1.02558 the pair will decline to 1.01744.
Resistance: 1.03535, 1.04407, 1.05332
Support: 1.02558, 1.01744, 1,00907

Technical analysis for 02/05

EURUSD
The pair has risen to the Moving Average (100) at 1.32148. If the pair stays above this level the pair will rise to 1.33143. If the pair stays below 1.31674 the pair will decline to 1.30277.
Resistance: 1.33143, 1.34882, 1.35984
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair has nearly touched 1.63316 and rolling back to 1.62050. If 1.62050 is broken the pair will decline to 1.60322.
Resistance: 1.63316, 1.64636, 1.65706
Support: 1.62050, 1.60322, 1.58543
USDCHF
The pair has drawn five lines inside the triangle. The pair is testing the lower line of the triangle at 0.90670. If this level is broken the pair may decline to 0.89635.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
USDJPY
The pair has reached the Moving Average (100) at 80.438. If the pair breaks this level the pair will rise to 81.399.
Resistance: 80.438, 81.399, 82.219
Support: 79.707, 79.070, 77.539
AUDUSD
The pair is trading in the range between Moving Averages (100 and 500) 1.04407 and 1.02558. If the pair breaks 1.02558 the pair will decline to 1.01744.
Resistance: 1.04407, 1.05332, 1.06164
Support: 1.03535, 1.02558, 1.01744

Technical analysis for 01/05

EURUSD
The pair has risen to the Moving Average (100) at 1.32148. If the pair stays above this level the pair will rise to 1.33143.
Resistance: 1.33143, 1.34882, 1.35984
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair has nearly touched 1.63316 and rolling back to 1.62050. If 1.62050 is broken the pair will decline to 1.60322.
Resistance: 1.63316, 1.64636, 1.65706
Support: 1.62050, 1.60322, 1.58543
USDCHF
The pair has drawn five lines inside the triangle. The pair is testing the lower line of the triangle at 0.90670. If this level is broken the pair may decline to 0.89635.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
USDJPY
The pair has declined to the Moving Average (200) at 79.707. If the pair breaks this level the pair will decline to 79.070.
Resistance: 80.438, 81.399, 82.219
Support: 79.707, 79.070, 77.539
AUDUSD
The pair is trading in the range between Moving Averages (100 and 500) 1.04407 and 1.02558. If the pair breaks 1.02558 the pair will decline to 1.01744.
Resistance: 1.04407, 1.05332, 1.06164
Support: 1.03535, 1.02558, 1.01744

Technical analysis for 26/04

EURUSD
The pair has risen to the Moving Average (100). If this level is broken the pair will rise to 1.33572.
Resistance: 1.33143, 1.34882, 1.35984
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair has broken 1.60322 and aiming to 1.62050.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair is trading in the Triangle. Figure’s resistance is 0.92181, support is 0.90498.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
USDJPY
The pair has tested the Moving Average (500) at 81.399 and may roll back to 80.438.
Resistance: 81.399, 82.219, 83.065
Support: 80.438, 79.707, 79.070
AUDUSD
The pair is trading in the range between Moving Averages (100 and 500) 1.04407 and 1.02558. If the pair breaks 1.02558 the pair will decline to 1.01744.
Resistance: 1.03535, 1.04407, 1.05332
Support: 1.02558, 1.01744, 1.00907

Market review for 24.04.12: The euro strengthened amid positive results of auctions of Italy, Spain, and Netherlands governments’ bonds.

Asian and European trading sessions:

Euro: During the Asian session the EUR / USD pair traded in a very narrow flat range between $ 1.3145 -$ 1.3158 levels . The couple grew at the beginning of the European session and showed the maxima at the $ 1.3183 area However, the Euro’s growth was limited by the block of economic statistics for the euro area, which did not match the forecasts. Also today, the published by Eurostat report on industrial production in the euro area in February recorded decline of the rate to 1.3% in monthly basis expectations of growth to 1.4 %.The EUR / USD pair dropped into the region of $ 1.3154 which, stepping back, provided the substantial support for the couple.
US Dollar: The dollar came under pressure due to the positive dynamics of European stock markets. There were also positive expectations of Consumer Confidence and New Home Sales reports which were going to be published today at the American session.
British Pound: The GBP / USD pair traded pretty much the same as EUR/ USD pair at the Asian session in a very narrow range between $ 1.6105 -$ 1.6128. The Public Sector Net borrowing repot, the result of which in March was higher than expected had a positive impact on the Pound trading dynamics. The GBP / USD pair showed maximum at the $ 1.6157 area.
Japanese Yen: Onthe backdrop of political problems in Europe the yen rose against all 16 major trded currencies. There investors purchase safe heaven assets today such as the yen due to the political uncertainty in Europe. Indeed, the Japan's currency rose even against the dollar ahead of a planned speech of the Prime Minister of the Netherlands Mark Rutte in the parliament. However, the direction of trading dynamics changed on speculations about the coming Friday’s meeting of the Bank of Japan, which may decide to further easing of its monetary policy. The USD / JPY pair pulled back sharply from session low of Y80.85 and strengthened to the highs Y81, 27. Later, the course fell slightly.
Australian dollar: Australian currency weakened again today at the Asian session against all its major competitors after the publication of CPI report, which showed that in the first quarter of 2012 the consumer prices have risen by only 1.6 percent versus forecasted 2.2%. The currency was able to recover all its losses, however, at the European session.

American trading session:

Euro: The euro strengthened against most major currencies against the backdrop of good results of the auctions of government bonds of Italy, Spain, and Netherlands, which reduced the number of the concerns of investors about the worsening debt crisis in the Euro region. The EUR/USD pair recorded the session high at the $1.3217 area.
Oil: The Oil prices received support from a weaker dollar. The cost of the June futures on WTI type of Oil jumped to 104.10 dollars per barrel level after hitting the lows of102.89 dollars per barrel, on NYMEX.
Gold: May futures of Gold rose today to $ 1648.95 per troy ounce. The Gold prices today were supported by weakening of the US currency as well as the rumors and speculations of the outcome of the FOMC meeting which started also today. The low interest rates, which the Federal Reserve is going to keep, are favorable for Gold prices.

Technical analysis for 25/04

EURUSD
The pair has drawn Double Top. If the pair breaks the figure’s neckline 1.30277 the pair will decline first to 1.28630.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair has broken 1.60322 and aiming to 1.62050.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair is trading in the Triangle. Figure’s resistance is 0.92181, support is 0.90498.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair has tested the Moving Average (500) at 81.399 and may roll back to 80.438.
Resistance: 81.399, 82.219, 83.065
Support: 80.438, 79.707, 79.070
AUDUSD
The pair is trading in the range between Moving Averages (100 and 500) 1.04407 and 1.02558. If the pair breaks 1.02558 the pair will decline to 1.01744.
Resistance: 1.03535, 1.04407, 1.05332
Support: 1.02558, 1.01744, 1.00907

Market review for 23.04.12: The US dollar became more expensive amid the upcoming meeting of the Federal Reserve.

Asian and European trading sessions:

The Euro slightly declined against the dollar during the European session on the background of weak reports on of business activity in the industrial and service sectors in France, Germany and the Eurozone as a whole. All results of the reports except for the French index of business activity manufacturing sector did not meet the expectations of the analysts. In details, the German index of business activity in the service sector recorded the value of 52.1 in April versus forecasted 52.4, the index of business activity manufacturing sector of Eurozone showed 47.7 values versus forecasted 48.2.The EUR / USD pair accelerated its down towards the ebd of the session falling to the area of $1.3118.

US Dollar: regarding monetary policy, the dollar became more expensive relative to major traded currencies supporting the idea that the Federal Reserve would not take any steps for stimulation the economy in the future. The meeting will be held on this week, April 24-25.

British Pound: The GBP / USD pair traded lower today and fell into the region of the $ 1.6070 where it finally found the support.

Japanese Yen: The yen rose against the background of the political events in France and the Eurozone bond’s auction which were leading the direction of the market today. More and more investors tried to avoid the risk today transferring their actives to safe heaven currencies. The USD / JPY during the both sessions had a strong down trend and by the end of the European session dropped into the area of Y80.96.

Australian dollar: The Australian dollar fell against all 16 major currencies after the Producer Price Index for Australia declined by 0.3% in 1Q of the 2012 in QoQ basis compared with the forecasted grow by 0.4% and previous quarter, when growth was 0.3%

American trading session:

US Dollar: The report from HSBC on the index of business activity in the manufacturing sector in China came out even higher than the previous values (49.1 vs. 48.3) triggered the demand for the dollar. The reason for that kind of reaction was the fact that the result of the report still remained below the 50 points value.

Oil: The Oil prices suffered the big sell off after the release of data on the reduction of production in China and the euro area. The cost of the June futures of WTI today was falling in a moment to 101.63 dollars per barrel on the NYMEX.

Gold: The Gold prices on Monday on the background of the strengthening of the dollar against most world currencies declined into the area of $ 1624.4 per troy ounce. However, the metal’s prices were able to recover in a sharp pull back almost covering the losses of this day.

Technical analysis for 24/04

EURUSD
The pair has drawn Double Top. If the pair breaks the figure’s neckline 1.30277 the pair will decline first to 1.28630.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair has broken 1.60322 and aiming to 1.62050.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair is trading in the Triangle. Figure’s resistance is 0.92181, support is 0.90498.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair has tested the Moving Average (500) at 81.399 and rolling back to 80.438.
Resistance: 81.399, 82.219, 83.065
Support: 80.438, 79.707, 79.070
AUDUSD
The pair is trading in the range between Moving Averages (100 and 500) 1.04407 and 1.02558. If the pair breaks 1.02558 the pair will decline to 1.01744.
Resistance: 1.03535, 1.04407, 1.05332
Support: 1.02558, 1.01744, 1.00907

Market review for 19.04.12: A quite volatility day for the greenback due to the published reports.

Asian and European trading sessions:

Euro: The EUR / USD pair traded in a narrow range between $1.3110 and $1.3130 levels during the Asian trading session. On the European session, the euro fell against of its competitors amid the information which revealed that the Greek government postponed the plan of recapitalization of the Greek Banks. The published forecasts that showed that the German’s economy would demonstrate an increase by 0.9% versus with previous 0.8% for this year could not prevent the Euro currency of falling down. The EUR / USD pair fell to the area of $1.3072.Today’s results of auctions had better than expected outcome; the Spain attracted 2,541 euros with the planned 1.5-2.5 billion euros, the France placed 7,973 billion euros versus 7-8 billion euros planned. However, these results had no positive impact on the currency’s trading dynamics, yet provided some support at the $1.3070 level for the EUR / USD couple.

British Pound: The British currency traded flat today two times bouncing from $1.610-$1.6020 area for the GBP/USD pair. The currency was supported by the yesterday’s good reports on the protocols of last meeting of the Bank of England which was dedicated to monetary policy and showed that the likelihood of further stimulating the economy decreased. Also, the support for the British pound had a report of labor market, which recorded better than expected results; the Claimant Count rate in March fell to 4.9 % from 5.0% and the unemployment rate of February dropped to 8.3 % from 8.4 %.

Japanese Yen: The USD / JPY couple rose into the region of Y81, 72 on the statements of the Bank of Japan's representatives who mentioned the Bank’s readiness to change its monetary policy for maintaining the economic growth. However, the publication of the report on trade deficit for the last month provided support for the Yen. The trade deficit in March recorded the value of 82.6 billion yen compared with 29.4 billion yen in the previous month. The pair pulled back to the level of Y81.4.

American trading session:

US Dollar: The U.S. dollar’s trading dynamics were dependable on the published today reports. Thus, the Exciting Home sales declined in March by 2.6 % to 4.48 million and were significantly worse than the forecasts of analysts, who projected growth in sales to 4.6 million. The Initial Job Claims also showed an increase and were up to 386,000 versus economy experts’ predictions of decrease by14, 000. It was a quite volatility session for the greenback.

Oil: May’s futures of WTI kept the range 101.63 - 103.19 dollars per barrel on the NYMEX today.

Gold: May futures on the COMEX for gold today rose to $ 1653.3 per troy ounce. The demand for the physical Gold is still weak. The main consumers of this precious metal - India and China are not showing their interest, this fact is keeping the gold investors in waiting position. As for the technical prospects, the price of gold remains strong as it did not exceed the level recorded at the beginning of the year.

Technical analysis for 19/04

EURUSD
The pair has drawn Double Top. If the pair breaks the figure’s neckline 1.30277 the pair will decline first to 1.28630.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair has risen to 1.60322.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair is aiming to 0.92026.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair is testing the Moving Average (500) at 81.399. Once this level is broken the pair will rise to 82.219.
Resistance: 81.399, 82.219, 83.065
Support: 80.438, 79.707, 79.070
AUDUSD
The pair is trading in the range between Moving Averages (100 and 500) 1.04407 and 1.02558.
Resistance: 1.04407, 1.05332, 1.06164
Support: 1.03535, 1.02558, 1.01744

Market review for 18.04.12: The British economy statistical reports provided significant support for the British currency.

Asian and European trading sessions:

US Dollar: The demand for the U.S. dollar was limited today amid published yesterday information which was provided by the International Monetary Fund that raised its forecast for global economic growth. The forecast was raised to 3.5 percent compared previous presented in January 2012 which predicted that the world economic growth in 2012 will be 3.3 percent. Also, the forecast of 2013 was raised from 4.0 to 4.1 percent.

British Pound:
Before the publication of the bunch of macroeconomic statistics and, the GBP / USD pair was traded in a narrow range between $ 1.5916 -$ 1.5941 levels. The published statistics provided substantial support to the pound’s trading dynamics. In details, the result as a the protocol of last meeting of the Bank of England which was dedicated to monetary policy showed that the likelihood of further stimulating the economy has decreased ly. Also, the support for the British pound had a report of labor market, which suddenly recorded better than expected results, the Claimant Count rate in March fell to 4.9 % from 5%, 0% and the unemployment rate of February dropped to 8.3 % from 8.4 %. The GBP / USD reacted positively rocketing into the region of $ 1.5990 where it remained traded and consolidated for the next move towards $ 1.6000 level.

Japanese Yen:
The USD / JPY rose during the Asian trading pair rose to Y81.42 on the background of growing Asian stock markets in anticipation of the publication of data on the labor market in the U.S. The pair continued its uptrend through the European session s well moving to the level of Y81, 50.

American trading session:

Euro: The reason that Euro fell against its competitors was the increase of the Spanish and Italian governments’ bonds yields. Thus, the yield of 10- year bond of Spain went to 5.87% against the previous 5.71% and the yield of 10 -year bonds of Italy to 5.52% against of earlier 5.40%. Moreover the pressure on the Euro currency had the fact that Italy’s economy growth, the forecasts of which were revised today, showed the growth in 2012 will decrease by 1.2% against the previous estimate of -0.5%. As for 2013 year forecasts, the economic growth might be increased by 0.5 % against the previous forecast of 0.3 %.

Oil: The Oil prices declined today after the publication of report of the U.S. Department of Energy on U.S. Crude Oil Inventories according to which the increase of amount of this raw material in inventories jumped for more than two times higher than expected. May futures of WTI fell to 102.26 dollars per barrel on NYMEX.

Gold: The Gold futures on the COMEX fell today to $ 1637.71 per ounce towards the lows of the previous day.

Technical analysis for 18/04

EURUSD
The pair has drawn Double Top. If the pair breaks the figure’s neckline 1.30277 the pair will decline first to 1.28630.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair is trading below Moving Average (500). If the pair stays below 1.58543 the pair will decline to 1.56722.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair has reached 0.92026 and rolling back to 0.91079.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair is testing the Moving Average (500) at 81.399. Once this level is broken the pair will rise to 82.219.
Resistance: 81.399, 82.219, 83.065
Support: 80.438, 79.707, 79.070
AUDUSD
The pair is trading in the range between Moving Averages (100 and 500) 1.04407 and 1.02558.
Resistance: 1.04407, 1.05332, 1.06164
Support: 1.03535, 1.02558, 1.01744

Market review for 17.04.12: The positive Euro Zone’s macroeconomic data supported the Euro currency.

Asian and European trading sessions:

Euro: At the Asian session the Euro recorded its daily low against the U.S. dollar by testing a pivot line at the region of $1.3090. The euro fell against most major currencies of the 16 amid the worries about the future situation of sovereign debt in Spain. The European session showed an opposite, positive trading dynamics of the Euro currency on the backdrop of the results of the auction of the Spanish government bonds and supportive macroeconomic data which came from reports on Euro zone economic issues . As a result of the auction, Spain attracted 3.18 billion euros with the targeted 2-3 billion euros. The report on CPI index of Euro Zone showed an increase adding 0.01% to 1.6% versus forecasted values of 1.5% in March on YoY basis. Also, the Survey conducted by ZEW institute for the Euro zone’s economy expectation recorded an improvement reaching13.1 value. As the result the EUR/USD couple strengthened to $1.3172 area.

British Pound: The Pound grew today on positive result of the annual CPI index which showed that the UK inflation rose for the first time since September 2011. In March, inflation accelerated for the first time in UK over the past six months rising by 3.5% against 3.4 % in February on YoY basis beating the forecasts of economists who had expected it at 3.4%. The GBP/USD pair grew to $1.5966 area.

Australian dollar: The Australian dollar suffered a sell off during the Asian trading session continuing its three-day decline against the U.S amid the statements of the Reserve Bank of Australia which mentioned a slowdown in inflation in the country. However, on rising demand for risky assets and recovering of Worlds Stock markets the currency was able to pull back sharply and by the end of European session jumped higher than the high of the previous day.

American trading session:

Japanese Yen: The yen fell against all 16 most traded currencies amid rising demand for risky assets and recovering of Worlds Stock markets after their three day decline. The USD/ JPY pair went to test the level of Y80.74 at end of European session.

Canadian Dollar: The Bank of Canada on today's meeting decided to keep the interest rate unchanged at 1%, however, mentioning that the rate could be increased in the future as inflation and the Canadian economy has the potential to exceed the forecasts. The Canadian Dollar showed maximum growth in four months against the dollar sharply strengthening to the level of $0.9866 within 2 hours move.

Oil: May futures of U.S. light crude oil, WTI rose today to 105.04 dollars per barrel on the NYMEX.

Gold: The May’s Gold futures grew today to $ 1656.95 per troy ounce at COMEX after the sudden intraday drop to $ 1634.50 area, the S2 level where the buyers used the opportunity to get into the trade thus provided support for the asset’s prices.

Market review for 16.04.12: The traders tested today the strength of level of 1.20 of EUR / CHF pair.

Asian and European trading sessions:

Euro: Today’s Euro’s trading dynamics were depended on the results of auctions of the Spanish and German governments bonds. Against the background of rising concerns of possible further spread of the debt crisis in Europe, with the center in Spain, the 10-year Spanish government bonds’ yield exceeded 6.15% for the first time since December 2011. The EUR / USD pair traded lower at the Asian trading session continuing Friday's decline. At the European session the couple showed a low below the level of $ 1.3000, its monthly low against the dollar in spite of decline of German bonds yield that reached a new record low of 1.632%.The information that provided some support for the Euro today was last Saturday’s news on China’s decision on extension the trading range for the Yuan against the U.S. dollar. The purpose of this action was to help the Chinese’s economy to accelerate its modernization, which is a necessary step towards the internationalization of the Yuan. The EUR / USD pair after recording its daily low at $ 1.2995 pulled back to the region of $ 1.3085.

Swiss Franc: The traders tested today the strength of level of 1.20 of EUR / CHF pair, which was designated by the Swiss National Bank as for limitation the growth of the Swiss currency. The demand for the safe haven currencies like Swiss Franc increased today on the backdrop of negative situation on the market due to the worries of a continuation of the debt crisis in Europe.

Australian dollar: On the background of falling Asian stock markets the Australian dollar continued its two-day down trend falling against its major competitors.

American trading session:

US Dollar: The dollar fell against major currencies on the American trading session. The pressure on the currency had a Friday’s report of University of Michigan which presented that the index of consumer sentiment in the U.S. in April unexpectedly fell to 75.7 points from 76.2 points in March versus the analysts’ expectation of growth to 76.5 points. In addition, manufacturing activity in the New York region slowed to 5-month low, due to a sharp slowdown in sales (6.56 vs. prev. 18) and reducing the number of outstanding orders. The decision of China of widening the trading range for the Yuan against the U.S. dollar 0.5% to 1% with respect to exchange rate which was previously set by the regulator for increasing flexibility of RMB exchange rate pressured the U.S. dollar trading dynamics.

Oil: The oil futures fell on the background of meeting of the six international mediators, where they agreed a new round of negotiations with Tehran about Iran's nuclear program scheduling it on May 23. The WTI’s May futures dropped to 101.79 dollars per barrel on the NYMEX.

Gold: May futures on the COMEX gold fell today to $ 1641.2 per troy ounce on the weak trading volume, the daily average of which was only 61 percent compared with the daily volume in March.

Technical analysis for 17/04

EURUSD
The pair has drawn Double Top. If the pair breaks the figure’s neckline 1.30277 the pair will decline first to 1.28630.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair is trading below Moving Average (500). If the pair stays below 1.58543 the pair will decline to 1.56722.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair has reached 0.92026 and rolling back to 0.91079.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair has reached support level at 80.438. Moving Average (100) supports pair at this level. If the pair breaks 80.438 the pair will decline to 79.707.
Resistance: 81.399, 82.219, 83.065
Support: 80.438, 79.707, 79.070
AUDUSD
The pair is aiming to the Moving Average (500) at 1.02558.
Resistance: 1.03535, 1.04407, 1.05332
Support: 1.02558, 1.01744, 1.00907

Market review for 12.04.12: The traders tested today the strength of level of 1.20 of EUR / CHF pair.

Asian and European trading sessions:

Euro: Today’s Euro’s trading dynamics were depended on the results of auctions of the Spanish and German governments bonds. Against the background of rising concerns of possible further spread of the debt crisis in Europe, with the center in Spain, the 10-year Spanish government bonds’ yield exceeded 6.15% for the first time since December 2011. The EUR / USD pair traded lower at the Asian trading session continuing Friday's decline. At the European session the couple showed a low below the level of $ 1.3000, its monthly low against the dollar in spite of decline of German bonds yield that reached a new record low of 1.632%.The information that provided some support for the Euro today was last Saturday’s news on China’s decision on extension the trading range for the Yuan against the U.S. dollar. The purpose of this action was to help the Chinese’s economy to accelerate its modernization, which is a necessary step towards the internationalization of the Yuan. The EUR / USD pair after recording its daily low at $ 1.2995 pulled back to the region of $ 1.3085.

Swiss Franc: The traders tested today the strength of level of 1.20 of EUR / CHF pair, which was designated by the Swiss National Bank as for limitation the growth of the Swiss currency. The demand for the safe haven currencies like Swiss Franc increased today on the backdrop of negative situation on the market due to the worries of a continuation of the debt crisis in Europe.

Australian dollar: On the background of falling Asian stock markets the Australian dollar continued its two-day down trend falling against its major competitors.

American trading session:

US Dollar: The dollar fell against major currencies on the American trading session. The pressure on the currency had a Friday’s report of University of Michigan which presented that the index of consumer sentiment in the U.S. in April unexpectedly fell to 75.7 points from 76.2 points in March versus the analysts’ expectation of growth to 76.5 points. In addition, manufacturing activity in the New York region slowed to 5-month low, due to a sharp slowdown in sales (6.56 vs. prev. 18) and reducing the number of outstanding orders. The decision of China of widening the trading range for the Yuan against the U.S. dollar 0.5% to 1% with respect to exchange rate which was previously set by the regulator for increasing flexibility of RMB exchange rate pressured the U.S. dollar trading dynamics.

Oil: The oil futures fell on the background of meeting of the six international mediators, where they agreed a new round of negotiations with Tehran about Iran's nuclear program scheduling it on May 23. The WTI’s May futures dropped to 101.79 dollars per barrel on the NYMEX.

Gold: May futures on the COMEX gold fell today to $ 1641.2 per troy ounce on the weak trading volume, the daily average of which was only 61 percent compared with the daily volume in March.

Market review for 12.04.12: The Australian Employment Change report generated a positive bios and Australian currency rose against all major currencies.

Asian and European trading sessions:

Euro: The EUR / USD pair traded higher at the Asian session recovering from yesterday lows, waiting the positive result of today's Italian auction of government bonds. Italy planned to place bonds which mature in 2015, 2020 and 2023, respectively. The results of auction were positive and supported the Euro currency, which strengthened against its major competitors. Italy sold its securities for 4.88 billion Euros, which was very close to the maximum target of 5 billion Euros. For the growth of EUR / USD couple also contributed a weak dollar. The pair rose into the region of $ 1.3175 at the European session .

US Dollar: The dollar weakened against most major currencies on the background of statements of the deputy chairman of the Federal Reserve, Ms. Janet Yellen in which she supported today’s soft Central bank’s monetary policy. The dollar declined against other major currencies during the European session. The demand for safe heaven currencies today was weak due to the positive trading dynamics on the World’s stock markets. The dollar came under pressure and fell against its competitors.

Japanese Yen: The USD / JPY pair traded in a range of Y80.82- Y8.05 during the Asian trading session. The currency was supported today by the words of the head of the Bank of Japan Masaaki Shirakawa, who said that he would continue easing monetary policy. The USD / JPY pair recorded the European session high at the Y81.11 level.

Australian dollar: The report of today which was provided by the Australian Statistics Office showed that the number of people employed in Australia increased in a last month to 44K. It was much more than the Economists expected predicting the number of 6500.

American trading session:

British Pound: The pound fell as a result of published data on the trade balance. The Total trade balance fell in February lower than forecasted partly because of falling car exports in January. The GBP / USD pair slided down into the region of $ 1.5931.

US Dollar: The dollar fell against most major currencies after the publication of report on Initial Job claims, which recorded that the number of applications for unemployment benefits of first week of April increased by 13K versus forecasted decrease by 12K.

Oil: Oil increased along with a very positive trading dynamics on U.S. stock markets and on the background of speculations that the central bank will stimulate economy’s growth through maintaining easy monetary policy. Also a weak dollar provided support for the
Oil prices today. May’s WTI futures rose to 104.23 dollars per barrel on the New York Mercantile Exchange.

Gold: Gold prices rose sharply jumped against the backdrop of a weakening dollar due to the publication of weak report on unemployment in the United States. May futures op Gold on the COMEX today raised to $ 1679.80 per troy ounce.

Market review for 11.04.12: A decrease in the yield of Spanish and Italian government bonds provided support for the Euro currency.

Asian and European trading sessions:

Euro: The EUR / USD pair traded near the support level of $1.3066 at the beginning of the Asian trading session. From this point the couples was able to recover and rose to $ 1.3132 and then recorded its daily high near the resistance level of $1.3150 at the European session. Yesterday, ten-year bond yields of Italy, the third largest economy in Europe, rose by 23 basis points, reaching 5.69 percent, its highest level since February 17. This sharp rise in yields triggered market participants’ fears of thinking of new round of crisis in Europe. However, today, support the single currency was provided by a decrease in the yield of Spanish and Italian government bonds.

British Pound: The GBP / USD pair again, just like in yesterday’s trading, tried to copy the EUR / USD trading dynamics during both sessions. The couple firstly fell to lows of $1.5850, but later strengthened to the highs of $ 1.5935 at the end of the European trading session.

Japanese Yen: The USD / JPY pair recovered after yesterday's fall during the Asian trading pair. The USD / JPY couple tested a high of Y80, 94 for two times.

Australian and New Zealand dollar: These currencies rose against their competitors on the backdrop of rising futures indices and increasing demand for risky assets.

American trading session:

Japanese Yen: Amid speculation that the Bank of Japan is preparing another monetary easing in this month, the yen weakened against almost all of the 16 most traded currencies.

British Pound: Today’s report on March Retail Sales in UK showed a growth as it was reported by the British Retail Consortium. In details, the Retail sales grew by 1.3 % on year on year basis. In January and February, a decline of 0.3%.These news provide some support for the British currency and the GBP /USD pair went to test the highs of previous session , the level of $1.5931.

Oil: The Oil rose after the U.S. Department of Energy reported a reduction of Gasoline’s inventories. The cost of WTI May futures rose to 103.1 dollars a barrel on the NYMEX.

Gold: The Gold prices were stable today after rising for four consecutive trading sessions. The May’s futures of Gold traded in the narrow range of $ 1652.8 - $ 1662.2 per ounce on the COMEX.

Technical analysis for 12/04

EURUSD
The pair has declined to 1.30277 and aiming to 1.31674.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair has risen to the Moving Average (500) at 1.59202.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair has reached 0.92026 and rolling back to 0.91079.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair is aiming to the support level at 80.438.
Resistance: 81.399, 82.219, 83.065
Support: 80.438, 79.707, 79.070
AUDUSD
The pair tested the Moving Average (500) at 1.02558 and stayed above this level. This may bring pair to 1.04407.
Resistance: 1.04407, 1.05332, 1.06164
Support: 1.03535, 1.02558, 1.01744

Market review for 10.04.12: The Federal Reserve Chairman, Mr. Ben Bernanke said that the U.S. recovery was far from being complete.

Asian and European trading sessions:

Euro: Euro fell against almost all major currencies during the first half of the European trading session, amid growing fears of a new round of crisis in Europe. The reason for these fears was a growth of government bond’s yields of Spain and Italy. The EUR / USD pair although went to test traded couple yesterday's highs at the $1.3141 level in the Asian session, got hammered from there later and rebounded to the lows of $ 1.3060.

US Dollar: After Federal Reserve Chairman Mr. Ben Bernanke said the U.S. economy was far from being complete, the U.S dollar fell against most traded currencies. These statements might suggest that the Fed may increase the economic stimulus measures in a nearest future. Mr. Ben Bernanke in his speech considered that the April 6 report of the Ministry of Labor, which showed that in March, U.S. employers hired 120,000 workers, was still weak and even worse than the most pessimistic forecast
British Pound: The GBP / USD pair tried to copy the EUR / USD trading dynamics during both sessions. However, the couple suffered bigger intraday sell-off falling from highs of $1.5930 to lows of $1.5808. Later the couple strengthened to the area of $ 1.5881.

Japanese Yen: The Bank Japan left its interest rate unchanged at 0 to 0, 1 percent. It was a good sign for the yen and it rose against all 16 major currencies. The decision of the Bank matched forecasts, however, the financial market still remains expectations that the central bank may try to demonstrate its readiness to fight for achieving recently targeted level of inflation. The USD / JPY pair traded down during both sessions moving lower then yesterday's lows and dropping into an area of Y80, 83.

Australian and New Zealand dollar: On the background of the Bank of Japan’s decision of leaving its monetary policy unchanged the Australian and New Zealand dollar dropped against their competitors. The pressure on these currencies trading dynamics was also provided by the negative words of Chinese officials, who said that the global economic situation remains “grim ".

American trading session:

Japanese Yen: The yen continued its uptrend against the dollar and many other traded currencies amid growing demand for the safe haven assets, which was increased after the Federal Reserve Chairman, Mr. Ben Bernanke said the U.S. recovery was far from being complete. These words supported for the sellers on stock markets as well.

Oil: The WTI futures fall today l to 100.65 dollars a barrel on the NYMEX. The price of oil was dropping amid decreasing in China's demand for "black gold" after the publication of weak data on imports to China.

Gold: The Gold prices after suffering big sell off to $1631.70 area strengthened against the dollar. The falling of stock and futures markets, publication of data from the U.S. Labor Department last Friday, and the news about the end of the strike of jewelers in India contributed to an increase in gold prices. The Gold futures strengthened above $1660 area in first hours of American trading session.

Technical analysis for 11/04

EURUSD
The pair has declined to 1.30277 and aiming to 1.31674.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair rolled back to 1.58543.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair has reached 0.92026 and rolling back to 0.91079.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair has broken Moving Average (500) 81.399 and declined to 80.572. The pair may return to the Moving Average at 81.399.
Resistance: 81.399, 82.219, 83.065
Support: 80.438, 79.707, 79.070
AUDUSD
The pair has declined to the Moving Average (500) at 1.02558.
Resistance: 1.03535, 1.04407, 1.05332
Support: 1.02558, 1.01744, 1.00907

Technical analysis for 10/04

EURUSD
The pair has declined to 1.30277 and aiming to 1.31674.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair is trying to break Moving Average (500) 1.59219, it may bring pair to 1.60322.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair has reached 0.92026 and rolling back to 0.91079.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair has declined to the Moving Average (500) 81.399 this is a support level for the pair.
Resistance: 82.219, 83.065, 83.933
Support: 81.399, 80.438, 79.707
AUDUSD
The pair has declined to the Moving Average (500) at 1.02558.
Resistance: 1.03535, 1.04407, 1.05332
Support: 1.02558, 1.01744, 1.00907

Technical analysis for 5/04

EURUSD
The pair is aiming to 1.31674. If this level is broken the pair will decline to 1.30277.
Resistance: 1.33143, 1.34882, 1.35984
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair has risen to resistance 1.60322 and rolling back to 1.58543.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair is aiming to 0.91079.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair may try to break 82.219 this will bring pair to 81.399.
Resistance: 83.065, 83.933, 84.866
Support: 82.219, 81.399, 80.438
AUDUSD
The pair has declined to the Moving Average (500) at 1.02558.
Resistance: 1.03535, 1.04407, 1.05332
Support: 1.02558, 1.01744, 1.00907

Market review for 04.04.2012: The ECB left its interest rate unchanged at 1.00%.

Asian and European trading sessions:

Euro: The Euro dropped down against major currencies amid falling demand on Spanish government bonds and expectations of the speech of the ECB President, Mr. Mario Draghi. The ECB left its interest rate unchanged at 1.00%. EUR / USD: a couple fell into the region of $ 1.3157. There were also reports on manufacturing orders in Germany, which did not support the Euro currency trading dynamics. The news came out worse than expected for February on a monthly basis 0.3% vs. forecasted +1.4. Also the Euro-Zone Retail Sales in February recorded -2.1% vs. forecasted -1.1%

British Pound: The trading dynamics of GBP / USD were recorded during the European session. The pair was traded in the area of $ 1.5880 to $1.5909, sluggishly trying to find the support at the $1.5865 level after falling to $1.5832 lows.

American trading session:

Euro: Suffered a big negative day today dropping into the $1.3107 level against the dollar, to its month low on the backdrop of the failed auction of Spanish bonds. In details, Spain placed bonds worth 2.59 billion Euros with lowest planned target of 3.5 billion Euros.

British pound: The support for the pound today was provided by the publications of the report on PMI in the service sector and housing prices. Both of them were positive. Thus, the index of business activity in the services sector in March was 55.3 points, 53.4 points expected and Housing prices recorded 2.2% vs. 0.2% in March in on monthly basis.

US Dollar and Japanese Yen: Against the demand for safe assets and falling of stock markets, the yen and the dollar strengthened against all of the most traded currencies.

Gold: Gold prices suffered one more negative day today, dropping to January 9th lows of $1612.25 per troy ounce.

Oil: Oil continued dropping today amid growing inventories of raw materials and speculation that the Fed of U.S. may not inject any addition portion of money liquidity the U.S. economy. May’s WTI prices fell to 101.06 dollars a barrel on the NYMEX.

Market review for 03.04.2012: After the publication of FOMC minutes the dollar rocketed sharply against almost all its competitors.

Asian and European trading sessions:

Euro: The EUR / USD couple rose to $ 1.3355 area at the Asian trading session. On the background of statements of the Spain Finance Minister, Mr. Cristobal Montoro, who noted that "Spain is in a critical situation the EUR / USD couple fell into the region of $ 1.3310.
US Dollar: Positive news lowered the demand for safe haven currencies, including the U.S. currency during both sessions. The dollar fell against most major currencies against the backdrop of U.S. economy recovery.

British Pound: The GBP / USD pair traded in very narrow range between $ 1.6019 -$ 1.6044 levels at the Asian session. At the European session the couple fell into the region of $ 1.5978.

Japanese Yen: The Yen fell against the dollar to Y81.56 level at the beginning of the Asian session, against the backdrop of increasing bearish sentiment on the yen. However, the pair was able to recover to Y82.3 area at the European session.

Australian dollar: The Reserve Bank of Australia on today's meeting decided to keep interest rates unchanged at 4.25 percent. The Australian currency reacted negatively on that decision dropping against almost all major traded currencies.

American trading session:

US Dollar: After the publication of FOMC minutes the dollar rocketed sharply against almost all its competitors. The EUR / USD fell by 0.34% to $1.3213 area.
Oil: The Oil prices in NYMEX fell after report, which showed a smaller -than-expected increase in Factory Orders in the U.S, 1.3% vs. 1.5%. May’s WTI futures fell to 103.56 dollars per barrel.

Gold: Another nasty spill suffered Gold prices today. After keeping the range of $ 1667.0 - $ 1679.5 per troy ounce, April Gold futures sharply dropped to the level of $1,638 on COMEX, to the level of the March 14 lows.

Technical analysis for 4/04

EURUSD
The pair is aiming to 1.31674. If this level is broken the pair will decline to 1.30277.
Resistance: 1.33143, 1.34882, 1.35984
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair has risen to resistance 1.60322 and rolling back to 1.58543.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair is trading between 0.91079 and 0.89635.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
USDJPY
The pair declined to the Moving Average (500) at 81.399 and rolled back to 83.065. If the pair breaks this level the pair will continue rising and the aim will be at the channel line 83.933.
Resistance: 83.065, 83.933, 84.866
Support: 82.219, 81.399, 80.438
AUDUSD
The pair may decline to the Moving Average (500) at 1.02558.
Resistance: 1.03535, 1.04407, 1.05332
Support: 1.02558, 1.01744, 1.00907

Market review for 02.04.12: The negative Euro-zone news’ release pressured the Euro currency.

Asian and European trading sessions:

Euro: Euro continued its Friday’s rally against the U.S. dollar on the backdrop of announced European governments’ agreement on the increasing EFSF and ESM funds to 800 billion Euros. The EUR / USD tested the level of $1.3378 at the Asian session. The reason why the Euro currency came under pressure against the U.S. dollar on the European session was the publication of report on index of business activity in the productive sectors in France, Germany and the Euro zone as a whole. The index for France (46.7) came out worse compared to forecasted (47.6). The negative data on unemployment, which reached a record high (10.8% versus the forecast and the value for the previous month at 10.7%) also had a pressure on Euro currency trading dynamics. The EUR / USD pair fell to a region of $ 1.3276.

British Pound: During the Asian trading the GBP/USD pair declined, dropping below the $1.6000.
At the same time, the British Purchasing Managers Index (PMI) rose to a 10-month high of 52.1, thus supporting the pound. The GBP/USD pair showed a maximum at $1.6060, but later retreated.

Japanese yen: The yen fell against all major currencies after the publication of a negative report of the Bank of Japan, which showed that business sentiment of the largest companies in the country has not improved. During the Asian trading the USD/JPY pair rose above Y83.00. Later on the USD/JPY pair dropped from the maximums of Y83.30 to the area of Y82.15.

Australian dollar: The Australian dollar rose against all major currencies amid signs of improvement in the economy of China, which is the largest trading partner of Australia. Therefore, the Federation of Logistics and the National Bureau of Statistics reported yesterday that China's manufacturing index last month rose to 53.1, which was the highest level since March 2011.

American session:

Japanese yen: The yen rose against all of the most traded currencies amid concerns about the weakening investments from China after the release of the conflicting reports of the purchasing index managers.

Gold: The price of gold was rising against the publication of the report on manufacturing activity in the U.S., the results of which indicated an acceleration of U.S. economy growth. April futures price of gold on COMEX today rose to $ 1682.9 per troy ounce.

Oil: May futures on U.S. light crude oil WTI rose to 105.45 dollars a barrel on the NYMEX after falling to 102.06 dollars a barrel, its lowest level since the middle of the February.

Technical analysis for 3/04

EURUSD
If the pair stays above 1.33143 the pair will rise to 1.334882. If the pair stays below 1.33143 the pair will decline to 1.31674.
Resistance: 1.33143, 1.34882, 1.35984
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair has risen to resistance 1.60322.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair is trading between 0.91079 and 0.89635.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
USDJPY
The pair may decline to the Moving Average (500) at 81.399.
Resistance: 82.219, 83.065, 83.933
Support: 81.399, 80.438, 79.707
AUDUSD
The pair may decline to the Moving Average (500) at 1.02558.
Resistance: 1.04407, 1.05332, 1.06164
Support: 1.03535, 1.02558, 1.01744

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Market review for 29.03.12: The growth yield of Italian and Spanish government bonds might be a reason for a new round of debt crisis in the Euro region.

Asian and European trading sessions:

Euro: The EUR / USD pair traded in a range of $ 1.3305 -$ 1.3346 at the Asian session. On the backdrop of increasing concerns, which were triggered by the growth yield of Italian and Spanish government bonds, the Euro fell against other major currencies. The situation with the Italian and Spanish government bonds might be a reason for a new round of debt crisis in the Euro region. The EUR / USD couple fell into the region of $ 1.3260, where it found strong support. Even the results of the auction on placement Italy’s government bonds, whose results were better than similar previous ones; in particular, Italy attracted 5.75 billion euros, against the planned volume 4-5,75 billion euros.

British Pound: The GBP / USD pair was able to recover from yesterday's fall into the region of $1.5924 at Asian session. However, the new piece of negative statistics pressured the trading dynamics of the pound today. Today, the market players disappointed by the result of the volume of net lending for individuals and approved applications for mortgage loans. Both reports were worse than expected in February. The GBP / USD pair dropped to $ 1.5863 area.

Japanese Yen: The yen was strong today amid continuing global downturn in Asian stock markets. Also, the reasons for Japan’s currency growth against the dollar were speculations that Japanese companies will repatriate their profits abroad, until the end of the fiscal year on March 31. The USD / JPY fell to the area of Y82.08 by the end the European trading session.

Australian Dollar: The Australian dollar continued its downtrend falling today below 200 Moving average on concerns about slowdown in China’s economy, which will constrain the demand for the Australian export in a future.

American trading session:

Euro: The euro was pressured by the result of the report on index of Industrial confidence in the region, which unexpectedly fell in March to the -7.2 points. Also, the index of consumer and business confidence in the euro-zone economy (ESI) in March decreased to 94.4 points vs. forecasted 94.5 points.

Oil: The WTI oil fell to 102.96 dollars a barrel on the New York Mercantile Exchange, its lowest level in nearly six weeks against the backdrop of falling stock markets and the announcement of the Government of France about the nearest completion of agreement on the " opening " of emergency supplies to contain rising of Oil prices.

Gold: April futures price of gold on COMEX fell today to a $1661 per troy ounce recording $ 1644.3 level in intraday trading.

Market review for 28.03.12: 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

EURUSD
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
GBPUSD
The pair’s resistance is 1.60322, support 1.58543.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair is trading between 0.91079 and 0.89635.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
USDJPY
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
AUDUSD
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

Market review for 28.03.12: The Bank of Japan is ready to fight the defilation in Japan.

Asian and European trading sessions:

Euro: The EUR / USD pair traded today in a narrow range showing its maximum at the $ 1.3383 and minimum at the $1.3326 level.

US Dollar: The dollar traded lower today not far from monthly lows against the euro amid speculations that the U.S. Federal Reserve will proceed to the third round of quantitative easing, QE3. The Federal Reserve Chairman Mr. Bernanke in his yesterday speech hinted that the central bank, will keep an adaptive monetary policy as the American economy still needs the financial support for reducing the unemployment rate in the U.S. The greenback declined against almost all traded currencies. However, at the European trading session the U.S. dollar got supported by negative trading stock markets’ dynamics, which increased the demand for U.S. dollar, as for a currency with safe haven status.

American trading session:

Euro: The euro retreated from daily highs against the dollar due to the negative situation at the stock markets The economics statistics were not supportive today as well; in details, the S & P / Case-Shiller Composite-20 index in January fell by 3.8 % (YoY). Although the value matched the forecasts of analysts, there was recorded the reducing of the indicator recorded for the fifth consecutive month. Also, the Conference Board reported that consumer confidence in the U.S. economy in March dropped to 70.2 points, which was though higher than expectations but much lower from the revised 71.6 points for February.

Japanese Yen: The yen fell on rumors after the head of the Bank of Japan, Shirakawa said the importance of the victory over deflation. He stated that for fighting the deflation the Japan will need a strong economy growth and monetary policy support. However, for the stimulation of the economy growth, not only the Central Bank’s liquidity injections might be required.

Oil: Oil fell after a representative of the Department of Energy announced that the U.S. can open strategic reserves of oil. May’s WTI oil futures fell to 106.53 dollars a barrel on the New York Mercantile Exchange.

Gold: The April futures price of gold rose today rose to $ 1696.93 per troy ounce on the background of growing expectations of keeping low interest rates in the United States as well as of rumors on starting of Q3 program in the nearest future.

Technical analysis for 28/03

EURUSD
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
GBPUSD
The pair’s resistance is 1.60322, support 1.58543.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
If the pair breaks 0.91079 the pair will rise to 0.92026.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
USDJPY
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
AUDUSD
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

Technical analysis for 27/03

EURUSD
The pair is trading between 1.33143 and 1.31674.
Resistance: 1.33143, 1.34882, 1.35984
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair’s resistance is 1.60322, support 1.58543.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair has broken 0.91079 and may continue declining to 0.89635.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
USDJPY
The pair is trading between 83.065 and 82.219.
Resistance: 83.065, 83.933, 84.866
Support: 82.219, 81.399, 80.438
AUDUSD
If the pair stays below 1.05332 the pair will return to 1.04407.
Resistance: 1.05332, 1.06164, 1.07005
Support: 1.04407, 1.03535, 1.02558

Market review for 26.03.12: The dollar fell after the Fed’s Chairman, Mr. Ben Bernanke reinforced hopes for new regulator’s measures for supporting the American economy.

Asian and European trading sessions:

Euro: At the beginning of the Asian trading session the Euro showed slightly growth against its competitors on the background of the intentions of European politicians to merge the two rescue fund in Europe in order to stop the further spread of the sovereign debt crisis. The EUR / USD pair got hammered at the European trading session falling to the lows of $1.3191 by the words of the Prime Minister of Italy, Mario Monti, who said that the situation in Spain could be another reason for the continuation of the debt crisis in the Euro region. However, the support for the euro came from the publication of the IFO report, which showed that the business climate index in Germany in March rose to 109.8 points vs. 109.6 values . The EUR / USD pair was able to recover to the area of $ 1.3244.

US Dollar: The reason for American currency’s growth today on the early trading sessions were the anticipations of the publication this week a positive macroeconomic statistics from the U.S. The dollar strengthened on speculations about the positive situation in the U.S. economy.

Australian New Zealand Dollar:
At the middle of the European trading session, when the U.S dollar had pulled back from highs amid perspectives of the recovery of the World’s largest economy, the Australian and New Zealand currencies got support and rose against their competitors.

American trading session:

US Dollar: The dollar fell against most major traded currencies after Federal Reserve Chairman Mr. Ben Bernanke said that the American economy still needs the accommodative monetary policy for reducing the unemployment rate in the U.S.
Oil: The WTI May was kept in the range of 106.2 - 107.34 dollars per barrel on the NYMEX.

Gold: The price of gold on Monday grew up more than 1 % to $ 1687.9 per troy ounce on the backdrop of the statements of the U.S. Federal Reserve Chairman Mr. Ben Bernanke, who reinforced hopes for new regulator’s measures for supporting the American economy.

Market review for: The dollar rose against its competitors supported by many factors.

Asian and European trading sessions:

Euro: The euro fell against major currencies after the published report on the situation in industrial sector of euro area. In January the value of on industrial orders was declined more dramatically than it was expected and, therefore, reinforced market participants’ fears about the deteriorating situation in Euro zone. Also, the report on business activity in the service sectors in France, Germany and the euro zone as a whole in March, according to preliminary estimates was significantly below the forecasted values. The EUR / USD couple during the European session tested the area of support to $ 1.3140.

US Dollar: The dollar rose against its competitors after the published today report on production index in China. The report signaled a decline. In details, the manufacturing PMI index from HSBC in China was significantly worse than the previous one (48.1 against 49.6 in March to February). Also, the support for the dollar was provided by the falling of World’s equity and future markets.

Japanese Yen: After Japan announced an unexpectedly growth in trade balance of $ 32.9 billion yen in February after the previous four consecutive months of trade deficits the yen rose against its competitors. The USD / JPY couple fell in the area of Y82.65.

New Zealand dollar: The GDP of New Zealand rose by only 0.3%, taking into account the correction for seasonal variations, in the 4th quarter, less than it was forecasted. On this news the New Zealand dollar fell against its competitors.

American trading session:

US Dollar: The dollar strengthened after the positive report on in the U.S., which confirmed the recovering of the U.S. labor market. The number of Jobless Claims last week reached a minimum of 4 years, the value of 348K.
Oil:
World oil prices down in spite of the publication of statistics on the strong U.S. labor market. May’s futures of Gold fell to 104.47 dollars per barrel on the NYMEX today.
Gold: The price of gold fell to its lowest level, to $ 1627.5 an ounce due to the strong dollar. There were also two more reasons for that decline. First, the demand for Gold in Asia declined because of the reports of slowing manufacturing activity in China in March. Second, the Indian jewelers did not work this past weekend due to protest against the increase of import taxes on precious metals. April futures price of gold fell today to the level of $ 1627.5 an ounce.

Market review for 21.03.12: 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

EURUSD
The pair is trading between 1.33143 and 1.31674.
Resistance: 1.33143, 1.34882, 1.35984
Support: 1.31674, 1.30277, 1.28630
GBPUSD
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
USDCHF
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
USDJPY
The pair is trading between 83.933 and 83.065.
Resistance: 83.933, 84.866, 85.960
Support: 83.065, 82.219, 81.399
AUDUSD
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

Technical analysis for 21/03

EURUSD
The pair is aiming to 1.33143.
Resistance: 1.33143, 1.34882, 1.35984
Support: 1.31674, 1.30277, 1.28630
GBPUSD
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
USDCHF
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
USDJPY
The pair is aiming to the channel line at 83.933.
Resistance: 83.933, 84.866, 85.960
Support: 83.065, 82.219, 81.399
AUDUSD
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

Market review for 20.03.12: The U.S. dollar strengthened against most major currencies due to decline in steel production in China.

Asian and European trading sessions:

Euro: The EUR / USD pair was traded in a narrow range of $ 1.3223 -$ 1.3241 during the Asian trading session. Pressured the Euro currency at the European session the existed concerns about the slowdown of the Eurozone economy recovery, which is a consequence of the debt crisis in the region. The EUR / USD couple pair fell to the region of $ 1.3178.

US Dollar: After a representative of the largest mining company in the world, BHP Billiton Ltd, informed the markets about the decline in steel production in China, the U.S. dollar strengthened against most major currencies. This news supported for the demand for safe-haven assets. The dollar positive trading dynamics were kept during both sessions.

British Pound: The GBP / USD pair fell from the level of $ 1.5895. The report on inflation in the UK, which has coincided with the predictions, did not noticeably affect the dynamics of the pound sterling. The GBP / USD couple tested the lows of $ 1.5830 at the end of the European trading session.

Australian Dollar: The Australian dollar traded lower for two reasons. First, after a representative of the largest mining company in the world, BHP Billiton Ltd warned the markets about falling demand for iron ore. Second, after the Central bank of Australia left open the possibility of reducing interest rates in coming months.

New Zealand Dollar: The New Zealand dollar traded slightly lower at the end of the European session against the backdrop of the sharp falling of Asian stocks markets.

American trading session:

Oil: The Oil prices fell Tuesday against the background of the decision of the authorities of China to raise prices for gasoline and diesel fuel. The April WTI futures price fell to 105.70 dollars a barrel on NYMEX.

Gold: April futures price of gold on COMEX dropped today to $ 1641.41 per troy ounce due to increasing of the U.S. dollar. The demand was markedly reduced this week because of the jeweler’s strike in India, the world's largest consumer of gold. The jewelers protest against the government's intention to increase the taxes on import of the Gold.

Market review for 19.03.12: The statements of German Chancellor, Ms. Angela Merkel provided support for the Euro currency.

Asian and European trading sessions:

Euro: The support for the Euro currency today were delivered by statements of German Chancellor, Ms. Angela Merkel, who reported that the themes of the last meeting of European officials were discussions on providing solutions for increasing help for the Euro region financial system. The EUR / USD pair traded between $ 1.3140 -$ 1.3180 levels during the both sessions. There was a pressure on the euro due to positive data from the U.S. released on previous week, thereby reduced investor’s demand for the European assets.

US Dollar: The U.S. dollar continued its downtrend started on Friday, after release of the report on consumer inflation in the U.S., which fell under the forecasted values. The market participants revised today their expectations of the continuation of the Fed’s quantitative easing program after the Friday’s negative macroeconomic statistics.

Japanese Yen: The USD/JPY pair traded near its pivot line of Y83.3 level on Asian session. At the beginning of the European trading session the Yen strengthened against competitors on speculation about the fact of its excessive oversold against major currencies due to the recent decline.

American trading session:

Euro: The Euro repeated its Friday’s jump against the dollar and the EUR/USD couple broke its 100 -day moving average. This fact was an issue for speculation related to the Euro’s uptrend continuation from a technical point of view.

Swiss Franc: The Franc increased today due to the falling of the U.S. dollar index as investors were selling the American currency in the favor of the Swiss Franc.

Oil: April WTI oil futures price rose to 108.30 dollars per barrel today.Oil prices raised on Monday against the backdrop of the January data on raw production volumes of Saudi Arabia.

Gold: The cost of Gold increased today on the background of published information on the balance of payments of Euro-zone. The April Gold closed this day at $ 1664.1 per troy ounce.

Technical analysis for 20/03

EURUSD
The pair is aiming to 1.33143.
Resistance: 1.33143, 1.34882, 1.35984
Support: 1.31674, 1.30277, 1.28630
GBPUSD
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
USDCHF
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
USDJPY
The pair is aiming to the channel line at 83.933.
Resistance: 83.933, 84.866, 85.960
Support: 83.065, 82.219, 81.399
AUDUSD
The pair is rolling back to 1.05332.
Resistance: 1.06164, 1.07005, 1.07739
Support: 1.05332, 1.04407, 1.03535

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Market review for 15.03.12: The Swiss National Bank raised its forecast for Switzerland economy’s growth at today’s meeting.

Asian and European trading sessions:

Euro: The EUR / USD pair pulled back from yesterday's low of $ 1.3003 and strengthened in the area of $ 1.3082 by the end of European trading session.
US Dollar: During the Asian session, the dollar continued to strengthen against major currencies. Again, support for the dollar provided the strong macroeconomic statistics from the U.S. and the decision of the Fed Reserve about of not announcing the Q3 program.
British Pound: The pound was pressured by the Fitch international rating agency publication regarding the rating outlook of UK.As it was announced, the rating outlook of UK was downgraded to negative from stable, while the long-term sovereign credit ratings was confirmed on the AAA level. The GBP/USD couple traded in the quite narrow range during both sessions, $1.5633-$1.5686.
Swiss Franc: The Swiss franc rose against its competitors after The Swiss National Bank raised its forecast for Switzerland economy growth at today's meeting. Also, The Swiss National Bank kept its interest rate unchanged as it was predicted.

American trading session:

Euro: The Euro increased against the dollar on news of the IMF’s approval of the aid package for Greece. Also the publication of the Standard & Poor's agency decision of putting the new Greek bond rating to the level of 'CCC' had positive impact on trading dynamics of Euro currency.

Oil: The WTI Oil futures after consolidation at the level of $105.5 which occurred before the report of the Mr. Obama. The US president said that the U.S. and Britain agreed to cooperate in efforts to reduce the growth in gasoline prices. April WTI futures suffered big intraday loss to 103.77 dollars per barrel on the NYMEX. Then they were able to recover to break down level of $105.65 per barrel.
Gold: The price of gold on Thursday recovered upwards after a significant drop at the previous day. The April Gold rose on COMEX today to the level of $ 1651.9 per troy ounce.

Market review for 14.03.12: 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

Technical analysis for 14/03

EURUSD
The pair has declined to neckline at 1.30277. This is the support for the pair, but if this level is broken the pair will work out Head and Shoulders and decline to 1.28630 and maybe lower.
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 is aiming to test Moving Average (500) at 0.93949.
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.
Resistance: 83.065, 83.933, 84.866
Support: 82.219, 81.399, 80.438
AUDUSD
The pair has drawn Triple Top and return to Neckline support 1.06164. MACD divergence supports pair to start workout the figure. The end of the figure is at 1.03535.
Resistance: 1.06164, 1.07005, 1.07739
Support: 1.05332, 1.04407, 1.03535

Market review for 13.03.12: The Federal Open Market Committee kept the interest rate unchanged, in the range of 0 % -0.25 %.

Asian and European trading sessions:

Euro: The EUR / USD pair rose during the Asian session and recorded its daily high at $1.3188 level. After the big intraday sell-off the Euro currency was able to recover against the U.S. dollar, supported by the positive news from the German ZEW institute, which published report on the index of business environment, Economic Sentiment of the euro zone that unexpectedly grew in March to 11 points against the forecasted 3.8. The German’s Economic Sentiment index also surprisingly jumped in March to 22.3 points against the forecasted 10. The information that Euro group agreed to allocate a new tranche of Greece financial aid helped the EUR / USD couple to strengthen to the region of $ 1.3110.

U.S. Dollar: Supported the U.S dollar positive trading dynamics today the speculations on leaving the interest rate unchanged and, therefore, reducing the likelihood of a new round of Fed’s quantitative easing program, on the background of U.S. economy’s positive macroeconomic data. During the both sessions, the dollar grew up against its major competitors.

Japanese Yen: The yen regained some loses which it got during the beginning of the Asian trading session. The USD / JPY pair fell to the lows of Y80.97 after the Bank of Japan decided to leave interest rate and a program of asset purchases unchanged. However, during the European session on the background of strengthening of the U.S. dollar the USD / JPY pair grew up to the area of Y82. 84.

New Zealand dollar: After the statistical agency of New Zealand published the report on food prices, which increased in February by 0.6 %, the New Zealand dollar strengthened against all major currencies.

Australian dollar: The Australian dollar showed a positive trading dynamics for the first time in three days along with growing Asian stock markets and increasing demand for risky assets.

American trading session:

U.S. Dollar: The dollar grew against almost all its competitors after the Federal Open Market Committee kept its interest rate in the target range of 0 % -0.25 %. As was mentioned before, the support for the U.S. dollar today was provided by the recognition of the United States economic situation improvement therefore an absence of mentioning of the start of QE3 program by Fed.

Gold: The Gold futures had volatile trading sessions today, reaching the highs of $1705 than falling to the lows of $ 1675 per troy ounce on the eve of the U.S. central bank decision on interest rates.

Oil: The Oil rose after the publication the report on February’s Retail Sales in U.S. April futures price of the Light Sweet Crude Oil crude, WTI rose to 107.30 dollars per barrel on the New York Mercantile Exchange.

Technical analysis for 13/03

EURUSD
The pair didn’t take a chance to break 1.31674 and may return to 1.32535.
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 0.92026 and aiming to 0.91079.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair has broken Moving Average (500) at 81.399 and reached 82.219. The pair may roll back to 81.399.
Resistance: 82.219, 83.065, 83.933
Support: 81.399, 80.438, 79.707
AUDUSD
The pair has drawn Triple Top and return to Neckline support 1.06164. MACD divergence supports pair to start workout the figure. The end of the figure is at 1.04407.
Resistance: 1.06164, 1.07005, 1.07739
Support: 1.05332, 1.04407, 1.03535

Market review for 12.03.12: The China’s trade deficit reached 31.48 billion dollars in February, much more than expected.

Asian and European trading sessions:

Euro: The EUR/USD couple fell during the Asian session, reaching the level of $1.3075. The positive expectations of meeting of European countries finance ministers’, which is scheduled for tomorrow in Brussels, supported the trading dynamics of the Euro currency and the EUR/USD pair after consolidation at the $1.3120 area grew up recording the European trading session high at the $1.3135 area. The European countries finance ministers at this meeting are going to consider the second package of financial aid to Greece.

British Pound: The British Pound traded today mostly sideways during the Asian session. There was an insignificant intraday sell-off during the European session where the GBP/USD pair dropped to the level of $1.5602.

US Dollar: Supported the U.S dollar today the speculations of reducing the likelihood of a new round of Fed’s quantitative easing program, on the background of U.S. economy’s positive macroeconomic data. During the European session, the dollar grew up against its major competitors.

Japanese Yen: The USD / JPY traded near the Y82.20 level during both sessions.

Australian New Zealand Dollar: Australian and New Zealand dollar both got hammered today and fell against the U.S. dollar in anticipation of the publication of data on retail sales in the U.S., tomorrow. The forecasts of analytics are predicting an increase in growth rate, which reduces the possibility of Q3 program, Fed’s additional stimulation of the American economy.

American trading session:
Oil: April WTI futures price fell to 105.35 dollars per barrel on the New York Mercantile Exchange. The main reason for that drop was the report of the China’s trade deficit, which in February reached 31.48 billion dollars, the significantly higher value than analysts' forecasts. The report confirmed a slowdown in the second -largest oil-consuming country in the world.

Gold: The futures of gold traded today in a downtrend on the background of strengthening of the dollar against most world currencies. April futures price of gold on COMEX dropped to $ 1691.91 per troy ounce.

Market review for 08.03.12: The Euro grew up on speculations that the PSI program would be completed on Friday.

Asian and European trading sessions:

Euro: The Euro grew up on speculations that the PSI program would be completed tomorrow thereby will allow Greece to receive the next tranche of financial assistance. The EUR / USD pair made a really good jump reaching the highs of $1.3277 level by the end of the European session and picked up almost 150 points. The anticipations that Greece will be able to attract enough investors for completing the PSI program was supporting the Euro’s positive trading dynamics against almost all its competitors and adding optimism among investors.

US Dollar: On the backdrop of publication of Fed report, the U.S. dollar fell against major traded currencies. The Fed stated that it is preparing to provide additional stimulus to the economy.
British Pound: The Bank of England decided today to leave interest rates unchanged at 0.5% in line with expectations. The GBP / USD pair reached the highs of $1.5828 during the European trading session.

Japanese Yen: The yen fell against all major currencies after the publication of a report on Japan's Current Account Balance. The Current Account Balance confirmed Japan economy biggest deficit since 1985 in January totaled 437.3 billion yen, which meant that the Japanese yen is losing its status of a safe haven currency. The result was much more than analysts had expected to see, the amount of 320 billion yen. The USD / JPY couple continued climbing up reaching new highs and strengthened to the level of Y81.70.

New Zealand Dollar: The New Zealand dollar rose against all major currencies along with rising Asian stock markets and increased demand for high-risk assets. The support for positive trading dynamics of the currency was also provided by the New Zealand's Reserve Bank which left the interest rate unchanged at 2.5 %.

American trading session:

Euro: The Euro continued its uptrend rising amid speculation that Greece will be able to attract enough investors to carry out the program PSI. According to recent reports, 75% of investors may participate in the Greek bond swap.

Oil: Oil continued to grow on the second consecutive day amid signs that the sanctions against Iran will cause an unstable situation at oil market on the background of decline exports from the country. April WTI Oil price rose to $ 107.16 per barrel today.

Gold: The pressure on the U.S. dollar that provokes the sale of the currency and increase demand of taking risks supported today for the Gold futures. The price of the April gold futures reached the level of $ 1703.70 per troy ounce.

Market review for 07.03.12: The investors, who own 58% of Greek bonds, confirmed their participation in the PSI program.

Asian and European trading sessions:

Euro: On the background of anticipation of the deadline’s expiration for acceptance of PSI program’s conditions by the Greece creditors the EUR / USD couple traded in a relatively narrow range of $1.3121 -$1.3151during the Asian session after its yesterday's fall.

British Pound: The GBP/USD pair traded today in a range of $1.5698 to $1.5757 during both Asian and European trading sessions.

Japanese Yen: The Japanese Yen continued to grow against almost all major currencies amid falling Asian stock indexes. The concerns about possible problems regarding exchange of Greece bonds and the situation in the Euro Zone put pressure on the stock markets today, which triggered the demand for the Japanese yen, as a traditionally safe asset. The USD / JPY pair tested again the important support level of Y80.55-Y80.57 area during the Asian trading session.

Australian Dollar: The publication of macroeconomic data showed a significant slowdown in the Australian economy. The GDP of Australia contracted in the fourth quarter of 2011 by 0.4% and by 2.3 % over the same period a year earlier, which is much more less than economists had forecasted. In reaction on this news the Australian dollar fell to a six-week minimum.

American trading session:

Euro: The Euro was able to recover from lows of $1.3096 against the U.S. dollar after the publication of the information that investors, who own 58% of Greek bonds, have confirmed their participation in the PSI program.

Oil: The U.S. department of Energy reported that last week's supply of oil in the U.S. had increased, while the stocks of gasoline, diesel fuel and heating oil had fallen. April WTI oil futures price rocketed to 106.50 dollars per barrel during the American trading session.

Gold: March futures price of Gold today kept the range of 1673.1 - 1680.0 per ounce. Gold prices were more stable today after a three-day in a row decline.

Japanese Yen: The Yen fell against the dollar after the publication of the information that the Fed is developing a new model for buying bonds. According to the Wall Street Journal, the Fed in regard of easing concerns about inflation, if the authorities will decide to take further steps to stimulate economic, is considering the possibility of “sterilized " purchases of bonds in the future.

Technical analysis for 8/03

EURUSD
The pair didn’t take a chance to break .3167 and may return to 1.32535.
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 first aim is at 1.56722 if the pair declines below 1.58543. The second aim is at 1.54842 if 1.56722 is broken.
Resistance: 1.58543, 1.60322, 1.62050
Support: 1.56722, 1.54842, 1.53482
USDCHF
The pair has reached 0.92026 and aiming to 0.91079.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair has reached Moving Average (500) at 81.399 and may roll back to 79.707.
Resistance: 81.399, 82.219, 83.065
Support: 80.438, 79.707, 79.070
AUDUSD
The pair has drawn Triple Top and return to Neckline support 1.06164. MACD divergence supports pair to start workout the figure. 1.06164 is the resistance level if the pair will not break it the pair will decline.
Resistance: 1.06164, 1.07005, 1.07739
Support: 1.05332, 1.04407, 1.03535

Market review for 06.03.12: Possible problems regarding exchange of Greece bonds put pressure on the markets today.

Asian and European trading sessions:

Euro: The EUR / USD pair fell down to the lows of $ 1.3112 by the end of the European trading session. The publishing a report on GDP of the Euro Zone in the fourth quarter recorded the expected value of -0.3% (YoY). The reason to that result was the debt crisis in the region, which still delays the growth of economy. An additional pressure on the Euro currency was also provided by the message of the Institute of International Finance (IIF) which stated that the spontaneous, uncontrolled Greece default will cost around 1 trillion euro to Euro Zone and will possibly force Italy and Spain ask for financial help from international lenders.
US Dollar: After the last president of the Federal Reserve Bank of Dallas, Mr. Richard Fisher inform the markets that he opposes additional bonds’ purchases; the U.S. dollar got another push for strengthening against most major currencies. Mr. Richard Fisher said that additional bonds’ purchases may reduce the status of the U.S. Dollar as the reserve currency in the world.
Japanese Yen: Concerns about possible problems regarding exchange of Greece bonds and the situation in the Euro Zone put pressure on the stock markets today, which triggered the demand for the Japanese yen, as traditionally safe asset. The USD/JPY couple fell to the Y80.77during the European trading session.
Australian Dollar: The Reserve Bank of Australia decided to leave the interest rate unchanged at 4.25%. The Australian dollar weakened against 15 of the 16 major currencies after the publication of this news.

American trading session:

Oil: An Oil prices fell to a two-week low after the publication of information that the European Union offered to resume negotiations with Iran over its nuclear program, thereby reduced the risk of the possible conflict in the Middle East. Also, the increased investors' concerns about the success of the program of the Greece debt restructuring put pressure on commodity prices today. April WTI futures fell to 104.48 dollars per barrel on the New York Mercantile Exchange.

Gold: The prices Gold also continued to slide down, dropping today by almost 2%, after recent sell off by 5% against the background of increased concerns about the possible problems regarding exchange of Greece bonds. The closed price of the March Gold futures recorded $ 1673.77 per troy ounce, today.

Technical analysis for 7/03

EURUSD
The pair has declined to below Moving Average (100) and may break support 1.31674 and decline to 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 first aim is at 1.56722 if the pair declines below 1.58543. The second aim is at 1.54842 if 1.56722 is broken.
Resistance: 1.58543, 1.60322, 1.62050
Support: 1.56722, 1.54842, 1.53482
USDCHF
The pair has found support at 0.91079 and trying to rise to 0.92026.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair has reached Moving Average (500) at 81.399 and may roll back to 79.707.
Resistance: 81.399, 82.219, 83.065
Support: 80.438, 79.707, 79.070
AUDUSD
The pair has drawn Triple Top and broke Neckline support 1.06164. MACD divergence supports pair to start workout the figure. If 1.05332 is broken the pair will decline first to 1.04407.
Resistance: 1.06164, 1.07005, 1.07739
Support: 1.05332, 1.04407, 1.03535

Market review for 05.03.12: The negative outlook for China's GDP increased demand for safe haven currencies.

Asian and European trading sessions:

Euro: During the Asian session the EUR / USD pair traded sideways between $ 1.3182 -$ 1.3212. The market expected today’s statistics on the in Retail Sales in the Euro zone. At the beginning of the European session the Euro currency continued its downtrend and the EUR/USD couple declined to its daily low of $1.3159. The report on Retail Sales in the European Union, which came out better than expected (in January (+0.3% (MoM) and 0.0% (YoY)) did not influence much the trading dynamics of the European currency.

U.S. Dollar: The pullback of the European stock markets from their session lows put pressure on the U.S dollar at the end of the European trading session and greenback retreated from highs against major currencies.

British Pound: The GBP / USD couple during the Asian session the pair fell to $ 1.5809 area. The report on the Purchasing Manager Index of the UK service sector put some pressure on British Pound today. The February’s value PMI was below forecasts. The GBP / USD pair showed a minimum of $ 1.5784, at the beginning of session. However, the pair was able to restore and update the highs of $ 1.5872 level at the European session.

Japanese Yen: The yen continued to rise against all 16 major currencies. The USD / JPY during the Asian session the pair fell to its daily low of Y81.14. The main reason for this trend continuation was a publication of outlook for China's GDP, which confirmed China’s GDP contraction for the 2012. In details, the Prime Minister of China, Mr. Wen Jiabao stated that it would be a decrease to 7.5 % from targeted 8% for the growth of national economy in 2012. This news triggered tendency of market participants do not to take risks today, therefore the demand for the currencies with the safe haven status had increased. Also, the technical factor of recent deep oversold of Japan currency provided support for that kind of trading dynamics.

Australian dollar: On the background of negative news regarding the slowdown of the growth of Chinese economy, the Australian dollar weakened against most major currencies. This situation also contributes for lowering demand for commodities for Australia.

American trading session:

Euro: The Euro received support which came from the statements of the Minister of Finance of Greece, Mr. Venizelos who said that Greece would not need third rescue package after conducting a bond swap.

Gold: March Gold futures price fell today to 1695.4 dollars per troy ounce. The investors concerned for the economic development of China and the Euro zone. The price of gold was falling amid decreased demand for commodities today.

Oil: April WTI oil futures price were traded today in the range of 105.48 - 107.38 dollars per barrel.

Technical analysis for 6/03

EURUSD
The pair has declined to below Moving Average (100) and may break support 1.31674 and decline to 1.30277.
Resistance: 1.33143, 1.34882, 1.35984
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair has drawn Head and Shoulders. MACD also has formed divergence that supports pair to start workout of the figure. The first aim is at 1.56722 if the pair declines below 1.58543.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair has found support at 0.91079 and trying to rise to 0.92026.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair has reached Moving Average (500) at 81.399 and may roll back to 79.707.
Resistance: 81.399, 82.219, 83.065
Support: 80.438, 79.707, 79.070
AUDUSD
The pair has drawn Triple Top and testing Neckline support 1.06164. MACD divergence supports pair to start workout the figure. If 1.06164 is broken the pair will decline first to 1.05332.
Resistance: 1.07005, 1.07739, 1.08413
Support: 1.06164, 1.05332, 1.04407

Market review for 01.03.12: The unemployment rate in Euro-Zone grew to 10.7% in January 2012.

Asian and European trading sessions:

Euro: The report on employment in Euro-Zone had a negative impact on the trading dynamics of the Euro currency. It recorded a rise in unemployment in the region to the level of 10.7% in January. As the result, the EUR / USD pair fell into the region of $ 1.3305 on the early Asian session .Demand for the euro was also limited due to an anticipation of today's meeting in Brussels. On Thursday and Friday the European leaders and finance ministers will meet together in order to complete the organization of the second aid package to Greece.

U.S. Dollar: The demand for the U.S. dollar on early Asian session was supported by yesterday comments of the Fed Chairman Ben Bernanke, who confirm an improvement in the U.S. labor market, thus significantly reduced the chances of a new round of QE. During the European session, however, the U.S. dollar fell against most major currencies in anticipation of the publication of report on manufacturing purchasing manager’s index, ISM by the Institute for Supply Management, USA, the economists’ forecasts on which were positive.

British Pound: The GBP / USD pair became stronger today and strengthened to the area of $ 1.5970 at the end of the European trading session.

Japanese Yen: The USD / JPY pair remained within Y80.80-Y81.31 levels.

Australian and New Zealand dollar: These high-yield currencies rose after the publication of the report on Capital Spending by Japanese companies. The report showed the highest growth in the fourth quarter of 2011 by 7.6% versus forecasted -6.5%.

American trading session:

U.S. Dollar: The dollar fell against almost all its competitors after report showed a decrease in amount of Initial Jobless Claims, which recorded 351K, compared forecasted 355K. increasing speculation that global economic growth is recovering.

Gold: After yesterday’s 5% nasty spill the cost of the March Gold futures grew to 1724$ per ounce today.

Oil: The Oil showed an increase against the backdrop of strong report on the labor market in the United States. Also, an increased pressure on Iran provided by United States against its nuclear program was supported for today’s Oil growth. April WTI futures price rose to 108.75 dollars per barrel.

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Technical analysis for 1/03

EURUSD
The pair has fallen to support level at 1.33143 and may return to 1.34882.
Resistance: 1.34882, 1.35984, 1.37486
Support: 1.33143, 1.31674, 1.30277
GBPUSD
The pair is trying to break Moving Average (500) 1.59093 and will try to raise to 1.60322.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair returned to Moving Average (200) 0.90517 and may continue declining first to 0.89635.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
USDJPY
The pair has reached Moving Average (500) at 81.399 and may roll back to 79.707.
Resistance: 81.399, 82.219, 83.065
Support: 80.438, 79.707, 79.070
AUDUSD
The pair has broken 1.07739 and aiming to 1.08413.
Resistance: 1.08413, 1.09112, 1.09782
Support: 1.07739, 1.07005, 1.06164

Market review for 29.02.12: The LTRO program began. The EUR and commodities suffered a big sell-off today. Market review for 29.02.12: The LTRO program began. The EUR and commodities suffered a big sell-off today.

Asian and European trading sessions:

Euro: The Euro currency had a spectacular both trading sessions today. At the beginning of the Asian trading session, the currency slightly grew on the background of the following publication of second three -year LTRO program for providing unlimited liquidity to European banks by the ECB for a term of 3 years with a annual rate of 1% . The EUR / USD pair climbed again to its highest level since the beginning of this year, $1.3485 area. After the results of LTRO program, which supported the market’s expectations, the EUR / USD couple rapidly dropped. The market participants were taking profits after the recent growth of the currency on the background of starting LTRO program. According to the published information, the ECB provided to the European banks the amount of 529,531 billion euro. The EUR / USD couple fell into the region of $ 1.3426.

U.S. Dollar: On anticipation of today's speech of Federal Reserve Chairman Ben Bernanke in Congress, the dollar weakened against almost all major currencies. It was expected that Bernanke, in spite of recently published good news of the U.S. economic, will confirm the continuation of the easy monetary policy that has declared on January 25.

Australian Dollar: The Australian currency rose against almost all major currencies after the publication of the Retail Sales report, which showed growth to the four-month highs. According to the Australian Bureau of Statistics, Retail Sales, as it was expected, increased in January in comparison with December by 0.3% to 20.95 billion Australian dollars. These were precisely matched the forecasts of economic specialists.

New Zealand dollar: The New Zealand dollar also grew after the publication of New Zealand National Bank, which recorded in its conducted survey that the business confidence increased up to five-month high in February.

American trading session:

Euro: The Euro currency suffered a very sharp sell-off to the lows of $1.3320 and did not even pull back. The market participants were not only taking profits on long positions on this currency but also entering in short positions on the background of speech of Mr. Bernanke who did not support the expectations that the Fed will take new measures to strengthen the economy.

Gold: The Gold had a nasty spill as well, dropping from 1783 down to 1686, closing at the lows for the day fell. It dropped after a speech by Fed chief Mr. B. Bernanke, who did not confirm the probability of QE3 in the short term.

Oil: After the report which showed that U.S. oil inventories rose to their highest level of more than five months the Oil continued its three-day decline. The cost of April futures on WTI fell to 104.83 dollars per barrel.

Market review for 28.02.12: The European Central Bank allocated 500 billion euro for the European banks.

Asian and European trading sessions:

Euro: The EUR / USD pair strengthened during the Asian session to the level of $1.3451 on positive anticipations of the second three -year operation LTRO, for providing unlimited liquidity to European banks by the ECB for 3 years term with the annual rate of 1%. EUR / USD: steam rose in the area of $ 1.3450.

U.S Dollar: The dollar Index was showing the negative dynamics at both sessions. These kinds of dynamics were caused by the positive which was coming from the major European stock exchanges. The market participants also expected the good news of macroeconomic data from the U.S, which had to be published later today.

British Pound: The GBP / USD pair traded today mostly in upward trend. During the European session the couple showed a growth to $1.5833level. The pound was supported by the report on the index of retail sales from the Confederation of British Industry (CBI). The February’s value of this index resulted an improvement and was much better than forecasts.

Australian and New Zealand dollars: The Australian and New Zealand dollars showed today mostly negative trading dynamics on the background published information ,that the Standard & Poor's, international rating agency downgraded Greece 's credit rating to SD (selective default).

American trading session:

Euro: The EUR / USD pair almost reached a three-month high again at the level of $1.3470. The support for that growth was provided by the decision of ECB to allocate 500 billion euro for European banks on Wednesday.

Oil: Oil dropped after report on U.S. Durable Goods orders, which fell in January to the, the three years minimum. The report indicated a slowing of economic growth and reducing demand for fuel. The April’s WTI futures fell to 106.48 dollars per barrel.

Gold: March Gold futures prices rose to 1785.9 dollars per ounce today. Gold became more expensive due to the decision of the European Central Bank to allocate 500 billion euro for market on Wednesday

Technical analysis for 29/02

EURUSD
The pair has risen and found resistance at Fibonacci 50% level at 1.34882. The pair may breaks this level out and then will try to rise to the Moving Average (500) at 1.36708.
Resistance: 1.35984, 1.37486, 1.38554
Support: 1.34882, 1.33143, 1.31674
GBPUSD
The pair is trying to break Moving Average (500) 1.59093 and will try to raise to 1.60322.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair has reached support 0.89635 and trying to break it. It may bring pair to test the next support level at 0.88418.
Resistance: 0.89635, 0.91079, 0.92026
Support: 0.88418, 0.87214, 0.85939
USDJPY
The pair has reached Moving Average (500) at 81.399 and may roll back to 79.707.
Resistance: 81.399, 82.219, 83.065
Support: 80.438, 79.707, 79.070
AUDUSD
The pair has broken 1.07739 and aiming to 1.08413.
Resistance: 1.08413, 1.09112, 1.09782
Support: 1.07739, 1.07005, 1.06164

Market review for 27.02.12: The G20 meeting postponed decision on increasing the European rescue fund.

Market review for 27.02.12: The G20 meeting postponed decision on increasing the European rescue fund.

Asian and European trading sessions:

Euro: The euro tried to accelerate during the second half of Asian trading session and continue it’s a seven-day gain, the longest gain since 2010. As we noticed before, the trigger for that increase was the report the People's Bank of China which confirm Bank’s intends to make an additional contribution for the International Monetary Fund. However, on the European trading session, the euro’s attempts to reach the new daily highs were not successful and Euro went down against the major currencies leading by the report of Moody’s rating agency, which stated that the risk of default in Greece is still high. The EUR / USD pair fell to lows of $ 1.3377.

British Pound: The GBP/USD couple copied the trading dynamics of EUR /USD pair. It was trading within the range of $1.5878 to $1.5832 during both trading sessions.

Japanese Yen: The Yen was gaining positive momentum due to its oversold factor as well as of covering some short positions which were taken on this currency more than a week ago. The positive overall background caused by signs of an improvement in the situation with the debt crisis in Europe and the economic redevelopment of the United States, also supported for today’s currency dynamics. The USD / JPY pair stepped back from its yesterday’s high’s in more than 100 points to lows of Y80.305 at the end of European trading session.

American trading session:

Japanese Yen: The Yen continued its growth against all currencies on the speculations about further increasing of oil prices and not yet solved Europe’s debt crisis. All these reasons supported to growing demand for the safe active like Yen. The USD / JPY pair fell to Y80.15 level.

Euro: The G20 meeting decided today do not increase the European Rescue Fund. The Euro fell after this publication. Also, during the American session the European currency was pressured by the report of S&P credit rating agency, which reduced the outlook for the European Financial Stability Facility (EFSF) from stable to negative.

Gold: February futures of Gold decreased today to 1766.65 dollars for ounce.

Oil: WTI Oil futures closed today at 109.36 dollars for barrel.

Technical analysis for 28/02

EURUSD
The pair has risen and found resistance at Fibonacci 50% level at 1.34882. The pair may roll back to 1.33143.
Resistance: 1.34882, 1.35984, 1.37486
Support: 1.33143, 1.31674, 1.30277
GBPUSD
The pair has tested Moving Average (500) many times and continues trading below 1.59093. The pair need to break this level to e able continue rising.
Resistance: 1.58543, 1.60322, 1.62050
Support: 1.56722, 1.54842, 1.53482
USDCHF
The pair has declined to support level 0.89635.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
USDJPY
The pair has reached Moving Average (500) at 81.399 and may roll back to 79.707.
Resistance: 81.399, 82.219, 83.065
Support: 80.438, 79.707, 79.070
AUDUSD
The pair has formed a strong resistance at 1.07739 as the pair couldn’t break it for many times. The pair will continue rising only in case this level is broken, otherwise the pair will decline to support 1.07005.
Resistance: 1.07739, 1.08413, 1.09112
Support: 1.07005, 1.06164, 1.05332

Market review for 23.02.12: The Euro rallied against its competitors and the EUR / USD pair grew up to $ 1.3375 area.

Asian and European trading sessions:

Euro: The EUR / USD pair slightly increased during the Asian session to the level of $1.3277. The published today’s results of February IFO business climate index in Germany showed a growth to the level of 109.6 points, the highest level in seven months versus predicted 108.6 points and the values for January at 108.3 points. On this positive news the euro currency rallied against its competitors and the EUR / USD pair grew up to its session high at $ 1.3342 mark.

British Pound: The GBP / USD pair grew up during the Asian session, restoring yesterday's losses. The GBP / USD couple rose to the level of $ 1.5724. Although, the report on the balance of factory orders from the Confederation of British Industry was significantly better than expected, the trading dynamics of pound did not get any effect.

Japanese Yen: Amid falling major stock indexes in the region the yen rose against 13 of the 16 major currencies. The USD / JPY dropped during the Asian session to the level of Y80.05. However, the European trading session showed the opposite trading dynamics and the USD / JPY pair pulled back to test previous day’s highs at theY80.30 area.

American trading session:

US Dollar: The dollar fell after the published report on Initial Jobless Claims, the number of which remained almost unchanged, at a four -year minimum, becoming another testimony for the improvement of the U.S. labor market. As the result, this fact was prompting investors to reduce the demand for safe assets today.

Oil: The WTI Oil futures on the NYMEX traded near 106 dollars a barrel, before a big jump to the $108.63 highs on the background of the report on U.S Inventories, which showed a decrease of the amount of Oil which is left there.

Gold: The cost of the February gold futures kept today in the range of 1771.0 - 1787.1 per ounce.

Market review for 22.02.12: The yen weakened against the U.S. dollar. The USD/JPY pair grew to Y80.37 level.

Asian and European trading sessions:

Euro: The EUR / USD pair remained within the $ 1.3212 -$ 1.3263 range. The publication of weak PMI in France, Germany and the EU as a whole had the negative effect on euro trading dynamics and pressured the currency during both sessions. Also, the announcement of the Fitch credit rating agency, which reduced the credit rating of Greece to the "C" from “CCC " did not provide any support.

US Dollar: The dollar grew to a six-month high against the yen to the level of Y80.35 showing the clear evidence that the U.S. economic is about to recovery in the nearest future. These positive expectations might reduce the possibility of starting of the 3d round of quantitative easing program by the Fed.

British Pound: The pound fell to lows of $1.5661against the U.S. dollar after the publication of the protocol of the last meeting of the Bank of England. In the published minutes of the meeting was noted that the Committee of the Bank of England expects the decline in inflation in 2012.

Australian and New Zealand dollars: The Australian and New Zealand dollars dropped after the publication of the preliminary value of the HSBC Flash China Manufacturing PMI index. An indicator of manufacturing activity in the country in February rose to 49.7 against the previous 48.8 in January.

American trading session:

Japanese Yen: The yen weakened above the level of Y80.35 against the dollar. The representative of the Ministry of Finance of Japan said that the yen is falling due to the easing of monetary policy by Bank of Japan and the Greek agreement.

Gold: The Gold reached the new highs of 1781 dollars per ounce and closed its day at the level of $1775.

Oil: The WTI oil futures on NYMEX grew to the highs of 106.6 dollars per barrel against the background of the situation around Iran.

Technical analysis for 23/02

EURUSD
The pair has risen to the resistance level at 1.33143. Support is at 1.31674.
Resistance: 1.33143, 1.34882, 1.35984
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair has rolled back to 1.56722.
Resistance: 1.58543, 1.60322, 1.62050
Support: 1.56722, 1.54842, 1.53482
USDCHF
The pair will try to decline to the Moving Average (200) at 0.90565.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair has risen to 80.438.
Resistance: 80.438, 81.399, 82.219
Support: 79.707, 79.070, 78.345
AUDUSD
The pair has declined to 1.06164 and may break this level and decline to 1.05332.
Resistance: 1.07005, 1.07739, 1.08413
Support: 1.06164, 1.05332, 1.04407

Market review for 21.02.12: The market reacted positively on the decision of providing assistance to Greece. Market review for 21.02.12: The market reacted positively on the decision of providing assistance to Greece.

Asian and European trading sessions:

Euro: The euro boosted against almost all its competitors after the report of an agreement for providing assistance to Greece. The EUR / USD pair rocketed to the highs of $1.3295 in just 30 min time period. During the European trading session the euro currency pulled down giving back 100 pips on fears that the reaching agreement on financial aid to Greece will not be the end of the current debt crisis. The EUR/USD pair dropped to the lows of $1.3198.

British Pound: The GBP/USD couple traded today in a range of $1.5863 to $1.5722 during both sessions.

Australian dollar: After the announcement of the Reserve Bank of Australia on the Board February Minutes Event on the existing potential for further lowering of interest rates due to an economic slowdown, the Australian dollar weakened against all its competitors.

American trading session:

Japanese Yen: The Yen fell for the fourth consecutive day against other currencies, showing that the interest of investors has changed and they likely to buy higher-yielding assets then hold the Japanese currency instead.

Gold: The price of gold grew on the news of the Euro group decision to grant Greece a second package of financial assistance amounting to 130 billion euro. The cost of the February gold futures today went up to 1757 dollars per ounce.

Oil: Oil rose to its highest level of nine months against the U.S dollar to 106.44 dollars per barrel against the decision on granting aid to Greece. March WTI futures closed this day at the level of $105.90.

Technical analysis for 22/02

EURUSD
The pair has risen to the resistance level at 1.33143. Support is at 1.31674.
Resistance: 1.33143, 1.34882, 1.35984
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair has risen to 1.58543 and rolling back to 1.56722.
Resistance: 1.58543, 1.60322, 1.62050
Support: 1.56722, 1.54842, 1.53482
USDCHF
The pair will try to decline to the Moving Average (200) at 0.90565.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair has risen to 79.707. The pair is trying to continue rising and aiming to 80.438.
Resistance: 80.438, 81.399, 82.219
Support: 79.707, 79.070, 78.345
AUDUSD
The pair has declined to 1.06164 and may break this level and decline to 1.05332.
Resistance: 1.07005, 1.07739, 1.08413
Support: 1.06164, 1.05332, 1.04407

Market review for 20.02.12: The Euro grew against the backdrop of today's meeting of EU finance ministers in Brussels.

Asian and European trading sessions:

Euro: The Euro continued to grow against its competitors at Asian trading session against the backdrop of today's meeting of EU finance ministers in Brussels. The participants of this meeting are going to decide whether Greece has done enough to get the proposed aid package of $ 130 billion. The EUR / USD pair strengthened during the European trading session to the highs of the day at $ 1.3276 area.

US Dollar: Against the background of positive dynamics at the Asian stock markets, the U.S. dollar fell against most major currencies. The reason for this positive was the Saturday’s announcement of Bank of the People's of China, which reduced 50 basis points from mandatory requirements for the reserve of funds of Chinese banks.

British Pound: The GBP / USD during both sessions the pair was traded in the range of $ 1.5842 - $ 1.5878.

Japanese Yen: The reason for the Japanese Yen falling today was the report of the Japan government which stated that the Japan's exports declined in January, due to the strong national currency and the weakness of World global demand. The yen dropped against almost all major currencies. The report also provided information regarding the country's trade deficit, which widen to 1.48 trillion. ¥ ($ 19 billion), while exports fell by 9.3 percent. The USD / JPY pair traded around Y79.50 area during both sessions.

Gold: Gold traded in narrow range in anticipation of signing the agreement on assistance for Greece. The cost of the February gold futures laid in the range of 1728.6 - 1736.7 per ounce.

Oil: March oil WTI futures rose to 105.75 dollars per barrel.

American trading session:

Today the U.S. financial markets were closed in observance of Presidents Day.

Technical analysis for 21/02

EURUSD
The pair has risen to the resistance level at 1.33143.
Resistance: 1.33143, 1.34882, 1.35984
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair has risen to 1.58543. If the pair breaks this level the pair will rise to 1.60322.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair will try to decline to the Moving Average (200) at 0.90565.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair has risen to 79.707. The pair may roll back to 79.070 and continue rising.
Resistance: 79.707, 80.438, 81.399
Support: 79.070, 78.345, 77.539
AUDUSD
The pair is trying to break 1.07005 and may decline to 1.06164.
Resistance: 1.07739, 1.08413, 1.09112
Support: 1.07005, 1.06164, 1.05332

Market review for 16.02.12: The European Central Bank agreed to exchange Greek bonds for new securities.

Asian and European trading sessions:

Euro: The EUR / USD pair fell to $ 1.2997 mark during the Asian trading session on the background of eve of German and Italian leaders’ a meeting. The meeting is going to be held tomorrow and the leaders will discuss on granting the second package of assistance to Greece.
US Dollar: The dollar was supported by the announcement of Moody's Investors Service agency which placed the ratings of Goldman Sachs Group, Bank of America Corp, Citigroup, and three other international financial institutions to the list for reviewing of possible downgrade. In addition, the U.S. dollar rose against major currencies against the negative dynamics of stock markets.
Australian Dollar: The Australian dollar grew after the report on an employment in Australia, which recorded that the 46.3K job positions were created in January. The surge in this number might trigger the RBA to increase the interest rate.

American trading session:

Euro: The euro pulled sharply back to previous day highs on the backdrop of published information that the European Central Bank agreed to exchange Greek bonds for the new securities within the assistance program for this country.
British Pound: The pound demonstrated today its best performance against the dollar after British consumer confidence recorded an improvement in January. In details, the confidence index reached 47 values compare to forecasted 40, which was considered as a big jump. On the news, the GBP / USD couple strengthened to $1.5810 area.
Oil: The WTI Oil futures grew to 102.69 after the report that the European Central Bank is preparing an exchange of Greek bonds for the new securities.
Gold: The price of gold strengthened against the dollar on positive news. The cost of the February gold futures recorded the value of 1727.0 dollars per ounce as the close price for today.

Market review for 15.02.12: The Euro zone’s GDP contracted by 0.3% in a 4Q.

Asian and European trading sessions:

Euro: The Euro started this day with the resuming its downtrend. However, for the first four hours of the Asian trading session the trading dynamics for the currency changed to an opposite positive direction. The reason for that was an announcement of representatives of the People's Bank of China, who said that the country will participate in the settlement of the debt crisis in Europe. This news increased the demand for risky assets and the EUR / USD pair strengthened to $1.3190 area at the European trading session.

British Pound: The GBP/USD almost copied the EUR/ USD trading dynamics, excluding a quite big intraday sell off at the beginning of the European trading session. The pair traded in the range of $1.5677-$1.5734 during both sessions.

Japanese Yen: The USD / JPY pair remained trading in narrow trade range of Y78.18-Y78.60 levels during both trading sessions.

American trading session:

Euro: The negative result of the report on GDP in euro zone, which is in the 4th quarter decreased by 0.3%, put pressure on the Euro also at the American trading session. In addition, the Euro currency fell against the dollar after euro zone finance ministers postponed a meeting to approve a new package of financial assistance and debt restructuring of Athens.

US Dollar: The U.S. dollar remained under pressure during this session. There were two positive reports that caused this pressure: the report of Empire Manufacturing of New York which expanded in February at the fastest pace since June 2010, and the index of current conditions and expectations for the housing market, NAHB which became stronger in February. However, not only the positive news were in today’s market, the negative came after published statistics data of Industrial Production, which recorded that the volume of industrial production in the U.S. did not change in January, while economists forecasted its growth by 0.7%. This negative provided support for US currency.

Gold: Gold was mostly rising today, while investors waited for news on the situation in Greece. The cost of the February gold futures today grew to its daily maximum of 1736.90 dollars per ounce.

Oil: After the U.S. Department of Energy reported a decline in gasoline and distillates inventories the Oil prices increased. March futures price of WTI went up to 102.50 dollars per barrel.

Technical analysis for 16/02

EURUSD
The pair has declined to support 1.30277. If the pair declines below this level the pair will decline to 1.28630.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair has declined to 1.56722, once this level is broken the pair will decline to 1.54842.
Resistance: 1.58543, 1.60322, 1.62050
Support: 1.56722, 1.54842, 1.53482
USDCHF
The pair has broken 0.92026 and aiming to 0.93069.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair has reached 78.345 but wasn’t able to stay above. The pair may roll back to 78.005.
Resistance: 79.070, 79.707, 80.438
Support: 78.345, 77.539, 76.463
AUDUSD
The pair is aiming to 1.07739.
Resistance: 1.07739, 1.08413, 1.09112
Support: 1.07005, 1.06164, 1.05332

Market review for 14.02.12: The rating agency Moody's downgraded the credit ratings’ of six European countries, including Italy, Spain and Portugal.

Asian and European trading sessions:

Euro: The euro dropped against the dollar in anticipation of meeting of euro zone’s finance ministers, which will take place on Wednesday. The result of this meeting will demonstrate whether Greece can get a new package of international assistance in order to avoid uncontrolled default. The EUR / USD pair showed its session low at $ 1.3127 level, but later pulled back to the daily highs of $1.3216. The main reason for this pull back were positive results of auctions of government bonds of Italy, which confirmed that Italy attracted 6 billion euro against a target 3.75-6.0 billion euro. Also, the positive statistics from German’s ZEW institute, which recorded a reduction of borrowing costs, supported the Euro currency’s positive dynamics.

US Dollar: The demand for safe assets like U.S. dollar increased after rating agency Moody's downgraded the credit ratings of European countries, including Italy, Portugal and Spain. Greenback rose against all major currencies.

British Pound: The GBP / USD couple fell to $ 1.5685 level during the Asian session. The pound was under pressure on the background of a reduction of the forecast for the UK’s credit rating by international rating agency, Moody. The forecast was lowered from "stable” to ”negative".

Japanese Yen: On the backdrop of the decision of the Bank of Japan to increase asset purchase program by 10 trillion yen to 65 trillion yen the yen fell against almost all major currencies. The USD / JPY pair soared to the highs of Y78.15 by the end of European session with certain potential to get higher on the following session.

American trading session:

Euro: The currency went back down at the American trading session. At that time, the pressure was provided by the report of Greece GDP, which is in the 4th quarter decreased by 7% against decreasing by 5.0 % in 3rd quarter.

Gold: The February’s gold futures were traded today in the range of 1711.2 - 1727.9 per ounce on the background of instability in situation with Greece.

Oil: The oil WTI March futures price rose to 100.95 dollars per barrel. Oil traded at highs during the session supported by the positive reports of growing of sales in U.S. retail stores, which signal the possible US economic growth and increase in demand of fuel.

Technical analysis for 15/02

EURUSD
The pair has declined to support 1.31674 and shows signals of breaking this level. If the pair declines below this level the pair will decline to 1.30277.
Resistance: 1.33143, 1.34882 1.35984
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair has reached 1.56722 and rolling back to 1.57666.
Resistance: 1.58543, 1.60322, 1.62050
Support: 1.56722, 1.54842, 1.53482
USDCHF
The pair is trading between 0.92026 and 0.91079.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair has reached 78.345 and aiming to 79.070.
Resistance: 79.070, 79.707, 80.438
Support: 78.345, 77.539, 76.463
AUDUSD
The pair is aiming to 1.07739.
Resistance: 1.07739, 1.08413, 1.09112
Support: 1.07005, 1.06164, 1.05332

Market review for 13.02.12: The so-called PSI agreement in focus of the market participants.

Asian and European trading sessions:

Euro: The euro rose against almost all of its competitors during both sessions on the background of positive news after the Greek parliament approved a plan of reducing budget expenses required to obtain financial assistance from the IMF and the EU. All these decisions were made against the backdrop of fierce clashes between demonstrators and police on the streets of Athens. The EUR / USD pair remained at the highs and was traded closer to $1.3242 level.

British Pound: The GBP / USD pair increased during the Asian session. At the European session the couple held within the range of $ 1.5780 - $ 1.5828.

Japanese Yen: After the report on Japan gross domestic product which recorded a decrease in its change of more than expected, the yen fell against major currencies. In details, the Japanese economy contracted by 2.3 % by the end of Q4 compares to forecast change of only 1.3%. The USD / JPY pair traded in a range of Y77.55-Y77.72 during both trading sessions.

American trading session:

Euro: The Euro lost almost all of its positions against the dollar on rumors that a deal on so–called PSI agreement would not be signed. The EUR / USD pair fell to the $1.3150 level.

Gold: Gold was rising against the backdrop of positive news from Greece. The cost of the February gold futures rose to 1732.8 dollars per ounce and closed its day at $1717.4 value.

Oil: Cost of the March futures on U.S. light crude oil, WTI grew to 100.63 dollars per barrel.The fears of investors regarding the worsening of situation with Iranian oil supply supported for the oil prices positive trading dynamics.

Technical analysis for 14/02

EURUSD
The pair has declined to support 1.31674 and shows signals of breaking this level. If the pair declines below this level the pair will decline to 1.30277.
Resistance: 1.33143, 1.34882 1.35984
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair is aiming to 1.56722. The pair may roll back after touching this support.
Resistance: 1.58543, 1.60322, 1.62050
Support: 1.56722, 1.54842, 1.53482
USDCHF
The pair is trading between 0.92026 and 0.91079.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair has reached 77.539. If the pair stays above this level the pair will rise to 78.345.
Resistance: 78.345, 79.070, 79.707
Support: 77.539, 76.463, 75.425
AUDUSD
The pair has declined bellow 1.07005 and aiming to 1.06164.
Resistance: 1.07005, 1.07739, 1.08413
Support: 1.06164, 1.05332, 1.04407

Market review for 09.02.12: The Bank of England decided to keep the interest rate of 0.50% unchanged and announced a new round of asset purchase program.

Asian and European trading sessions:

Euro: During the Asian trading session the euro rose to a $1.331 level, two -month highs against the U.S. dollar after the statements of Prime Minister of Greece Lucas Papademos who said that an agreement regarding the international help can still be reached later today.The EUR/USD pair continued to strengthen its long positions during the European session as well and was able to record a new high at $1.3320.

British Pound: One of the main theme for today’s pound trading dynamics is announcement a new round of asset purchase program by , the Bank of England .The pound regained yesterday's losses and was driven by the expectations that the Bank of England will increase bond purchases by 50 billion pounds ($ 79 billion) at today's meeting. The other main theme was also a decision on interest rate of England. The 0.50 % with 0.50% forecasted, this announcement was made during the European session and meant that the Bank of England deceived to keep the rate unchanged. The GBP / USD pair of rose, reaching a high of its trading day at $ 1.5885. As expected, the Bank of England increased its bond purchase program by 50 billion pounds to the level of 325 billion pounds.

New Zealand dollar: The New Zealand dollar fell after the consumer price index in China in January rose by 4.5% compare with forecasted 4.0% and recording increase by 4.1% in December.

American trading session:

Oil: OPEC, in its monthly report, reduced forecast of growth of world oil demand in February
However, the Crude oil futures grew today by 1.05 dollars to 99.76 dollars per barrel.

Gold: The cost of the February’s gold futures today recorded its daily high of 1752.7 dollars per ounce today.
The price of gold were rising against a background of positive news from Greece and the weakening of the U.S. dollar. They suffered though fast intraday sell-off and finally closed at $1729.42 per barrel.

Market review for 08.02.12: The market participants were expected the resolution of Greece problem.

Asian and European trading sessions:

Euro: During the Asian session the EUR / USD pair was trading in a narrow range of $ 1.3240 -$ 1.3284. On speculation that Greece is making progress towards getting international assistance, the euro recorded its daily high touching the $1.3287 mark during the European session.

British Pound: The GBP / USD did not try to copy the trading dynamics of the the EUR / USD pair as it was doing it for the two past days. The pound fell against the dollar. The GBP / USD couple at least a couple showed its low in the area of $ 1.5868, but later was able to partially recover.

Japanese Yen: Amid raising the Asian stock indexes and reducing demand for the currency with safe-haven status the yen weakened against all major currencies. The USD / JPY pair grew up, updating the weekly maximum. Of Y76.17, but was not able to hold this level and retreated, falling to its daily low of Y76, 701.

American trading session:

Oil: March futures price of U.S. light crude oil WTI dropped to 98.08 dollars per barrel after the report of U.S. Department of Energy which reported that amount of gasoline inventories rose, while the fuel consumption fell to its lowest level in nearly 13 years.

British pound: The GBP / USD amid speculation that the Bank of England will announce a new round of asset purchase program during the forthcoming meeting which will be held on February 9.

Gold: The cost of the February gold futures closed this day at 1732.6 dollars per ounce.

Technical analysis for 09/02

EURUSD
The pair had drawn Flag on daily graph. The end of the figure maybe at 1.34882.
Resistance: 1.33143, 1.34882 1.35984
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair has broken 1.58543 and reached Moving Average (500) which is the resistance level for the pair.
Resistance: 1.58543, 1.60322, 1.62050
Support: 1.56722, 1.54842, 1.53482
USDCHF
The pair is testing support 0.91079 again. If this level is broken the pair will decline to 0.89635.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair has found support at 76.463 and aiming to 77.539..
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
AUDUSD
The pair is aiming to 1.08413.
Resistance: 1.08413, 1.09112, 1.09782
Support: 1.07739, 1.07005, 1.06164

Market review for 07.02.12: The Euro boosted on rumors of early agreement between Greece authorities and creditors.

Asian and European trading sessions:

Euro: The euro currency during the Asian trading session fell against its major competitors against the backdrop of continuing concerns about Greece's ability to cooperate with EU regarding its huge debt. The EUR / USD pair fell to $1.3089 level. Also, the additional pressure on the euro was provided by the report on industrial production in Germany, which in December recorded an increase by only 0.9% with forecasted 4.3%, therefore was much worse than expected. Closer to the end of the European trading session, the euro currency boosted against other major currencies, reaching a session high of $ 1.3181 against the U.S. dollar amid speculation about the possible agreements between the creditors and the Greek government.

Australian dollar: Today, the Central bank of Australia decided to keep the interest rate at 4.25% level. These news provided support for the national currency and the Australian dollar rose against all 16 major currencies.

American trading session:

British Pound: The GBP / USD continued to accumulate long positions and as the result rose to new highs showing the maximum of the day at $ 1.5902 area.

US Dollar: After the Chairman of Fed Reserve Mr. Bernanke in his speech noticed that in the next two years inflation will be remained at the 2% mark or even below it the U.S. dollar dropped against its major competitors. The dollar index fell to its lowest level since December.

Japanese Yen: The USD / JPY pair continued it’s up trade which was started on previous week and rose to Y76.96 level at the American trading session.

Gold: Gold grew on rumours of early agreement between Greece authorities and creditors. The cost of the February gold futures on the COMEX today rose to 1744.9 dollars per ounce.

Oil: The fears of possible threats of Iran to stop oil exports to several countries in Europe were supported for increasing prices on oil futures. The March WTI oil futures rose to its daily maximum of 99.07 dollars per barrel.

Technical analysis for 08/02

EURUSD
The pair had drawn Flag on daily graph. The end of the figure maybe at 1.34882.
Resistance: 1.33143, 1.34882 1.35984
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair has broken 1.58543 and reached Moving Average (500) which is the resistance level for the pair.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair is testing support 0.91079 again. If this level is broken the pair will decline to 0.89635.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair has broken support 76.463 and trading round this support.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
AUDUSD
The pair is aiming to 1.08413.
Resistance: 1.08413, 1.09112, 1.09782
Support: 1.07739, 1.07005, 1.06164

Market review for 06.02.12: The expectations of possible default in Greece are growing.

Asian and European trading sessions:

Euro: The euro fell against almost all major currencies during the Asian session, on the eve of today's speech, of the Greek leaders, who had to report to international lenders about the progress made on economic reforms. The EUR / USD pair dropped to $1.3056 level. During the European trading session the couple fell even more to $1.3027 area due to the reason of growing expectations of possible default in Greece. The published report on manufacturing orders in Germany, the results of which in December were higher than forecasted, temporary supported the Euro currency and the EUR / USD couple strengthened to $1.3100 area.

US Dollar: Supported U.S. dollar positive dynamics today the Friday’s positive report of U.S. labour market. The currency was also running up against its competitors on background of negative trading dynamics in the major European stock exchanges.

British Pound: The GBP/USD pair had a quite volatile both sessions today firstly setting its daily low of the $1.5730, than boosting to the highs of $1.5837 level.

Japanese Yen: The USD/JPY continued to rise today, supported by the Friday’s statements of the President of the Federal Reserve of St. Louis, James Ballard, who said that the U.S. central bank will not ease again its monetary policy in the future.

American trading session:

Euro: The euro strengthened to $1.3140 area, almost taking back all of its losses due to the news of possible progress in negotiations on Greek debt provided by EU President Van Rompuy and EU Commissioner for Greece.

Gold: Gold became cheaper due to the strengthening of the dollar. The cost of the February’s Gold futures fell to 1711.6 dollars per ounce.

Oil: The WTI (Light Sweet Crude Oil) dropped to 97.08 dollars per barrel.

Japanese Yen: After the head of the Bank of Japan in his speech said that the country's economic situation is tough due to deflation and a strong national currency the yen rose against its major competitors.

Technical analysis for 07/02

EURUSD
The pair has risen to 1.31674.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.25690
GBPUSD
The pair has risen to resistance 1.58543. If the pair stays below this level the pair will decline to 1.56722.
Resistance: 1.58543, 1.60322, 1.62050
Support: 1.56722, 1.54842, 1.53482
USDCHF
The pair has found support at 0.91079 and may roll back to Moving Average (500) at 0.93069.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair has broken support 76.463 and trading round this support.
Resistance: 76.463, 77.539, 78.345
Support: 75.425, 74.414, 73.573
AUDUSD
The pair has risen to 1.07739 and rolling back to 1.07005. If 1.07005 is broken the pair will decline to 1.06164.
Resistance: 1.07739, 1.08413, 1.09112
Support: 1.07005, 1.06164, 1.05332

Market review for 02.02.12: The negotiations regarding the Greek debt with investors are passing very hard.

Asian and European trading sessions:

Euro: The euro continued to strengthen against the dollar during the Asian trading session after German Chancellor Angela Merkel stated that Europe should be united in protecting the stability of the euro currency. The EUR / USD pair recorded its daily high at the $1.3194 level. Positive dynamics for the euro were also supported by the results of the auction of government bonds of France and Spain, where the demand for French bonds was pretty much high. However, at the European session the euro currency suffered by dropping to $1.3085 lows after the head of the Euro group Mr. Junker noticed that negotiations regarding the Greek debt with investors are passing very hard.

US Dollar: Dollar weakened against almost all of its 16 competitors, against the background of rising the Asian market indices and stocks.

American trading session:

US Dollar: Support for the dollar had a report which showed reduction in continuing claims. Also, the number of initial claims in U.S. for the week ended Jan. 28 fell by 12,000 - to 367,000.

Oil: Today, the March’s WTI (Light Sweet Crude Oil) futures grew to 95.45 point dollars per barrel and closed at $96.48 mark.

Gold: The cost of February’s Gold futures on COMEX grew today to 1756.03 dollars for the ounce.

Swiss Franc: The Swiss Franc weakened against most of major currencies on the background of rumours about the possible intervention of the Swiss National Bank due to the growth of its national currency.

Japanese Yen: The yen rose against the dollar from the Y76.01 support level showing that the investors and trades are aware of possible intervention of Central Bank of Japan.

Australian and New Zealand dollars: The appetite of investors and traders for high-yield assets as well as the growing of the Asian stock markets were provided support for the Australian and New Zealand dollars positive trading dynamics.

Market review for 31.01.12: The Euro rallied on rumors and positive statistics.

Asian and European trading sessions:

Euro: During the Asian session the euro continued it’s started yesterday downtrend. The EUR / USD the declined to $1.3027, its today’s low. The market participants were expected a negative result of today's auction of Portugal government bonds. The European session started with a big rally of the euro. The currency ran during all session against almost all its main competitors after published report on the index of business activity in the manufacturing sectors of France, Germany and the EU, which was better than expected. Also support the euro currency had a rumour that the Greek authorities reached an agreement with private creditors. The EUR / USD par almost took back all its yesterday’s losses setting its daily high at $1.32159 level.

British Pound: The GBP / USD continued to accumulate long positions and as the result rose to new highs showing the maximum of the day at $ 1.5880 area.

Japanese Yen: The USD/JPY traded in a range of Y76.01 to Y76.24 during both sessions.

Australian dollar: The Australian dollar was supported by the positive background provided by the report, which recorded a growth of PMI Manufacturing in China.

American trading session:

US Dollar: The American trading session saw the falling of the U.S dollar against 14 of the 16 most traded currencies. The demand for safe assets decreased after report of PMI Manufacturing in China and positive report of ISM Prices in United States

Oil: Today, WTI, the Crude oil futures fell by 0.83 dollars to 97.33 dollars per barrel.

Gold: Gold prices grew for a second day due to the falling of the U.S. dollar. During January this precious metal showed the maximum increase rising by 11 percent. The demand for Gold was due to weak dollar, as well as due to purchases of it by central banks, investors and consumers. Cost of February gold futures rose to 1751.5 dollars per ounce today.

Technical analysis for 02/02

EURUSD
The pair has risen to 1.31674.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.25690
GBPUSD
The pair has MACD convergence that may support pair to start upwards corrections. The pair has risen to 1.58543.
Resistance: 1.58543, 1.60322, 1.62050
Support: 1.56722, 1.54842, 1.53482
USDCHF
The pair has found support at 0.91079 and may roll back to Moving Average (500) at 0.93069.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair has broken support 76.463 and aiming to 75.425.
Resistance: 76.463, 77.539, 78.345
Support: 75.425, 74.414, 73.573
AUDUSD
The pair has broken triangle and aiming to 1.07739.
Resistance: 1.07739, 1.08413, 1.09112
Support: 1.07005, 1.06164, 1.05332

Market review for 31.01.12: The unemployment in the EU reached the record level of 10.4%.

Asian and European trading sessions:

Euro: During the European session, the euro strengthened against the U.S. dollar to $1.3196 level. The support for the Euro currency was provided by the speech of the Prime Minister of Greece Mr. Papademos Lucas, who expressed his hope that an agreement with the European Union, the European Central Bank and the International Monetary Fund can be achieved by the end of the week. At the European trading session the Euro was pressured by the macroeconomic data, which was worse than expected and, therefore, reduced demand for risky assets. In particular, German retail sector reported decrease in sales by 0.9% and unemployment in the EU even matched the level of forecasts, but at the same time reached record levels for the region of 10.4%. The EUR / USD pair showed high above $ 1.3210 at the beginning of the session, but then dropped to lows of $1.3160.

US Dollar: In his speech the Greece Prime Minister Papademos pointed out that the in negotiations with private creditors is in a positive progress. This news provided some support for the risky assets and reduced demand for the U.S. dollar as a currency with a “safe haven” status.

British Pound: The GBP/USD pair traded today in uptrend range of $1.5713 to $1.5786 during both sessions and recorded its European trading session’s maximum by reaching several times the level of $1.5792.

American trading session:
US Dollar: The U.S. dollar boosted against its competitors after a weak report on S&P/Case-Shiller price index, which was reduced in November by 3,7% with expectations of -3,2%.

Oil: The oil prices had a quite volatile day. They fell after strong growth against a background of adverse macro in U.S., then rose to 101.24 dollars and finally, dropped to 98.08 dollars per barrel.

Gold: The cost of February’s Gold futures on COMEX grew today to 1747.48 dollars for the ounce.

Technical analysis for 01/02

EURUSD
The pair has declined to 1.30277. If the pair stays above this level the pair will rise to 1.33143.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.25690
GBPUSD
The pair has MACD convergence that may support pair to start upwards corrections. The pair is aiming to 1.58543.
Resistance: 1.58543, 1.60322, 1.62050
Support: 1.56722, 1.54842, 1.53482
USDCHF
The pair has found support at 0.91079 and rolling back to Moving Average (500) at 0.93069.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair has broken support 76.463 and aiming to 75.425.
Resistance: 76.463, 77.539, 78.345
Support: 75.425, 74.414, 73.573
AUDUSD
The pair has broken triangle and aiming to 1.07005.
Resistance: 1.07005, 1.07739, 1.08413
Support: 1.06164, 1.05332, 1.04407

Market review for 30.01.12: The Euro fell on expectations of started today EU summit in Brussels.

Asian and European trading sessions:

Euro: The Euro had correction against the U.S. dollar, after its five days growth. Market participants expected the EU summit which should have been started today in Brussels for the reason of conducting agreement to restructure the debt of Greece. The EUR/USD couple fell during the Asian session to $1.3145 area. The pressure on the single currency also had a lack of positive news on Greece's debt-reduction agreements with private investors. The European currency did not change its negative trading dynamics even despite of the positive results of Italy’s government bonds auction. Italy attracted today the amount of 7,475 billion euro with the target of 5.5-8.0 billion. The EUR / USD pair decreased, showing the session low at $ 1.3085 level.

British Pound: The GBP/USD pair fell below $ 1.5700 during the Asian session. It’s European’s session low was around of $1.5662 area .

Japanese Yen: Against the background of the problems in euro zone the Yen accumulated today a lot of long positions. The demand for safe-haven currencies increased in spite of the positive results of the Italian auction of government bonds. The yen continued rising against its competitors. The USD / JPY: during the Asian session the pair was in the range of Y76.62-Y76.74. During the European trading session the couple steeply fell to Y76.56 area.

American trading session:
Swiss Franc: The Swiss franc strengthened against of increased demand for safe-haven currencies as well as the Japanese yen. The Swiss currency reached its critical against the euro almost touching the 1.203 area.
Gold: Gold prices were down today for two reasons: first, on the background of decreasing demand of taking any risks, second, due to closing some of longs positions by investors, which were taken after FOMC decided to keep the interest rate unchanged. The low of the day was at $ 1715 area.
Oil: Oil prices dropped amid investors fears about the negative results of the EU summit. The cost of the March WTI’s futures recorded 98.89 dollars per barrel as a close price for today.

Technical analysis for 31/01

EURUSD
The pair has risen to 1.31674, above Fibonacci 38%. If the pair stays above this level the pair will rise to 1.33143.
Resistance: 1.33143, 1.34882, 1.35984
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair has MACD convergence that may support pair to start upwards corrections. The pair is aiming to 1.58543.
Resistance: 1.58543, 1.60322, 1.62050
Support: 1.56722, 1.54842, 1.53482
USDCHF
On daily graph MACD divergence which might be a signal of downwards corrections. The aim of correction can be at Moving Average (200) at 0.90279.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair has broken support 76.463 and aiming to 75.425.
Resistance: 76.463, 77.539, 78.345
Support: 75.425, 74.414, 73.573
AUDUSD
The pair has broken triangle and risen to 1.06164. The pair may rise to 1.07005.
Resistance: 1.06164, 1.07005, 1.07739
Support: 1.05332, 1.04407, 1.03535

Market review for 26.01.12: The U.S. dollar was traded lower against almost all of its major competitors.

Asian and European trading sessions:

Euro: During the Asian trading session the EUR/USD pair traded in range $1.3094-$1.3132. Although, the Euro recorded today its new monthly high of $1.3182 during the European session, its growth was limited. The confidence of market participants that Greece government and private lenders will not be able to reach an agreement on Greek debt was pressuring the Euro currency. The EUR/USD retreated to $1.3150 level.
US Dollar: The U.S. dollar was traded lower against almost all of its major competitors during both sessions on the background of yesterday’s decision of FOMC regarding the interest rate. The committee decided to leave the interest rate unchanged at 0, 25% value and stated that this rate is going to be kept till 2014 year.
British Pound: The GBP / USD traded today positively showing its growth to $ 1.5716.
Japanese Yen: The USD / JPY pair continued it’s down trade which was started yesterday and dropped to Y77.40 level at the European trading session.

American trading session:

Oil: Today, the March’s WTI (Light Sweet Crude Oil) futures grew to 101.32 dollars per barrel and closed at $99.84 mark.
Gold: The February gold futures on the COMEX rose today to the 1719.20 dollars per ounce.
Canadian dollar: For the first time since November, the Canadian dollar strengthened to parity with the U.S. dollar.
New Zealand dollar: Even though, the New Zealand country's central bank left its key interest rate at record low, the New Zealand dollar continued its four-day up trend.

Market review for 25.01.12: FOMC kept the interest rate unchanged, in the range of 0% -0.25 %

Asian and European trading sessions:

Euro: During the Asian session the EUR / USD the pair traded in a narrow range of $ 1.3015 -$ 1.3049. The European trading session showed its decline to $1.2930 level where the couple found its low of the daily. The confidence of market participants that Greece and private lenders will not be able to reach an agreement on debt relief fell along with the euro currency The Euro dropped against its major competitors.

British Pound: The GBP / USD couple retreated from yesterday's highs during the Asian session. The pound fell after the report of GDP in Britain, which showed decrease in the 4th quarter by 0.2 % when expectations of a decline were by only 0.1%. The GBP / USD pair recorded its daily low reaching at $ 1.5530.

Japanese Yen: The yen fell against all 16 major currencies after Japan, for the first in 31 years, reported a deficit of annual trade balance in 2011. In details, in 2011 Japan had a deficit of $ 205.1 billion yen. The USD / JPY pair grew to the level of Y78.32 at the European session.

American trading session:
US Dollar: The dollar fell to a new low against the euro and recorded the area of $1.3118 after FOMC of the U.S kept the interest rate in the range of 0% -0.25 % which meant unchanged. According to comments of Federal Reserve on its decision, the interest rate would not be changed at least until the end of 2014.

Oil: The cost of the March futures on U.S. light crude oil WTI rose to 99.77 dollars per barrel.

Gold: Gold prices broke very important level of $1680 and rocketed to a new $ 1712 per troy ounce after FOMC announce a report on interest rate in US.

Technical analysis for 26/01

EURUSD
The pair has found support at Fibonacci 23% and aiming to the next Fibonacci level 38% at 1.31150 and the pair may rise to 1.31674.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair has MACD convergence that may support pair to start upwards corrections. First aim is at 1.54842, the second level at 1.56722.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53482, 1.52063
USDCHF
On daily graph MACD divergence which might be a signal of downwards corrections. The aim of correction can be at Moving Average (200) at 0.90279.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair’s resistance 78.345, support 77.539.
Resistance: 78.345, 79.070, 79.707
Support: 77.539, 76.463, 75.425
AUDUSD
The pair has broken triangle and has risen to 1.06164.
Resistance: 1.06164, 1.07005, 1.07739
Support: 1.05332, 1.04407, 1.03535

Market review for 24.01.12: The Bank of Japan lowered the forecast of the economic growth for next year.

Asian and European trading sessions:

Euro: The euro stepped back from the three-week highs. The investors and traders were taken profits on their opened before positions on Euro currency. Moreover, many market participants took cautious positions and did not want to open any long positions on Euro currency against the background of the prolonged negotiations on Greek debt. The EUR /USD pair traded in a range of $1.2953 to $1.3061.

US Dollar: The investors' attentions today were pointed towards the started today two-day meeting of the Federal Open Market Committee of US. The trading dynamics of U.S. dollar were positively affected by the growing demand for safe haven assets against the background of the negative dynamics on the main European stock exchanges.

British Pound: The GBP/USD pair traded today in uptrend range of $1.5533- $1.5591 during both sessions and recorded its European trading session’s maximum by reaching the level of $1.5597.

American trading session:

Japanese Yen: The yen fell against almost all of its major competitors after the Bank of Japan lowered the forecast of the economic growth for next year.

British Pound: The Pound rose against most traded currencies after the report which showed that the budget deficit in December fell more than expected.

Oil: The cost of March’s WTI futures dropped to 98.28 dollars per barrel.

Gold: Gold prices also fell. The cost of the February gold futures on COMEX today dropped to 1661.07 dollars per ounce.

Technical analysis for 25/01

EURUSD
The pair has found support at Fibonacci 23% and aiming to the next Fibonacci level 38% at 1.31150.
Resistance: 1.30277, 1.31674, 1.33143
Support: 1.28630, 1.26897, 1.25690
GBPUSD
The pair has MACD convergence that may support pair to start upwards corrections. First aim is at 1.54842, the second level at 1.56722.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53482, 1.52063
USDCHF
On daily graph MACD divergence which might be a signal of downwards corrections. The aim of correction can be at Moving Average (200) at 0.90279.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair has broken 77.539 and aiming to 78.345.
Resistance: 78.345, 79.070, 79.707
Support: 77.539, 76.463, 75.425
AUDUSD
The pair is trying to break triangle. The triangle’s upper level is 1.04407 (resistance), lower level is 0.99207 (support).
Resistance: 1.05332, 1.06164, 1.07005
Support: 1.04407, 1.03535, 1.02558

Market review for 23.01.12: The Asian financial markets celebrated a New Year.

Asian and European trading sessions:

Euro: The euro fell at the beginning of the Asian trading session amid continuing disagreement in the negotiations on restructuring the debt of the Greece. The EUR/USD pair dropped to its daily low of $1.2875, but then recovered to $1.2902 and continued traded mostly around $1.2890 level where finally found its support. Coming later, the European session provided positive trend dynamics for the Euro currency and the EUR / USD couple updated its two week high of $1.3045 level. All these dynamics were amidst the background of speculations that the heads of the European countries at a coming meeting in Brussels will take decisive actions to address the debt crisis in the region. One of the main topics of the meeting will be the situation in Greece. Supported the euro currency today also the other market speculations of the positive results of the ongoing negotiations about making attempts to force the Greek private lenders such as banks, insurance companies and hedge funds to agree to cancel 50% of the country's debt in their holding.

British Pound: The GBP/USD pair traded today in the range of $1.5514- $1.5601.

American trading session:

Oil: The WTI oil futures on the NYMEX increased by 1.4% to $100.2.

Gold: The Gold prices were stable today and rose to 1680.8 dollars per ounce.
Today, in observance of New Year according to lunar calendar, the financial markets in China, Hong Kong, Singapore, South Korea, and Taiwan were closed.

Technical analysis for 24/01

EURUSD
The pair has found support at Fibonacci 23% and aiming to the next Fibonacci level 38% at 1.31150.
Resistance: 1.30277, 1.31674, 1.33143
Support: 1.28630, 1.26897, 1.25690
GBPUSD
The pair has MACD convergence that may support pair to start upwards corrections. First aim is at 1.54842, the second level at 1.56722.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53482, 1.52063
USDCHF
On daily graph MACD divergence which might be a signal of downwards corrections.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair is trying decline to 76.463. If this level is broken the pair will continue declining to 75.425.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
AUDUSD
The pair is trading in the triangle. The triangle’s upper level is 1.04407 (resistance), lower level is 0.99207 (support). The pair tried to break it and can roll back to the triangle’s line at 1.04407.
Resistance: 1.05332, 1.06164, 1.07005
Support: 1.04407, 1.03535, 1.02558

Market review for 19.01.12: The U.S. dollar continued to decline amidst the reduced demand the “safe haven” assets.

Asian and European trading sessions:

Euro: The Euro currency continued to strengthen against major currencies amidst the positive results of auctions of Spain and France governments bonds. The auction of Spain government bonds showed that 6.6 billion euro was attracted with targeted 3.5-4.5 billion euro. France also attracted more than was expected, 7,965 billion against the target 6.5-8.0 billion euro. Supported the euro currency today also market speculations of the positive results of the ongoing negotiations about making attempts to force the Greek private lenders such as banks, insurance companies and hedge funds to agree to cancel 50% of the country's debt in their holding . The EUR / USD pair showed its high hitting $ 1.2916 level during the European trading session.
US Dollar: The American dollar continued to decline against its major competitors amid signs of U.S. economic recovery and rising stock prices of Asian companies. At the European session, the pressure on the currency came also from reduced demand on safe haven assets and positive dynamics in the European stock markets and growth of U.S indices futures.

British Pound: The GBP/USD pair traded today in uptrend range of $1.5414- $1.5450 during both sessions and recorded its European trading session’s maximum by reaching several times the level of $1.5457.
Australian dollar: The Australian dollar fell today during the Asian trading session, under pressure from weak data on employment in Australia. The employment report in Australia showed job losses of 29 300 in December 2011. This news did not support the analysts’ forecasts of growth in jobs positions for that period of time.

American trading session:

Oil: The Oil prices were rising against the background of declining inventories of Crude Oil in U.S. The cost of February’s WTI futures rose to 102.06 dollars per barrel, before the steeply intraday sell off to $100 support level.
Gold: The Gold prices rose, because of the weak dollar. Their today’s high was recorded at $1669.09 per ounce.

Market review for 18.01.12: The positive results of Germany’s and Portugal’s government bonds supported to the Euro currency today.

Asian and European trading sessions:

Euro: Against the background of making attempts to force the Greek private lenders such as banks, insurance companies and hedge funds to agree to cancel 50% of the country's debt in their holding the euro was rising during the today’s Asian trading session. The EUR / USD couple strengthened to the level of $1.2805.
The results of the auctions of Germany’s governments’ bonds today, which raised 3.44 billion euro for 2 years as well as of Portugal’s bonds of 2.5 billion euro with targeted 2-2.5 billion euro, were also supportive for the Euro currency’s positive trading dynamics. The EUR / USD pair continued its uptrend to the highs of $1.2852.

US Dollar: The US dollar fell against most major currencies amid the reduced demand for safe assets. The declined demand for relatively safe assets started to be appeared after the published information by IMF which informed of increasing its lending resources to $ 500 billion in order to protect the global economy.

British Pound: The GBP/USD pair traded in the range of $1.5326- $1.5385 during both sessions and recorded its European trading session’s maximum by reaching the level of $1.5394.

Australian dollar: The Australian dollar traded near its highs levels. These levels are the highest levels for the past 11 weeks. Today’s reasons for that kind of positive dynamic were anticipations of tomorrow's report on employment rate of Australia. According to the analysts expectations it would have been a growth of jobs positions in December.

American trading session:

Oil: The cost of February’s WTI futures dropped to 99.97 dollars per barrel. The Oil fell against the backdrop of rising tensions between Iran and Saudi Arabia, two major OPEC producers, and lowering the growth of the global economy’s forecasts by the World Bank.

Gold: The Gold prices were stable today and traded in a range of 1642.1 - 1661.7 dollars per ounce.

Technical analysis for 19/01

EURUSD
The pair has found support at Fibonacci 23% at 1.26430. If the pair stays above this level the pair will rise to Fibonacci 38% at 1.31150. If the pair breaks 1.26430 the pair will drop to 1.23907.
Resistance: 1.28630, 1.30277, 1.31674
Support: 1.26897, 1.25690, 1.23907
GBPUSD
The pair has MACD convergence that may support pair to start upwards corrections. First aim is at the 1.54842.
Resistance: 1.54842, 1.56722, 1.58543
Support: 1.53482, 1.52063, 1.50594
USDCHF
On daily graph MACD divergence which might be a signal of future corrections. If the pair stays below 0.95074 the pair will decline first to the Moving Average (500) at 0.93069.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair is trying decline to 76.463. If this level is broken the pair will continue declining to 75.425.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
AUDUSD
The pair is trading in the triangle. The triangle’s upper level is 1.04407 (figure resistance), lower level is 0.99207 (support). The pair has reached upper level of the figure and may roll back to 1.03535.
Resistance: 1.04407, 1.05332, 1.06164
Support: 1.03535, 1.02558, 1.01744

Market review for 17.01.12: The euro grew against the U.S. dollar and its others major competitors.

Asian and European trading sessions:

Euro: Today, on Tuesday‘s Asian trading session the Euro rose against the U.S. dollar against the background of report on China‘s GDP which was better than expected. In details, the report showed the increase to 8.9% versus forecasted 8.7% in fourth quarter of 2011 year. The support for the Euro currency was also provided by the results of the auction on government bonds of Belgium. Belgium attracted 2.96 billion euro with planned target of 3.0 billion euro. The EUR / USD pair during the European session increased to the level of $1.2752 and recorded its daily high at $ 1.2807 area.

US Dollar: The dollar fell against major currencies against the background of positive dynamics in the European stock markets and the growth of U.S. stock indexes. The investors were also buying the risky assets today.

British Pound: The GBP / USD couple marked the $1.5401 during the European session. The pair was mostly trading at its highs before the American trading session.

Japanese Yen: The USD / JPY pair a quite volatile day today dropping to Y76.56 area at Asian session and raising to Y76.83 level at the European trading session.

Australian dollar: The Australian dollar rocketed sharply today at the beginning of the Asian session against a background of stronger than expected data on China‘s GDP which grew in fourth quarter of 2011 year. The currency traded at its highs against of almost all its competitors

American trading session:
Euro: The currency continued growing as well as at the American trading session after the successful result of auction of bonds of the European Foundation for financial stability (EFSF), which attracted 1.501 billion euro versus targeted 1.5 billion euro. The published by the German institute ZEW report, whose index value showed improvement in Germany and the EU as a whole had also positive influence for the trading dynamics of the Euro currency.
Oil: Today, the February’s WTI (Light Sweet Crude Oil) futures grew to 101.08 dollars per barrel.
Gold: The February gold futures on the COMEX today rose today to $1654 showing its daily high at the 1667.25 dollars per ounce.

Technical analysis for 18/01

EURUSD
The pair has found support at Fibonacci 23% at 1.26430. If the pair stays above this level the pair will rise to Fibonacci 38% at 1.31150. If the pair breaks 1.26430 the pair will drop to 1.23907.
Resistance: 1.28630, 1.30277, 1.31674
Support: 1.26897, 1.25690, 1.23907
GBPUSD
The pair has MACD convergence that may support pair to start upwards corrections.
Resistance: 1.54842, 1.56722, 1.58543
Support: 1.53482, 1.52063, 1.50594
USDCHF
On daily graph MACD divergence which might be a signal of future corrections. If the pair stays below 0.95074 the pair will decline first to the Moving Average (500) at 0.93069.
Resistance: 0.95074, 0.96220, 0.97427
Support: 0.93949, 0.93069, 0.92026
USDJPY
The pair is trying decline to 76.463. If this level is broken the pair will continue declining to 75.425.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
AUDUSD
The pair is trading in the triangle. The triangle’s upper level is 1.04407 (figure resistance), lower level is 0.99207 (support).
Resistance: 1.04407, 1.05332, 1.06164
Support: 1.03535, 1.02558, 1.01744

Market review for 16.01.12: The good news for the Euro: France placed its government bonds on 8.59 billion euro compared with planned 7, 4-8, 7 billion euro.

Asian and European trading sessions:
Euro: The Euro reached a new low of $1.2627 against the US dollar on Monday during the Asian trading session. The Euro currency was negatively influenced because of the lowering the credit ratings of some Europeans countries made by Standard & Poor rating agency on Friday. The EUR / USD pair traded in a range of $ 1.2627 -$ 1.2686 for the rest of this trading day. The good news for the Euro currency was that France placed its government bonds on 8.59 billion euro compared with planned to 7, 4-8, 7 billion euro.
British Pound: The trading range for the GBP / USD during both sessions was the range of $ 1.5281 to $ 1.5327.

Japanese Yen: The USD / JPY pair dropped to the area of Y76.69 during the European trading session.
Australian dollar: The Australian dollar firstly fell along with stocks at the beginning of Asian trading on the background of downgraded rating rate of some European countries on Friday night, as solutions made by agency Standard & Poor's.
Gold:

Oil: The WTI oil futures went up recording their sessions high at $99.93 area.

Gold: The Gold in today's trading increased to 1648.50 per troy ounce.

American trading session:
In observance of Martin Luther King Day, the U.S. stock markets were closed today, on Monday.

Technical analysis for 17/01

EURUSD
The pair has found support at Fibonacci 23% at 1.26430. If the pair stays above this level the pair will rise to Fibonacci 38% at 1.31150. If the pair breaks 1.26430 the pair will drop to 1.23907.
Resistance: 1.28630, 1.30277, 1.31674
Support: 1.26897, 1.25690, 1.23907
GBPUSD
The pair has MACD convergence that may support pair to start upwards corrections.
Resistance: 1.54842, 1.56722, 1.58543
Support: 1.53482, 1.52063, 1.50594
USDCHF
On daily graph MACD divergence which might be a signal of future corrections. If the pair stays below 0.95074 the pair will decline first to the Moving Average (500) at 0.93069.
Resistance: 0.95074, 0.96220, 0.97427
Support: 0.93949, 0.93069, 0.92026
USDJPY
The pair is trying decline to 76.463. If this level is broken the pair will continue declining to 75.425.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
AUDUSD
The pair is trading in the triangle. The triangle’s upper level is 1.04407 (figure resistance), lower level is 0.99207 (support).
Resistance: 1.03535, 1.04407, 1.05332
Support: 1.02558, 1.01744, 1.00907

Market review for 12.01.12: The positive result of Spain government bonds auction and weakness of US dollar supported the Euro currency.

Asian and European trading sessions:

Euro: During the Asian trading session the EUR/USD couple traded in narrow range between $1.2700 and $1.2732 levels .Market participants did not want to initiate any actions at the threshold of announce of the EU Central Bank rate later today. At the first part of European trading session the Euro started to get back its positions against US dollar on speculation that the European Central Bank will not change its monetary and leave interest rate unchanged. The result of the auction of Spain government bonds, which attracted almost double amount than planned, 9.98 billion euro against planned of4-5 billion euro, also supported the Euro currency. The EUR/USD pair grew up, showing the maximum at the $ 1.2778 area.

US Dollar: The US dollar, traded mostly lower against its competitors because of the leading decline in demand for relatively safe assets.

British Pound: The pound remained under pressure amid speculation that this year the Bank of England will expand its program of bonds redemption and today’s announcement of the interest rate of England.

Japanese Yen: The USD/JPY pair recorded its low at the last part of the European trading session by hitting Y76.67 level.

New Zealand dollar: The New Zealand dollar reached a two-month high against the US dollar before dropping, amid the report of little faster than expected, rate of inflation in China, 4.1% compared forecasted 4.0%.

American trading session:

US Dollar: The dollar continued its downtrend after the report on U.S. retail sales in December, which rose less than expected, by only 0.1% versus forecasted 0.3 %. Also, the increased Initial Jobless Claims, which grew to 399K against forecasted 375K, pressured the American currency.

Euro: The Euro remained traded at its highs against the US dollar after European Central Bank President Mario Draghi said that he sees signs of stabilization in the economy of the EU. The other reason for Euro’s positive trading dynamics was the result of positive placement of Spain government bonds.

Gold: The February’s Gold future contracts rose by $ 18, or 1.1 %, to $ 1661 per troy ounce. The closed price for today, however, was recorded at $1.649 level.

Oil: The February’s WTI futures suffered the big intraday drop below $ 100 per barrel, showing a session low at $ 98.49 level.

Market review for 11.01.12: The growing concerns of possible distribution of debt crisis in Europe were supportive for US dollar.

Asian and European trading sessions:
Due to growing concerns of possible distribution of debt crisis in Europe, the euro fell against the dollar as well as against the others major currencies. Market participants still fear that the current crisis will cause a slowdown in the economy of the region. The EUR / USD pair decreased below $ 1.2700 and recorded its low of $1.2682 at the end of European trading session.

US Dollar: Growth of the U.S. dollar was limited amid of tomorrow's publication of data on inflation in China. The expected decrease of inflation in China might force central banks of Asian countries to stimulate growth of China, the second largest economy in the World.

British Pound: At the European trading session the British currency steeply dropped against all its major competitors excluding the Euro. The GBP / USD pair fell below $ 1.5400 and recorded its lowest session level at the $1.5367 area.

Japanese Yen: The USD / JPY pair showed positive dynamics hitting a level of Y77.00 during the European trading session.

American trading session:
US Dollar: The fact of investing in safe assets when it comes to uncertainty in situation in economy was also proved today. The U.S. currency rose against most major currencies as investors invested in U.S. government bonds as well as in US dollar.

Euro: The rumors and speculations that the credit rating agencies may downgrade the credit rating of France amid the deterioration of the debt crisis in Europe pressured the Euro currency at the American trading session.

British Pound: The pound continued its downtrend falling to $1.5319 level against the US dollar.

Oil: Due to increased demand for relatively safe assets, the February futures price of U.S. light crude oil WTI declined to $ 100.81 per barrel, setting the session low at $ 100.54 per barrel.

Gold: On Tuesday, gold tried to overcome $ 1644 per troy ounce level, the level of its 200- day moving average Finally, it set the $1.642.19 value by the end of the day.

Technical analysis for 12/01

EURUSD
The pair has found support at Fibonacci 23% at 1.26430. If the pair stays above this level the pair will rise to Fibonacci 38% at 1.31150. If the pair breaks 1.26430 the pair will drop to 1.23907.
Resistance: 1.28630, 1.30277, 1.31674
Support: 1.26897, 1.25690, 1.23907
GBPUSD
The pair is trying to break support 1.53482 it will bring the pair to test 1.52063.
Resistance: 1.54842, 1.56722, 1.58543
Support: 1.53482, 1.52063, 1.50594
USDCHF
On daily graph MACD divergence which might be a signal of future corrections. If the pair stays below 0.95074 the pair will decline first to the Moving Average (500) at 0.93069.
Resistance: 0.95074, 0.96220, 0.97427
Support: 0.93949, 0.93069, 0.92026
USDJPY
The pair is trying decline to 76.463. If this level is broken the pair will continue declining to 75.425.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
AUDUSD
The pair is trading in the triangle. The triangle’s upper level is 1.04407 (figure resistance), lower level is 0.99207 (support).
Resistance: 1.03535, 1.04407, 1.05332
Support: 1.02558, 1.01744, 1.00907

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Market review for 10.01.12: The U.S. dollar fell against the background of positive dynamics in the European, Asian and U.S. stock markets.

Asian and European trading sessions:
Euro: The Euro continued to recover against the major currencies for the second day against the background of a positive perception on the results of the meeting of the heads of European countries. The purpose of this meeting was to take an action to resolve the debt crisis of EU. The EUR / USD pair rose above $ 1.2800 and recorded its daily high at $1.2815 area.

US Dollar: The U.S. dollar fell against the background of positive dynamics in the European and Asian stock indexes and demand for risky assets. The Dollar Index fell today by 0.09 % and closed at 81.10 points.

British Pound: The GBP/USD pair traded in the range of $1.5444- $1.5495 during both sessions and recorded its daily maximum by reaching the level of $1.54975.

Japanese Yen: The USD / JPY pair remained trading in narrow trade range of Y76.75 to Y76.89 levels during both trading sessions.

The Australian dollar: Against the background of positive dynamics in the European and Asian stock indexes and demand for risky assets the Australian dollar raised today against its competitors.

American trading session:
US Dollar: The pressure on the dollar at the American trading session was provided by positive momentum in U.S. stock markets and the greenback continued its downtrend against major currencies.

Gold: Gold prices grew today to $ 1631.48 amid falling the US dollar. February gold reached its daily high at $ 1639.95 per troy ounce.

Oil: The WTI (Light Sweet Crude Oil) in trading in New York rose to $ 102.16 per barrel amid growing concerns about the fact that the geopolitical tensions in the Middle East could disrupt the supply of oil.

Technical analysis for 11/01

EURUSD
The pair has found support at Fibonacci 23% at 1.26430. If the pair stays above this level the pair will rise to Fibonacci 38% at 1.31150. If the pair breaks 1.26430 the pair will drop to 1.23907.
Resistance: 1.28630, 1.30277, 1.31674
Support: 1.26897, 1.25690, 1.23907
GBPUSD
The pair is trading in the narrow corridor between 1.56722 and 1.53482.
Resistance: 1.54842, 1.56722, 1.58543
Support: 1.53482, 1.52063, 1.50594
USDCHF
On daily graph MACD divergence which might be a signal of future corrections. If the pair stays below 0.95074 the pair will decline first to the Moving Average (500) at 0.93069.
Resistance: 0.95074, 0.96220, 0.97427
Support: 0.93949, 0.93069, 0.92026
USDJPY
The pair is trying decline to 76.463. If this level is broken the pair will continue declining to 75.425.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
AUDUSD
The pair is trading in the triangle. The triangle’s upper level is 1.04407 (figure resistance), lower level is 0.99207 (support).
Resistance: 1.03535, 1.04407, 1.05332
Support: 1.02558, 1.01744, 1.00907

Market review for 09.01.12: The Euro grew due to the positive expectation of meeting of leaders of Germany and France.

Asian and European trading sessions:

Euro: During the Asian trading session on Monday the Euro was raising against its major competitors against the background of attention to the crucial meeting of leaders of Germany and France. The EUR / USD pair strengthened to $1.27835 level at the beginning of the European trading session amid the positive expectations of this meeting.
British Pound: The GBP/USD couple traded mostly in narrow trading range during both sessions. It’s high was at $1.5467 and low around $1.5401 area .
Australian dollar: The Australian dollar weakened against all 16 major currencies. The report of retail sales’ in November provided by the Australian Bureau of Statistics showed a decline compared with expectations. In this regard, the trading dynamics of Australian dollar was negatively influenced before the beginning of the Asian trading session.

American trading session:
Swiss Franc: The news o the resignation of the head of the Swiss National Bank Mr. Philipp Hildebrand which released today was supportive for trading dynamics of Swiss Franc. This resignation is related to the recent scandal of illegal operations with the use of insider information. The Swiss currency become stronger against its competitors after the head of the Swiss central bank had reported this issue.

Oil: The Oil dropped after the report of performance of German industrial production revealed its decline to 3.6% in November (YoY) compared forecasted 3.9%. Today, the February futures price of U.S. light crude oil fell to 100.10 dollars per barrel.

Gold: Gold prices were stable today and ended up closing at $1.611.44 per troy ounce.

Technical analysis for 10/01

EURUSD
The pair has found support at Fibonacci 23% at 1.26430. If the pair stays above this level the pair will rise to Fibonacci 38% at 1.31150.
Resistance: 1.28630, 1.30277, 1.31674
Support: 1.26897, 1.25690, 1.23907
GBPUSD
The pair is trading in the narrow corridor between 1.56722 and 1.53482.
Resistance: 1.54842, 1.56722, 1.58543
Support: 1.53482, 1.52063, 1.50594
USDCHF
On daily graph MACD divergence which might be a signal of future corrections. If the pair stays below 0.95074 the pair will decline first to the Moving Average (500) at 0.93069.
Resistance: 0.95074, 0.96220, 0.97427
Support: 0.93949, 0.93069, 0.92026
USDJPY
The pair is trying decline to 76.463. If this level is broken the pair will continue declining to 75.425.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
AUDUSD
The pair is trading in the triangle and aiming to the upper level of the figure at 1.04407.
Resistance: 1.03535, 1.04407, 1.05332
Support: 1.02558, 1.01744,1.00907

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Market review for 05.01.12: Premier Minister of Greece: The country is going to meet a default in March 2012.

Asian and European trading sessions:
Euro: During the second part of Asian session the trading dynamics for Euro currency renewed their downtrend. There were fears regarding European debt crisis. Jean-Claude Juncker, head of government of European Union, stated today that the EU is going to fall into recession, and its scale is unknown. Moreover, the Greek Prime Minister, Lukas Papadimos said that Greece will face the risk of unorganized default in March 2012 without getting a new loan aid package of 130 billion euro. According to results of today’s auction, France attracted 7,963 billion euro against the target of 7.0-8.0 billion euro. However, the Euro fell against these results; because of the recorded growth of yield average compared with the yield average of previous editions on government bonds, and also declined coverage. In this regard, ratings agencies might low the top AAA rating of the France. The EUR / USD pair fell below $ 1.290 and found resistance only at $1.2784 level.

US Dollar: The dollar strengthened against major currencies amid increasing demand for safe assets.

British Pound: The GBP / USD pair fell below $ 1.5500 area to its both sessions lows of $1.5492 area. Even, the published report of PMI in the UK service sector, which in December had risen to the level of 54.0 points against the November forecast values of 51,6 , could not stop the pair from sliding down.

Japanese Yen: The USD / JPY pair traded in narrow trade range of the Y76, 68 to Y76, 75.The European session showed an increase of US Dollar in USD / JPY couple and the pair strengthened to Y77.15 area.

American trading session:

US Dollar: After the Agency ADP Employer reported that American companies hired 325 000 workers in December, which was better than expected 178 000, the US dollar strengthened against its competitors.

Canadian Dollar: Against the background of the falling Crude Oil prices the Canadian dollar dropped against the Greenback and recorded its one-week minimum.

Oil: The WTI prices dropped to $101, 34 level after the publication of the report by United States Government, which showed an unexpected increase in Oil inventories.
Gold: Futures price of gold fell to $ 1596.70 at the beginning of the session. By the end of the day the Gold cost $1621.00 per troy ounce.

Market review for 04.01.12: The market participants continued to accumulate their long positions on Gold and Oil futures.

Asian and European trading sessions:
Euro: Today, during the Asian trading session, the Euro currency traded in relatively narrow range against the US dollar. The EUR / USD pair traded between $ 1.3023 and $ 1.3044 levels. The European trading session showed the decrease of the Euro against major currencies amid the weak results of the auction on government bonds of Germany, which resulted that only the amount of 4,057 billion euro were collected compare to planned 5.0 billion euro. Also, the pressure on the euro also had forecasted decrease for GDP in Germany reported by the DIW, German Institute for Economic Research. The forecast for GDP growth in Germany in 2012 was reduced to 0.6 % from previously estimated +1, 0% .The EUR / USD pair fell to $ 1.2933 level.

US Dollar: The US dollar was strengthening against its competitors amid falling stock markets in Europe. This fact was supportive for a while for the demand for relatively safe assets.

British Pound: The GBP / USD pair could not overcome the $ 1.5666 level at beginning of the European trading session. Finally, the couple declined to $1.5600 recording its daily low at $1.5578 mark.

American trading session:
US Dollar: The support for US the dollar was provided by released statistics which showed that in November, the U.S. Factory Orders increased by 1.8 %.This report announced by the Department of Commerce, stated that these orders jumped compare the previous value of -0.2% and resulted quite positive news for the US economy.

British Pound: The British pound rose against its competitors. The report of Purchasing Manager Index Construction, business activity in the construction sector in Britain, recorded 53.2 value in December and exceeded forecasted value of 51.5.

Gold: February gold reached its daily high at $1618.36 and closed this trading day near the area of $1610 per troy ounce.

Oil: Also, the February futures price of U.S. light crude oil, WTI had a positive trading dynamic day and closed near the level of 103.12 dollars per barrel, which is the same level with highs of May 2011.

Market review for 01.03.12: The US dollar fell against the background of positive economics’ statistics and reducing the demand for "safe haven “currencies.

Asian and European trading sessions:

Euro: One of the reasons of euro‘s today growth against the U.S. dollar were the better than expected data on the indexes of business activity in the manufacturing sectors in France and Germany and the EU as a whole. The EUR / USD pair strengthened up and showed a maximum at the level of $ 1.30594 at the European trading session. Also, the support for the couple was provided by report of the Germany‘s labor market, which recorded improved employment situation in the EU’s largest economy. The unemployment rate fell to 6.8% from previous 6.9%.

US Dollar: The increased demand for risky assets caused by reducing in investor’s negative sentiment pressured the US dollar today. The Dollar Index fell by 0.7% to 79.83 values. The positive reports of manufacturing activity in China and India which were published earlier this week also supported for increased investor appetite for risky assets.

Japanese Yen: The USD / JPY pair remained trading in narrow trade range of the Y76, 63 to Y76, 84 levels at both trading sessions.

American trading session:
US Dollar: After the published positive statistics, which showed signs of extending in production in China and the U.S, the US dollar fell against the majority of the most traded currencies. In details, the US ISM Manufacturing Index grew to 53.9 in December 2011.

Gold: February Gold prices in electronic trading at the New York Stock Exchange grew to 1608.7 per troy ounce on Tuesday amid falling demand for the currency with “safe haven “status.

Oil: Today, the February futures price of U.S. light crude oil WTI in trading in New York rose to 102.88 dollars per barrel. Oil rose to a 6- week high at auction in New York, as the positive economic statistics of the U.S., China and Germany have reduced the concerns that the World would fall into recession.

Market review for 28.12.11: ECB: the amount of loans granted for banks grew by 214 billion euro, and reached 879 billion euro for this week only.

Asian and European trading sessions:
Euro: The Euro was trading in a narrow range against the U.S. dollar and Japanese yen during both trading sessions on Wednesday. The EUR/USD pair traded in the $1.3050 -$1.3080 range. The results of the auction held today for Italy’s government bonds indicated that investors still have concerns of the prospects of the Italy’s economy and future of the euro.

US Dollar: The US dollar demonstrated a stable trading dynamics against the Japanese yen during the Asian trading session after the released report of the US Minister of Finances regarding the recent intervention in Japan, which pressured the US dollar.

British Pound: The GBP/USD pair traded in the range of $1.5640 - $1.5680 during both sessions and recorded its daily maximum which has been reached at the level of $1.5691.
Japanese Yen: The yen grew against the greenback due to the concerns over the global instability with the oil industry. Iran threatened to block the Strait of Hormuz, which located between Oman and the Persian Gulf and provided exports of petroleum products, if Britain, United States, and Canada will not remove sanctions against energy sector of the Iranian economy. The USD / JPY pair fell in Y77.58 area .

Gold: Gold prices dropped steeply today against the strengthening of US dollar. February prices fell to 1550.50 dollars per troy ounce.

Oil: Crude oil futures WTI on NYMEX finished this day trading day with a decrease of 1.89 dollar at 99.45 dollars per barrel. However, one day before, on Tuesday, December 27 the oil prices were increasing. The reasons for it were the concerns of market participants regarding the supply of oil due to Iran’s threats to block the Strait of Hormuz for oil transportation.
American trading session:
US Dollar: The American session demonstrated the increase of long positions for US dollar. The dollar index grew at the beginning of the session by 0.86% rising above the level of 80.9 points
Euro: The European Central Bank (ECB) reported today that the amount of loans granted for banks of Euro zone grew by 214 billion euro, and reached 879 billion euro for this week only. This publication threw the currency to its yearly low against the US dollar. The pair sharply declined reaching $1.2890 level.

Market review for 28.12.11: ECB: the amount of loans granted for banks grew by 214 billion euro, and reached 879 billion euro for this week only.

Asian and European trading sessions:
Euro: The Euro was trading in a narrow range against the U.S. dollar and Japanese yen during both trading sessions on Wednesday. The EUR/USD pair traded in the $1.3050 -$1.3080 range. The results of the auction held today for Italy’s government bonds indicated that investors still have concerns of the prospects of the Italy’s economy and future of the euro.

US Dollar: The US dollar demonstrated a stable trading dynamics against the Japanese yen during the Asian trading session after the released report of the US Minister of Finances regarding the recent intervention in Japan, which pressured the US dollar.

British Pound: The GBP/USD pair traded in the range of $1.5640 - $1.5680 during both sessions and recorded its daily maximum which has been reached at the level of $1.5691.
Japanese Yen: The yen grew against the greenback due to the concerns over the global instability with the oil industry. Iran threatened to block the Strait of Hormuz, which located between Oman and the Persian Gulf and provided exports of petroleum products, if Britain, United States, and Canada will not remove sanctions against energy sector of the Iranian economy. The USD / JPY pair fell in Y77.58 area .

Gold: Gold prices dropped steeply today against the strengthening of US dollar. February prices fell to 1550.50 dollars per troy ounce.

Oil: Crude oil futures WTI on NYMEX finished this day trading day with a decrease of 1.89 dollar at 99.45 dollars per barrel. However, one day before, on Tuesday, December 27 the oil prices were increasing. The reasons for it were the concerns of market participants regarding the supply of oil due to Iran’s threats to block the Strait of Hormuz for oil transportation.
American trading session:
US Dollar: The American session demonstrated the increase of long positions for US dollar. The dollar index grew at the beginning of the session by 0.86% rising above the level of 80.9 points
Euro: The European Central Bank (ECB) reported today that the amount of loans granted for banks of Euro zone grew by 214 billion euro, and reached 879 billion euro for this week only. This publication threw the currency to its yearly low against the US dollar. The pair sharply declined reaching $1.2890 level.

Market review for 22.12.11: The reports of Initial Jobless Claims and Consumer Confidence positively influenced US markets today.

Asian and European trading sessions:
Euro: The Euro recovered some of its yesterdays loses against the U.S. dollar, on the backdrop of France and Italy preparations for selling their governments bonds on the next week. The EUR/USD pair set its daily high at $1.3120 area at the beginning of today’s trading day. However, during the first half of the European session the couple dropped to $1.3030 level. Still, the negative impact which pressured the euro currency have rumours that the S & P credit agency may reduce the credit ratings of the 15 EU countries, including the region 's largest, Germany and France.

British Pound: The GBP/USD pair traded within $1.549 and $1.5729 levels. The report of UK GDP for the third quarter, which showed better than expected value, +0.6 % against the previous report and the forecasted 0.5 % , did not have adequate support to the pound. Moreover, the recorded growth of current account deficit of payments balance which reached a record high for the third quarter (-15.2 billion pounds) pressured the currency. The GBP / USD pair traded near its lows of $ 1.5670 for the rest of the European session.

Japanese Yen: The USD/JPY pair continued its bullish trend and traded mostly at its daily highs of Y78,15 at the second half of European session.

American trading session:
US Dollar: The U.S. dollar grew for a while, in spite of negative data on the GDP for the third quarter, where the value proved to be 1,8% against forecasted 2,0%. The currency was supported by the Labour market’s report, where the value of Initial Jobless Claims recorded 364 000 against the prediction in 376 000.The number fell to its lowest level since April 2008.Although, the other good news of increasing the consumer confidence, which grew to 69.9 value, was not supportive for the currency yet positively influenced the stock market indices.

Gold: The Gold prices fell today to 1599.10 dollars per troy ounce. The Gold started to behave like a high-risk asset, becoming to be expensive only when the decline of the U.S. dollar occurs.

Oil: Oil rose for the fourth day in a row. The support for today was provided by the news of the US labour market which reinforced optimism of investors that the growth of the American economic would accelerate. The WTI, Crude oil future on the NYMEX today closed at $99.56 per barrel adding 88 cents.

Market review for 21.12.2011: The ECB provided 489 billion euro to banks for three years period.

Euro: At the beginning of the Asian trading session the Euro rose against the U.S. dollar amid growing optimism about the new refinancing operations for three years period of the European Central Bank (LTRO), the results of which would have been announced today later .The EUR/USD couple grew to $1.3124 level and traded mostly around this area for the rest of the session. In the first half of the European session, the euro rose against major currencies because the announced result of the actual amount was much higher. The ECB agreed to provide 489 billion euro to banks. The EUR/USD pair exploded and ran up to its daily highs at $1.3195 area. However, after hitting this area the pair came down hard. The traders began " selling facts" against which the single currency had completely lost all of today's achievements against the U.S. dollar. According to the report which recorded that the Italian GDP contracted in Q3 by 0.2 % (QoQ) investors got confirmation that the Italian economy is already in recession. Thise statistics pressured the Euro during the European trading session and the EUR/USD couple dropped to $1.3070 area.

British Pound: The GBP/USD pair tested the resistance of $ 1.5765 / 75 during the European trading session. The resistance proved futile and the couple fell below $ 1.5695 area.
Japanese Yen: The USD/JPY had a narrow trading range in both sessions and traded between Y77.70 and Y77.90.
New Zealand: The New Zealand dollar reached a one-week high against the backdrop of increasing demand for risky assets. The trading dynamics for the New Zealand currency had been also favorably impacted after the published yesterday the U.S. and the European economic statistics, which were better than expected.

American trading session:
Euro: The EUR/USD couple fell steeply to $1.3025 area The market participants had been worried that the European Central Bank's measures to support the banking sector would not be enough to stem the deterioration of debt crisis in the EU region.

Japanese Yen: The Japanese Yen fell against the dollar, after the head of the Cabinet of Japan, Mr. Fudzimura said that he expects a temporary slowdown of the Japanese economy.

Oil: The WTI February’s future prices finished closing at $99 per barrel.
Gold: The Gold prices did not have much change compare to its last day and closed at $1614.75 per ounce.

Market review for 20.12.2011: Positive Euro-zone statistics supported the euro.

Asian and European trading sessions:
Euro: During the Asian trading session the Euro traded flat against US Dollar. The EUR/USD couple stuck around the $1.3005 area. The European trading session, though, showed us the outgrowth of the Euro currency against its major competitors. There were reasons for that :first, the report on the index of business climate IFO, whose value for December came in at 107.2 while the forecast 106,second,the fact of approving by IMF allocation of 2.9 billion euro for Portugal. Finally, the euro was supported by the results of the auction on bonds of Spain, which in attracted E 5.64 billion. The EUR/USD pair grew to a its weekly high and hitting the $1.3088 area during the European session.

British Pound: The British currency had the same positive trading day as the Euro. The GBP/USD pair confirmed its bullish trend by growing to $1.5648 level during the European session.
Australian Dollar: The Australian dollar traded mostly at its highs during the Asian session today, receiving support from the protocols of the last meeting of the Board of the Central Bank of Australia.

American trading session:
Japanese Yen: After the released information which showed that the country's Ministry of Finance planned to increase the limit for funding of foreign exchange interventions to 195 trillion yen, the yen weakened against its most major rivals. This increase was the first increase since September 30.

US Dollar: It was a decidedly negative day for the Greenback. The U.S. currency dropped against all 16 most traded currencies on the background of raising the stock markets, which probably started their New Year rally, and decreasing demand for safe –haven assets. The other good news which came from the United States Department of Commerce today, revealed that the number of Housing Starts jumped in November to 681 thousands versus forecasted 627 thousand.

Oil: The WTI prices strengthened today to its daily high at 97.44 and closed at $96.91 per barrel.
Gold: The gold prices continued their previously started bullish trend recovering from the last week big drops and closed today at $1614.82 value.

Market review for 20.12.2011: Positive Euro-zone statistics supported the euro.

Asian and European trading sessions:
Euro: During the Asian trading session the Euro traded flat against US Dollar. The EUR/USD couple stuck around the $1.3005 area. The European trading session, though, showed us the outgrowth of the Euro currency against its major competitors. There were reasons for that :first, the report on the index of business climate IFO, whose value for December came in at 107.2 while the forecast 106,second,the fact of approving by IMF allocation of 2.9 billion euro for Portugal. Finally, the euro was supported by the results of the auction on bonds of Spain, which in attracted E 5.64 billion. The EUR/USD pair grew to a its weekly high and hitting the $1.3088 area during the European session.

British Pound: The British currency had the same positive trading day as the Euro. The GBP/USD pair confirmed its bullish trend by growing to $1.5648 level during the European session.
Australian Dollar: The Australian dollar traded mostly at its highs during the Asian session today, receiving support from the protocols of the last meeting of the Board of the Central Bank of Australia.

American trading session:
Japanese Yen: After the released information which showed that the country's Ministry of Finance planned to increase the limit for funding of foreign exchange interventions to 195 trillion yen, the yen weakened against its most major rivals. This increase was the first increase since September 30.

US Dollar: It was a decidedly negative day for the Greenback. The U.S. currency dropped against all 16 most traded currencies on the background of raising the stock markets, which probably started their New Year rally, and decreasing demand for safe –haven assets. The other good news which came from the United States Department of Commerce today, revealed that the number of Housing Starts jumped in November to 681 thousands versus forecasted 627 thousand.

Oil: The WTI prices strengthened today to its daily high at 97.44 and closed at $96.91 per barrel.
Gold: The gold prices continued their previously started bullish trend recovering from the last week big drops and closed today at $1614.82 value.

Forex-Metal Launched Regional Blogs for Traders from India, Kenya, and Nigeria

We are happy to announce the release of new regional blogs for traders from Kenya, India, and Nigeria: www.indiaforexbroker.in/, www.forexinvestmentnigeria.com/ , and www.kenyaforextrading.com. The aim of these blogs is to create a comprehensive country-oriented online database of in-depth information on all aspects of forex trading, including articles and tutorials, daily technical and fundamental analyses, daily market reviews, available trading tools, and much more.
“We understand the importance of delivering basic education to beginners and providing market updates to more experienced traders. We have already launched an interactive forex news portal and education center at fx2day.net and introduced forex news websites, specifically designed and optimized for mobile devices. Thanks to referrals from our satisfied clients and our local partners, we have enjoyed a steady growth of clients from Asian and African countries in the past couple of years. In the months to come we are planning to launch blogs for other countries, similar to those we have introduced for Kenya, India, and Nigeria”, says Barbara Winston, Forex-Metal Business Developer.
To visit regional blogs, please visit www.indiaforexbroker.in, www.forexinvestmentnigeria.com , and www.kenyaforextrading.com.

Market review for 20.12.2011: Positive Euro-zone statistics supported the euro.

Asian and European trading sessions:
Euro: During the Asian trading session the Euro traded flat against US Dollar. The EUR/USD couple stuck around the $1.3005 area. The European trading session, though, showed us the outgrowth of the Euro currency against its major competitors. There were reasons for that :first, the report on the index of business climate IFO, whose value for December came in at 107.2 while the forecast 106,second,the fact of approving by IMF allocation of 2.9 billion euro for Portugal. Finally, the euro was supported by the results of the auction on bonds of Spain, which in attracted E 5.64 billion. The EUR/USD pair grew to a its weekly high and hitting the $1.3088 area during the European session.

British Pound: The British currency had the same positive trading day as the Euro. The GBP/USD pair confirmed its bullish trend by growing to $1.5648 level during the European session.
Australian Dollar: The Australian dollar traded mostly at its highs during the Asian session today, receiving support from the protocols of the last meeting of the Board of the Central Bank of Australia.

American trading session:
Japanese Yen: After the released information which showed that the country's Ministry of Finance planned to increase the limit for funding of foreign exchange interventions to 195 trillion yen, the yen weakened against its most major rivals. This increase was the first increase since September 30.

US Dollar: It was a decidedly negative day for the Greenback. The U.S. currency dropped against all 16 most traded currencies on the background of raising the stock markets, which probably started their New Year rally, and decreasing demand for safe –haven assets. The other good news which came from the United States Department of Commerce today, revealed that the number of Housing Starts jumped in November to 681 thousands versus forecasted 627 thousand.

Oil: The WTI prices strengthened today to its daily high at 97.44 and closed at $96.91 per barrel.
Gold: The gold prices continued their previously started bullish trend recovering from the last week big drops and closed today at $1614.82 value.

Market review for 19.12.2011: The U.S. dollar rose against most major currencies on the report of the death of leader Kim Jong-IL, the North Korea’s leader.

Asian and European trading sessions:
Euro: From the beginning of the Asian trading session the Euro was falling against the US dollar ahead of auctions of France and Spain bonds. The EUR/USD pair hit its daily low at $1.2980 level. Moreover, the Euro traded negatively due to the rumors of possible credit rates downgrading of some countries of Euro-zone. During the European session the Euro recovered almost all of its previous session loses; the EUR/USD couple strengthened to $1.3032. Market participants waited for the scheduled today meeting of the EU countries finance ministers’, who planned to discuss the possibility of granting by the IMF Union countries the both-sides loans of 200 billion euro. The EUR / USD finished this session traded at 1.3007 area.

US Dollar: The U.S. dollar rose against most major currencies on the report of the death of leader Kim Jong-IL, the North Korea’s leader. Traders jumped to buy the US dollar, the currency with the “safe-haven” status as well as to sell risky currencies and stocks.
British Pound: The GBP / USD pair traded in the $ 1.5464 -$ 1.5522 range. Also, at the market were rumors about the UK, which would not want to participate in granting credits for the IMF (International Monetary Fund).

Japanese Yen: The news of the death of leader North Korean leader, Kim Jong-IL and held in this connection test-rocket firing supported Japanese Yen today. The USD / JPY pair, similarly to a rocket, exploded to Y78.15 level, its today’s high.

American trading session:
Euro: The EUR/USD pair traded lower during the American session. One the negative news, which supported its direction, were the report of the European Central Bank, stated that the current payment balance deficit of 17 countries of the euro area in October was 7.5 billion euro, versus with its proficit for September of 2.2 billion euro. The couple went to test its European session’s lows at $1.2986 area. In addition, there are still concerns regarding of lowering of the credit ratings of France, Belgium, Spain, Italy, Slovenia, Cyprus and Ireland.

Our Holidays Schedule

The Holiday period is fast approaching. Many countries will be celebrating Christmas and New Year, so banks and stock exchanges will not be operating at that time. We of course also will be closed for a few days during this period.

We will close on Friday, 23rd of December 2011 as usual and will reopen on Wednesday, 28th December 2011 at 9am GMT.

We then will close again on 30th December 2011 and re-open on Tuesday 3rd January 2012.

We wish everyone a save and happy holiday period and a prosperous year 2012.

Forex-Metal Team

Market review for 15.12.11: The Euro grew supported by results of the Spain government bond auction.

Asian and European trading sessions:
Euro: The Asian trading session, especially its second part, showed us the outgrowth of the Euro currency. The EUR/USD pair rose on the positive anticipations of the Spain government bonds auction and had rallied to its session’s highs of $1.3034 level at the end of the session. However, the resistance of this level proved futile and the couple pulled back down to test the $1.2960 support level. The result of Spain bond’s auction had a positive effect for Euro currency. In details, today Spain sold its bonds for 6.03 billion euro versus planned 3.5 billion euro. The EUR/USD had a sharp snapback recovering from its daily lows to the highs of previous session. Indeed, the European session was quite volatile for the EUR/USD couple.
British Pound: The Pound traded positively during the European trading session. The range of its trading day laid between $1.5432 to $1.5527
Japanese Yen: The USD /JPY pair consolidated at the Y78.08 level during the Asian trading session. There was a insignificant fall to lows of Y77.83 at the European session.
Swiss Franc: During both sessions, the Swiss franc rose against all major currencies amid expectations of the decision of the Swiss central bank. It was expected that the SNB will refrain from weakening the CHF currency. The Franc rose against the US dollar and Euro after the Swiss National Bank left the “anchor” of the national currency to the Euro at the same level.

American trading session:
US Dollar: Published today's statistics recorded a decrease in the number of Initial Job Claims for the first week of December (366K versus forecasted 390K) . Also, the other good news was a significant increase in the index of activity in the manufacturing sector from the Federal Reserve Bank of New York, which showed 10.3 value with forecasted 5.These statistics did not support the US Dollar.
Oil: The WTI futures suffered another loss today closing at the $93.41 per barrel. In details, OPEC decided to increase the quota for the production from 24.845 million bpd / day to 30 million barrels / day. This decision was made for first time since 2008, where the Organization of the Petroleum Exporting Countries (OPEC) decided to raise quotas for hydrocarbons production.

Market review for 14.12.11: Falling of World’s stock indices stimulated demand for safe assets.

Asian and European trading sessions:
Euro: European countries were preparing to sell bonds on the background of the deteriorating situation of the debt crisis in the EU region. The EUR/USD pair consolidated at $1.3030 level during the Asian trading session. At the auction, despite the high demand for Italian bonds, the average yield was 6.47% vs. 6.29 for a similar previous release. The EUR / USD couple dropped under $ 1.3000 at end of the European session against the persistence of concerns about worsening debt crisis in EU.

US Dollar: The dollar accelerated its bullish trend against major currencies which it had started even before yesterday’s FOMC meeting. Federal Reserve, despite the optimistic assessment of the American economy, also noted the " significant hidden risks."

British Pound: The GBP/USD couple traded flat during Asian session. The published data on the labor market in the UK, which showed that in November unemployment rate remained at 5.0% when expectations of its growth were 5,1% supported the currency and the GBP / USD pair established its today’s high $1.5530 level.

Japanese Yen: The USD / JPY rose above $ Y78.00 and traded at its daily highs of Y78.10 during the European trading session.

Australian Dollar: The Australian dollar fell in trading on Wednesday and matched parity with U.S. dollar. Again, the reason was the increased nervousness of market participants due to the European debt crisis.

American trading session:
British Pound: Investors were considered the British pound as a relatively safe asset: therefore, the currency rose against its competitors.

Oil: World oil prices fell sharply on Wednesday. For the first time since 2008 the Organization of the Petroleum Exporting Countries (OPEC) at the meeting on 14 December decided to raise quotas for hydrocarbons production. In details, OPEC decided to increase the quota for the production from 24.845 million bpd to 30 million barrels / day. The WTI oil futures fell by more than five dollars and closed below $ 95 a barrel.

Gold: Gold prices suffered today also negative day and closed at $1576 level mark.

Market review for 13.12.2011: The markets were focused on the FOMC meeting today.

Asian and European trading sessions:
Euro: During the Asian trading session the EUR/USD pair traded in range of $1.3160 to $1.3210. Credit rating agencies continued criticize the results of the yesterday’s European summit and reinforced worries that the agreement would not be sufficient to contain the EU debt crisis .The report of the German institute ZEW, which recorded a growth of business confidence of the largest euro zone economy and the EU as a whole in the first over the past 10 months, positively supported the dynamics of trading of the Euro currency and EUR/USD showed its daily high at $1.3235 level.
US Dollar: The US dollar rose to a two-month high against the euro amid anticipations of auction for the EFSF. The market participants expected negative sales in connection of the possible reduction by Standard & Poor's agency the highest rating of the leading EU countries.
British Pound: During both sessions the pound rose to its daily highs around $1.5620 area after the Royal Institute today announced that the of RICSS’s house price balance index in Britain rose in November to - 17 % amid rising demand versus – 24% in October and forecasted -25% .
Japanese Yen: The USD/JPY pair traded in narrow range of Y77.70 to 77.95 during both sessions.
The market were focused on Federal Reserve’s meeting, the result of which would have been revealed during the American trading session.

American trading session:
Euro: The Euro currency had suffered another nasty spill, caused by a new wave of negative media reports were that the German Chancellor Angela Merkel confirmed that she is opposed to increasing the maximum size of the European Stability Mechanism (ESM). The EUR / USD couple fell to $ 1.3020.

US Dollar: The FOMC decision , which matched the predictions of market participants put pressure on the U.S. stock markets and in contrast supported the US dollar which rose against its competitors.

Oil: The WTI futures grew by +2,25% today and closed at $100.30 level
Gold: By the end of Tuesday the gold futures quoted at $ 16626.50 per ounce (-0.31 %), confirmed its daily lows at $1.622 area. The pressure on the gold still have the banks’ sales, which are thus trying to improve the liquidity amid growing tension on the financing of the banking sector.

Technical analysis for 14/12

EURUSD
The pair has declined to support 1.30277.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair has declined to 1.54842. If this level is broken the pair will decline to 1.53482.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53482, 1.52063
USDCHF
The pair is aiming to 0.95074.
Resistance: 0.95074, 0.96220, 0.97427
Support: 0.93949, 0.93069, 0.92026
USDJPY
The pair has found support at 77.539 and aiming to 78.345.
Resistance: 78.345, 79.070, 79.707
Support: 77.539, 76.463, 75.425
AUDUSD
The pair may decline to Fibonacci 23% at 0.98771 if stays below 1.00907.
Resistance: 1.00907, 1.01744, 1.02558
Support: 1.00067, 0.99207, 0.98436

Market review for 12.12.2011: The big sell-off day for stock markets. The US Dollar and the Yen strengthened.

Asian and European trading sessions:
Euro: The Euro started out its day with a sharp move lower against the most major currencies in anticipation of auction of Italy’s government bonds. The expectations were negative amid spread fears of the debt crisis in EU countries. Also, the pressure on the Euro currency had to do with investors’ concerns about the potential consequences from the disagreement between the UK and EU leaders’ arrangements on the last Friday’s summit. The EUR/USD pair suffered big drop to $1.3182 at the end of the European trading session.

US Dollar: The U.S. dollar strengthened against of most major currencies together with the increased demand for safety assets. Moreover, another reason supported that outgrowth due to the expectations of tomorrow's negative report on Germany’s investor confidence. That report could show the reduction in investors’ confidence in European economy, which in turn results in increased demand for safe-heaven currencies, like US Dollar and Japanese Yen.

Japanese Yen: The negative dynamics of the major Europe stock markets and increasing demand for currencies with safe haven status supported the yen today. The USD/JPY pair traded around its daily highs of Y77.98 area during both sessions.

American trading session:
Euro: At the beginning of the American trading session the Euro currency suffered another nasty spill dropping to its daily lows at $1.3160 area. The reasons for that were the results of the Italian bonds’ auctions, which showed the reduction in the demand for it.

US Dollar: Dollar continued strengthening against the majority of currencies, since investors decided to put their money to safety assets, because of the falling American stock indices.

Gold: Today, the Gold prices showed the most significant one-day drop, being under pressure because of strong US dollar, and fell by 3% per cent to $ 1654 per ounce, to its lowest level in three weeks.

Oil: The Oil continued its downtrend which started last week. The closing price of the day recorded $97.8 mark.

Technical analysis for 13/12

Technical analysis for 13/12
EURUSD
The pair has declined to support level at 1.31674 and may roll back to 1.32505.
Resistance: 1.33143, 1.34882, 1.35984
Support: 1.31674, 1.30277, 1.28630
GBPUSD
If the pair breaks 1.56722 it may bring pair to 1.58543.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53482, 1.52063
USDCHF
The pair has risen to 0.92949 and rolling back to 0.93069.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair has found support at 77.539 and aiming to 78.345.
Resistance: 78.345, 79.070, 79.707
Support: 77.539, 76.463, 75.425
AUDUSD
The pair may decline to Fibonacci 23% at 0.98771 if stays below 1.00907.
Resistance: 1.00907, 1.01744, 1.02558
Support: 1.00067, 0.99207, 0.98436

Market review for 08.12.11: The pressure on the single currency increased after the speech of the ECB president Mario Draghi.

Asian and European trading sessions:
Euro: The Euro currency was under pressure against the US Dollar and Japanese Yen amid the concerns of investors that the European countries, Germany and France could lose their AAA credit ratings. These concerns arose because of the rumors that European leaders would not agree on a new plan of restraint of the debt crisis in EU this week. After the publication of the ECB decision the EUR/USD pair at first strengthened to
$1.3420 area but then rolled over and fell sharply to its daily low at $1.3290.

US Dollar: The demand for the US dollar increased today amid the falling Asian stock markets. Investors fear a slowdown in the economy in the region, increasing the demand for safe-heaven currency.
British Pound: The GBP/USD pair traded in the narrow range of $1.5693 - $1.5743 during the Asian trading session. The decision of the Bank of England regarding leaving the discount rate and the amount of quantitative easing at the same level did not have any effect on the dynamics of the British Pound.
Japanese Yen: Together with US Dollar and for the same reason of increasing demand for safe –haven assets, the Yen strengthened against the major currencies. The USD/JPY pair fell to the area of Y77.34 during the European trading session.
Australian Dollar: The Australian dollar fell against most major currencies after the report which showed the Employment Change decrease for the first time in the last three months.

Canadian Dollar: The Loonie fell steeply from its December highs against of the US Dollar, amid concerns about further spread of the European debt crisis and the decreasing demand for risky assets as well as for Oil futures.

American trading session:
The pressure on the single currency increased after the speech of the ECB president, Mario Draghi, who signaled that the European central bank does not want to increase purchases of government bonds of countries of EU region for dealing with debt crises. The EUR/USD couple reached lows at $1.3289 mark.

Oil: The WTI futures on NYMEX closed at $98 for barrel with downturn on $2.35.
Gold: The Gold futures had negative day and closed it at $1710.13 per ounce.

Market review for 07.12.11: The Euro gained amid expectations that Europe will expand the fund for assistance to European countries.

Asian and European trading sessions:

Euro: During the Asian trading session the EUR/USD pair gained about 30 points amid expectations that Europe will expand the fund for assistance to European countries with debt problems in the Euro region, in the forthcoming meeting in Brussels tomorrow. The couple pulled back sharply pressured by rumours that the European Central Bank will reduce the basic interest rates at tomorrow's meeting. During the European the pair recorded its daily low at $1.3351 level.

US Dollar: The reason for falling of the U.S. dollar at the Asian trading session was the decline in the demand for safe-haven assets. However, this action had been limited by rumors that the euro zone will need more time to deal with the crisis and Japan in the near future may face the risk of reduction its credit rating. This led to an increase in demand for the US dollar and the currency recovered some of its previous loses.

British Pound: The GBP / USD pair traded in the narrow range of $ 1.5597 to $ 1.5645 during the both trading sessions.
Japanese Yen: It was again, narrow range day for USD / JPY. The pair traded around Y77.70 area.

Australian Dollar: The Australian dollar traded at its highs against major currencies in late Asian session on Wednesday. The support for the currency came from the news of strong economic growth in the 3rd quarter. In details: the GDP of Australia grew in 3d quarter to 2.5% against forecasted 1.8%

American trading session:

Euro: The currency strengthened against the US dollar, when the major U.S. stock indexes cut their morning loses and exploded in the afternoon, consequently put pressure on the US dollar.

British Pound: Rallied very sharply to its daily highs of $1.5722 after the report of the sterling significant purchases, which were related to M & A transactions
Gold: Today the price of Gold rose to $1.740,75 per troy ounce.
Oil: The U.S. light crude oil WTI during the today’s auction in New York closed at 100.68 dollars per barrel

Technical analysis for 8/12

EURUSD
The pair has risen to 1.34882 and rolling back to 1.33143.
Resistance: 1.34882, 1.35984, 1.37486
Support: 1.33143, 1.31674, 1.30277
GBPUSD
The pair is trying to break 1.56722 it may bring pair to 1.58543.
Resistance: 1.58543, 1.60322, 1.62050
Support: 1.56722, 1.54842, 1.53482
USDCHF
The pair has risen to the Moving Average (500) at 0.93069 and rolling back. The closest support for the pair is 0.92026.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair is aiming to 77.539. If this level is broken the pair will continue declining.
Resistance: 78.345, 79.070, 79.707
Support: 77.539, 76.463, 75.425
AUDUSD
The pair has risen to 1.02558. If the pair stays above this level the pair will rise to 1.03535. If the pair stays below 1.02558 the pair will decline to 1.01744.
Resistance: 1.02558, 1.03535, 1.04407
Support: 1.01744, 1.00907, 1.00067

Market review for 06.12.11: Market participants’ expectations for upcoming EU economic summit supported the Euro.

Asian and European trading sessions:
Euro: At the end of the Asian trading session the Euro slightly fell against its main competitors and eventually, the EUR/USD pair set its daily lows at $1.3334 area. The European session, though, brought some positive effect for Euro currency amid expectations by market participants for upcoming EU economic summit, which will be held on Thursday –Friday. Indeed, the support came after the announcement of the German Chancellor Angela Merkel, who said that the important decisions would be made on Thursday and Friday. The Euro regained its morning losses against the dollar and the EUR/USD couple strengthened to $1.3428 level.

British Pound: The GBP/USD pair showed flat trend setting its sessions low at $1.5590 and high near the $1.5662 area.
Japanese Yen: Today the USD/JPY pair traded in the narrow range of Y77.62-Y77.83 during both sessions.
Australian Dollar: The big news for Australian dollar today were a decision of the Reserve Bank of Australia, which cut interest rates by 25 basis points for the second consecutive month to 4.25 %. Australian dollar fell against all major currencies at the beginning of the Asian trading session.
New Zealand: The New Zealand dollar also fell amid reduced demand for risky assets. The main reason for that was the report of the Standard & Poor's agency which warned of the possible downgrades of the AAA rating of some European countries, including Germany.

American trading session:
The dynamics of the Euro trading was positively affected by the report on the Germany Factory Orders, which were better than expected; in details, 5.2% versus 1 % in October.

The Swiss franc fell against all major currencies against the backdrop of November's decline in CPI by 0.5 % compared with the forecasted 0.3%.

Oil: The WTI Oil futures closed the day around the 100.68 dollars per barrel at the end of American trading session.
Gold: The Gold futures had negative day and closed it at $1720.13 per ounce.

Technical analysis for 7/12

EURUSD
The pair has risen to 1.34882 and rolling back to 1.33143.
Resistance: 1.34882, 1.35984, 1.37486
Support: 1.33143, 1.31674, 1.30277
GBPUSD
The pair is trading below 1.56722 it may bring pair to 1.54842.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53482, 1.52063
USDCHF
The pair has risen to the Moving Average (500) at 0.93069 and rolling back. The closest support for the pair is 0.92026.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair is aiming to 77.539. If this level is broken the pair will continue declining.
Resistance: 78.345, 79.070, 79.707
Support: 77.539, 76.463, 75.425
AUDUSD
The pair has risen to 1.02558. If the pair stays above this level the pair will rise to 1.03535. If the pair stays below .02558 the pair will decline to 1.01744.
Resistance: 1.02558, 1.03535, 1.04407
Support: 1.01744, 1.00907, 1.00067

Market review for 05.12.11: Possible credit rating downgrades of Germany and other five EU countries.

Asian and European trading sessions:
Euro: During the European and Asian trading sessions the euro rose against most major currencies. There were two main reasons for that growth. First reason had to do with the fact that the Prime Minister of Italy, Mario Monti accepted the measures aimed for achieving a balanced budget by 2013 year. The second reason had to do with the reports that the ECB could provide to the IMF 270 billion dollars, which would be directed towards the fight with the debt crisis in the European Union.
The EUR/USD pair strengthened at the level of $1.3485. On the other hand, the economic news, which came from Germany were not positive; in particular, the German PMI Index hit 50.4 mark versus forecasted 51.4, but these news did not have a strong influence on the EUR trading.
British Pound: The GBP/USD pair also had a positive trading dynamics and increased to the $1.5670 level during the European session.
Japanese Yen: The USD/JPY pair traded today within a very narrow range during the Asian trading session, yet went to check the Y78.10 level and then fell to Y77.77 at the European session.

American trading session:
Euro: The Euro experienced a deeply fall against the U.S. dollar after the S & P agency warned of possible downgrades the AAA rating of some European countries, including Germany. Other negative news had to do with the report of Retail Sales in Eurozone, which dropped for the 0.4% in October versus forecasted 0.8%.

British Pound: At the beginning of American session the sterling strengthened against the backdrop of favorable statistics, which showed that the PMI index in the UK service sector amounted to 52.1 points in November, yet was expected to be 50.5 points.

Oil: The WTI Oil futures closed the day around the 100.68 dollars per barrel at the end of American trading session.

Gold: The Gold futures had negative day and closed it at $1720.13 per ounce.

Technical analysis for 6/12

EURUSD
The pair has risen to 1.34882 and rolling back to 1.33143.
Resistance: 1.34882, 1.35984, 1.37486
Support: 1.33143, 1.31674, 1.30277
GBPUSD
The pair is trading below 1.56722 it may bring pair to 1.54842.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53482, 1.52063
USDCHF
If the pair stays above 0.92026 the pair will rise to 0.93069.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair is aiming to 77.539. If this level is broken the pair will continue declining.
Resistance: 78.345, 79.070, 79.707
Support: 77.539, 76.463, 75.425
AUDUSD
The pair has risen to 1.02558 and if stays below this level the pair will decline to 1.01744.
Resistance: 1.02558, 1.03535, 1.04407
Support: 1.01744, 1.00907, 1.00067

Market review for 01.12.11: The results of France and Spain Government bonds’ auctions supported the Euro currency.

Asian and European trading sessions:
Euro: Euro showed limited growth and the EUR/USD pair rose to $1.3470 zone. During the European session the Euro currency grew against major currencies against the background of today auctions for government bonds of France and Spain. Past auctions recorded increase in demand for debt securities of European countries. The EUR/USD pair strengthened in the region of $1.3514.

US Dollar: The reduced demand for safe assets influenced the US Dollar trading dynamic during both sessions. Also the fact of changed investors’ perspective regarding the condition of the American economy into a positive way, reinforced the Greenback’s decline against its major competitors.
British Pound: The GBP / USD pair showed its low at $ 1.5636 in early European session, but later was able to recover above $ 1.5730.

Japanese Yen: The USD / JPY pair traded in the narrow range of Y77.48 to Y77,79 during the Asian and European sessions.
Australian Dollar: The Australian dollar fell against major currencies after the publication of statistics in this region,which recorded that the number of Building Approvals dropped by 10.7 % in October after declining 14.2% in the previous month.

American trading session:
Swiss Franc: After the reports that Switzerland is considering the introduction of negative interest rates to weaken the exchange rate of its National currency, the Swiss Franc steeply fell against the Euro and the US dollar.

Oil: WTI Oil futures to 100.01 dollars per barrel at the end of American trading session.

Gold: The Gold futures closed its day at$1745.13.

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Market review for 30.11.11: The decision of the Bank of China put strong pressure on the US dollar.

Asian and European trading sessions:
Euro: The Euro currency had a very significant day. At the beginning and most of the second part of the Asian trading session the Euro was down, influenced by news that the agency Standard & Poor's downgraded the credit ratings of 15 world banks. The EUR/USD pair hit $1.3256 point, which was its daily low. The situation had dramatically changed after the report of the Bank China, which reduced the reserve requirements for banks. In particular, the Reserve ratio was reduced by 0.50%. The EUR/USD pair sharply moved up and flew to $1.3531 within 30 min of time.
US Dollar: The news that the Bank of China lowered the reserve requirements for banks had supported the stock market and spurred pressure on the U.S. dollar. As a result, the currency gave back all it’s gains against the major competitors.

British Pound: The GBP/USD pair has also a spectacular sessions and set new daily high at $1.5775.
Japanese Yen: The yen fell against most of the 16 major currencies after today’s positive news, which caused the decreased demand for “safe-haven” assets. The USD / JPY pair traded in a range of Y77.84-Y78.13 from the beginning of the Asian trading session.

American trading session:
As a result of the announced news that the Bank of China lowered the requirements for Bank’s reserves the U.S. dollar and Japanese yen sharply declined against their competitors. Indeed, these good news brought some confidence to investors and increased their demand for the risky assets.
The Canadian dollar: The Canadian dollar rose after the report which showed that the Canadian economy grew by 3.5 % yearly in the third quarter. These news were ahead of forecasted values.
Oil: WTI Oil futures rose to a two-week maximum and increased by 58 cents to 100.36 dollars per barrel at the end of American trading session
Gold: The Gold also showed its big move to $1749 from $1702.

Technical analysis for 1/12

EURUSD
The pair has risen to 1.34882.
Resistance: 1.34882, 1.35984, 1.37486
Support: 1.33143, 1.31674, 1.30277
GBPUSD
The pair had declined to support level at 1.56722. The pair may try to rise to the Moving Average (100) 1.58543.
Resistance: 1.58543, 1.60322, 1.62050
Support: 1.56722, 1.54842, 1.53482
USDCHF
The pair has declined to 0.91079.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair is trying to rise to the Moving Average (200) at 78.661.
Resistance: 78.345, 79.070, 79.707
Support: 77.539, 76.463, 75.425
AUDUSD
The pair has reached Moving Average (100) at 1.01744 and Moving Average (200) at 1.02558.
Resistance: 1.02558, 1.03535, 1.04407
Support: 1.01744, 1.00907, 1.00067

Market review for 29.11.11: Expectations for the meeting of the EC Ministers of Finances pushed euro up.

Asian and European trading sessions:
Euro: Euro demonstrated growth today due to the expectations for the meeting of the EC Ministers of Finances. Investors were looking forward to the set up plan for the expansion of the EFSF opportunities.
The Italian Government bond auction, which showed positive results, supported the euro as well.
US Dollar: According to the released information, the Consumer confidence index in November showed a sharp increase to 56 points.
The Fitch Ratings reduced its US debt rating to a negative level, which pressured the American dollar.
British Pound: British Pound showed its big move during the European trading session rising to $1.5655 from $1.5495.
Japanese Yen: At the same time the Japanese yen started to lose its previously won positions. The unemployment rate in Japan for October increased for 4.5%. As a result, the USD/JPY pair set its daily lows at Y77.6.
Australian and New-Zealand Dollars: The Australian and New-Zealand dollars rates’ grew as the optimism for the development of the tax-budget solution for the debt crises in the region reinforced.
Demand for the high-yielding assets increased.

American trading session:
The euro dropped by the end of the trading day.
Oil: Oil rate increased to $99,79 per barrel.
Gold: Gold traded in the range of $1704 - $1718 per ounce.

Technical analysis for 30/11

EURUSD
The pair has broken support and declined to the next support level at 1.33143. If the pair stays above this level the pair will rise to 1.34882.
Resistance: 1.34882, 1.35984, 1.37486
Support: 1.33143, 1.31674, 1.30277
GBPUSD
The pair has nearly tested 1.56722. The pair may try to test this level again.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53482, 1.52063
USDCHF
The pair has declined to 0.92026 and trying to break it. This may bring pair to test 0.91079.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair is trying to rise to the Moving Average (200) at 78.661.
Resistance: 78.345, 79.070, 79.707
Support: 77.539, 76.463, 75.425
AUDUSD
The pair is aiming to the Moving Average (100) at 1.01744 and Moving Average (200) at 1.02558.
Resistance: 1.00907, 1.01744, 1.02558
Support: 1.00067, 0.99207, 0.98436

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Market review for 28.11.11: Today the demand for the Government bonds of European countries showed a significant increase.

Asian and European trading sessions:
Euro: After the TV news on France24 channel, the Euro strengthened against its competitors during the Asian. The EUR/USD pair jumped to $1.3292 level and then went to its daily high of 1.3396 during the European trading session. The news contained the information about the emergency credit to Italy that was offered by International Monetary Fund (IMF). The credit, whose size can range from 400 to 600 billion Euro might be given with the discounted interest rate on it - from 4% to 5 %. However, when this information was denied by official from the IMF the euro gave up its earlier positions.
Today the attention of market participants was also focused on the yield’s dynamics of the European countries bonds during the auctions that were held in Italy, Belgium and France.
Japanese Yen: The Yen showed today an increase and rose to Y78.23 from Y77.56 to US Dollar during both trading sessions.
Oil: WTI also gapped today, like the Euro currency, and grew to its daily high of 100.71 area at the beginning of the Asian session. Its daily close hit $97.76 mark.
Gold: With the decreasing demand for US Dollar today the Gold prices closed at 1711.25 level.
New Zealand dollar: The New Zealand dollar rose versus 16 major currencies after Prime Minister John Key was re-elected for another term.

American trading session:
British Pound: After the release of unfavorable report of Retail Sales Index of the Confederation of British Industry in November recorded -19 versus forecasted -12 the British pound fell against major traded currencies.

Technical analysis for 29/11

EURUSD
The pair has broken support and declined to the next support level at 1.33143. If the pair stays above this level the pair will rise to 1.34882.
Resistance: 1.34882, 1.35984, 1.37486
Support: 1.33143, 1.31674, 1.30277
GBPUSD
The pair has declined to 1.54842. If the pair stays above this level the pair will rise to 1.56722.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53482, 1.52063
USDCHF
The pair has risen to the Moving Average (500) at 0.93069 and rolling back to 0.92026.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair is trying to rise to the Moving Average (200) at 78.661.
Resistance: 78.345, 79.070, 79.707
Support: 77.539, 76.463, 75.425
AUDUSD
The pair has found resistance at 0.99207 and may roll back to 0.98436.
Resistance: 0.99207, 1.00067, 1.00907
Support: 0.98436, 0.97423, 0.96579

Market review for 24.11.11: The business climate index in Germany calculated by IFO Institute grew in November.

Asian and European trading sessions:
Euro: At the beginning of Asian trading session the Euro rose against major currencies supported by the demand of investors for the European region assets. One of the reasons for that increase was the positive report of German GDP which recorded the same +0.5% (QoQ) and +2.6% (YoY) as per the forecast. Another reason was today's data that showed that the business climate index in Germany calculated by IFO Institute as the results of November grew to the level of 106.6 points versus forecasted 105.5. During the European session the EUR/USD pair traded in the $1.3356 - $1.3410.
US Dollar: The U.S. dollar rate corrected by declining against the Euro and other major currencies after it’s yesterday's rally. This correction had technical character and US Dollar still carried its title of safe-haven asset.
British Pound: The British pound rose during the both sessions. The GBP/USD pair traded in the $1.5501 - $1.5564 range and continued its downtrend by the end of European session.
Japanese Yen: The yen rose against most major currencies of the 16, before the publication of the business climate index in Germany. The USD/ JPY couple slide to its daily low of Y77.01 right at the beginning of Asian trading session.
Oil: The WTI futures finished its day by closing at $97.02 per barrel.
Gold: Had a quite narrow trading range today and closed at $1694.83 per troy ounce.

American trading session:
U.S. financial markets were closed today due to a National holiday, Thanksgiving Day.

Market review for 23.11.11: Fears of the world economy sliding down into a recession supported the dollar.

Asian and European trading sessions:
Euro: The euro dropped below the $1.3450 level against the U.S. dollar amid expectations that the credit rating of AAA for France could be affected by the released information from the Belgian newspaper De Standard. The source reported that the planned bailout of the Dexia SA bank was not possible, because Belgium did not provide a consistent share of funding.

Another negative reason that threw the EUR/USD pair to the $1.3375 level was a report, that showed an unexpectedly significant reduction in industrial orders in the EU. In detail, the Septembers’ orders fell by 6.4% against the forecasted value of -2.7%

US Dollar: The dollar rose against major currencies against the backdrop of increased demand for safe assets due to the negative dynamics of the world's major stock indices. Stock indices declined due to pessimism that has become dominant in the markets after yesterday's U.S. and China macroeconomic data. The U.S. GDP for third quarter revision recorded 2.0 % level and it was lower than the preliminary data showed (2.5%), and lower than analysts had expected (2,3%). PMI in the manufacturing sector of China in November 2011 fell to 48 points from 51 points in October.

British Pound: The GBP/USD pair showed downtrend from $1.5654 to $1.5552.
Japanese Yen: The yen dropped against the major currencies. The USD/JPY pair increased from Y76.92 to Y77.23.
Canadian Dollar: The Canadian dollar grew against most of the major currencies after the release of the Retail Sales report, which grew in September rapidly, and increased the forecasts for the economic growth of the country.
Australian Dollar: The Australian dollar was under pressure due to the concerns over the situation in Euro-zone.

American trading session:

Oil: Oil traded around the $95.82 level per barrel.
Gold: Gold closed the day at the $1.693 mark per ounce.

Technical analysis for 24/11

EURUSD
The pair has broken support and declined to the next support level at 1.33143. If the pair stays above this level the pair will rise to 1.34882.
Resistance: 1.34882, 1.35984, 1.37486
Support: 1.33143, 1.31674, 1.30277
GBPUSD
The pair has declined to 1.54842 and trying to roll back to 1.56722.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53482, 1.52063
USDCHF
The pair has risen to 0.92026 and may roll back to 0.91079.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair has tested Moving Average (100) at 77.539 and rolling down to 76.463.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
AUDUSD
The pair has found support at 0.96579 and rolling back to 0.97423.
Resistance: 0.97423, 0.98436, 0.99207
Support: 0.96579, 0.95611, 0.94635

Market review for 22.11.11: The IMF Board approved two new credit packages to limit and fight the spreading of the debt crisis.

Asian and European trading sessions:
Euro: The Euro recovered against most major competitors after the credit rating agency Moody's confirmed the U.S. credit rating at the AAA level. The EUR/USD pair continued rising and recorded its today’s high at $1.3566 area, even despite the fact that a representative of the German authorities said that Germany had no additional plans to address the EU debt crisis.
US Dollar: The US dollar retreated against the major currencies amid positive dynamics in the main European stock markets and US indices’ futures and decreasing demand for safe-haven assets.
British Pound: The GBP/USD pair traded within $1.5618 to $1.5688 levels. The report, which recorded decline in Public Sector Net Borrowing in the UK did not support for the pair.
Japanese Yen: The yen fell against most major currencies after a leading credit rating agency, Moody's confirmed the U.S. credit rating at the highest AAA level, thereby reduced demand for Japan's currency as safe-haven asset.

American trading session:
After the announcement of IMF Board’s approval of two new credit packages for increasing the credit available to fight the spreading of the debt crises, the Euro and other risky assets had a push to grow.
Oil: The WTI oil future on the NYMEX trading rose for the first time in four days by 1.02 dollars to 97.72 dollars per barrel. The drop of the oil, which started last week happened amid fears that the new sanctions against Iran and protests in Egypt would lead to a breach of oil delivers.
Gold: The Gold went up to 1698.95 dollars per troy ounce. The main reason for that was the weakness of the US dollar.

Technical analysis for 23/11

Technical analysis for 23/11
EURUSD
The pair stays above Fibonacci 50% 1.35000. The pair may rise to 1.35984.
Resistance: 1.35984, 1.37486, 1.38554
Support: 1.34882, 1.33143, 1.31674
GBPUSD
The pair has reached support level at 1.56722 and trying to break it. This may bring pair to test 1.54842.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53482, 1.52063
USDCHF
The pair has rolled back to 0.91079 and trying to rise to 0.92026.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair is aiming to test Moving Average (100) at 77.539.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
AUDUSD
The pair has reached support 0.98436 and trying to break it. The pair may continue declining to 0.97423.
Resistance: 0.98436, 0.99207, 1.00067
Support: 0.97423, 0.96579, 0.95611

Market review for 21.11.11: Japanese Yen, Swiss Franc and U.S. Dollar grew due to increased demand for safe-haven currencies.

Asian and European trading sessions:
Euro: Expectations for the weak macro-economic data of the EU region, which will be released this week out pressured the Euro currency today (in particular, the expected further decline of the German Ifo indicator and the PMI index). The EUR /USD pair fell to the area of $1.3428. Later, during the second part of the European trading session, the EUR/USD pair was able to partially recover to $1.3475 area, but pressure still remained.
US Dollar: The US Dollar buyers were supported by decreasing European stock markets and the negative dynamics of major U.S. futures. Concerns regarding the situation in EU provided support for the dollar as the currency with the safe haven status.
British Pound: The GBP/USD pair dropped below $1.5650 level to its daily lows at $1.5612 area. The main reason for that was the released announcement of the British Prime Minister Cameron who stated today that during the next week the Government will present the scale scheme of credit easing, as Great Britain must address the problem of its own debt.
Japanese Yen: Upon the results of today's trading the Japanese Yen rose against the majority of currencies. The demand for safe assets increased against the rumors that the Democratic Party committee of the American Congress probably won’t be able to agree on the reduction of deficiency in US during the today’s meeting. The USD/JPY pair traded between Y76,75-Y76, 98 levels.

American trading session:
The Euro grew after the report on Existing Home sales in the US which had also supported the US stock market. The EUR/USD strengthened and reached the level of $1,3540, which almost covered losses during the previous trading session.

Swiss Franc: The Swiss Franc grew against its competitors in connection with the withdrawal of investors’ investments from the risky active assets and its increase in the demand for the “safe-haven” status currencies.
Oil: The WTI futures on NYMEX closed at $97,06 for barrel with downturn on 71 cents.
Gold: Continued its downtrend that had started last week. The today closed price hit the $1676 level.

Technical analysis for 22/11

Technical analysis for 22/11
EURUSD
The pair stays above Fibonacci 50% 1.35000. The pair may rise to 1.35984.
Resistance: 1.34882, 1.35984, 1.37486
Support: 1.33143, 1.31674, 1.30277
GBPUSD
The pair has reached support level at 1.56722 and trying to break it. This may bring pair to test 1.54842.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53482, 1.52063
USDCHF
The pair has reached 0.92026. The pair’s aim is to test Moving Average (500) at 0.93069.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair is aiming to test Moving Average (100) at 77.539.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
AUDUSD
The pair has reached support 0.98436 and trying to break it. The pair may continue declining to 0.97423.
Resistance: 0.98436, 0.99207, 1.00067, 1.00907
Support: 0.97423, 0.96579, 0.95611

Market review for 17.11.11: Gold drops to minimums of $1710.

Asian and European trading sessions:
Euro: The Euro slightly recovered against the U.S. dollar after falling to a new 5 - week low at $1.3422 in early Asian trading. Furthermore, the Euro was under pressure against the major currencies because of the results of the Spanish and French government bonds’ auctions. The EUR /USD pair traded today in the $1.3422 - $1.3537 range.

US Dollar: During the first half of the Asian trading session the US Dollar fell against the majority of 16 basic currencies. The main reason for that was the expected speech of William Dudley, who was the president of the Federal Reserve Bank of New York.
British Pound: After the publication of the report on retail sales in the UK, the British Pound showed an increase against the US dollar and strengthened to $1.5800 area. The retail sales grew in October and exceeded the expectations (+0.9 % y/y vs. -0.2 %).
Oil: The cost of the December futures on U.S. light crude oil, WTI in trading in New York fell to 100.01 dollars per barrel.

Gold: The Gold futures got hammered today along with a sharp fall in demand for commodity and stocks.The December Gold futures dropped to 1720 dollars per troy ounce, marking the low of the day at $1710 area.

American trading session:
Support for positive trading direction for the US dollar was received from the statement of the Fitch agency , which says that the ratings of U.S. banks that have large investments in Europe could be lowered. Other news which engaged the “greenback” buyers were strong macro-economic data on the labor market and U.S. housing. The number of initial claims fell last week by 5 thousands.

Australian Dollar: The Australian dollar reached parity with the US dollar for the first time since September and even went to $0.9975 level amid the drop of investors ' interest in risky assets.

Market review for 16.11.11: The pound was pressured by the UK labor market report.

Asian and European trading sessions:
Euro: The Euro fell against major currencies as well as showed a high volatility against the US dollar on Wednesday. The pressure on the single currency was a result of the speech of the European Commission President Jose Manuel Barroso, who noted that the region was facing a truly systemic crises.

Later the Euro was supported by information that the new prime minister of Italy, Mario Monti presented the new government. As we stated earlier, the Euro showed high volatility to US dollar; its trading range during the European session was about 120 points and laid between $1.3425 to $1.3548 levels.

US Dollar: The dollar rose against 15 of the 16 major currencies against the search for safe assets by investors.
British Pound: The pound dropped after the released statistics which showed unemployment rate growth in Great Britain. In particular, in October the number increased by 5.3 thousands when the forecast was at 21.0. The GBP/USD pair traded in the $1.5742 - $1.5814 range during the European trading session.

Australian Dollar: The Australian dollar was negatively affected by the report, that showed the reduced growth wages during the 3rd quarter, which was much more dramatic than economists expected.

American trading session:
The British pound weakened against the dollar after the Bank of England lowered forecasts for economic growth and inflation, as expected, signaling the introduction of a new fiscal stimulus in the coming months.
Oil: The WTI oil futures prices increased by 3.3%, to 102.87 dollars, to its highest level since May 2011.The closing price for the day was $101.73 per barrel.

Technical analysis for 17/11

EURUSD
The pair has broken Fibonacci 50% and aiming to 1.33143.
Resistance: 1.34882, 1.35984, 1.37486
Support: 1.33143, 1.31674, 1.30277
GBPUSD
The pair has reached support level at 1.56722.
Resistance: 1.58543, 1.60322, 1.62050
Support: 1.56722, 1.54842, 1.53482
USDCHF
The pair has reached 0.92026. The pair’s aim is to test Moving Average (500) at 0.93069.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair has broken 77.539 and aiming to 76.463.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
AUDUSD
The pair has reached support 1.00067 and may roll back to 1.00907. If the pair breaks 1.00907 the pair will rise to 1.01744.
Resistance: 1.00907, 1.01744, 1.02558
Support: 1.00067, 0.99207, 0.98436

Market review for 15.11.11: The Euro continues its downtrend. The U.S. economic stats contributed to the increase of U.S. Dollar.

Asian and European trading sessions:
Euro: The Euro fell against the major currencies amid expectations of an auction for Spain Government bonds. Furthermore, the pressure on Euro increased as a result of the reinforced concerns that Italy and Greece would be able to handle the existing debt problems.

The released publication of the indices of the business environment of the ZEW institute in Germany and in the EU as a whole. The values of both indicators for November were significantly worse than expected: Index of economic expectations fell compared to October by 7.9 points to -59.1 points and ZEW in November dropped to 34.2 points versus forecasted 32.0 points. The EUR/USD pair had a definite down day setting new lows at $1.3512 during the European trading session.

US Dollar: The U.S. dollar rose against its main competitors. However, it did not grew much against the Japanese Yen despite the remaining expectations about the currency intervention by National Bank of Japan.

British Pound: The GBP/USD pair continued its yesterday downtrend and renewed new lows falling to the $1.5812 area.
Japanese Yen: The European session passed in the relatively narrow range for USD/JPY. At the beginning of the Asian session the pair briefly strengthened at the Y77.50 area, but fell back later. The continued tension with respect to the debt crisis of the euro area still supported the demand for yen. The couple traded around Y77, 00 level during the rest of the day.

American trading session:
Canadian Dollar: Canadian currency fell against the background of Oil prices reduction.
New Zealand and Australian dollar also continued to fall for the second consecutive day, amid concerns about the situation in Europe, which showed the decrease in demand for risky assets.

Technical analysis for 16/11

EURUSD
The pair has broken Fibonacci 50% and aiming to 1.33143.
Resistance: 1.35984, 1.37486, 1.38554
Support: 1.34882, 1.33143, 1.31674
GBPUSD
The pair has reached Moving Average (500) at 1.57826 and aiming to test support level at 1.56722.
Resistance: 1.58543, 1.60322, 1.62050
Support: 1.56722, 1.54842, 1.53482
USDCHF
The pair has reached 0.92026. The pairs aim to test Moving Average (500) at 0.93069.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair has broken 77.539 and aiming to 76.463.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
AUDUSD
The pair’s support is 1.00907. Resistance 1.01744. If the pair breaks support 1.00907 the pair will decline to 1.00067.
Resistance: 1.01744, 1.02558, 1.03535
Support: 1.00907, 1.00067, 0.99207

Market review for 14.11.11: U.S. Dollar advances against the major currencies.

Asian and European trading sessions:
Euro: During the beginning of the Asian trading session the Euro showed gains against the U.S. dollar as the confidence for the ability to limit the Italian debt reinforced.

But the European session showed the selling of the European currency, when the EUR/USD pair fell to its session low at $1.3615 area. The pressure on the dynamics of the euro was received from a weak report about the industrial production in the EU, which decreased in September by 2.0 % (MoM).

US Dollar: Amid the falling stock markets in Europe, the U.S. Dollar strengthened against the major currencies. The Dollar Index rose today to 77.70 level.

British Pound: The GBP/USD pair got hammered today and fell to the region of $1.5920. The reason for that was the statement of Charter institute of personnel and development which stated that its index of hire of Great Britain fell to - 3 in the fourth quarter versus - 1 in the previous quarter.
Japanese Yen: The USD / JPY pair showed its low at Y76,81 area, but later the pair recovered above the level of Y77,10.
New Zealand Dollar: The New Zealand Dollar rose at the beginning of the Asian trading session after the government's report, which showed that retail sales grew by the 2.2% in 3Q, adding that the economy remains stable.

American trading session:
Swiss Franc: The Swiss franc dropped against the U.S. Dollar after the release of statistics showing that the producer and import price index in October fell by 1.8% over the previous year.

Technical analysis for 15/11

EURUSD
The pair has declined to 1.35984 and may decline to Fibonacci 50% at 1.35015.
Resistance: 1.37486, 1.38554, 1.39600
Support: 1.35984, 1.34882, 1.33143
GBPUSD
The pair has broken daily channel and may decline to the Moving Average (500) at 1.57826.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair has reached 0.91079. If this level is broken the pair will rise to 0.92026.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
USDJPY
The pair has broken 77.539 and aiming to 76.463.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
AUDUSD
The pair’s support is 1.01744. Resistance 1.02558. If the pair breaks support 1.01744 the pair will decline to 1.00907.
Resistance: 1.02558, 1.03535, 1.04407
Support: 1.01744, 1.00907, 1.00067

Market review for 10.11.11: The ECB started buying Italian government bonds and the euro rose against major currencies.

Asian and European trading sessions:
Euro: The Euro fell today and touched its monthly lows in the threshold of the auction for the Italian debt securities’ sale.

The Euro rose against major currencies and partially rehabilitated some of its yesterday losses. The EUR/USD pair grew above the mark of $1.3650. The EUR was supported by the fact that the ECB began to buy Italian government bonds.

British Pound: The GBP/USD pair fell below the $1.5900 area, but later on during the European trading session the pair strengthened to the $1.5988 area
Japanese Yen: The Japanese yen strengthened against most of its major partners, as traders continued to consider its save–heaven status. During the both trading sessions the USD/JPY pair traded in the range of Y77,55 - Y77,85.

Canadian Dollar: The Canadian dollar fell to its lowest level in three weeks against the US Dollar due to the growth of the U.S. dollar as the " safe haven " currency.

American trading session:
Euro: The investors' fears regarding the debt crisis decreased after the S & P agency confirmed that the credit rating of France, the second largest economy in the region, remained at AAA. Euro recovered from its deepest today’s lows against the US dollar

The dollar index fell by 0.5 % and reached the Y77.60 level against the background of decreasing demand for safe-haven currency and also after the report of the Ministry of Labor showed that the number of Americans filing applications for unemployment benefits dropped.

Market review for 09.11.11: Against the background of the worsening situation in Italy, the euro lost about 310 points today.

Asian and European trading sessions:
Euro: Euro decreased today during the Asian and European sessions because the hope for resolving the political and debt problems in Italy and Greece were not justified. The EUR/USD pair steeply fell to the area of $1.3605 area.
US Dollar: The US dollar strengthened against the majority of its main competitors, because of the increased demand for “safe-haven” status currencies.
British Pound: The GBP/USD pair fell below the $1.5940 mark.
Japanese Yen: The yen rose against most currencies, despite of the fact that the BOJ promised to weaken its national currency. The USD/JPY pair traded in the Y77.52 - Y77.75 range. Traders continued to see the yen as a safe-haven currency.

American trading session:
The New Zealand dollar: The New Zealand dollar also fell against major currencies after the slowdown in consumer prices and industrial production in China.
US Dollar: The U.S. dollar rose today, because of the increased demand for the safe-haven currency and the declined yield on the 10 - year U.S. bonds.
Gold: Today the December gold futures on the COMEX traded in the range of 1778-1802 USD per ounce.

Technical analysis for 10/11

EURUSD
The pair has reached Fibonacci 50% at 1.35015 and may roll back to 1.35984.
Resistance: 1.35984, 1.37486, 1.38554
Support: 1.34882, 1.33143, 1.31674
GBPUSD
The pair has broken daily channel and may decline to the Moving Average (500) at 1.57826.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair has broken resistance 0.89635 and reached resistance 0.91079. Now the pair is rolling back.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
USDJPY
If the pair breaks 77.539 the pair will decline to 76.463.
Resistance: 78.345, 79.070, 79.707
Support: 77.539, 76.463, 75.425
AUDUSD
The pair has declined to the median line which is the support level at 1.00907.
Resistance: 1.01744, 1.02558, 1.03535
Support: 1.00907, 1.00067, 0.99207

Market review for 08.11.11: Market participants are looking forward for the voting results in the Italian Parliament.

Asian and European trading sessions:
Euro: Today’s trading dynamics of the euro was influenced by the situation in Italy, and the market participants’ reaction to the voting in the Parliament regarding the country’s budget and possible resignation f the Prime Minister of Italy.
Euro was under pressure during the Asian trading session. The EUR/USD pair traded in the range of $1.3720-$1,3770.
After the meeting of the Italian President and the Prime Minister Berlusconi, it was announced that the Prime Minister will resign. This lead to the growth of the euro against the US dollar.
US Dollar: The demand for the save-heaven assets grew and the greenback strengthened.
British Pound: The GBP/USD pair traded in the range of $1.6034-$1,6098.
Japanese Yen: The USD/JPY pair traded around the Y78,00 level, and showed minimums at the Y77.6 mark.

American trading session:
Canadian Dollar: Canadian dollar grew against the major 16 currencies after the three-months’ maximum which was reached by the oil.
Japanese Yen: The yen reached its maximums against the US dollar today after the last intervention by the National Bank of Japan.

Technical analysis for 9/11

EURUSD
The pair is aiming to Fibonacci 61% at 1.38554.
Resistance: 1.38554, 1.39600, 1.40690
Support: 1.37486, 1.35984, 1.34882
GBPUSD
The pair stays above Moving Average (200) and resistance 1.60322 it may bring pair to 1.62050.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair has broken resistance 0.89635 and trying to rise to 0.91079. If the pair stays below 0.89635 the pair will decline to 0.88418.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
USDJPY
The pair has declined to 78.345 and aiming to 77.539. If the pair breaks 77.539 the pair will decline to 76.463.
Resistance: 78.345, 79.070, 79.707
Support: 77.539, 76.463, 75.425
AUDUSD
The pair may try to break the Moving Average (200) 1.03178 and decline to 1.02558.
Resistance: 1.03535, 1.04407, 1.05332
Support: 1.02558, 1.01744, 1.00907

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Technical analysis for 8/11

EURUSD
The pair may decline to the Moving Average (500) at 1.35984 is stays below 1.37486.
Resistance: 1.37486, 1.38554, 1.39600
Support: 1.35984, 1.34882, 1.33143
GBPUSD
The pair stays above Moving Average (200) and resistance 1.60322 it may bring pair to 1.62050.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair has broken resistance 0.89635 and trying to rise to 0.91079.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
USDJPY
The pair has declined to 78.345 and aiming to 77.539.
Resistance: 78.345, 79.070, 79.707
Support: 77.539, 76.463, 75.425
AUDUSD
The pair may try to break the Moving Average (200) 1.03178.
Resistance: 1.03535, 1.04407, 1.05332
Support: 1.02558, 1.01744, 1.00907

Market review for 07.11.11: Rumours of the imminent resignation of Italian Prime Minister supported the euro.

Asian and European trading sessions:
Euro: Euro was under pressure against major currencies due to concerns of market participants about the political instability in Italy. Another negative factor was a released report on industrial production in Germany, which showed a big slowdown in September by 2.7% versus forecasted -0,9 %.

On the other hand, the euro retreated from its daily lows at $1.3682 against the US Dollar amid speculation that the Italian Prime Minister Berlusconi may soon resign. Supported by those rumours the EUR/USD pair strengthened and reached the $1.3812 area and remained trading around this level in spite of the fact that Berlusconi himself had actually denied those speculations.

British Pound: The GBP/USD pair traded around its November highs at $1.6040 area, which confirmed the willingness of investors to buy the British currency as a sort of alternative investments.
Swiss franc: The Swiss franc fell to a two-week low against the euro on speculation that Swiss National Bank would continue to weaken its currency.

American trading session:
Gold: Today the price of Gold rose to $1.784,75 per troy ounce. The December gold futures reached a six-week high on investors interest in low-risk assets against the backdrop of political and economical instability in Italy and Greece.
Oil: The U.S. light crude oil WTI during the today’s auction in New York rose to 95.68 dollars per barrel.

Market review for 03.11.11: Greece's Finance Minister: the referendum would not be held.

Asian and European trading sessions:
Euro: During the Asian trading session the euro fell by 0.8% from the three-week low against the dollar. Today's ECB meeting was in focus of the market participants, which was a first meeting for the new president of the central bank Mario Draghi, who replaced Jean-Claude Trichet on November 1.
The European Central Bank unexpectedly lowered the discount rate by 25 basis points to 1.25% level. The EUR/USD pair steeply fell after this report to its daily low at $1.3658 area.
British Pound: The GBP/USD pair grew and reached the $1,6018 area from its today’s lows at $1.5875 level.
Japanese Yen: The USD/JPY pair traded in the narrow range of Y77.88-Y78.09 for another day.
New Zealand Dollar: The New Zealand dollar fell primarily on the reports of a slight increase in unemployment rate for the 3-d quarter and against the backdrop of rising investors’ concerns over the situation in Greece.

Oil: The cost of the December futures on U.S. light crude oil WTI (Light Sweet Crude Oil) rose today to 94.58 dollars per barrel, despite of the weakened prospects for economic growth in the USA and EU.

American trading session:
US Dollar: The U.S. dollar dropped against the major currencies amid growth of stocks and commodities, thereby reducing the demand for safe assets and increasing the risk appetites.

The euro rose against the dollar after the Greek Prime Minister George Papandreou announced that the referendum would not be held and thus reduced investor’s tension over the possible default of his country. Therefore, the EUR/USD pair strengthened to $1.3855 area.

Market review for 02.11.11: Unfavorable market conditions may delay the bond issue.

Asian and European trading sessions:
Euro: During the Asian and European trading sessions, the euro showed correction after yesterday's decline against the US dollar, setting his daily high at $1.3827 level. The rumours were pressuring the markets today: The European Financial Stability Fund (EFSF) may delay the planned 3-billion-dollar bond issue because of unfavourable market conditions.

US Dollar: The US dollar fell against 11 of the 16 major currencies, amid expectations for not very positive economic statistics from the US. Speculations that the FRS would signal with its willingness to proceed with the purchase of assets or launch another program of quantitative easing pressured the greenback as well.

British Pound: Trade range of the both sessions for the GBP/USD pair ranged $1.5944 - $1.6044.
Japanese Yen: The yen rose against major currencies, after increased speculations relative to worsening in the situation with the debt crisis in the EU. Thus the demand for the safe assets had increased today.

Gold: The price of gold rose against the background of problems of the debt crisis in EU. Today the cost of the December gold futures in New York rose for $ 32.3 to $ 1.744,17 per troy ounce.

Oil: Oil rose for the first time in four days after the release of statistical data on U.S. employment and oil reserves, and a weakening of the US dollar ahead of Fed statement. The cost of the December futures on U.S. light crude oil WTI (Light Sweet Crude Oil) in trading in New York rose to 93.74 dollars per barrel.

American trading session:
US Dollar: US dollar compensated its losses against the Euro after the Federal Reserve increased its estimation of the economy. The statistics of the market for employment published today also showed support to the dollar.

Technical analysis for 3/11

EURUSD
The pair has declined to the Moving Average (500) at 1.35984.
Resistance: 1.37486, 1.38554, 1.39600
Support: 1.35984, 1.34882, 1.33143
GBPUSD
If the pair stays above the Moving Average (200) at 1.60322 the pair will continue rising to 1.62050 and 1.63316. If the pair stays below 1.60322 the pair will decline to 1.58543.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair has reached resistance 0.89635 and rolling back to 0.88418.
Resistance: 0.89635, 0.91079, 0.92026
Support: 0.88418, 0.87214, 0.85939
USDJPY
The pair has declined to 78.345 and aiming to 77.539.
Resistance: 78.345, 79.070, 79.707
Support: 77.539, 76.463, 75.425
AUDUSD
The pair’s resistance is 1.03535, support is 1.02558.
Resistance: 1.03535, 1.04407, 1.05332
Support: 1.02558, 1.01744, 1.00907

Daily review for 01.11.2011: Concerns over the interest rate reduction pressures the euro.

Asian and European trading sessions:
Euro: Speculations regarding the slow-down of the European growth and concerns that the ECB would reduce the interest rate during the next meeting continued to pressure the euro on Tuesday as well.
Investors were pressured as well by the discouraging information from Greece. The prime Minister of Greece announced of his intentions to introduce the previous anti-crises measures to a referendum. Other Greek politicians showed negative reaction to this announcement, and the euro dropped.
As a result, the EUR/USD decreased by 200 points, while in the beginning of the day the rate was at the $1.3850 level.
US Dollar: Announcement of the American derivatives broker MF Global, who informed about their bankruptcy, had a negative influence on the investors’ trading activity.
British Pound: The pound followed the euro dynamics and the GBP/USD pair decreased from the $1.6100 level to the mark below the $1.5900 level. The release of the positive UK fundamentals (GDP) could not support the sterling.
Japanese Yen: The USD/JPY pair traded in the narrow range of Y78.00 - Y78.50.

American trading session:
Australian Dollar: Concerns of the situation in Europe pressured the Australian dollar as well. Discouraging reports from China (slow-down of economic growth in China) influenced the negative dynamics of the Australian dollar.
The EUR/USD pair closed the day around the $1.3700 mark. The GBP/USD pair decreased to the $1.5950 range.

Technical analysis for 2/11

EURUSD
The pair has declined to the Moving Average (500) at 1.35984.
Resistance: 1.37486, 1.38554, 1.39600
Support: 1.35984, 1.34882, 1.33143
GBPUSD
If the pair stays above the Moving Average (200) at 1.60322 the pair will continue rising to 1.62050 and 1.63316. If the pair stays below 1.60322 the pair will decline to 1.58543.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair has reached resistance 0.89635 and rolling back to 0.88418.
Resistance: 0.89635, 0.91079, 0.92026
Support: 0.88418, 0.87214, 0.85939
USDJPY
The pair has declined to 78.345 and may continue declining to 77.539.
Resistance: 78.345, 79.070, 79.707
Support: 77.539, 76.463, 75.425
AUDUSD
The pair’s resistance is 1.03535, support is 1.02558.
Resistance: 1.03535, 1.04407, 1.05332
Support: 1.02558, 1.01744, 1.00907

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Market review for 31.10.11: European unemployment reduces the euro rate.

Asian and European trading sessions:
Euro: Euro dropped against the main currencies after the release of the unemployment in Italy and in the EC in a whole. Employment volume turned out to be much worse than expected.
Both sessions the EUR/USD pair traded in the range of $1.4118-$1,3906.
US Dollar: US dollar grows against the background of the increased demand for the safe-haven assets and decreased world stock indices.

British Pound: The GBP/USD pair showed minimums around the $1.5960 mark and later on recorded its highs at the $1.6163 level.
Japanese Yen: The yen dropped today against the US dollar after the intervention by the Japanese government, aimed to weaken the national currency. The USD/JPY pair marked its today high at Y79.50 and then reduced to Y78,03.
Australian Dollar: The Australian dollar dropped against the greenback in anticipation of the Reserve Bank of Australia meeting, which could result in the reduction of the interest rate, according to the forecasts.

American trading session:
The EUR/USD pair marked it today’s low at $1.3828.
British pound showed considerable growth and reached its maximum against the greenback at the $1.6164 rate.

Technical analysis for 1/11

EURUSD
If the pair stays below Fibonacci 61% 1.38868 the pair will decline to the Moving Average (500) at 1.35984.
Resistance: 1.38554, 1.39600, 1.40690
Support: 1.37486, 1.35984, 1.34882
GBPUSD
If the pair stays above the Moving Average (200) at 1.60322 the pair will continue rising to 1.62050 and 1.63316.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair has found support at the Moving Average (100) and trying to rise to 0.88418.
Resistance: 0.88418, 0.89635, 0.91079
Support: 0.87214, 0.85939, 0.84685
USDJPY
The pair corrected to the Moving Average (200) at 79.070 and rolled back to support 78.345.
Resistance: 79.070, 79.707, 80.438
Support: 78.345,77.539, 76.463
AUDUSD
The pair’s resistance is 1.06164, support is 1.05332.
Resistance: 1.06164, 1.07005, 1.07739
Support: 1.05332, 1.04407, 1.03535

Market review for 27.10.11: Positive wave has covered markets.

Asian and European trading sessions:
Euro: During the Asian trading the euro showed dynamic growth, which was supported by the results of the EU summit. The reached agreement means enlargement of the stabilization fund of the EU countries to $1 trillion from the current EUR 440 billion and it also involves the cancellation of 50% of the nominal value of Greek debt to private creditors.

The EUR/USD pair was rising during both sessions and climbed to its pick of $1.4220 area.

US Dollar: Rising risk appetites led to the decline of the US Dollar against all types of assets. Decreased demand for the safe haven currencies and stock markets rising pressured the US Dollar during all day.
British Pound: The pair had a narrow trading range during the Asian session between the $1.5977 - $1.6033 levels, and showed maximums at $1.6116 against the overall positive background.
Japanese Yen: The Japanese yen continued to strengthen, despite the fact that the Bank of Japan decided to enlarge the program of asset purchases by 5 trillion yen. The USD/JPY pair confirmed its new lows today at Y75.653 area.

American trading session:
British Pound: The pound weakened against most major currencies after the director of the Bank of England, Paul Fisher, said that the UK economy was probably declining.
Gold: Gold declined to $1.707 during the beginning of the day, but in the last few hours of the American trading secession the gold rehabilitated to 1.750 dollars per ounce.

Market review for 26.10.11: The yen renewed its historical maximum against the US dollar.

Asian and European trading sessions:
Euro: Market participants are looking forward to the results of the European Union Summit, which has started today. The EUR/USD pair traded moderately during the Asian trading session in the narrow range of $1.3893 - $1.3945.

US Dollar: Greenback was under pressure today for a couple of reasons. Investors were waiting for the Durable goods orders report as well as for the numbers from the United States real estate market. Reinforced speculations over the rumours that the FRS would agree on the new stage of quantitative easing had a negative impact on the US currency as well.

Australian Dollar: Australian dollar continued to decrease for another day against most major currencies after the released slowdown in consumer prices today. Investors forecasted that the Reserve bank of Australia would decrease the interest rates.

British Pound: The early Asian trading session was more successful for the GBP/USD pair which updated its weekly maximum at $1.6040 area.
Japanese Yen: Japanese currency continued strengthening today despite of the speech of the finance minister of Japan, Mr. Azumi, who stated that the Bank of Japan would take “decisive” measures in order to stop the increase of the yen. The yen rose yesterday on stimulated demand for the save-heaven currencies and also renewed its historical maximum today against the US dollar by reaching the Y75.70 level.

American trading session:
Euro dropped against the US dollar as the negotiations regarding the write-off the Greek debts by the bonds’ holders did not have any result, which reinforced the uncertainty of the European crises situation.
British pound decreased against the greenback as well (set daily lows at $1.5889) after the released today CBI Trends total orders, which showed the most serious drop in 2 years.
Canadian dollar demonstrated its strong growth against the US dollar and the euro against the background of the released data on the US durable goods orders, since the US is the leading Canadian trade partner.

Technical analysis for 27/10

EURUSD
The pair is testing Moving Average (200) at 1.39600. If the pair breaks this level the pair will rise to 1.40690.
Resistance: 1.39600, 1.40690, 1.41780
Support: 1.38554, 1.37486, 1.35984
GBPUSD
The pair has risen to the Moving Average (200) at 1.60322. If the pair breaks this level the pair will rise to 1.62050.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair has broken to 0.88418 and aiming to 0.87214.
Resistance: 0.88418, 0.89635, 0.91079
Support: 0.87214, 0.85939, 0.84685
USDJPY
The pair has broken 76.463 and aiming to 75.425.
Resistance: 76.463, 77.539, 78.345
Support: 75.425, 74.414, 73.377
AUDUSD
The pair has broken 1.04407 and aiming to 1.05332.
Resistance: 1.05332, 1.06164, 1.07005
Support: 1.04407, 1.03535, 1.02558

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Technical analysis for 26/10

EURUSD
The pair has returned to Fibonacci level 61% at 1.38871.
Resistance: 1.39600, 1.40690, 1.41780
Support: 1.38554, 1.37486, 1.35984
GBPUSD
The pair has risen to the Moving Average (200) at 1.60322. If the pair breaks this level the pair will rise to 1.62050.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair has broken to 0.88418 and aiming to 0.87214.
Resistance: 0.88418, 0.89635, 0.91079
Support: 0.87214, 0.85939, 0.84685
USDJPY
The pair has broken 76.463 and aiming to 75.425.
Resistance: 76.463, 77.539, 78.345
Support: 75.425, 74.414, 73.377
AUDUSD
The pair couldn’t stay above 1.04407 and rolling back to 1.03535. If 1.03535 is broken the pair will decline to 1.02558.
Resistance: 1.04407, 1.05332, 1.06164
Support: 1.03535, 1.02558, 1.01744

Market review for 25.1011: The upcoming EU summit is in focus.

Asian and European trading sessions:
Euro: During both trading sessions the euro was trading in a narrow range near its six-week high against the US Dollar amid expectations of tomorrow's summit of EU countries. The EUR/USD pair’s range was between $1.3850 and $1.3950 zone.

Investors still look forward with caution awaiting a specific plan to constrain the debt crisis in the EU.

New Zealand Dollar: The kiwi dropped today against the US Dollar when the statistics agency of New Zealand reported an increase in the Consumer Price Index in Q3 by 0.4% compared with the previous quarter. This growth was below the average forecast of 11 economists, according to which the index should rise by 0.7%.

Japanese Yen: The USD/JPY pair traded in the range of Y76,02 - Y76,29 during the Asian session. Against the backdrop of decreasing EU Stock markets the pair fell steeply to its daily low of Y75.73 level.

American trading session:
US Dollar: The reasons for the US Dollar decrease during the American trading session were the statistics which had been published before the US Stock market opening. Consumer confidence index in October dropped from 45.4 points to 39.8, when it was expected to increase to 46 points; In addition, the S&P/Case-Shiller index of housing prices decreased over the 20 US metropolitan regions.

Canadian dollar: After the Bank of Canada reported that the economy of Canada would grow slower than expected, and kept the interest rate unchanged at 1%, the Canadian dollar fell for the first time in four days against the U.S. dollar.

Gold: Gold strengthened today and closed the day above the $1708 area.
Oil: WTI continued raising and set new highs at $94.57 and closed at $92.50 per barrel.

Market review for 24.10.11: The EC Summit is in the focus of the market.

Asian and European trading sessions:
Euro: During the Asian trading session the euro continued rising against the US dollar against the background of European leaders’ promises that they would agree on an action plan to constrain the EU debt crisis.

The euro was pressured today by the report on business activity in manufacturing and service sectors of the countries of the region and the EU as a whole, which had been published during the European trading session. Even the positive report on the EU industrial orders, which turned to be higher in August than its forecast and annually recorded 6.2 % vs. forecasted 5.8 %, did not support the euro and the EUR/USD pair set its daily lows of the $1.3820 mark.

British Pound: At the beginning of the Asian session the GBP/USD pair grew and renewed this month maximum at the $1.6000 area. Daily range of the pair was between $1.5899 - $1.6068 levels.

Japanese Yen: Today the investors’ attention was focused on the Japanese yen. After its growth to a record high against the US dollar on Friday the likelihood of intervention increased. The pair set its daily low at Y75.981 which was close to its August low

American trading session:
US Dollar: The demand for the dollar, as a save-heaven currency, decreased. The greenback dropped against the main currencies. Positive corporate reports and commodity prices growth supported this trend.
The Japanese yen maximums were supported by the increased Japanese export volume, which happened to be above its forecast.

Technical analysis for 25/10

EURUSD
The pair has returned to Fibonacci level 61% at 1.38871.
Resistance: 1.39600, 1.40690, 1.41780
Support: 1.38554, 1.37486, 1.35984
GBPUSD
The pair has risen to the Moving Average (200) at 1.60322.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair has declined to 0.88418. If the pair stays below this level the pair will continue declining to 0.87214.
Resistance: 0.89635, 0.91079, 0.92026
Support: 0.88418, 0.87214, 0.85939
USDJPY
The pair is trying to stay below 76.463, this may bring pair to test 75.425.
Resistance: 76.463, 77.539, 78.345
Support: 75.425, 74.414, 73.377
AUDUSD
The pair has risen to 1.04407, if the pair stays above this level the pair will rise to 1.05332.
Resistance: 1.04407, 1.05332, 1.06164
Support: 1.03535, 1.02558, 1.01744

Market review for 20.10.11: Positive UK fundamentals supported the pound today.

Asian and European trading sessions:
Euro: During the Asian trading session the euro continued its yesterday's negative rally to the $1.3675 area. The disagreements between France and Germany regarding the concept of the European financial help fund increase pressured the euro. However, during the European session the euro rose against major currencies due to the growing optimism about a possible resolution of the situation with the debt crisis in Europe. The EUR/USD pair rose above the $1.3830 area and set its daily high at $1.3841 level.

British Pound: The published UK retail sales reportwhich surprisingly grew by 0.6% in September, against the forecasted decrease of -0,1%. The GBP/USD pair strengthened in a region of $1.5803.

Japanese Yen: The Japanese yen traded in a narrow range ahead of announcement by the Japanese government at the end of this week. The Asian session trading range of the USD/JPY pair remained at the Y76, 64 - Y76, 83 levels.

American trading session:
Against the background of increased demand for the currency with the status "safe haven", the Swiss Franc revealed today its maximum growth against most of major currencies. In particular, the Swiss Frank grew for the first time in three days against the euro, showing an increase of 1%.

US Dollar: Dollar showed increase against the yen for the first time in four days, since the Philadelphia production index grew more than it was expected.

Market review for 19.10.11: As the rumours around the agreement between France and Germany on increasing the size of EFSF reinforced, the euro strengthened.

Asian and European trading sessions:
Euro: During Asian and European trading sessions the euro strengthened against the background of publication of the report regarding the fact that France and Germany have agreed to increase European financial stability Fund up to 2 trillion euros. As a results, the EUR/USD pair showed its daily maximum at around $1.3868 but then retreated.

US Dollar: The dollar stepped back against its competitors amid the falling demand for safe haven assets due to the strengthening of the major stock markets in Europe and Asia and the futures growth on major U.S. stock indices.

British Pound: The pound briefly fell against major currencies after the publication of the protocol of the last meeting of the Bank of England, the GBP/USD pair set its daily lows at $1.5709. The sterling was pressured due to the fact that monetary policy committee members were unanimous in voting for the increase in QE at 75 billion Stg. However, the GBP/USD pair grew today to the area of $1.5746.

American trading session:
Euro: Euro decreased to $1.3731 when lawmakers rejected direct guarantees to EFSF fund.
Gold: Gold fell today amid reports that France and Germany are close to agreement on increasing the size of EFSF 2 trillion euros, which resulted in lower demand for gold as a way to protect capital.

Oil: The closing price for the WTI futures was at $86.2 for a barrel.

Technical analysis for 20/10

EURUSD
The pair has tested Fibonacci level 61% at 1.38871 and rolled back to 1.37486. The pair may continue declining to 1.35984.
Resistance: 1.38554, 1.39600, 1.40690
Support: 1.37486, 1.35984, 1.34882
GBPUSD
The pair has worked out Double Bottom. If the pair stays above support 1.56722 the pair will rise to 1.58543.
Resistance: 1.58543, 1.60322, 1.62050
Support: 1.56722, 1.54842, 1.53482
USDCHF
The pair’s resistance is 0.91079, if this level is broken the pair will rise to 0.92026. The pair’s support is 0.89635, if this level is broken the pair will decline to 0.88418.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
USDJPY
If the pair stays below 76.463 the pair will decline to 75.425. If the pair stays above 76.463 the pair will rise to 77.539.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
AUDUSD
The pair is testing daily channel at 1.02558. If the pair stays below this level the pair will decline to Fibonacci 23% at 0.98766.
Resistance: 1.02558, 1.03535, 1.04407
Support: 1.01744, 1.00907, 1.00067

Market review for 18.10.11: Speculations regarding possible credit rating reduction of France pressure the euro.

Asian and European trading sessions:
Euro: Concerns over the EC sovereign debt pressured the euro yesterday, and today the euro managed to grow against the US dollar and the Japanese yen.
At the same time, speculations regarding possible credit rating reduction of France pressured the euro on Tuesday. As a result, the EUR/USD pair showed minimums in the range of $1,3657.
US Dollar: The decrease of the main stock indices supported the greenback and the yen, as save-heaven currencies.

British Pound: The GBP/USD pair traded in the narrow range of 1.5730 - 1.5787 during the Asian trading session, and set its daily high during the European session at 1.5820.
Japanese Yen: Both sessions showed the same trading range of Y76.65 - Y76.85.
Gold: The gold closed at the $1657 mark per ounce.

American trading session:
Euro: Euro managed to rehabilitate after the announcement of the German Chancellor, Angela Merkel, stated that the European leaders’ Summit planned for October 23-d, could offer the support plan for the European union.
As demand for the high-risk assets increased, the Australian, New-Zealand and Canadian dollars grew.

Technical analysis for 19/10

EURUSD
The pair has tested Fibonacci level 61% at 1.38871 and rolled back to 1.37486. The pair may continue declining to 1.35984.
Resistance: 1.38554, 1.39600, 1.40690
Support: 1.37486, 1.35984, 1.34882
GBPUSD
The pair has worked out Double Bottom. If the pair stays above support 1.56722 the pair will rise to 1.58543.
Resistance: 1.58543, 1.60322, 1.62050
Support: 1.56722, 1.54842, 1.53482
USDCHF
The pair has declined to 0.89635. If this level is broken the pair will decline to 0.88418.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
USDJPY
If the pair stays below 76.463 the pair will decline to 75.425. If the pair stays above 76.463 the pair will rise to 77.539.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
AUDUSD
The pair has tested Moving Average (100) at 1.02879.
Resistance: 1.02558, 1.03535, 1.04407
Support: 1.01744, 1.00907, 1.00067

Market review for 17.10.11: Europe may need more time to solve the problem of sovereign debt.

Asian and European trading sessions:
Euro: The euro fell against the Japanese yen and US dollar during the Asian trading session (minimum of $1.3822 during this session). Much of this negative rally was caused by the profit fixation of the long positions. The Euro continued falling down through all European session as well ($1.3739 lows) because the investors and traders were not encouraged by the results of the G20 summit, which ended in Paris during the weekend. None of the specific measures to resolve the current crisis have been proposed at this summit.

US Dollar: Decline in the stock market indices supported the US Dollar today.

British Pound: The pound dropped against the dollar and the yen amid existing fears that additional incentives of the Bank of England would not be enough to revive economic growth. The GBP/USD pair has shown minimums in area of $1.5730 during the European trading session.

Japanese Yen: The yen strengthened slightly against the US Dollar against the background of the situation in the EU. During the Asian trading session the USD/JPY pair showed its daily high in the area of Y77.45, but later during the European trading session the pair dropped steeply and set the low of this day at Y76.595 level.
Australian Dollar: The Australian dollar fell ahead of tomorrow's Reserve Bank of Australia meeting.
Gold: Today’s trade range was around the $1664 - $1694 level per ounce.
Oil: set its new highs at $88.16, but closed the day at the $86.36 mark per barrel.

American trading session:
Commodity currencies (Canadian, New Zealand and Australian dollars) updated daily minimums against the United States dollar.
The British pound fell for the first time in four days against the dollar after Ernst & Young agency reduced the growth forecast for the UK.

Technical analysis for 18/10

EURUSD
The pair has tested Fibonacci level 61% at 1.38871 and rolled back to 1.37486. The pair may continue declining to 1.35984.
Resistance: 1.38554, 1.39600, 1.40690
Support: 1.37486, 1.35984, 1.34882
GBPUSD
The pair has worked out Double Bottom.
Resistance: 1.58543, 1.60322, 1.62050
Support: 1.56722, 1.54842, 1.53482
USDCHF
The pair has declined to 0.89635. If this level is broken the pair will decline to 0.88418.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
USDJPY
If the pair stays below 76.463 the pair will decline to 75.425. If the pair stays above 76.463 the pair will rise to 77.539.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
AUDUSD
The pair has tested Moving Average (100) at 1.02879 and rolling back to
1.00907.
Resistance: 1.01744, 1.02558, 1.03535
Support: 1.00907, 1.00067, 0.99207

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Market review for 13/10/2011: The US Dollar and the Yen strengthened against major currencies amid growing demand for safe-haven assets.

Asian and European trading sessions:
Euro: After the yesterday's rapid growth associated with the fact that Slovak political parties agreed to approve the extension of the stabilization fund EFSF, the Euro consolidated near the $1.38 level during the first part of Asian trading session. After the published German GDP forecast, which showed a decrease to 0.8% in 2012 versus its growth in 2011 to 2%, the Euro currency fell to $1.370 zone and had recorded its daily low at $1.3685 mark.
US Dollar: The US Dollar received a positive impact today from the Chinese news regarding the Chinese Trade Balance in September which confirmed decrease to $14.51B and was much below forecasted $16.30B. The US Dollar was strengthening against the major currencies during today’s sessions.

British Pound: The GBP/USD pair traded in the narrow range of $1.5730 - $1.5770 during the Asian trade session. The pair dropped to the level of $1.5682 before the opening American trade session, but later retreated to $1.5750.
Japanese Yen: The Japanese yen strengthened against its competitors during both sessions.
Australian Dollar: The Australian Dollar grew against the greenback after the Australian unemployment report which showed the 5.2% against the forecasted 5.3% in September.

American trading session:
Gold: The strengthening of the US Dollar held in control the demand for the precious metals as alternative assets, therefore the Gold fell today and hit the lows of $1652 per ounce before the beginning of the American trade session.

Technical analysis for 14/10

EURUSD
The pair is aiming to Fibonacci level 61% at 1.38871.But if the pair stays below resistance 1.37486 the pair will decline to 1.35984.
Resistance: 1.37486, 1.38554, 1.39600
Support: 1.35984, 1.34882, 1.33143
GBPUSD
The pair has broken 1.56722 and started to work out Double Bottom. The end of the figure is at 1.58543.
Resistance: 1.58543, 1.60322, 1.62050
Support: 1.56722, 1.54842, 1.53482
USDCHF
The pair has declined to 0.89635.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
USDJPY
If the pair stays below 76.463 the pair will decline to 75.425. If the pair stays above 76.463 the pair will rise to 77.539.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
AUDUSD
The pair is aiming to test Moving Average (100) at 1.02879. But if the pairs stays below 1.01744 the pair will decline to 1.00907.
Resistance: 1.02558, 1.03535, 1.04407
Support: 1.00907, 1.00067, 0.99207

Market review for 12.10.11: The euro reached its 3-week maximum against the US dollar.

Asian and European trading sessions:
Euro: The EUR/USD pair traded with a decrease during the Asian trading session against the uncertainty with the situation in Europe.
During the European session the pair showed increase up to the $1,3800 level. Released Euro-zone fundamentals supported the rapid growth of the euro. The industrial production figure turned out to be above the forecast (5.3% against the expected 2.1%). The EUR/USD maximums were reached at the $1.3815 mark.
US Dollar: The US dollar lost its previously won positions as the demand for the save-heaven currencies decreased.

British Pound: The GBP/USD pair showed increased in spite of the released negative UK labor figures. In particular, the Unemployment rate grew above expectations.
The GBP/USD reached maximums in the range of $1.5785.
Japanese Yen: The USD/JPY pair traded around the Y76.70 mark. Its maximum has been reached at the Y77.47 level.

American trading session:
US Dollar: Greenback weakened against its major competitors in the threshold of the FOMC meeting minutes publication.

New-Zealand Dollar: The New-Zealand dollar grew against the greenback, as the commodity currencies increased, which resulted in the high-risk assets growth.

Technical analysis for 13/10

EURUSD
The pair has broken Fibonacci retracement 50% at 1.34882 and aiming to the next Fibonacci level 61% at 1.38871.
Resistance: 1.38554, 1.39600, 1.40690
Support: 1.37486, 1.35984, 1.34882
GBPUSD
The pair has broken 1.56722 and started to work out Double Bottom. The end of the figure is at 1.58543.
Resistance: 1.58543, 1.60322, 1.62050
Support: 1.56722, 1.54842, 1.53482
USDCHF
The pair has declined to 0.89635.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
USDJPY
If the pair stays below 76.463 the pair will decline to 75.425. If the pair stays above 76.463 the pair will rise to 77.539.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
AUDUSD
The pair is aiming to test Moving Average (100) at 1.02879.
Resistance: 1.02558, 1.03535, 1.04407
Support: 1.00907, 1.00067, 0.99207

Market review for 11.10.11: The euro decreased in the threshold of the voting over the EFSF expansion.

Asian and European trading sessions:
Euro: The euro traded in the narrow range after the yesterday’s rapid growth against the greenback. The EUR/USD traded around the $1.3615 - $1.3650 levels during the Asian trading session.
The euro dropped in the threshold of the voting at the Slovakian Parliament regarding the European Financial Support Fund expansion. As a result, the euro decreased and the EUR/USD pair temporarily dropped to the $1.3574 minimums.
US Dollar: Due to the fact that the European summit has been postponed, the US dollar strengthened against the major currencies against the background of the decreased stock markets.
British Pound: The pound was pressured by the expectations for the negative forecast of the UK industrial production figures.
The GBP/USD pair traded in the range of $1.5611-$1.5662.
Japanese Yen: The USD/JPY pair traded in the narrow range of Y76.59 –Y76.75.
Australian Dollar: The released Business Conditions index from the National Bank of Australia happened to be positive, while its previous level was negative. Therefore, the Australian dollar managed to reach parity with the greenback again.

American trading session:
Oil: The oil prices dropped today after the statement of the head of the ECB, Jean-Claude Trichet, that the debt crises poses a threat on the financial system as a whole. The WTI rate decreased to the $83.98 per barrel minimums.
Gold: The gold prices decreased as well. The yellow metal closed the trading week at the $1665.92 mark per ounce.

Technical analysis for 12/10

EURUSD
The pair has broken Fibonacci retracement 50% at 1.34882 and aiming to the next Fibonacci level 61% at 1.38871.
Resistance: 1.37486, 1.38554, 1.39600
Support: 1.35984, 1.34882, 1.33143
GBPUSD
The pair is aiming to 1.54842.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53482, 1.52063
USDCHF
The pair is aiming to 0.91079.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
USDJPY
If the pair stays below 76.463 the pair will decline to 75.425. If the pair stays above 76.463 the pair will rise to 77.539.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
AUDUSD
The pair has reached resistance 1.99207. If the pair stays below this level the pair will decline to 0.98436.
Resistance: 1.00067, 1.00907, 1.01744
Support: 0.99207, 0.98436, 0.97423

Market review for 10.10.2011: Euro showed its considerable growth against the greenback.

Asian and European trading sessions:
Euro: The euro demonstrated a considerable growth against the greenback during the Asian trading session today. One of the reasons for this rally was based on the fact that France and Germany announced of the reached consensus in terms of providing support to the European banks.
The maximum level has been reached at the $1.36989 mark by the EUR/USD pair.
US Dollar: US Dollar dropped against its main competitors against the background of the main stock indices stabilization.

British Pound: The sterling showed a rapid growth as well as the euro. The GBP/USD pair reached the $1.5663 during the Asian session, and the European maximum has been reached already at the $1.5892 mark.
Japanese Yen: The USD/JPY pair traded in the Y76.56 - Y76.76 range.

American trading session:
US Dollar: The US dollar dropped against the major currencies, as demand for the greenback as a save-heaven asset decreased.
Australian Dollar: Australian dollar demonstrated its parity with the US dollar today.
Gold: Showed growth to the $1680 mark per ounce.

Technical analysis for 11/10

EURUSD
The pair has broken Fibonacci retracement 50% at 1.34882 and aiming to the next Fibonacci level 61% at 1.38871.
Resistance: 1.37486, 1.38554, 1.39600
Support: 1.35984, 1.34882, 1.33143
GBPUSD
The pair has returned to the resistance 1.56722. If the pair breaks this level the will start to work out Double Bottom figure, the end of the figure is at 1.58543.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53482, 1.52063
USDCHF
The pair is aiming to 0.89635.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
USDJPY
If the pair stays below 76.463 the pair will decline to 75.425. If the pair stays above 76.463 the pair will rise to 77.539.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
AUDUSD
The pair has reached resistance 1.00067. If the pair stays below this level the pair will decline to 0.99207.
Resistance: 1.00067, 1.00907, 1.01744
Support: 0.99207, 0.98436, 0.97423

Market review for 06.10.11: Market participants were expecting the results of the press-conference with the ECB President.

Asian and European trading sessions:
Euro: The EUR/USD pair traded today in the narrow range of $1.332 - $1.335 due to the expectations for the decision of the European Central Bank on the interest rate. Before the start of the European session, in anticipation of a press conference with the ECB President Trichet, the Euro fell against major currencies and the EUR/USD couple recorded its today’s low at $1.3242 level. The ECB, as expected, left interest rates unchanged at 1.50% and the EUR /USD pair strengthened to its daily highs at $1.3433 zone.
US Dollar: Against the background of the speculations’ increase about whether European leaders reached an agreement that will halt the further spreading of the debt crisis in the region, the US Dollar rate decreased against the most major currencies.
British Pound: The British Pound also traded with a decrease. The reason for that was the investors’ expectations that the Bank of England could announce its decision regarding some changes in the quantitative easing program. The Bank decision, about leaving interest rates unchanged at 0.50%, did not stress much the GBP/USD trading direction, while the increasing in volume of asset purchase program by 75 billion pounds to 275 billion pounds dropped the couple by more than 16 points to $1.5271 mark.
Japanese Yen: The USD/JPY couple traded in the range of Y76.55 to Y76.82 during the both sessions.
Australian Dollar: The Australian Dollar rose today affected by speculations on possibility of exact steps the IMF would made for resolving the EU debt crisis.

American trading session:
Oil: Oil futures increased on the NYMEX to $ 82.82 per barrel
Gold: The demand for the precious metals increased today on fears that Europe's sovereign debt crisis will drag on the global economy, therefore, the Gold price strengthened and established it’s today high at $1655 area.
The Euro became stronger against the U.S. Dollar and Yen on assumptions, that the launch of the credit program by the ECB will stop the spread of debt crisis in the region.

The Swiss Franc fell against the Euro on speculations that the Central Bank will take further steps to ensure its strength after establishing its ceiling in last month at 1.20 mark to Euro.

Market review for 05.10.11: The speech of Bernanke inspired the markets. The Euro showed moderate growth.

Asian and European trading sessions:
Euro: During the Asian trading session the Euro stepped a bit down after yesterday’s significant recovery against the US dollar. The EUR/USD pair traded in the range of $1.3261 - $1.3332. During the European trading session the couple strengthened at the $1.3375 area against the background of speculations relative to the fact that the European Union leaders examined the possibility of further measures aimed for limiting the negative impact of the current debt crisis on the bank system financial condition. The growth of the Euro was limited after the released information from Moody's Investors Service which decreased the credit rating of Italy from “Aa2” to “A2”. As a result, the EUR/USD pair retreated to its today’s pivot level around the $1.3275 mark.
US Dollar: The US dollar was pressured today by the yesterday's speech of the head of the US Federal Reserve Ben Bernanke, which resulted in increased investor expectations regarding the next round of quantitative easing.
British Pound: The GBP/USD range for both sessions was $1.5393 - $1.5491.
The New Zealand Dollar: The “Kiwi” strengthened during the Asian session. The national currency was supported by the Financial Times article about the possibility that EU financial leaders would consider the plan for the banks’ recapitalization.

American trading session:
The pound dropped against the euro after the released UK report, which showed the economic growth slow-down during the second quarter. The pound decreased for 0.3% to the $1,5438 minimums.
The US dollar strengthened against the yen after the published US business activity services index, which turned to be above the forecasted level in September.

Technical analysis for 6/10

EURUSD
The pair is trading near Fibonacci retracement 38% at 1.31186. This is a support level for the pair. MACD shows divergence signal and the pair may start corrections in a while.
Resistance: 1.33143, 1.34882, 1.35984
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair may try to test Fibonacci retracement 23% at 1.53482 if stays below 1.54842.
Resistance: 1.54842, 1.56722, 1.58543
Support: 1.53482, 1.52063, 1.50594
USDCHF
The pair is aiming to test Moving Average (500) at 0.93606.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.88418
USDJPY
If the pair stays below 76.463 the pair will decline to 75.425. If the pair stays above 76.463 the pair will rise to 77.539.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
AUDUSD
The pair has reached resistance 0.96579. If the pair stays below this level the pair will decline to 0.95611.
Resistance: 0.96579, 0.97423, 0.98436
Support: 0.95611, 0.94635, 0.93493

Market review for 04.10.11: Euro reached its 8-months minimum.

Asian and European trading sessions:
Euro: The EUR/USD pair showed minimums during the first half of the day at the $1.3150 range. Concerns over the spreading of the European crises pressured investors. Market participants were discouraged by the fact that Euro-zone financial ministers did not confirm any decision regarding the new tranche for Greece. According to the released information, the decision for the new tranche would be accepted after October 13-th.
British Pound: The GBP/USD dropped as well and reached the $1.5380 minimums.
Japanese Yen: The USD/JPY pair traded in the range of Y76.55-Y76.75.

American trading session:
US Dollar: During the American session major pairs changed its trading dynamics.
Euro: The Euro stabilized during the American trading session after the statement of Ben Bernanke, the Head of the FRS, who said that he was ready for additional measures to stimulate the economy. The EUR/USD reached the $1.3350 maximums.
Australian Dollar: The Australian dollar decreased against the greenback after the announcement that the Reserve Bank of Australia left the principal rate unchanged at the level of 4.75%.
Gold: Gold prices showed a sharp drop today against the background of the reinforced concerns over the crises in Greece.

Technical analysis for 5/10

EURUSD
The pair is trading near Fibonacci retracement 38% at 1.31186. This is a support level for the pair. MACD shows divergence signal and the pair may start corrections in a while.
Resistance: 1.33143, 1.34882, 1.35984
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair may try to test Fibonacci retracement 23% at 1.53482 if stays below 1.54842.
Resistance: 1.54842, 1.56722, 1.58543
Support: 1.53482, 1.52063, 1.50594
USDCHF
The MACD shows divergence signal and the pair may start corrections if stays below 0.92026. But before corrections the pair may try to test Moving Average (500) at 0.93606.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.88418, 0.87214
USDJPY
If the pair stays below 76.463 the pair will decline to 75.425. If the pair stays above 76.463 the pair will rise to 77.539.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
AUDUSD
The pair has found temporary support at 0.94635 and rolled back to 0.95611. Now the pair is aiming to 0.94635.
Resistance: 0.95611, 0.96579, 0.97423
Support: 0.94635, 0.93493, 0.92284

Market review for 03.10.2011: The default of Greece is a major concern.

Asian and European trading sessions:
Euro: Against the background of the dropped Asian stock markets, the euro demonstrated decrease as well. The uncertainty around the decision regarding the European stability fund continued to pressure the euro on Monday. Some of the European countries do not support the idea of the EFSF expansion, in particular, the Slovakian government is experiencing the split with this issue.
According to the expectations, the ECB would not increase the interest rates during the next meeting.
The released Euro-zone fundamentals did not render any support to the euro on Monday (even though the Euro-zone PMI indices turned out to be above expectations).
US Dollar: As a safe-heaven currency, the American dollar strengthened today.
Canadian Dollar: Canadian dollar decreased against the major currencies, as concerns over the world economic recession reinforced. Possibility for the commodities’ prices drop grew, which pressured the Canadian dollar as well.
Oil: Due to the possible default in Greece, oil prices dropped to their 8-week low today.

American trading session:
By the end of the trading day the EUR/USD dropped as low as the $1.3170 range. The threat of the Greek default became very real on Monday after the statement of the government of Greece regarding their inability to reduce expenses according to their agreement with foreign borrowers. As a result, investors started to get rid of the European assets.
The GBP/USD pair decreased as well and reached minimums at the $1.5450 range.
The USD/JPY pair dropped to the Y76.50 mark, as Japanese yen strengthened as a safe-heaven currency.

Technical analysis for 4/10

EURUSD
The pair is trading near Fibonacci retracement 38% at 1.31186. This is a support level for the pair. MACD shows divergence signal and the pair may start corrections in a while.
Resistance: 1.33143, 1.34882, 1.35984
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair may try to test Fibonacci retracement 23% at 1.53482 if stays below 1.54842.
Resistance: 1.54842, 1.56722, 1.58543
Support: 1.53482, 1.52063, 1.50594
USDCHF
The MACD shows divergence signal and the pair may start corrections if stays below 0.92026. The pair may decline to 0.91079.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.88418, 0.87214
USDJPY
If the pair stays below 76.463 the pair will decline to 75.425. If the pair stays above 76.463 the pair will rise to 77.539.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
AUDUSD
The pair has found temporary support at 0.94635 and trying to recover to 0.95611 and 0.96579.
Resistance: 0.95611, 0.96579, 0.97423
Support: 0.94635, 0.93493, 0.92284

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Market review for 29.09.11: Euro strengthened after the German Parliament accepted changes in the EFSF.

Asian and European trading sessions:
Euro: During the Asian trading session Euro won back its yesterday's losses against the US Dollar and Japanese Yen. The currency was rising on the background of today’s voting held in Germany regarding the expansion of EFSF (European Financial Stability Fund). Since the start of the Asian trading the UER/USD pair had increased significantly and showed its session highs around the $1.3678 area.
The pair dropped after the report of the results of today’s auction of government bonds in Italy. The EUR/USD was forced to decrease to $1.3604 level.
British Pound: The GBP/USD pair traded today with an increase and showed its highs during the European session at $1.5712 area. The pair traded in the range of $1.558 - $1.5713.
Japanese Yen: The USD/JPY pair traded in the narrow trading price range. The demand for the currency with “safe haven” status had been reduced because of the rising European stock market and the U.S. indices’ futures. As a result, during the European trading session the Yen weakened and the pair set its high at 77.01 mark against the US Dollar. The USD/JPY pair could not climb higher than that level and stepped back to Y76.61 zone.

American trading session:
US Dollar: Amid reduction of the US market indices during the middle of session the US Dollar began to restore the lost positions against the major currencies.
Euro: The beginning of the American session was accompanied by the increase in the Euro, which reached weekly maximum against the dollar after the EFSF expansion approval by the House of Commons of Germany.
New Zealand Dollar: After the credit rating was reduced in New-Zealand, the national currency dropped as well.

British Pound: Pound grew after the statement of the representative of the SNB said that the Bank planning an increase of the portion of investments into the pound.
Gold: Set its closed price at 1.626$ per ounce

Technical analysis for 29/09

EURUSD
If the pair stays above Fibonacci retracement 50% at 1.34882 the pair will rise to 1.37486.
Resistance: 1.35984, 1.37486, 1.38554
Support: 1.34882, 1.33143, 1.31674
GBPUSD
The pair is rising to 1.56722. If this level is broken the pair will rise to 1.58543.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53482, 1.52063
USDCHF
The pair may start corrections and decline to 0.88418.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.88418, 0.87214, 0.85939
USDJPY
If the pair stays below 76.463 the pair will decline to 75.425. If the pair stays above 76.463 the pair will rise to 77.539.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
AUDUSD
The pair is trying to return to 0.98436.
Resistance: 0.98436, 0.99207, 1.00067
Support: 0.97423, 0.96579, 0.95611

Market review for: Concerns over the situation in Europe are growing.

Asian and European trading sessions:
Euro: The Asian trading session demonstrated drop of the euro against the US dollar.
During the European trading session the EUR/USD pair showed temporary maximum at the $1.3690 level, and then stepped back to the $1,3640 range. The discussions over the increase of the European financial stability fund supported the euro today. Germany is supposed to make a final decision this Thursday (the fund will be increased only if all the 17 countries participants’ would agree upon this increase).
US Dollar: The greenback was supported during the European trading session, due to the negative dynamics of the European stock indices.

British Pound: The GBP/USD pair traded in the tight range of $1.5600-$1,5670.
Japanese Yen: The Japanese yen strengthened against the major currencies. And the demand for the Japanese yen grew, as for the save-heaven currency.
Gold: Gold finished the trading day today at the $ 1.595 per ounce.

American trading session:
US Dollar: During the American trading session market participants tried to get rid of risky assets, and the EUR/USD decreased to the $1,3540 level, and the GBP/USD dropped to $1,5600. Concerns over the situation in Greece reinforced, and the major stock US indices decreased.
Euro: According to the released information, the ECB would not increase the interest rates during its meeting planned for the October 6-th.

Market review for: Willingness to take risks is back.

Asian and European trading sessions:
Euro: The results of the meeting of the German Chancellor Angela Merkel and the Prime Minister of Greece George Popandrey rendered substantial support to the euro and increased investors’ willingness to take risks. Angela Merkel confirmed that Greece was considered to be the integral part of the Euro-zone and that Germany would offer all the necessary support to Greece.
At the same time the decision on ECB interest rates has not been agreed upon yet, which pressured the euro.
Gold: The gold price showed increase up to $1659.60 mark per ounce.
Oil: Oil prices showed considerable increase due to the expectations that European leaders would be able to prevent the European crises from spreading. Oil price reached the $83.73 maximums per barrel.

American trading session:
Euro: Optimistic moods supported the risky assets during the American trading session. By the end of the trading day the Euro managed to win back its previously lost positions against the greenback and the EUR/USD pair grew to the $1,3580 level.

British Pound: The sterling strengthened as well, and the GBP/USD increased to the $1,5640 level at the end of the day. While its maximum has been reached at the $1,5700 mark.

Japanese Yen: The JPY/USD pair dropped to the Y76.72 level.

Technical analysis for 28/09

EURUSD
The pair has broken Fibonacci retracement 50% at 1.34882 and aiming to 1.33143.
Resistance: 1.34882, 1.35984, 1.37486
Support: 1.33143, 1.31674, 1.30277
GBPUSD
If the pair stays below 1.54842 the pair will decline to Fibonacci retracement 23% at 1.53482.
Resistance: 1.54842, 1.58543, 1.60322
Support: 1.53482, 1.52063, 1.50594
USDCHF
The pair has reached Moving Average (200) at 0.86376 and may roll back to 0.84685.
Resistance: 0.85939, 0.87214, 0.88418
Support: 0.84685, 0.83541, 0.82483
USDJPY
If the pair stays below 76.463 the pair will decline to 75.425.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
AUDUSD
The pair has reached support at 0.97423. If the pair breaks it the pair will decline to 0.96579.
Resistance: 0.98436, 0.99207, 1.00067
Support: 0.96579, 0.95611, 0.94635

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Market review for 26.09.11: Disappointment of the market is still very strong.

Asian and European trading sessions:
Euro: The G20 meeting, that took place in Washington this weekend, did not bring any stability to the market, since no decision has been agreed upon regarding the crises. The Euro reacted with a decrease against the competitors. Problems in Greece continued to pressure the euro. And according to the released information, the IMF was considering writing off 50% of the Greek debt. As a result, the EUR/USD pair dropped to the $1,3370 minimums.
During the European trading session the release of the positive economic indicators supported the euro and the EUR/USD grew to the $1.3542 region. The German Business climate IFO indicator turned out to be above expectations.
British Pound: The GBP/USD pair traded in the range of $1.5430 - $1.5460, and its maximum has been reached during the European trading session at the $1.5552 level.
Japanese Yen: The Japanese yen lost its positions against the greenback, and the USD/JPY pair traded in the range of Y76.227 - Y76.517.
New Zealand Dollar: Investors’ unwillingness to take risks was still pressuring the demand for the risky assets, and the New-Zealand dollar was weakening.

American trading session:
By the end of the day the euro strengthened at the level of $1,3530, and the sterling reached the $1,5560 level.

Technical analysis for 27/09

EURUSD
The pair has broken Fibonacci retracement 50% at 1.34882 and aiming to 1.33143.
Resistance: 1.34882, 1.35984, 1.37486
Support: 1.33143, 1.31674, 1.30277
GBPUSD
If the pair stays below 1.54842 the pair will decline to Fibonacci retracement 23% at 1.53482.
Resistance: 1.54842, 1.58543, 1.60322
Support: 1.53482, 1.52063, 1.50594
USDCHF
The pair has reached Moving Average (200) at 0.86376 and may roll back to 0.84685.
Resistance: 0.85939, 0.87214, 0.88418
Support: 0.84685, 0.83541, 0.82483
USDJPY
If the pair stays below 76.463 the pair will decline to 75.425.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
AUDUSD
The pair has reached support at 0.97423. If the pair breaks it the pair will decline to 0.96579.
Resistance: 0.98436, 0.99207, 1.00067
Support: 0.96579, 0.95611, 0.94635

Market review for 22.09.11: Greenback strengthened against the major currencies.

Asian and European trading sessions:
Euro: The EUR/USD pair continued to drop today during both sessions, renewing new minimums. The couple established its daily low at $1.3385 area and then straightened back to test the $1.3500 mark.
US Dollar: Yesterday’s decision of the FOMC Committee revealed that the FRS was not going to start the QE program. Instead, the FOMC announced the ”Twist" operation, when the long-term Treasury bonds for amount of $ 400 billion were supposed to be bought by the end of June 2012 with the following sale of the short-term Treasury bonds for the same amount.

As a consequence, the dollar strengthened against all major currencies and brought down all its pairs AUD/USD, EUR/USD, GBP/USD to their annual lows.

British Pound: From the beginning of the Asian session the GBP/USD pair traded lower and tested its new annual lows in the region of $1.5326 during the European session.
Japanese Yen: The USD/JPY pair lost its previously won positions and accelerated its downwards movement. Minimums were reached at the Y76.116.
New-Zealand Dollar: New-Zealand dollar weakened after the released data, that the national economic growth almost stopped.

American trading session:
Euro: During the American trading session the Euro managed to rehabilitate and the EUR/USD pair returned to the $1,3550 mark. The news that the EC would speed up the recapitalization of the 16 European banks supported the euro.

Market review for 21.09.11: Market participants are waiting for the results of the FOMC meeting. Euro started to drop.

Asian and European trading sessions:
Euro: The EUR/USD pair is trading in the range of $1.3680-$1.3720 during the Asian trading session.
Later on the euro started to decrease against the US dollar, due to the European stock markets drop. Debt problems in Greece had negative impact on the investors’ trading behaviour. Euro was decreasing up to the level of $1.3605.
British Pound: The sterling was under pressure today after the UK economic growth negative forecasts, released by the budget committee.
The GBP/USD tested the $1.5620 minimums.
Japanese Yen: The Japanese yen weakened against the greenback today. The USD/JPY pair traded in the range of Y76.20-Y76.30.
Canadian Dollar: The Canadian inflation data, which turned out to be above expectations, resulted in the decrease of the Canadian dollar against the greenback.

American trading session:
US Dollar: According to the released FOMC decision, the rate was left at the previous level of 0.25%. Following this publication, the greenback strengthened against the euro and the pound. The EUR/USD reached the $1.3700 mark, and the GBP/USD reached the $1.5600 mark.

Technical analysis for 22/09

EURUSD
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
GBPUSD
The pair has reached support 1.54842 and aiming to Fibonacci retracement 23% at 1.53482.
Resistance: 1.54842, 1.58543, 1.60322
Support: 1.53482, 1.52063, 1.50594
USDCHF
The pair has broken resistance 0.89635 and aiming to 0.91079.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
USDJPY
If the pair stays below 76.463 the pair will decline to 75.425.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
AUDUSD
The pair has declined to support at 1.00067. If this level is broken the pair will decline to 0.99207.
Resistance: 1.00907, 1.01744, 1.02558
Support: 1.00067, 0.99207, 0.98436

Market review for 20.09.11: Investors are waiting for the results of the FOMC meeting.

Asian and European trading sessions:
Euro: Due to the fact that the S&P rating agency downgraded Italy's credit rating (from А+/А-1+ to А/А-1) and decreased its forecast to negative, the Euro began its trading day with substantial losses against the US Dollar.
During the Asian trading session the EUR/USD pair fell below the $1.36 level, yet didn’t decrease further from this point and even set its session’s maximums above the $1.3670 zone. Later on, against the background of the raising European stock market, and, subsequently, the US Dollar decrease, the Euro currency strengthened towards the $1.3750 area and recorded its daily highs at $1.3744. Also, the support for the Euro came after the publication of the Economic Sentiment Index from the German Institute ZEW, which in September decreased to the level -43.3 versus forecasted -45.
British Pound: The GBP/USD pair traded in the range of $1.5658 to $1.5735.
Japanese Yen: The USD/JPY pair began this day with losses against the US Dollar and traded mostly within the Y76.407-Y76.609 range. The USD/JPY pair showed its daily maximums at the Y76.71 area during the European trading session.
Australian Dollar: After the publication of the Australian Reserve Bank’s Board of September Minutes, where is was mentioned that the Reserve Bank of Australia was not going to lower the discount rate, the Australian dollar strengthened substantially against the major currencies.
Swiss Franc: Against the backdrop of unjustified speculations relative to the fact that NBS would undertake actions to return its national currency to the 1.25 level against the Euro, the Swiss Franc dropped against all major currencies.

American trading session:
Oil: October’s WTI contract increased and closed at the $86.89 level for barrel.
Gold: The Gold rose today to $1.800.95 price per ounce and performed +1.47%.

Technical analysis for 21/09

EURUSD
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
GBPUSD
The pair has declined to support level of Moving Average (500) and median line at 1.56722. The pair may roll back to 1.58543 if stays above 1.65722.
Resistance: 1.58543, 1.60322, 1.62050
Support: 1.56722, 1.54842, 1.53482
USDCHF
The air is aiming to test 0.89635. If this level is broken the pair will rise to 0.91079.
Resistance: 0.89635, 0.91079, 0.92026
Support: 0.88418, 0.87214, 0.85939
USDJPY
The pair has reached 76.463. If the pair stays below 76.463 the pair will decline to 75.425.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
AUDUSD
The pair has found support at 1.01744 and aiming to 1.03535.
Resistance: 1.03535, 1.04407, 1.05332
Support: 1.02558, 1.01744, 1.00907

Market review for 19.09.11: 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

EURUSD
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
GBPUSD
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
USDCHF
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
USDJPY
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
AUDUSD
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

Market review for 15.09.11: Euro continues its rally.

Asian and European trading sessions:
Euro: The Euro lost part of the won yesterday positions against major currencies during the Asian session and traded in the range of $1.3701 - $1.3750 against the US Dollar. However during the European session the currency strengthened against the backdrop of yesterday's comments by French President Nicolas Sarkozy and German Chancellor Angela Merkel, who expressed their confidence that Greece would remain in the EC. In addition to that, the positive Euro dynamics was supported by the results of the Spain Government Bonds sale. For these reasons, the EUR/USD raised to its session maximums at $1.3910 area.
British Pound: The GBP/USD pair traded in range of $1.5730 - $1.5837. The European trading session showed maximums at the $1.5847 zone.
Japanese Yen: The trading range of USD/JPY was quite narrow this morning and laid between Y76.55 to Y76.79 excluding the end of European session when the daily high was established at Y76.93. Its maximum was set at the Y77.30 area.
Swiss Franc: Swiss franc retreated against the euro after the SNB has expressed readiness to take additional measures to limit the strengthening of the national currency. At the end of the meeting, the SNB left a 3- month LIBOR rate at the fixed range of 0.00-0.25%, which corresponded with expectations.

American trading session:
US Dollar: The most important news of this session were reports of the 5 main central banks, in particular: ECB, the FRS, Swiss National Bank, Bank of Japan and Bank of England which confirm that dollar liquidity would be provided by their coordinated actions, as an attempt to boost liquidity across the Euro-zone. On the background of these news, the greenback dropped against its competitors. The EUR/USD pair showed its daily high at $1.3930 and the GBP/USD recorded the level of $1.5867.
Oil: Oil showed maximums above the $90 mark per barrel.

Technical analysis for 15/09

EURUSD
The pair has declined to Fibonacci retracement 50% and may roll back to 61% at 1.38554.
Resistance: 1.37486, 1.38554, 1.39600
Support: 1.35984, 1.34882, 1.33143
GBPUSD
The pair has broken support at 1.58543 and aiming to 1.56722.
Resistance: 1.58543, 1.60322, 1.62050
Support: 1.56722, 1.54842, 1.53482
USDCHF
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
USDJPY
The pair could not break 77.539 and aiming to 76.463.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
AUDUSD
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

Market review for 14.09.11: Moody’s decision to reduce the credit rating of two leading French banks pressured the euro.

Asian and European trading sessions:
Euro: During the Asian session the euro lost all its previously won positions. The pressure on the Euro was continued due to concerns regarding spreading of the debt crisis in the region. We also need to mention that Morgan Stanley lowered their forecasts on the EUR/USD pair. Now they expect to see the pair at the level of $1.30 toward the end of 2011 year and at the level of $1.25 in the first quarter of 2012. Also, today’s published statistics, which showed the decrease in Industrial Production in the EU in July didn’t remain unnoticed and had a bad effect on the trading dynamics of the Euro currency.
However, during the European session the Euro strengthened against major currencies amid falling yields of Italian and Spanish bonds, which indicated a decrease in concerns about the situation in the region. The EUR/USD pair traded today in the range $1.35914 to $1.3783.

British Pound: The GBP/USD pair remained under pressure during the Asian session and traded around its daily lows at $1.5706 area. The report from the UK labour market recorded that the Unemployment rate in the country in August remained unchanged at 7.9%. As a result, it supported the British Pound and GBP/USD pair rose to the region of $1.5815.
Japanese Yen: Support to the yen was rendered by decrease in the basic share indices in Asia and Europe that raised the demand for currencies with the safe heaven status. The USD/JPY pair traded in range of Y76.80 - Y77.10.

American trading session:
Oil: Oil prices decreased. The WTI dropped to the $89.21 mark per barrel.
Canadian Dollar: Canadian dollar dropped as a result of the decreased oil prices and concerns that the possible drop of the world economy would have a negative influence on the raw materials.

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Market review for 13.09.11: European crises is spreading in Europe and the euro stays under pressure.

Asian and European trading sessions:
Euro: The Euro was trading near its maximums during the Asian session. Further strengthening of Euro currency was constrained by fears concerning the further spreading out of the debt crisis in the region.
As a result, at the beginning of the European session the EUR/USD pair renewed its decrease and fell to its second day low at $1.3557. In contrast, the discussions about the China’s help for Italy supported Euro currency to recover against the dollar and strengthen to its daily highs at $1.3737 area.
British Pound: The GBP/USD pair remained in the range of $1.5828 - $1.5868 during the Asian trading session. Later on the speech of one of Bank of England representative, Mr. Posen, had put a negative effect on the dynamics of GBP trading and prevented it from growing over its previous session high. He stated that the Bank of England must make a decision about the new 50- billion purchase of the assets within the next three months.
The pair started to fall and showed its daily low at $1.5760. The British pound was prevented from moving even lower by the reports of Retail Price Index, which was more or less concurrent with the forecasts. After this UK Inflation data the British Pound showed a slight increase and strengthened against the US Dollar.
Japanese Yen: Investors continued to accumulate their positions in the Yen. Taking into account the fact that a question of expensive yen was not solved during the G7 summit, the market was surrounded by the rumours that the Bank of Japan may follow the way of the SNB.
Oil: Oil established maximum at $90.51and closed at 89.74 per barrel today.
Gold: Gold price grew and reached the level of $1834.90 for ounce.

American trading session:
New-Zealand Dollar: Market participants are awaiting for the decision of the Reserve Bank of New-Zealand regarding the interest rate in the next 24 hours.

Technical analysis for 14/09

EURUSD
The pair has declined to Fibonacci retracement 50% and may roll back to 61% at 1.38554.
Resistance: 1.37486, 1.38554, 1.39600
Support: 1.35984, 1.34882, 1.33143
GBPUSD
The pair has broken support at 1.58543 and aiming to 1.56722.
Resistance: 1.58543, 1.60322, 1.62050
Support: 1.56722, 1.54842, 1.53482
USDCHF
The pair is correcting and may decline to 0.87214.
Resistance: 0.88418, 0.89635, 0.91079
Support: 0.87214, 0.85939, 0.84685
USDJPY
The pair could not break 77.539 and aiming to 76.463.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
AUDUSD
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

Market review for 12.09.11: Euro drops against the concerns over Greece.

Asian and European trading sessions:
Euro: During the Monday’s Asian trading session the Euro fell to its lowest level since 2010 against the yen and retreated against the US Dollar on speculation that German Chancellor Angela Merkel prepared to default Greece. This fact tells about reducing the attractiveness of European assets. As a result, the EUR/USD pair fell to its lows at $1.3494 area. Later on, during the European session amid rumours of approval for the next tranche of financial help for Greece, the Euro raised to the its daily highs at $1.36942 zone.
British Pound: The GBP/USD pair dropped to the $1.5798 range but then recovered to $1.5850.
Japanese Yen: On Monday, on the background of the falling Asian Stock Markets and tendency of getting rid of risky assets, the investors decided to "escape" into the “safe haven” Yen. The USD/JPY pair dropped to its daily lows of Y76.7550 and traded in this area during the Asian trading session. Then, during European session the Yen recovered and showed its high at Y77.384 zone.

American trading session:
Overview: The American trading session was quite volatile because of the absence of any important announcements and news. Initially, the Euro and The British Pound stepped back from their highs against the background of concern about lowering the credit rating of several European banks. In contrast, the discussions about the China’s help for Italy supported these currencies to recover against the dollar.

Japanese Yen: Investors continued to accumulate their positions in the Yen. Taking into account the fact that a question of expensive yen was not solved during the G7 summit, the market was surrounded by the rumours that the Bank of Japan may follow the way of the SNB.

Technical analysis for 13/09

EURUSD
The pair has declined to Fibonacci retracement 50% and may roll back to 61% at 1.38554.
Resistance: 1.37486, 1.38554, 1.39600
Support: 1.35984, 1.34882, 1.33143
GBPUSD
The pair has reached support at 1.58543 .
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair is correcting and may decline to 0.87214.
Resistance: 0.88418, 0.89635, 0.91079
Support: 0.87214, 0.85939, 0.84685
USDJPY
The pair couldn’t break 77.539 and aiming to 76.463.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
AUDUSD
The pair’s resistance is 1.03535, support 1.02558. If the pair stays above 1.03535 the pair will rise to 1.04407.
Resistance: 1.03535, 1.04407, 1.05332
Support: 1.02558, 1.01744, 1.00907

Market review for 08.08.11: The US Dollar strengthened its positions in the threshold of the US president speech.

Asian and European trading sessions:
Euro: The pressure on the Euro currency continued amid speculations of the fact that the ECB would lower forecasts of the inflation and the economy in Europe and also hint at a pause in raising interest rates. There was no doubt that the ECB in today's meeting would leave the interest rate unchanged at the 1.5% level.
The EUR/USD pair traded in range of $1.4034 to $1.4107 during both sessions.
US Dollar: The US Dollar strengthened its positions on Thursday in the threshold of the US President Barak Obama speech. In this speech the President should lay out his program of creating new American jobs and initiating growth of the US economy by injecting more than $300 billion next year.

Swiss Franc: Against the background of increasing risk appetites, tendency of growing stock markets around the World and after recent actions of the National Bank of Switzerland, the Swiss Franc suffered losses against most major currencies.
Australian Dollar: The Australian dollar reduced the yesterday's rally today against the US dollar after the National statistics reported a decline in employment in August to 9.700 against forecasted growth to 10.000. Moreover, the unemployment rate in Australia showed its increase to 5.3% vs. 5.1% in July.

British Pound: The British pound rose today after the Bank of England left interest rate unchanged at 0.50% and kept the size of the program of purchasing the assets (QE) at 200 billion Sterling. The British pound tested its today’s lows at $1.5915 then grew to the maximums of around the $1.6971 area.
Gold: December Gold became more expensive and strengthened around the $833.58 per ounce.

Oil: The October oil fell to $89.31 a barrel.

American trading session:
As the result of the speech of ECB President Jean-Claude Trichet, who pointed out increasing risks of the region economy, the Euro fell against major currencies. These news were perceived by market participants as a signal to stop the process of raising interest rates by European Central Bank. The ECB President also noted the inflation reduction in EC.

Market review for 07.09.11: The US Dollar stepped back against the background of an increase in the stock markets.

Asian and European trading sessions:
Euro: The Euro strengthened on the backdrop of the report, which showed a significant increase in industrial production in Germany from July. Indicator grew by 4.0% in July against the forecasted value of +0.5% and previous -1.0% in June. The EUR/USD pair rose from $1.4008 to its daily high at $1.4150, then rolled back to $1.4050.
US Dollar: After 6 days of growth, the US Dollar fell against the Euro and other major currencies. The greenback also decreased amid the growing stock markets around the world and reduced demand for currencies with the “safe haven” status. Another factor which pressured the US Dollar was speculations that Fed Chairman Ben Bernanke would express his willingness to continue stimulate the U.S. economy in his tomorrow speech.
British Pound: The GBP/USD pair was trading in range of $1.5935 to $1.6015, however, the pair established its daily high at $1.6038 during the European trading session.
Japanese Yen: The USD/JPY pair initially dropped to Y77.06 from its highs around the Y77.70 area. Then, during the European trading session, the pair had shown a correction and remained trading between Y77.10 and Y77.36 levels.
Australian Dollar: According to statistics, the Australian GDP grew by 1.2% against analysts forecasts of 1%. As a result of this report, the Australian Dollar grew against all major currencies.
Oil: The October’s Oil added 79 cents to its price and rose to $86.81 for a barrel.
Gold: Today, the price of Gold marked its daily low at $1,793 per ounce.

American trading session:
Canadian Dollar: The Canadian dollar held its positions against the greenback after the Bank of Canada has kept its interest rates unchanged today.

Technical analysis for 8/09

EURUSD
The pair is trying to recover and if 1.40690 is broken the pair will rise to 1.41780.
Resistance: 1.40690, 1.41780, 1.42996
Support: 1.39600, 1.38554, 1.37486
GBPUSD
The pair is aiming to 1.58543.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair’s resistance is 0.85939, support 0.84685.
Resistance: 0.85939, 0.87214, 0.88418
Support: 0.84685, 0.83541, 0.82483
USDJPY
The pair’s resistance is 77.539. The pair’s support is at 76.463.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
AUDUSD
The pair is aiming to 1.05332.
Resistance: 1.06164, 1.07005, 1.07739
Support: 1.05332, 1.04407, 1.03535

Market review for 06.09.11: Franc dropped after the announcement of the National bank of Switzerland.

Asian and European trading sessions:
Euro: After the National Bank of Switzerland established minimum exchange rate of CHF at the 1.2000 level against the Euro, the EUR/USD pair rapidly grew to its session maximum at the $1.4280 area. However, during the European trading session the pair fell to the region of $1,4110 against the background of reduction in demand for high-risk assets in the region, when the party of German Chancellor Merkel was defeated in local elections.
US Dollar: The negative dynamics in the stock markets boosted demand for safe assets and supported the US Dollar, which resumed its rise against major currencies.
British Pound: The GBP/USD couple showed its highs above the $1,6200 level, but wasn’t able to keep it and fell back onto the minimum of both sessions at $1.6060 area.
Japanese Yen: The USD/JPY pair jumped above the maximums of Y77, 00 and marked its session high at Y77,69 area.
Swiss Franc: According to the official publication of the National Bank of Switzerland , current significant rise in price of Franc not only threatens the Swiss economy, but also carries risks of deflation. As a result, the National Bank of Switzerland tied the exchange rate of Swiss Franc to 1.20 against to Euro and stated its purpose as, “a significant and sustainable weakening of the Franc".

Australian Dollar: Meanwhile, the main news of the morning session was the outcome of the meeting of the Reserve Bank of Australia. As expected, the central bank left the main interest rates unchanged at 4.75%.

Oil: Oil price strengthened around the $86.00 level per barrel.
Gold: Gold grew to the $1,898.10 level per ounce. A new record-breaking maximum was set at the $1,923.70 mark per ounce.

American trading session:
Japanese Yen: The yen incurred losses against the greenback after the statement of the Minister of Finance of Japan, who proposed to discuss the issue of the strong influence of the yen growth on the world economy during the upcoming G7 summit.

Technical analysis for 7/09

Technical analysis for 7/09
EURUSD
The pair is trying to recover and if 1.40690 is broken the pair will rise to 1.41780.
Resistance: 1.40690, 1.41780, 1.42996
Support: 1.39600, 1.38554, 1.37486
GBPUSD
The pair may return to 1.60322.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair has grown to Moving Average (200) at 0.86243 and may roll back to 0.84685.
Resistance: 0.85939, 0.87214, 0.88418
Support: 0.84685, 0.83541, 0.82483
USDJPY
The pair’s resistance is 77.539. The pair’s support is at 76.463.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
AUDUSD
The pair is trying to close gap at 1.06381.
Resistance: 1.06164, 1.07005, 1.07739
Support: 1.05332, 1.04407, 1.03535

Technical analysis for 6/09

EURUSD
The pair has declined to 1.40690. If this level is broken the pair will decline to 1.39600.
Resistance: 1.41780, 1.42996, 1.44400
Support: 1.40690, 1.39600, 1.38554
GBPUSD
The pair is aiming to 1.60322.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair’s resistance is 0.79115, support 0.77849.
Resistance: 0.79115, 0.80313, 0.81356
Support: 0.77849, 0.76605, 0.75450
USDJPY
The pair has declined to the support level at 76.463. If this level is broken the pair will decline to 75.425.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
AUDUSD
The pair has broken Moving Average (100) and aiming to test Moving Average (200) at 1.04068. But there is unclosed gap at 1.06381 and the pair may try to close it.
Resistance: 1.06164, 1.07005, 1.07739
Support: 1.05332, 1.04407, 1.03535

Market review for 05.09.11: US dollar strengthens.

Asian and European trading sessions:
Euro: German Chancellor Angela Merkel could not get maximum votes, which resulted in a considerable drop of the euro. EUR/USD pair decreased to $1.4109 minimums. The euro dropped to its 3-week minimums against the yen as well.
US Dollar: Market instability supported the demand for the save-heaven assets, and the US dollar strengthened.
British Pound: Released UK statistics influenced the dynamics of the pound. The Purchasing Manager index (services) decreased in August to 51.1 against expected 54.0. Therefore, the GBP/USD reached minimums of $1,6100.
Japanese Yen: The USD/JPY pair traded in the range of Y76,70-Y76,95.
Swiss Franc: As a save-heaven currency, the Swiss franc was supported against its competitors as well today. Decrease of the main European stock markets rendered support to the save-heaven assets.
Gold: Gold reached the $1,900 level again.

American trading session: Financial markets in the US were closed on Monday due to the celebration of the Labor Day.

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Market review for 01.09.11: Concerns over the spreading of the European crises pressure the euro.

Asian and European trading sessions:
Euro: Concerns over the spreading of the debt crisis in the EC and decreased demand for high-yield assets pressured the euro, which reached a two-week low against the US dollar at the $1.4262 area today. We should note, that the pressure on the Euro was increased even more after the message of the Greek Parliament Budget Committee saying that the debt situation in Greece was out of control regardless of the planned measures.
Published weak statistics had additional negative influence on the euro: German GDP recorded a small growth only by 0.1% in comparison with +1.3% in the previous period and the EC PMI index report fell below the forecast of 49.7 and was 49.0.
British Pound: The economic situation in Europe didn’t affect much the GBP/USD pair, which found its support at the $1.6202 area and traded slightly above this level during both sessions.
Swiss Franc: The Swiss Franc grew today as a currency with the “safe-haven status, on the backdrop of rising concerns about further deterioration in financial markets.

American trading session:
US Dollar: The United States dollar increased against a basket of major currencies after the Institute for supply management (ISM manufacturing) provided data on the growing manufacturing activity index in August (factual level of 50.6 exceeded its predicted rate of 48.0).

Canadian Dollar: Canadian dollar grew to its maximum level in the recent 4 weeks against major currencies.

Technical analysis for 1/09

EURUSD
The pair made an attempt but could not reach 1.46222 and rolling back to support 1.44406. If this level is broken the pair will decline to 1.42996.
Resistance: 1.44400, 1.46222, 1.47342
Support: 1.42996, 1.41780, 1.40690
GBPUSD
The pair has reached support 1.62050.
Resistance: 1.63316, 1.64636, 1.65706
Support: 1.62050, 1.60322, 1.58543
USDCHF
The pair has reached 0.80313, if this level is broken the pair will decline to 0.79115.
Resistance: 0.81356, 0.82483, 0.83541
Support: 0.80313, 0.79115, 0.77849
USDJPY
The pair has declined to the support level at 76.463. If this level is broken the pair will decline to 75.425.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
AUDUSD
The pair has risen to the resistance 1.07005. The pair needs to break median line at 1.07005 to be able continue rising, if stays below this level the pair will decline to 1.06164.
Resistance: 1.07005, 1.07739, 1.08413
Support: 1.06164, 1.05332, 1.04407

Market review for 31.08.11: The Swiss Franc, the Yen and the US dollar remained supported.

Asian and European trading sessions:
Euro: During the Asian session on Wednesday the Euro remained under pressure before the publication of the report on unemployment in the EC. The EUR/USD pair showed session highs at $1.4468, but returned to the $1.4435 zone. The pressure on the Euro increased after the published statistics, which recorded growth of unemployment in the EC in July to a level of 10.0% compared to the previous 9.9%. As a result, the EUR/USD pair dropped to its minimums of $1.4416 during the European trading session.
US Dollar: Concerns over slowing down of the economic growth in the Euro zone supported the demand for the safe assets, like the US dollar.

British Pound: The British Pound suffered losses against the background of weak August report on the Consumer Confidence Survey (Gfk) in the UK, which reduced to the level of -31 points, against previous value of -30. The GBP/USD pair marked its lows at $1.6257 area and traded in the range of $1.6257 - $1.6330 during both sessions.
Japanese Yen: On Wednesday sessions, the USD/JPY pair traded between the Y76.50 - Y76.70 levels.

American trading session:
Swiss Franc: The Swiss Franc grew today, since the National bank of Switzerland restrained from any actions for the first time after the three last Augusts’ Wednesdays, where the Central Bank conducted interventions on the currency market for the purpose of holding in control an excessive growth of the Franc.
US Dollar: The release of the American ADP index with the private employment change could not allow the US dollar to strengthen more. The employment increased for 91 thousand, while the forecasted change amounted to 100 thousand.
At the end of the day the EUR/USD pair reached minimums of $1.4360 and the GBP/USD dropped to $1.6230 level.

Market review for 30.08.11: The US dollar is gaining strength again.

Asian and European trading sessions:
Euro: On Tuesday the EUR/USD pair showed its session highs at $1.4532, but couldn't keep above this level and sharply fell to $1.4383. The euro decreased against the other major currencies as well on the background of reduced expectations of the further interest rates increase by the ECB.
The overall release of the European news was rather negative. Italian Retail sales dropped considerably, the Euro-zone Business climate, economic and industrial confidence indicators decreased below expectations.
US Dollar: Today the U.S. dollar had a very ”good” day. In the view of European news the greenback seems to many investors now as the only alternative for preservation of their assets.
The Frank and the Yen, which also have safe-haven currency status, in the conditions of world instability, now are under pressure, since the governments of these countries continue to hold in control an increase in the national currencies after their significant rise in price.
British Pound: After testing the $1.6418 level, the GBP/USD pair fell to its lows of $1.6277 area. The pressure on the pound was a result of the published Great Britain Consumer confidence survey, which dropped below the previous month’s level and its expectations as well.
Japanese Yen: The USD/JPY pair traded in Y76.65 - Y76.97 range. The yen was under pressure during both sessions, since the stock markets continued to rise amid signs of stability of large Asian economies.

American trading session:
Oil: Oil price increased in spite of the strengthening of the US dollar. It showed the maximum at $89.21 mark and finally closed at $88.89 per barrel.

Technical analysis for 31/08

EURUSD
The pair made an attempt but could not reach 1.46222 and rolling back to support 1.44406. If this level is broken the pair will decline to 1.42996.
Resistance: 1.46222, 1.47342, 1.48550
Support: 1.44400, 1.42996, 1.41780
GBPUSD
MACD divergence does not let pair continue rising. The pair has decline to 1.63316 and trying to close below this level it may bring pair to test next support level at 1.62050.
Resistance: 1.64636, 1.65706, 1.67165
Support: 1.63316, 1.62050, 1.60322
USDCHF
The pair has reached Moving Average (100) and rolling back to 0.81356. The pair may break this level easy and decline to 0.80313.
Resistance: 0.82483, 0.83541, 0.84685
Support: 0.81356, 0.80313, 0.79115
USDJPY
The pair has declined to the support level at 76.463. If this level is broken the pair will decline to 75.425.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
AUDUSD
The pair has risen to the resistance 1.07005. The pair needs to break median line at 1.07005 to be able continue rising.
Resistance: 1.07005, 1.07739, 1.08413
Support: 1.06164, 1.05332, 1.04407

Technical analysis for 30/08

EURUSD
The pair has broken 1.44406 and aiming to 1.46222.
Resistance: 1.46222, 1.47342, 1.48550
Support: 1.44400, 1.42996, 1.41780
GBPUSD
MACD divergence doesn’t let pair continue rising. If the pair declines below 1.64636 the pair will decline to 1.63316.
Resistance: 1.64636, 1.65706, 1.67165
Support: 1.63316, 1.62050, 1.60322
USDCHF
The pair’s resistance is 0.82483, support 0.81356.
Resistance: 0.82483, 0.83541, 0.84685
Support: 0.81356, 0.80313, 0.79115
USDJPY
The pair has declined to the next support level at 76.463. If this level is broken the pair will decline to 75.425.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
AUDUSD
The pair has risen to the resistance 1.07005 and rolling back to 1.06164.
Resistance: 1.07005, 1.07739, 1.08413
Support: 1.06164, 1.05332, 1.04407

Market review for 29.08.2011: An increase in the risk appetites supported high-yielding currencies.

Asian and European trading sessions:
Euro: EUR/USD traded from its lows at $1.4463 up to its highs at $1.4550. The pair stepped back from the maximums after statistics that showed the slowdown in inflation in some parts of Germany.
US Dollar: The dollar is finishing the current month with the maximal growth since May: in August, the dollar rose 1.2% against a basket of currencies and returned to the status of “safe-haven” currency. Today the greenback lost its positions against high-yielding currencies (Euro, Pound, Australian and New Zealand dollars), but strengthened against other currencies with the same “safe-haven” status (the Yen and the Franc).
British Pound: The GBP/USD rose from $ 1.6341 and showed its session highs at $ 1.6412. Then, the pair was trading near the $1.6400 zone.
Japanese Yen: After consolidating in the Y76.55 - Y76.75 range, the USD/JPY rose nearly 50 pips and stopped at a mark of 77.05 yen per dollar.
Swiss Franc: Swiss franc fell against the major currencies on the background of the strengthening of the major fund indices of the world markets. During the Asian session the Franc was trading for less than 0.8100 for USD, but later during the European trade session, it was able to reach 0.8180 level.
Oil: Oil reached the $87.62 mark per barrel.
Gold: Gold decreased to $1781.30 per ounce and currently remained below $1800 level.
Australian Dollar: The Australian dollar rose against the major currencies on the backdrop of the increasing demand for high-yielding currencies as well as in connection with the expectations of tomorrow's data on building permits.

American trading session:
During this session, growth of appetites to risks was supported by high-yielding currencies, such as the Australian and Canadian dollars.

Market review for 25/08/2011: Demand for the high-risk assets drops.

Asian and European trading sessions:
Euro: The Euro became stronger despite decrease in an index of Consumer Confidence Survey in Germany. EUR/USD reached $1.4472, moving up from its morning lows at $1.4384. During both sessions the Euro remained trading in the previous day range.
US Dollar: On the background of technical correction from yesterday's growth and revive speculation about a possible announcement of the third round of quantitative easing program at the Conference of the FRS with the heads of the Central banks, scheduled for August 26, the dollar suffered losses against the European currencies.

British Pound: The GBP/USD pair traded in the range from $1.6350 to $1.6401 during both sessions.
Japanese Yen: The USD/JPY pair traded around Y77.00. Growth of the stock indices put pressure on the yen, but during the European session the pair became stronger and traded above the Y77.05 level.
Gold: On the backdrop of the increased risk appetites, which caused fund indices growth in Asia, the price of gold dropped today to its lows at $1725 per ounce.

American trading session:
During the American session the euro fell against the greenback and reduced its growth against the yen on the fears that officials would be forced to impose a ban on short positions in the European stock markets in order to prevent the spreading and intensification of the debt crisis in the region.
By the end of the day the EUR/USD decreased to $1.4330 and the GBP/USD dropped to $1.6250.

Technical analysis for 25/08

EURUSD
The key level for the pair is 1.40690, if this level is broken the pair will decline to Fibonacci 61.8% at 1.38867. If the pair breaks 1.44406 the pair will rise to 1.46222.
Resistance: 1.44400, 1.46222, 1.47342
Support: 1.42996, 1.41780, 1.40690
GBPUSD
MACD divergence doesn’t let pair continue rising. If the pair declines below 1.64636 the pair will decline to 1.63316.
Resistance: 1.65706, 1.67165, 1.68756
Support: 1.64636, 1.63316, 1.62050
USDCHF
The pair’s resistance is 0.80313, support 0.77849.
Resistance: 0.80313, 0.81356, 0.82483
Support: 0.79115, 0.77849, 0.76605
USDJPY
The pair has declined to the next support level at 76.463. If this level is broken the pair will decline to 75.425.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
AUDUSD
Strong resistance maybe met at the median line 1.06164.
Resistance: 1.05332, 1.06164, 1.07005
Support: 1.04407, 1.03535, 1.02558

Market review for: Strengthening of the greenback.

Asian and European trading sessions:

Euro: The EUR/USD straightened at the $1.4476 area in the recovery from the early morning lows at $1.4389. However, the pair couldn’t continue trading at this zone and fell against the background of the published data confirmed the decline of the German IFO - Expectations index to its lowest level of 100.1 despite the analysts’ forecasts at 102.8 level.
US Dollar: The dollar was under pressure amid speculations that the Fed Chairman at the conference on August 26 would hint at the probability of the third wave of quantitative easing, in support of a national economy.

British Pound: The GBP/USD pair reached its session minimums at $1.6464.
Japanese Yen: The yen rose on Wednesday after the comments of the Japanese Finance minister Noda regarding creating package of $100 billion to fight the rise in price of the local currency.
The Japanese currency rose in value even after it became known that the international rating agency Moody's Investors Service downgraded the credit rating of Japan's and the USD/JPY fell to Y76.50.
Swiss Franc: The Swiss franc rose against major currencies amid growing concerns about the future of the American economy and the further spread of the debt crisis in the EU.

American trading session:
US Dollar: The dollar has strengthened against all its major competitors. The EUR/USD decreased to $1.4400 level, and the GBP/USD pair dropped to $1.6350.
Gold: Against the greenback strengthening and for technical reasons, the gold dropped to 1747 per ounce.

Technical analysis for 24/08

EURUSD
The key level for the pair is 1.40690, if this level is broken the pair will decline to Fibonacci 61.8% at 1.38867. If the pair breaks 1.44406 the pair will rise to 1.46222.
Resistance: 1.44400, 1.46222, 1.47342
Support: 1.42996, 1.41780, 1.40690
GBPUSD
MACD divergence doesn’t let pair continue rising. If the pair declines below 1.64636 the pair will decline to 1.63316.
Resistance: 1.65706, 1.67165, 1.68756
Support: 1.64636, 1.63316, 1.62050
USDCHF
The pair’s resistance is 0.80313, support 0.77849.
Resistance: 0.80313, 0.81356, 0.82483
Support: 0.79115, 0.77849, 0.76605
USDJPY
The pair has declined to the next support level at 76.463. If this level is broken the pair will decline to 75.425.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
AUDUSD
The pair is trying to recover. Strong resistance maybe met at the median line 1.06164.
Resistance: 1.05332, 1.06164, 1.07005
Support: 1.04407, 1.03535, 1.02558

Market review for 23.08.11: Willingness to take risks increased today.

Asian and European trading sessions:
Euro: After the minimums of $1.4362 the EUR/USD strengthened to $1.4487. After the released German Industrial PMI index, which increased in August to 52 above expectations of 50.6, the euro grew to $1.4500. The Composite Euro-zone PMI remained at the previous level of 51.1 despite its lower forecasts.
Nevertheless, the euro was pressured by the publication of the German ZEW index, which dropped unexpectedly to the minimums of -37.6 below the experts’ predictions.

US Dollar: Greenback fell below its competitors as a result of the speculations that the third round of quantitative easing would be introduced during the conference on August 26th.

British Pound: The GBP/USD grew and reached the $1.6571 maximums.
Japanese Yen: The USD/JPY stepped back from Y76.95 to Y76.50 area. Speculation of the possible intervention reinforced.
Gold: Gold is trading near the $1875.00 level per troy ounce, slightly retreating from a session low of $ 1872.46. This morning has been updated historical maximum of $ 1917.90 per troy ounce.

American trading session:
US Dollar: Negative American statistics was released during the second part of the day. The new home sales volume dropped below expectations.

Technical analysis for 23/08

EURUSD
The key level for the pair is 1.40690, if this level is broken the pair will decline to Fibonacci 61.8% at 1.38867. If the pair breaks 1.44406 the pair will rise to 1.46222.
Resistance: 1.44400, 1.46222, 1.47342
Support: 1.42996, 1.41780, 1.40690
GBPUSD
The pair has returned to support level at 1.64636.
Resistance: 1.65706, 1.67165, 1.68756
Support: 1.64636, 1.63316, 1.62050
USDCHF
The pair’s resistance is 0.80313, support 0.77849.
Resistance: 0.80313, 0.81356, 0.82483
Support: 0.79115, 0.77849, 0.76605
USDJPY
The pair has declined to the next support level at 76.463. If this level is broken the pair will decline to 75.425.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
AUDUSD
The pair is trying to recover. Strong resistance maybe met at the median line 1.06164.
Resistance: 1.04407, 1.05332, 1.06164
Support: 1.03535, 1.02558, 1.01744

Market review for 22.08.11: The yen and franc retreated on fears of intervention of Japan and Switzerland Central Banks.

Asian and European trading sessions:
Euro: The EUR/USD pair showed its lows at $1.4343 before recover up to $1.4415.
US Dollar: On Monday the American currency strengthened against its rivals, however, the increase of the dollar was limited. The speculations regarding the possibility that the third round of quantitative easing would be introduced during the conference on August 26, pressured the greenback.
During the European trading session the greenback fell against major currencies against the strengthening of European stock markets, which reduced demand for the save-haven currencies.
British Pound: The GBP/USD pair traded in the range of $1.6461 - $1.6513.
Japanese Yen: The Yen stepped back from its record Friday’s highs on fears that the Central Bank of Japan would conduct intervention in the currency market for the purpose of the limitation of an increase of the National currency.
The USD/JPY pair dropped to the Y76.70 level.
Swiss Franc: Under the pressure of the possible intervention to limit the growth of national currency, the Swiss Franc weakened and traded in the range of 0.7840-0.7850.

American trading session:

Gold: The Gold grew to the $1891.92 mark per ounce.
Oil: Today the oil reached the $84.81 maximums.

Market review for 18.08.11: Greenback wins back its previous losses.

Asian and European trading sessions:
Euro: EUR/USD showed maximums at the $1.4450 level, but decreased to the minimums of $1.43 later during the day.
US Dollar: The US dollar strengthened its positions against the majority currencies amid weakening of the stock indices.
British Pound: The GBP/USD pair traded at the level of $1.6500, then dropped below this level after retail sales report, which reinforced the fears that the British economy was losing its momentum.

The sterling was pressured by the decreased UK Retail sales indicators, which dropped below expectations. Nevertheless, the GBP/USD did not drop below the $1.6500 level.

Japanese Yen: After consolidating at Y76.60 area, the USD/JPY continued trading at the Y76.55-Y76.75 range.
Swiss Franc: Frank fell on speculations about what measures the Swiss National Bank would continue to undertake directed to restraint the growth of the national currency.

Gold: Gold updated its historical maximum, reaching a $1822.00 mark per ounce

American trading session:
US Dollar: The negative release of the published US fundamentals increased the demand for the save-heaven assets. Initial jobless claims increased, the Philadelphia Fed index dropped below forecasts.

Technical analysis for 18/08

EURUSD
The key level for the pair is 1.40690, if this level is broken the pair will decline to Fibonacci 61.8% at 1.38867. If the pair breaks 1.44406 the pair will rise to 1.46222.
Resistance: 1.44400, 1.46222, 1.47342
Support: 1.42996, 1.41780, 1.40690
GBPUSD
The pair has broken Fibonacci 38.2% 1.64636 and reached 1.65706. Now the pair may return to Fibo again at 1.64636.
Resistance: 1.65706, 1.67165, 1.68756
Support: 1.64636, 1.63316, 1.62050
USDCHF
The pair’s resistance is 0.80313, support 0.77849.
Resistance: 0.80313, 0.81356, 0.82483
Support: 0.79115, 0.77849, 0.76605
USDJPY
The pair has declined to the next support level at 76.463.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
AUDUSD
The pair has tested Moving Average (100) at 1.05799 and rolling back to 1.04407.
Resistance: 1.05332, 1.06164, 1.07005
Support: 1.04407, 1.03535, 1.02558

Market review for 17.08.2011: US Dollar drops against competitors.

Asian and European trading sessions:
Euro: Today the EUR/USD pair managed to show a strong positive dynamics and almost reached the $1.4500 maximum. Released negative Euro-zone Consumer price index did not pressure the euro, since investors’ willingness to take risks increased.
US Dollar: Greenback started to lose its save-heaven status.
British Pound: The pound fell against major currencies after report, which recorded increase in unemployment in the UK by the end of July. GBP/USD traded at the range of its lows at $1.6351 to highs above $1.6500 area.
Japanese Yen: Today the USD/JPY traded in the range Y76.50 to Y76.80.
Swiss Franc: Swiss franc dropped against the US dollar after the decision of the National Bank of Switzerland not to tie the franc to the euro. National Bank of Switzerland also announced plans to only increase liquidity in the money market to 200 billion francs ($ 253 billion) from 120 billion francs.

Oil: The December crude oil has risen by 1.1% to $ 87.56 a barrel.
Gold: Gold closed by growth of 0.5% up to $1793.80 an ounce.

American trading session:
British Pound: The sterling moved even higher and the GBP/USD hit the $1.6550 maximum.

Technical analysis for 17/08

EURUSD
The key level for the pair is 1.40690, if this level is broken the pair will decline to Fibonacci 61.8% at 1.38867. If the pair breaks 1.44406 the pair will rise to 1.46222.
Resistance: 1.44400, 1.46222, 1.47342
Support: 1.42996, 1.41780, 1.40690
GBPUSD
The pair has risen to Fibonacci 38.2% 1.64636. If this level is broken the pair will rise to 1.65706.
Key level is 1.62050 after which may be expected decline to 1.60322.
Resistance: 1.64636, 1.65706, 1.67165
Support: 1.63316, 1.62050, 1.60322
USDCHF
The pair’s resistance is 0.80313, support 0.77849.
Resistance: 0.73265, 0.74362, 0.75450
Support: 0.71993, 0.70687, 0.69336
USDJPY
The pair has declined to the next support level at 76.463.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
AUDUSD
The pair is aiming to Moving Average (100) at 1.05799.
Resistance: 1.05332, 1.06164, 1.07005
Support: 1.04407, 1.03535, 1.02558

Market review for 16.08.11: Statistics from Germany caused pressure on the Euro.

Asian and European trading sessions:
Euro: After testing a 3-week’s high, the single currency fell today. The main reason for that was a report of Germany’s GDP and the EU as a whole for the second quarter, which showed slowing down of GDP growth in Germany (GDP fell to 0.1% versus +1.3% for the first quarter). As a result, the EUR/USD declined to the $1.4358 area.
British Pound: The GBP/USD was under pressure and pair decreased to $1.6318 during the Asian session. However, the strong inflation report in Britain helped this pair to return to $1.6382 level.
Japanese Yen: The USD/JPY remained trading between Y76.70 - Y76.90.

American trading session:
Swiss Franc: Swiss Franc reduced its achievements against the dollar and the euro after the report publication of the Industrial Production in the U.S., which was better than expected and amounted to 0.9% versus 0.4% in the previous period.

Technical analysis for 16/08

Technical analysis for 16/08
EURUSD
The key level for the pair is 1.40690, if this level is broken the pair will decline to Fibonacci 61.8% at 1.38867. If the pair breaks 1.40690 the pair will rise to 1.46222.
Resistance: 1.44400, 1.46222, 1.47342
Support: 1.42996, 1.41780, 1.40690
GBPUSD
The pair could not stay above Fibonacci 38.2% 1.64636. MACD shows sell signal. Key level is 1.62050 after which may be expected decline to 1.60322.
Resistance: 1.64636, 1.65706, 1.67165
Support: 1.63316, 1.62050, 1.60322
USDCHF
The pair is trading around 0.73264.
Resistance: 0.73265, 0.74362, 0.75450
Support: 0.71993, 0.70687, 0.69336
USDJPY
The pair’s support is 0.77849, which can be easy broken and the pair may continue declining.
Resistance: 0.79115, 0.80313, 0.81356
Support: 0.77849, 0.76605, 0.75450
AUDUSD
The pair is aiming to Moving Average (100) at 1.05799.
Resistance: 1.05332, 1.06164, 1.07005
Support: 1.04407, 1.03535, 1.02558

Market review for 15.08.2011: Euro speculations amid upcoming meeting of Sarkozy and Merkel.

Asian and European trading sessions:
Euro: The EUR/USD pair rose from $1.4250 to its highs at $1.4322 area. After comments from the representatives of the government of Germany regarding the upcoming meeting between President Sarkozy and German Chancellor Merkel, to be held on Tuesday, the issue of government bonds purchases would not be included in the agenda, Euro retreated from session highs and traded at the $1.4260 - $1.4330 range.
British Pound: Before updating new lows around $1.6248, GBP/USD traded in the $1.6271 - $1.6312 area. Later on, the pair tried to reach again the $1.6300 level and remained trading slightly higher the $1.6301 area.
Japanese Yen: Japanese yen fell against most currencies amid speculation that central bank of Japan would continue to take actions to reduce the high value of its national currency. USD/JPY fell from the region of Y77.15 to Y76.76 and was trading near the sessions low in the Y76.79 area.
Oil: The September crude oil prices increased by 2.9% to $87.89 per barrel.
Gold: The December gold price added 0.9% and closed at $1757.90 per ounce.

American trading session:
Euro increased significantly against major currencies on speculation that the result of tomorrow's meeting of French President Nicolas Sarkozy and German Chancellor Angela Merkel would probably reveal the measures to tackle the debt crisis in the EU.

Risk appetites dropped.

Euro: The EUR/USD pair strengthened in the area of $1.4232 area and returned to session low of $1.4131.
US Dollar: The dollar retreated against major currencies amid growing futures on major US stock indices. Risk appetites dropped.
British Pound: The GBP/USD strengthened in the area of $1.6200 and stabilized in the mid-day range of $ 1.6111-$1.6202.
Japanese Yen: The Yen showed a maximum at Y77.20 against the US Dollar and then retreated and stabilized in Y76.65 range. The yen was supported by the drop in the stock indices and high-yielding currencies.
Swiss Franc: Concerns about the fact that the Swiss National Bank would "substantially increase" liquidity reserves and increase deposits in order to prevent the national currency’s growth, caused increased pressure on the Swiss franc during both sessions.
Australian Dollar: After the publication of the unemployment rate report in Australia, which showed increase to the level of 5.1% in July versus the June level and expectations for 4.9%, the Australian Dollar fell against the US Dollar and the New Zealand dollar.

American trading session:
Euro: Euro dropped against the US dollar amid growing concerns of the debt crisis in the EU and the strong dollar due to falling of stock markets.

Market review for 10.08.2011: Investors’ unwilling to take risks prevailed today.

Asian and European trading sessions:
Euro: The EUR/USD pair decreased to $1.4350 mark. Later on the EUR/USD dropped to minimums of $1.4200.
US Dollar: Dollar managed to show some strengthening after the results of the FOMC meeting, where the interest rates were left unchanged at the 0% - 0.25% range.
British Pound: Sterling followed the euro and the GBP/USD pair dropped to $1.6230. The heads of the Bank of England, Mervin King, mentioned that the UK economic weakness would continue to be for a long period of time. The pound almost hit minimums of $1.6100.
Japanese Yen: The USD/JPY pair showed minimums at the $1.6230 mark.
Swiss Franc: Today the Swiss franc stopped its growth against the greenback. According to the released information, additional measures could be undertaken in order to decrease the value of the franc.
Oil: Oil prices grew and traded around the $82.50 level per barrel.

American trading session:
Japanese Yen: The USD/JPY pair showed minimums of Y76.50.

Technical analysis for 10/08

EURUSD
The key level for the pair is 1.40690, if this level is broken the pair will decline to Fibonacci 61.8% at 1.38867.
Resistance: 1.42996, 1.44400, 1.46222
Support: 1.41780, 1.40690, 1.38554
GBPUSD
The pair could not stay above below Fibonacci 38.2% 1.64636. MACD shows sell signal. Key level is 1.62050 after which may be expected decline to 1.60322.
Resistance: 1.63316, 1.64636, 1.65706
Support: 1.62050, 1.60322, 1.58543
USDCHF
The pair is trading around 0.73264.
Resistance: 0.73265, 0.74362, 0.75450
Support: 0.71993, 0.70687, 0.69336
USDJPY
The pair is aiming to 76.463.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
AUDUSD
The pair had nearly touched first level of correction Fibonacci 23.6% at 0.98759. The pair may return to this level again.
Resistance: 1.03535, 1.04407, 1.05332
Support: 1.02558, 1.01744, 1.00907

Market review for 09.08.11: Demand for save-heaven currencies remains high.

Asian and European trading session:

Euro: The pair strengthened in the range of $1.4250. During the European trading session the pair stabilized and traded in the $1.4240 - $1.4285 zone.

US Dollar: The dollar declined against the euro amid speculations that the FRS would report its plans for a new round of quantitative easing.
British Pound: The GBP/USD pair strengthened and in the area of $1.6400, but wasn’t able to consolidate above this level and returned to the area of $1.6340.

Japanese Yen: As a save-heaven currency, the yen rose against the major currencies on concerns about the slowing economic growth in the U.S. and on the EU debt crisis. The USD/JPY showed minimums around the Y77.00 level.

Australian Dollar: Falling stock markets caused the outflow of capital from high-yielding currencies like the Australian dollar.

American trading session:
Swiss Franc: Swiss franc reached another record high against the U.S. dollar.
Canadian Dollar: The Canadian dollar strengthened against the greenback due to the rising oil prices.

Technical analyses for 9/08

EURUSD
The key level for the pair is 1.40690, if this level is broken the pair will decline to Fibonacci 61.8% at 1.38867.
Resistance: 1.42996, 1.44400, 1.46222
Support: 1.41780, 1.40690, 1.38554
GBPUSD
The pair couldn’t stay above below Fibonacci 38.2% 1.64636. MACD shows sell signal. Key level is 1.62050 after which may be expected decline to 1.60322.
Resistance: 1.63316, 1.64636, 1.65706
Support: 1.62050, 1.60322, 1.58543
USDCHF
The pair has broken 0.75450 and aiming to 0.74362.
Resistance: 0.75450, 0.76605, 0.77849
Support: 0.74362, 0.73265, 0.71993
USDJPY
The pair is aiming to 76.463.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
AUDUSD
The pair had nearly touched first level of correction Fibonacci 23.6% at 0.98759. The pair may return to this level again.
Resistance: 1.00907, 1.01744, 1.02558
Support: 1.00067, 0,99207, 0.98436

Market review for 08.08.2011: S&P downgrades the US credit rating.

Asian and European trading session:
Euro: The euro showed a slight increase after the released information regarding the ECB intentions to buy Italy and Spain bonds in order to limit the spreading of the Euro-zone crisis.

But after the published Euro-Zone Sentix Investor Confidence in August (which showed unexpected drop), the EUR/USD pair declined to its lows at $ 1.4324 area.

US Dollar: The announcements that the international rating agency Standard & Poor's downgraded the credit rating of the United States on Friday and that the S & P agency maintained a "negative" outlook for the U.S. economy and forecasted that the rating could be downgraded to AA from AA + had a very strong influence on the markets. As a result, the greenback retreated to a record-breaking lows against the franc and reduced against the yen.
British Pound: The GBP/USD pair tested the highs of $1.6470 before falling back to $1.6400.
Japanese Yen: The yen is rising against the other currencies on the background of falling stock markets in Asia. The USD/JPY pair was trading in the range of Y77.70 – Y77.90.

American trading session:
Swiss Franc: The Swiss franc was supported as one of the save-heaven currencies.
Gold: The gold price renewed a record high of $1719.10 per ounce.

Market review for 04.08.11: The Yen fell after the Bank of Japan intervention.

Asian and European trading session:
Euro: The main event of the European session was the announcement of the Central Bank about leaving the interest rate unchanged at 1.50%. However, since this decision was expected by the market, this announcement did not have any impact on the trading dynamics of the euro.

During the Asian session the EUR/USD pair straightened and reached the $1.4346 level. During the European session, though, downtrend had resumed and couple declined to $1.4246 and continued to fall to $1.4228 area.

US Dollar: Rising dollar was restrained today in advance of the data publication on the labor market situation. It was expected that US government report would confirm that unemployment rate would exceed the 9%.
British Pound: The Bank of England left its interest rates unchanged at 0.5% and similar to the euro this announcement did not have any effect on the sterling trading.

During both trading sessions the GBP/USD pair traded in range of $1.6250 - $1.6430.
Japanese Yen: On Thursday, the yen fell significantly against major currencies after the Japanese government for the first time since March had intervened in foreign exchange markets to weaken the national currency. The yen fell more than 3,5%, which is the maximum daily decline since March and rallied rapidly to reach its peak at Y80.00 against the US Dollar.

American trading session:

US Dollar: Dollar was pressured due to the reinforced speculations that the Federal Reserve may begin a Q3, a new round of quantitative easing policy.
Canadian Dollar: The Canadian dollar fell to its lowest level in 5 weeks against the U.S. dollar on the background of a significant decline in oil prices, the main component of Canada's exports.
Oil: Oil fell to $86.31 per barrel.

Gold: Gold prices fell within 2 hours from peaks at $1685 to the lows of $1642.30 per ounce.

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Market review for 03.08.11: New-Zealand dollar reaches its 2-week minimums.

Asian and European trading session:
Euro: During the Asian trading session on Wednesday the EUR/USD pair initially dropped to $1.4142, and then recovered the levels at $1.4274.

British Pound: Today the UK Purchasing Manager index showed a much stronger result, compared to the forecasts (55.4 against the expected 53.2). Therefore, the sterling received support.
The GBP/USD pair demonstrated lows around $1.6245 before recovering to $1.6365 and hitting maximums at of $1.6400.

Japanese Yen: The USD/JPY pair traded in the Y77.00 - Y77.40 range.

Swiss Franc: Swiss franc retreated today from record highs set earlier in relation to the Euro-currency and U.S. dollar.

American trading session:
US Dollar: According to the released data, the ADP employment change increased for 114K in July, which was above expectations. Nevertheless, greenback did not receive substantial support.
New-Zealand Dollar: The New Zealand dollar reached its two-week minimum against the US dollar after the reported milk prices at a minimum for the last eight months.

Market review for 02.08.2011: Euro reaches its 11-months low against the greenback.

Asian and European trading session:
Euro: Euro fell against major currencies amid rising yields on government bonds in Italy, which increased fears of further spread of the debt crisis in the EU against the background of slowing global economic growth.

The EUR/USD pair continued to fall from the $1.4280 area and showed the session lows at $1.4150.

The released today Euro-zone Producer price index dropped from 6.2% to the expected level of 5.9%, which reinforced market confidence that the ECB would leave the interest rate unchanged at the meeting on Thursday.

US Dollar: Today’s demand for the dollar was limited on concerns that the agreement between the US President Obama and Congress leaders to increase the national debt ceiling and to reduce expenses would result in the slowing down of the economic rehabilitation rate. House of Representatives approved a project to raise debt limit by at least $ 2.1 trillion and to cut expenses from the budget for $2.4 trillion.
British Pound: The GBP/USD dropped from $1.6330 to $1.6260.
Japanese Yen: The yen retreated on Tuesday, due to speculations that Japanese authorities intervene in currency markets. The USD/JPY tested the Y77.15 level, then recovered to Y77.36 during the European session.

Australian Dollar: Australian dollar decreased after today's RBA meeting results, when the interest rate was left unchanged at the previous level of 4.75%.

American trading session:
Euro: The euro reached its 11-months low against the US dollar level on concerns that slowing U.S. economy will negatively affect the economies of other countries.
Swiss Franc: The Swiss franc again rewrote the historical maximum against the greenback. The released strong statistical data supported the national currency.

Market review for 01.08.2011: US Government is trying not to allow the default to happen.

Asian and European trading sessions:
Euro: The EUR/USD pair reached maximums of $1.4420 level during the Asian trading session.
Published today German PMI was below its forecasts (factual 52.0 against the forecasted 52.1). The Euro-zone unemployment stayed at the previous level of 9.9%, which did not have any impact on the trading dynamics.
US Dollar: The announcement that the leaders of the Democratic and Republican parties agreed on the reduction of the national debt. The level of the government debt will be increased for $2.1 trillion.
As for now the rating agencies dud not comment the reached agreements between the US parties.
British Pound: The GBP/USD tested the $1.6390 minimums after the release of the weak UK statistics today. The PMI for July turned out to be below expectations.
Japanese Yen: On Monday the greenback hit its record-breaking minimum against the yen, and reached the Y76,30 level.
Swiss Franc: US Dollar renewed its historical minimum against the Swiss franc as well. The greenback dropped against the Swiss franc to the 0,7730 mark.

American trading session:
US Dollar: The ISM manufacturing index showed a considerable drop: 50.9 compared to the forecasted 55.0 and previous month’s 55.3. Therefore, the save-heaven currencies received support.
As a result, the EUR/USD pair closed the day at the lows of $1,4250, and the sterling decreased below the $1,6300 level.

Market review for 28.07.11: S&P downgraded Greece rating for 2 levels.

Asian and European trading session:
Euro: Another downgrade of Greece rating caused serious pressure on the euro today. The rating agency S&P downgraded the rating of Greece to 'CC' from 'CCC' with negative outlook yesterday. The rating is now on the same level with a rating from Moody's. (It should be mentioned that the Fitch agency had downgraded Greece's rating from B + to CCC).

The EUR/USD pair traded in the $1.4331-$1.4382 range. Its maximums were set during the European session at the $1.4400 mark.

New Zeeland Dollar: The New Zealand dollar continued its trading at the previously reached maximum levels against the US dollar after the RBNZ has left official interest rates unchanged at the 2.50% yesterday.
British Pound: The GBP/USD traded $1.6310-$1.6340 range and was under pressure after the weak Retail sales report of the Confederation of British Industry (-5% in July). The sterling rate fell to $1.6290, and then recovered to $1.6322 mark.

Japanese Yen: The yen rose against major currencies on concerns about the situation in the U.S. and Europe. The USD/JPY pair decreased to the area of Y77.70.

Swiss Frank: Since the demand for the save-heaven currencies was strong on Thursday, the Swiss frank continued to trade around its maximums.
Australian Dollar: Australian dollar, which set record highs against the U.S. dollar, was trading at its maximum levels.

American trading session:
US Dollar: Greenback was falling against the major currencies due to the events in the U.S. Congress, where Democratic and Republican parties continued to seek compromise on increasing the limit of public debt.
EUR/USD continues to trade near the resistance level at $1.4320.

Market review for 27.07.11: Market participants expect a US debt level decision. Dollar reached new lows.

Asian and European trading session:

Euro: During the Asian trading session the EUR/USD pair was trading in the $1.4491- $1.4536 range. During the European session the pair fell back toward the support at $1.4470, attempted to recover back and showed its highs at $1.4507, but later on the pair fell to $1.4440 mark.

US Dollar The dollar was trading at its lows against major currencies ahead of the vote in the U.S. on improving the dept situation. Dollar fell to record lows against the Australian and New Zealand currencies, as Barack Obama continued to lead the fight in Congress regarding the approval of a plan to raise debt limit and reduce the deficit. Greenback was also pressured after the release of the durable goods orders report, which has been published today in the afternoon. Orders unexpectedly fell in June by 2.1%, while analysts forecast a rise of 0.5%.
British Pound: The sterling fell after a disappointing factory orders report from the Confederation of British Industry, which showed that the volume of orders in July fell by 10% after rising for 1% in June.
The GBP/USD pair traded in the range of $1.6401 - $1.6436. After the weak CBI report the pound retreated to lows below the $1.6400 mark, continued moving to the lows of $1.6356 range.

Japanese Yen: The USD/JPY pair fell and traded at the Y77.60 - Y77.91 range.

Australian Dollar: The Australian dollar strengthened after the published data, which recorded greater than expected rise in consumer prices in Australia.
Gold: Today the gold price renewed its historical maximum at the level of $1.628.80 ounce. The desire of investors to maintain their status by investing in gold was due to continuing concerns regarding the U.S. decision to raise the debt limit from the current $ 14.3 trillion.

American trading session:

Canadian Dollar: The Canadian dollar fell against the U.S. dollar. Yesterday it reached the maximum level in the last 3 years.

Market review for 26.07.2011: Speculations over the possible US default pressured the greenback.

Asian and European trading sessions:
Euro: The EUR/USD pair grew to the $1.4480 maximums during the Asian trading session.
Euro set new maximum during the European session at the $1.4520 mark.
US Dollar: Greenback renewed its historical minimum against the Swiss franc today after the statement of Barak Obama regarding the increasing concerns that the growing national debt would reinforce the default of the US.
British Pound: Sterling followed the euro, and the GBP/USD pair grew to the level of $1.6340 during the Asian session.
The released UK GDP showed unexpected growth, which rendered support to the sterling.
Japanese Yen: Japanese yen rate grew as a save-heaven. The USD/JPY pair dropped to Y77.88 mark.
Later on, the USD/JPY pair rallied to the maximums of Y78.65 due to the speculations that the Bank of Japan could have fulfilled the intervention.
Oil: Oil was trading in the range of $99.47 per barrel.

American trading session:
US Dollar: Lack of fundamental releases during the American trading session resulted in the rather narrow trading range. The EUR/USD traded within the $1.4460 – $1.4520 limits. The GBP/USD pair increased to the $1.6428 mark.

Market review for 25.07.11: Credit rating of Greece reduced by the Moody’s agency.

Asian and European trading session:
Euro: Euro fell after the announcement that the rating agency Moody 's reduced the Greece credit rating to Ca from Caa1.
The EUR /USD pair showed maximum of $1.4400, but could not overcome this strong resistance level, which led to the pullback to the area of $1.4358.
US Dollar: The dollar updated a historical minimum against Swiss franc after the U.S. Senate on Friday failed to adopt a plan of the Republican Party, called the «Cut, Cap, and Balance».
British Pound: The GBP/USD pair showed a maximum at $ 1.6330 and then started to decline, it remained in the range $1.6260 - $1.6310.

Japanese Yen: Today the head of the Central bank of Japan, Shirakawa, said that growth in the yen may have a negative impact on the economy, pressuring corporate profits and sentiment.
The USD/JPY pair started the session in the range of Y78.20 - Y78.60 and could not overcome it.

American trading session:
Canadian Dollar: Canadian dollar rose as investors sought save-heaven amid concerns about possible default of the United States. Support for the Canadian dollar was also derived from the speculations regarding the possible increase of the interest rates one more time this year.
British Pound: British Pound remained under pressure ahead of tomorrow's publication of the report on GDP for the second quarter. The nearest support - $ 1.6261. The following may decrease to $ 1.6232. The nearest resistance - $ 1.6340.
Swiss Frank: Swiss Frank strengthened as a save-haven asset. Also on this background, the Japanese yen is supported against the major currencies, including the U.S. dollar.

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Market review for 21.07.11: Euro continues its growth for the third day.

Asian and European trading session:
Euro: The euro rose a third day against the dollar after German Chancellor Angela Merkel and French President Nicolas Sarkozy agreed on a solution for the debt problems in Greece. Details of arrangements will be announced today at the summit of EU leaders with the main topic of the financial stability in the region. During the European session Euro fell against the dollar after European officials made it clear that Greece could face a default on government bonds. Euro retreated on concerns about the fact that the summit would not be able to control the spread of the debt crisis in Greece to other countries in the region.
The EUR/USD pair grew and reached the $1.4271 mark, came close to $1.4298, but wasn’t able to overcome this level, which provoked a correction to the lows at $1.4139. Later, pair recovered to $1.4190.
US Dollar: Greenback decreased after the administration of U.S. President Obama has made it clear that to take short-term increase in U.S. debt limit is possible only if it would be combined with the agreement of reducing the deficit.
British Pound: The GBP/USD pair straightened to the $1.6170 region then fell from its highs of $1.6200 to $1.6120 before returning to $1.6170.

Japanese yen: The Japanese yen rose after published news from the Ministry of Finance of Japan. The positive balance of trade at ¥70.737 billion ($897 million) in June, exceeded the average of analysts’ forecasts.
The USD/JPY pair fell to the range of Y78.60, but later recovered. Tested and retreated to Y79.00-Y78.80.
Australian Dollar: The Australian dollar weakened after the data, which recorded decline in business activity in the manufacturing sector in China.

American trading session:
Euro reached a 2-week peak against the dollar amid speculation that the European financial stability mechanism (EFSF) will finance the Greek bonds.
The U.S. dollar fell against major currencies against the background of the negotiations regarding the increasing U.S. national debt. Moreover, today, the rating agency S & P affirms a 50% risk reduction of U.S. debt in three months.
The Australian dollar recovered and showed strong growth. Canadian dollar continued to grow after the Bank of Canada statement on the possibility of raising interest rates

Technical analysis for 21/07

EURUSD
The pair has broken support level and aiming to reach Fibonacci 61.8% at 1.38867. Strong support is at median line at 1.37486.
Resistance: 1.41780, 1.42996, 1.44400
Support: 1.40690, 1.38554, 1.37486
GBPUSD
The pair has risen to resistance 1.62050.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair is aiming to 0.82483. If this level is broken the pair will rise to 0.83541.
Resistance: 0.82483, 0.83541, 0.84685
Support: 0.81356, 0.80313, 0.79115
USDJPY
The pair has broken 79.070 and aiming to 78.345.
Resistance: 79.070, 79.707, 80.438
Support: 78.345, 77.539, 76.463
AUDUSD
The pair has risen to the median line at 1.07739. This is a resistance level and the pair may decline to 1.07005.
Resistance: 1.07739, 1.08413, 1.09112
Support: 1.07005, 1.06164, 1.05332

Market review for 20.07.2011: European Summit expectations increase the demand for the high-risk assets.

Asian and European trading session:
Euro: During the European session Euro rose against the USD due to the increased investors’ optimism regarding achieving of the possible agreement over the Spanish and Italian debt. The EUR/USD pair showed its lows at $1.4130 and then began to recover and reached the $1.4200 mark.
US Dollar: The dollar strengthened during the Asian session against the euro and the pound after the announcement that U.S. President Barack Obama has reached an agreement with a group of six senators over the plan of substantial government spending reductions, primarily for social purposes, and raising of the tax bar. However, during the European session dollar reached a one week low against the euro in anticipation for the agreement between the European on solutions to the debt crisis.
British Pound: Released Minutes of the Meeting of the Bank of England read that the majority of the members believed tightening of monetary policy in the short term was less likely. Before the publication the GBP fell to the lows of $1.6070. But as a result of the released meeting minutes, the GBP/USD pair rose sharply, reaching the $1.6150 highs.
Japanese Yen: The JPY/USD pair fell to the area of Y79.00.
Oil: The August crude rose $1.25 to $98.75 per barrel.
Gold: Gold fell in price by $13.30 to $1,587.80 per troy ounce.

American trading session:
Canadian dollar: The Canadian dollar rose on Wednesday to its highest level since May 2 against the U.S. dollar against the optimistic expectations on the eve of tomorrow's EU summit. This has led to increased demand for high-risk currencies.
The Canadian dollar was also supporting by yesterday's comments of the Bank of Canada Governor, Mark Carney, who suggested a likely increase in interest rates in September.

Technical analysis for 20/07

EURUSD
The pair has broken support level and aiming to reach Fibonacci 61.8% at 1.38867. Strong support is at median line at 1.37486.
Resistance: 1.41780, 1.42996, 1.44400
Support: 1.40690, 1.38554, 1.37486
GBPUSD
The pair has declined to 1.60322. If the pair stays below this level the pair will decline to 1.58543.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair is aiming to 0.82483. If this level is broken the pair will rise to 0.83541.
Resistance: 0.82483, 0.83541, 0.84685
Support: 0.81356, 0.80313, 0.79115
USDJPY
The pair has broken 79.070 and aiming to 78.345.
Resistance: 79.070, 79.707, 80.438
Support: 78.345, 77.539, 76.463
AUDUSD
The pair may decline to median line at 1.05332.
Resistance: 1.07005, 1.07739, 1.08413
Support: 1.06164, 1.05332, 1.04407

Market review for 18.07.2011: Euro strengthens in anticipation of the Euro-zone Ministers’ Summit.

Asian and European trading session:
Euro: Euro remains under pressure by showing losses against major currencies on concerns about the fact that European leaders were unable to agree on measures aimed at stopping the further spread of the debt crisis in Spain and Greece. Next summit of the European leaders was scheduled for July 21.The financial stability of the region is the main issue of this meeting. But during the European session amid speculation that European officials were close to agreement, Euro strengthened against the dollar and Swiss Franc.
The EUR /USD pair dropped to the area of $1.4091. During the early European session the pair began to recover, overcame $1.4200 and showed highs at $1.4220.
British Pound: The GBP/USD pair traded in the range of $1.6080-$ 1.6160.

Japanese Yen: The USD/JPY pair traded in the range of Y79.00-Y79.20.

Australian dollar: The Australian dollar retreated after the published RBA report, which showed last meeting of the RBA has shown that the Australian central bank may pause in raising interest rates on the background of the debt crisis in Europe (need to paraphrase)
Canadian Dollar: The Canadian dollar fell against the backdrop of weakening global stock markets and as a result of the falling commodity prices, including oil.
The Bank of Canada left the principal rate unchanged at the previous level of 1.00%.
Oil: The oil prices grew to the level of $98.30 per barrel.
Gold: The gold rate decreased after the reached historical maximums and dropped to $1600.60 per ounce.

American trading session:
Dollar: Greenback was under pressure as the demand for the risky assets grew.
 

Technical analysis for 19/07

EURUSD
The pair has broken support level and aiming to reach Fibonacci 61.8% at 1.38867. Strong support is at median line at 1.37486.
Resistance: 1.41780, 1.42996, 1.44400
Support: 1.40690, 1.38554, 1.37486
GBPUSD
The pair has declined to 1.60322. If the pair stays below this level the pair will decline to 1.58543.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair is aiming to 0.82483. If this level is broken the pair will rise to 0.83541.
Resistance: 0.82483, 0.83541, 0.84685
Support: 0.81356, 0.80313, 0.79115
USDJPY
The pair has broken 79.070 and aiming to 78.345.
Resistance: 79.070, 79.707, 80.438
Support: 78.345, 77.539, 76.463
AUDUSD
The pair may decline to median line at 1.05332.
Resistance: 1.07005, 1.07739, 1.08413
Support: 1.06164, 1.05332, 1.04407

Market review for 18.07.2011: Concerns and expectations for the European Summit.

Asian and European trading session:
Euro: Euro started the week by showing losses against major currencies on concerns about the fact that European leaders were unable to agree on measures aimed at stopping the further spread of the debt crisis in the EU. Next summit of the European leaders was scheduled for July 21, which was the main reason of investors’ unconfident behavior on Monday.
The EUR /USD pair hit its minimums of $ 1.4010. During the European trading session the euro managed to rehabilitate to $1.4050.
US Dollar: The dollar rose as risk aversion grew following the increased Euro-zone debt fears. Uncertainty over the ongoing crisis of Greece, concerns about the banking system in the EU and fresh doubts about Italy's solvency resulted in increased safe-heaven buying.
British Pound: The GBP/USD pair traded in the range of $1.6060-$1.6130.

Japanese Yen: The yen was stabilizing as a save-heaven as well. The USDF/JPY traded in the range of Y78.90-Y79.20.
Swiss franc: Swiss franc continues to strengthen against major currencies against the backdrop of increased demand for the currency with the status of save-heaven.
Australian Dollar: The Australian dollar fell against the lower interest rate expectations the RBA in the next 12 months.
Oil: Oil prices were also pressured by the European crises, and resulted in a decrease to $97.19 per barrel.
Gold: Gold prices renewed its historical maximums of $1.603.80 per ounce.

American trading session:
US Dollar: Market participants were also concerns over the discussions regarding the increase of the US National debt level. Technical default of the US economy became possible.

Market review for 14.07.2011: Fitch Ratings downgraded the credit rating of Greece to CCC.

Asian and European trading session:
Euro: The pressure on the euro was caused by the decision of the international rating agency Fitch Ratings to downgrade the credit rating of Greece for CCC from B +. Fitch was also reviewing the possibility of further credit rating lowering.
During the Asian session the EUR/USD pair established its maximum at $1.4285 and then declined. During the European session after the publication of the Euro-Zone Consumer Price Index for June, whose rate has been increased by 0.1% to 1.6%, the euro was forced to recover from its lows at $1.4155 to its highs at $1.4196.
US Dollar: Greenback showed some correction against major currencies after yesterday's sell off due to comments of Federal Reserve Chairman, Ben Bernanke, and concerns that the international rating agency Moody's would downgrade U.S. credit rating.
British Pound: The GBP/USD pair traded mostly in the range of $1.6090-$1.6140, but during the morning session the sterling showed its high at $1.6190 area.

Japanese Yen: The Japanese yen trading dynamics was surrounded by the speculation about a possible intervention by Japan. The Yen fell sharply against major currencies during the morning trading session. Later on the yen showed stabilization against the US dollar by reaching its highs at the Y79.61 area. The USD/JPY has traded at Y79.00 in European session.
New Zeeland Dollar: The New-Zealand dollar was supported by the released statistics which showed the GDP growth above expectations (+0.8% quarterly against the forecasted +0.5%). As a result, the speculations that the Reserve Bank of New-Zealand would increase the interest rate this year, reinforced.

American trading session:
Gold: The gold set its new historical maximum of $1594.90 per ounce.
Oil: The oil price decreased to $95.84 mark per barrel today.

Technical analysis for 14/07

EURUSD
The pair has broken support level and aiming to reach Fibonacci 61.8% at 1.38867. Strong support is at median line at 1.37486.
Resistance: 1.42996, 1.44400, 1.46222
Support: 1.41780, 1.40690, 1.38554
GBPUSD
The pair has risen to resistance level at 1.62050. If the pair stays below this level the pair will decline to 1.60322.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair has reached 0.81356. If the pair stays above this level the pair will return to 0.82483.
Resistance: 0.82483, 0.83541, 0.84685
Support: 0.81356, 0.80313, 0.79115
USDJPY
The pair has broken 79.070 and aiming to 78.345.
Resistance: 79.070, 79.707, 80.438
Support: 78.345, 77.539, 76.463
AUDUSD
The pair has reached resistance is at 1.07739 and may roll back to 1.07005.
Resistance: 1.07739, 1.08413, 1.09112
Support: 1.07005, 1.06164, 1.05332

Market review for 13.07.2011: The FRS is ready to continue the QE program. “Bears” took a pause and fixed their profits.

Asian and European trading session:
Euro: On Wednesday’s sessions we saw strengthening of the EURO against USD on the background of rising stock markets and revival in demand for high-risk assets. Also, today’s investors were satisfied after the publication of unexpectedly strong macro-economic data from China.
The EUR/USD traded in the range of $1.3960-$1.4030 during the Asian session. European session showed some volatility and the pair has reached its highs at $1.4110, but after retreated to its lows at $1.4070.
US Dollar: Dollar dropped sharply after Fed Chairman Bernanke indicated that the FRS was ready to take additional incentives, including the launch of another round of government bonds redemption, if the outlook for the economy shows a risk of a new recession.
British Pound: GBP/USD couple traded within the $1.5900-$1.5960 range and remained in this area during both sessions.
Japanese Yen: The YEN confirmed stabilization against the major currencies on the backdrop of speculation about possible intervention by Japan for supporting national exporters. USD/JPY pair has tested sessions’ lows of Y79.20/15, then rebounded to Y79.35.
Australian Dollar: The Australian dollar rose as a result of the increasing Asian stock markets after the release of positive macroeconomic data from China and continued growing against USD.

American trading session:
Gold: The falling dollar has increased the demand for metals. Today, Gold has established a new record peak and updated historical highs above $1,580 per ounce.
Oil: Oil rates prices increased to $98.70 mark per barrel.
British pound: The sterling has become more expensive after overcoming resistance at $1.6010.

Technical analysis for 13/07

EURUSD
The pair has broken support level and aiming to reach Fibonacci 61.8% at 1.38867. Strong support is at median line at 1.37486.
Resistance: 1.40690, 1.41780, 1.42996
Support: 1.38554, 1.37486, 1.35984
GBPUSD
The pair has worked out Flag figure.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair has broken 0.83541 and aiming to 0.82483.
Resistance: 0.83541, 0.84685, 0.85939
Support: 0.82483, 0.81356, 0.80313
USDJPY
The pair has broken 79.707 and aiming to 79.070.
Resistance: 79.707, 80.438, 81.399
Support: 79.070, 78.345, 77.539
AUDUSD
The pair has tested Moving Average (100) at 1.05332 and rolling back. Strong resistance is at 1.07739.
Resistance: 1.07005, 1.07739, 1.08413
Support: 1.06164, 1.05332, 1.04407

Market review for 12.07.2011: Save-heaven assets rise again.

Asian and European trading session:

Euro: The EUR/USD dropped to minimums of $1.3830 during the morning trading on Tuesday.

The meeting of the EU Finance Ministers did not bring any concrete solutions to the debt-problems of Greece, Italy and Spain. It has been addressed that the selective default of Greece would be inevitable.

US Dollar: The US dollar strengthened today on European debt issues.

British Pound: The GBP/USD pair decreased to $1.5775 range.

The pound followed the euro drop, but was also influenced by the release of the negative UK fundamentals. UK Consumer price indices dropped below expectations, the Retail price indices decreased against the forecasts as well.

Japanese Yen: The USD/JPY pair showed minimums at Y79.16 level, and started to rehabilitate.

According to the announced information, the Bank of Japan left the principal rate unchanged at the previous level of 0.10%.

Oil: Oil price decreased to $93.91 mark per barrel.

Gold: Gold rate increased to $1555.68 highs.

American trading session:

Euro: By the end of the trading day the EUR/USD managed to rehabilitate and closed the day a little below the $1.400 level. Additional pressure was experienced by euro after the announcement that Moody’s reduced the credit rating of Ireland.

British Pound: The sterling grew as well and the GBP/USD managed to close above the $1.5900.

Technical analysis for 12/07

EURUSD
The pair has broken support level and aiming to reach Fibonacci 61.8% at 1.38867. Strong support is at median line at 1.37486.
Resistance: 1.40690, 1.41780, 1.42996
Support: 1.38554, 1.37486, 1.35984
GBPUSD
The pair has drawn Flag figure, the end of the figure is at 1.57277.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair couldn’t break 0.84685 and aiming to 0.83541.
Resistance: 0.84685, 0.85939, 0.87214
Support: 0.83541, 0.82483, 0.81356
USDJPY
The pair has broken 80.438 and aiming to 79.707.
Resistance: 80.438, 81.399, 82.219
Support: 79.707, 79.070, 78.345
AUDUSD
The pair is aiming to Moving Average (100) at 1.05332.
Resistance: 1.07005, 1.07739, 1.08413
Support: 1.06164, 1.05332, 1.04407

Market review for 11.07.2011: Dollar strength against major currencies.

Asian and European trading session:
Euro: Euro was under pressure today, since concerns regarding possible spreading of the budget crises over Italy, worried investors, while decision about Greece was still not taken. According to the released information, the ECB was looking for possible ways to increase the financial support volume, including the potential help for Italy.
The EUR/USD pair dropped to $1.4130 minimums.
British Pound: Pound started to show correction from last week maximums, and the GBP/USD decreased to $1.5940.
Oil: Oil prices decreased today to $94.95 mark per barrel.
Gold: Gold prices grew and reached the $1,544.10 level.

American trading session:
US Dollar: Save-heaven currencies strengthened on Monday and the greenback grew against its major currencies. Non-farm payroll data from the US was much weaker today than estimated, and the unemployment figure increased to 9.2%.
Euro: Eventually the EUR/USD dropped for 200 points to minimums of $1.4000.
British Pound: The GBP/USD decreased to $1.5900 range.
Japanese Yen: The USD/JPY pair decreased to Y80.00 level.

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Market review for 07.07.2011: ECB increases the interest rate.

Asian and European trading session:

Euro: Today euro was under the pressure due to the reinforced concerns over the increased possibility for the European crises. According to the speculations, the “Moody’s” credit agency might reduce the credit rating for Ireland.

The EUR/USD traded in the range of $1.4310-$1.4345.

Today the ECB raised the interest rate to the level of 1.5%, which was according to the expectations. Euro managed to show temporary maximums of $1.4350. Nevertheless, the euro did not manage to strengthen.

British Pound: The Bank of England left the principal rate unchanged at the previous level of 0.5%. Therefore, the pound weakened. The GBP/USD pair decreased to $1.5940 minimums. Bond purchases remained at 200 Billion Pounds.

Japanese Yen: The USD/JPY reached minimums of Y80.12.

Australian Dollar: Employment change in Australia in June increased above expectations: 23.4K against the forecasted 15.0K. At the same time the unemployment rate stayed at the same level of 4.9%. As a result, the Australian dollar grew against the greenback.

Oil: Oil prices increased today and reached the $99.07 mark per barrel.

Gold: Gold traded around the $1527.90 range.

American trading session:

US Dollar: The released ADP employment change grew above expectations: 157K over forecasted 70K.

Technical analysis for 07/07

EURUSD
The pair has declined to support level at 1.44400. If this level is broken the pair will decline to 1.41780.
Resistance: 1.44400, 1.46222, 1.47342
Support: 1.42996, 1.41780, 1.40690
GBPUSD
If the pair stays below 1.60322 the pair will decline to 1.58543.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair couldn’t break 0.84685 and aiming to 0.83541.
Resistance: 0.84685, 0.85939, 0.87214
Support: 0.83541, 0.82483, 0.81356
USDJPY
The pair stays below Moving Average (100) at 81.399. This may bring pair to decline to 80.438.
Resistance: 81.399, 82.219, 83.065
Support: 80.438, 79.707, 79.070
AUDUSD
The pair stays above 1.07005 and aiming to 1.07739.
Resistance: 1.07739, 1.08413, 1.09112
Support: 1.07005 ,1.06164, 1.05332

Market review for 06.07.2011: Moody’s downgraded the Portugal credit rating.

Asian and European trading sessions:
Euro: According to the released information on Wednesday, Moody's cut Portugal's credit rating to junk status, which pressured the euro. But soon the EUR/USD regained some of its strength and reached the $1.4466 mark. Spreading concerns over the debt in Greece started to reinforce again.
In the meantime, the released today German Factory order demonstrated growth above forecasts.
British Pound: The GBP/USD dropped to $1.6000, even though the House prices increased above expectations.
Japanese Yen: The USD/JPY pair moved up to Y81.13.
Australian Dollar: The AUD/USD pair grew to the 1.0730 range in anticipation of the strong employment Australian statistics.
Oil: Oil traded around the level of $96.10 per barrel.
Gold: Gold demonstrated trading at the range of $1,511.10 per ounce.

American trading session:
US Dollar: The greenback strengthened against its competitors.

Technical analysis for 06/07

EURUSD
If the pair declines below 1.44400 the pair will decline to 1.42996.
Resistance: 1.46222, 1.47342, 1.48550
Support: 1.44400, 1.42996, 1.41780
GBPUSD
If the pair stays below 1.60322 the pair will decline to 1.58543.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair couldn’t break 0.84685 and aiming to 0.83541.
Resistance: 0.84685, 0.85939, 0.87214
Support: 0.83541, 0.82483, 0.81356
USDJPY
The pair stays below Moving Average (100) at 81.399. This may bring pair to decline to 80.438.
Resistance: 81.399, 82.219, 83.065
Support: 80.438, 79.707, 79.070
AUDUSD
The pair has declined to 1.07005. If this level is broken the pair will decline to 1.06164.
Resistance: 1.07739, 1.08413, 1.09112
Support: 1.07005 ,1.06164, 1.05332

Market review for 05.07.2011: BoE is expected to leave the principal rate at the record-breaking minimum level.

Asian and European trading sessions:

Euro: The EUR/USD pair decreased below the $1.4500 mark.

US Dollar: Demand for the save-heaven currencies increased and the greenback rate grew against the major currencies.

Australian Dollar: The Reserve Bank of Australia left the principal rate unchanged today at the previous level of 4.75%, and the Australian dollar rate dropped.

British Pound: Due to the US dollar strengthening the GBP/USD decreased as well and reached the $1.6000 minimums. But after the release of the strong UK fundamentals on Tuesday, the sterling rate increased. The PMI Services grew above expectations and compared to the previous month as well (53.9 against 53.5). The GBP/USD reached the $1.6030 maximums.

Market participants are expecting for the Bank of England decision regarding the principal rate, which is forecasted to be left at the previous record-breaking low level of 0.5%.

Japanese Yen: The USD/JPY showed maximums at the Y81.20 level.

Oil: Oil is trading around the level of $94.80 per barrel.

Gold: Gold demonstrated some growth to the $1512 mark.

American trading session:

US Dollar: The released US factory orders showed growth (0.8%) compared to the previous month (-0.9%), but still below the forecasts of 1.0%.

Technical analysis for 05/07

EURUSD
The pair couldn’t reach 1.46222 and returning back to support 1.44400. If 1.44400 is broken the pair will decline to 1.42996.
Resistance: 1.46222, 1.47342, 1.48550
Support: 1.44400, 1.42996, 1.41780
GBPUSD
The pair is trading below Moving Average (200) at 1.60892. If the pair stays below this level the pair will decline to the channel line at 1.58543.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair has risen to the resistance 0.84685. Once the level is broken the pair will continue rising to the next level at 0.85939.
Resistance: 0.84685, 0.85939, 0.87214
Support: 0.83541, 0.82483, 0.81356
USDJPY
The pair is aiming to the Moving Average (100) at 81.399. If the pair breaks this level the pair will rise to 82.219.
Resistance: 81.399, 82.219, 83.065
Support: 80.438, 79.707, 79.070
AUDUSD
The pair has declined to 1.07005. If this level is broken the pair will decline to 1.06164.
Resistance: 1.07739, 1.08413, 1.09112
Support: 1.07005 ,1.06164, 1.05332

Market review for 04.07.2011: Comments of the S&P agency regarding the Greek default pressured the euro.

Asian and European trading sessions:
Euro: The euro was supported during the Asian trading session, due to the expectations for the principal rate increase. It is expected, that the ECB would increase the interest rate to 1.5%.
Nevertheless, the following comments of the S&P agency regarding the possibility of the selective Greek default, rendered pressure on the euro. The USD/USD dropped to minimums of $1.4510 from the maximums of $1.4580.
British Pound: The GBP/USD pair traded in the range of $1.6060-$1.6090. The PMI Construction index showed reduction compared to the previous level, and the sterling rate was pressured.
Japanese Yen: The USD/JPY pair traded around the Y80.70 mark.
Australian Dollar: The release of the Australian Retail sales volume, which demonstrated an unexpected decrease, had a negative influence on the national currency.
The AUDUSD pair declined to lows of 1.0713.
Swiss Frank: Swiss frank rate decreased after the publication of the Retail sales drop for 4.1%.
Oil: Oil prices stabilized at the $95.30 level per barrel. Minimums were set at the $94.89 level.
Gold: The gold rate moved lower to $1485.70 per ounce.

American trading session:
US Dollar: The American financial markets were closed today due to the celebration of the Independence Day.

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Market review for 30.06.2011: Euro reaches its 3-months maximum.

Asian and European trading session:

Euro: Against the background of the growing inflation in Europe, the expectations for the increased interest rate reinforced. As a result, the euro was supported on Thursday. Concerns over the Euro-zone debt crises weakened, and the EUR/USD managed to reach the $1.4500 maximums.
The European session demonstrated maximums of $1.4525.

According to the published statistics, the Euro-zone consumer price index grew in June for 2.7%. The German unemployment rate decreased for 8K in June.

US Dollar: The greenback decreased in anticipation of the weak US fundamentals release.

British Pound: The GBP/USD pair showed maximums of $1.6110. After that the pound dropped against the US dollar since the speculations that Great Britain would support the politics of fighting the inflation and not increasing the interest rates. Therefore, the GBP/USD pair dropped for 100 points. Minimums were reached at the $1.5970 level.

Japanese Yen: The USD/JPY decreased to Y80.30.

Oil: Oil prices grew and reached the $95.37 range.

American trading session:

US Dollar: The released today US Initial jobless claims grew to 428K against the expected 420K. The Chicago Purchasing Manager index for June increased above forecasts.

Technical analysis for 30/06

EURUSD
The pair has broken 1.44400 and aiming to 1.46222.
Resistance: 1.46222, 1.47342, 1.48550
Support: 1.44400, 1.42996, 1.41780
GBPUSD
The pair has broken 1.60322 and aiming to 1.62050.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair has declined to 0.83541. If the pair stays below this level the pair will decline to 0.82438.
Resistance: 0.83541, 0.84685, 0.85939
Support: 0.82483, 0.81356, 0.80313
USDJPY
The pair has nearly touched Moving Average (100) at 81.399 and rolling back to 80.438. If this level will be broken the pair will decline to 79.707.
Resistance: 81.399, 82.219, 83.065
Support: 80.438, 79.707, 79.070
AUDUSD
The pair has found support at 1.04407 and rolling back to 1.07739.
Resistance: 1.07739, 1.08413, 1.09112
Support: 1.07005 ,1.06164, 1.05332

Market review for 29.06.2011: Greek parliament approves of the austerity measures.

Asian and European trading session:

Euro: Euro showed consolidation on Wednesday, and the EUR/USD pair grew to its maximums of $1.4400 during the Asian trading session. Market participants were optimistic due to reinforced expectations that the Greek parliament would approve of the austerity measures for the national economy in order to receive the financial help and avoid the default. Some experts note that the current euro stabilization is only temporary.

According to the announcement, the Greek parliament supported the program of the austerity measures. The EUR/USD showed maximums at the $1.4450 level.

US Dollar: Demand for the high-risk currencies increased, and the US dollar was under pressure.

British Pound: Sterling strengthened as well due to the Greek optimism and the GBP/USD pair reached the $1.6014 highs.

But the negative movement of the pound followed the released weak UK statistics. The UK Net consumer credit turned out to be at the lower level than forecasted.

Japanese Yen: The USD/JPY traded in the range of Y80.90-Y81.20.

Oil: Oil prices grew to the $94.10 mark per barrel.

Gold: Gold rate increased as well and reached the $1,509.20 price per ounce.

American trading session:

Euro: Investors are expecting the ECB to raise the interest rates during their next meeting on July 7-th.

Technical analysis for 29/06

EURUSD
The pair stays above 1.42996, it may bring pair to 1.44400.
Resistance: 1.44400, 1.46222, 1.47342
Support: 1.42996, 1.41780, 1.40690
GBPUSD
The pair nearly touched 1.58543 and rolling back to 1.60322.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair has declined to 0.83541. If the pair stays below this level the pair will decline to 0.82438.
Resistance: 0.83541, 0.84685, 0.85939
Support: 0.82483, 0.81356, 0.80313
USDJPY
The pair is aiming to reach Moving Average (100) at 81.399.
Resistance: 81.399, 82.219, 83.065
Support: 80.438, 79.707, 79.070
AUDUSD
The pair has returned to 1.05332 which is a resistance level. If the pairs stays below this level the pair will decline to 1.04407.
Resistance: 1.05332, 1.06164, 1.07005
Support: 1.04407, 1.03535, 1.02705

Market review for 28.06.2011: Anticipation of the vote in Greece.

Asian and European trading sessions:

Euro: EUR/USD pair demonstrated minimum of $1.4300 during the Asian trading session on Tuesday. Euro showed volatile trading during the European session in the threshold of the voting at the Greek parliament. Special measures for the reduction of the budget deficit would be accepted aimed to avoid the default.

Maximums were set at the $1.4335 level.

British Pound: The sterling decreased as well and the GBP/USD dropped to $1.5960.

GBP/USD showed minimums at the $1.5912 range. On Tuesday the speculations regarding the longer period of the low interest rates in the UK pressured the euro. The unexpected reduction of the UK GDP below forecasts

Japanese Yen: The USD/JPY pair traded in the range of Y80.70 - Y80.95.

Oil: Oil prices were at their 4-months minimums of $90.81 per barrel.

American trading session:

Swiss Franck: In the uncertain European situation, the Swiss frank continued to play a role of the save-heaven currency.

Euro: EUR/USD gained back some of its previously lost positions and grew to the $1.4395 range.

US Dollar: According to the released data, the US Consumer confidence index reduced to 58.5 level.

Technical analysis for 28/06

EURUSD
If the pair declines below 1.42996 the pair will decline to 1.41780.
Resistance: 1.44400, 1.46222, 1.47342
Support: 1.42996, 1.41780, 1.40690
GBPUSD
The pair has broken 1.60322 and aiming to 1.58543.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair has declined to 0.83541. If the pair stays above this level the pair will rise to 0.84685.
Resistance: 0.84685, 0.85939, 0.87214
Support: 0.83541, 0.82483, 0.81356
USDJPY
The pair is aiming to reach Moving Average (100) at 81.399.
Resistance: 81.399, 82.219, 83.065
Support: 80.438, 79.707, 79.070
AUDUSD
The pair has reached 1.04407. If this level is broken the pair will reach 1.03535.
Resistance: 1.05332, 1.06164, 1.07005
Support: 1.04407, 1.03535, 1.02705

Market review for 27.06.2011: Expectations for the Greek parliament decision.

Asian and European trading session:

Euro: Euro has started this week with a decrease, due to the increased concerns over the European debt crises and expectations for the results of the Greek parliament voting for the project of the budget deficit reduction. The EUR/USD pair decreased to the minimums of $1,4100 mark.

European trading session demonstrated rehabilitation of the euro to the $1.4200 mark. Market participants’ optimism was supported by the expectations that Greek Parliament would accept the rigid austerity plan, which would be necessary for the approval of the next bailout tranche from the IMF and the European Community.

US Dollar: Greenback was weakening against the drop of the Asian stock markets.

British Pound: Sterling followed the euro and the GBP/USD pair dropped to the $1,5910 level.

Oil: Oil prices were decreasing and reached the $90.71 level per barrel. Minimums were reached at the $89.84 mark.

Japanese Yen: The USD/JPY pair traded around the Y80.80 range.

Gold: Gold price grew to the $1,503.60 mark per ounce.

American trading session:

US Dollar: According to the expectations, the released US statistics turned out to be weak. The US personal income, personal spending and the Dallas Federal manufacturing activity index (-17.4 against the forecasted -3.1) happened to be below expectations.

Market review for 23.06.2011: Save-heaven assets are in demand.

Asian and European trading session:
Euro: Euro was under pressure on Thursday in anticipation of the EC summit of the Euro-zone leaders in Brussels. Decreased Asian stock markets pressured the high-risk currencies. As a result, the EUR/USD pair decreased to $1.4300 range.
EU leaders are holding a two-day summit to discuss Greece’s financing needs amid efforts by the nation to stay off default.
US Dollar: Greenback strengthened on Thursday as a save-heaven currency.
British Pound: The release of the negative UK statistics today pressured the pound. CBI reported sales for June showed an unexpected drop to -2 level against the forecasted increase to 12 mark. The sterling followed the weakened euro dynamics. The GBP/USD rate decreased to $1.6015 minimums.
Japanese Yen: The USD/JPY pair traded in the range of Y80.30-Y80.60.
Australian Dollar: The Australian dollar rate was lower today, as the Asian stock markets showed unexpected decrease .
Oil: Oil prices were set around the $94.23 mark per barrel.

American trading session:
US Dollar: Greenback was much stronger its major competitors today.

Technical analysis for 23/06

EURUSD
The pair stays above 1.42996, it may bring pair to test 1.44400. If the pair declines below 1.42996 the pair will decline to 1.41780.
Resistance: 1.44400, 1.46222, 1.47342
Support: 1.42996, 1.41780, 1.40690
GBPUSD
The pair has declined to 1.60322. This is a support level and the price should roll back to 1.61029.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair will be able to reach 0.85939 in case 0.84685 is broken. If the pair stays below 0.84685 the pair will decline to 0.83541.
Resistance: 0.84685, 0.85939, 0.87214
Support: 0.83541, 0.82483, 0.81356
USDJPY
If the pair breaks 80.438 the pair will try to reach Moving Average (100) at 81.399.
Resistance: 80.438, 81.399, 82.219
Support: 79.707, 79.070, 78.345
AUDUSD
The pair is declining to 1.05332. If this level is broken the pair will decline to 1.04407.
Resistance: 1.06164, 1.07005, 1.07739
Support: 1.05332, 1.04407, 1.03535

Market review for 22.06.2011: Dramatic drop of the pound.

Asian and European trading sessions:
Euro: During the morning trading the euro was supported by the strengthened market participant’s hope for the positive outcome of the Greek external debt problems.
Therefore, the EUR/USD grew and reached the $1.4440 maximum. But according to the opinion of some experts, technical default is still a possible outcome for Greece.
British Pound: Wednesday saw a considerable decrease of the pound. The today publication of the last minutes of the BoE meeting pressured the sterling. According to the released results of the votes, only two members voted for the increase of the principal rate and seven votes were in favor of leaving the principal rate unchanged.
As a result, the GBP/USD pair dropped to the $1.6100 minimums.
Japanese Yen: The USD/JPY pair traded at the level of Y80.00.
Oil: Oil price decreased to $93.91 level per barrel.
Gold: Gold traded around the $1,546.70 range per ounce.

American trading session:
US Dollar: The speech of the head of the FRS, Ben Bernanke, had a serious impact on the market dynamics. Ben Bernanke forecasted a gradual rehabilitation of the US economy.
According to the released FOMC decision, the principal rate was left unchanged at the previous level of 0.25%. As a result, the EUR/USD decreased to the $1.4340 level, and the GBP/USD closed the day around the $1.6060 mark.

Technical analysis for 22/06

EURUSD
The pair stays above 1.42996, it may bring pair to test 1.44400. If the pair declines below 1.42996 the pair will decline to 1.41780.
Resistance: 1.44400, 1.46222, 1.47342
Support: 1.42996, 1.41780, 1.40690
GBPUSD
The pair is trying to decline below 1.62050, it may bring pair to test 1.60322.
Resistance: 1.63316, 1.64636, 1.65706
Support: 1.62050, 1.60322, 1.58543
USDCHF
The pair will be able to reach 0.85939 in case 0.84685 is broken. If the pair stays below 0.84685 the pair will decline to 0.83541.
Resistance: 0.84685, 0.85939, 0.87214
Support: 0.83541, 0.82483, 0.81356
USDJPY
If the pair breaks 80.438 the pair will try to reach Moving Average (100) at 81.399.
Resistance: 80.438, 81.399, 82.219
Support: 79.707, 79.070, 78.345
AUDUSD
The pair is declining to 1.05332. If this level is broken the pair will decline to 1.04407.
Resistance: 1.06164, 1.07005, 1.07739
Support: 1.05332, 1.04407, 1.03535

Market review for 21.06.2011: Negative EU and UK statistics pressured the euro and pound.

Asian and European trading sessions:
Euro: Released today German ZEW survey turned to be -9 against the forecasted-3 level. The Euro-zone economic sentiment survey was at the -5.9 mark while the expected level was 6.1. As a result, the EUR/USD showed temporary minimums of $1.4315.
Concerns over the situation in Greece weakened on Tuesday in anticipation of the vote of confidence for the Greek Prime Minister, Georgius Papandreu.
British Pound: The publication of the UK public sector net borrowing demonstrated growth for only 15.2B against the forecasted growth for 16.5B. Consequently, the GBP/USD dropped to $1.6180, but only temporarily.
Japanese Yen: The USD/JPY traded around the Y80.20 range.
Australian Dollar: Australian dollar decreased today after the publication of the minutes of the last meeting of the Reserve Bank of Australia. RBA pointed out that its decision to keep the interest rate at the previous level was reasonable due to the uncertain situation with the European crises.
Oil: Oil traded around the level of $94.29 per barrel.
Gold: Gold traded at the range of $1,545.10 per ounce.

American trading session:
US Dollar: Positive US statistics, which was released during the second part of the day, rendered support to the risky assets. The US existing home sales decreased only for 3.8% compared to the forecasted drop of 5.0%. Therefore, the EUR/USD managed to reach the $1.44 level, and the GBP/USD grew to the $1.6240 mark.

Technical analysis for 21/06

EURUSD
The pair stays above 1.42996, it may bring pair to test 1.44400. If the pair declines below 1.42996 the pair will decline to 1.41780.
Resistance: 1.44400, 1.46222, 1.47342
Support: 1.42996, 1.41780, 1.40690
GBPUSD
The pair is trying to decline below 1.62050, it may bring pair to test 1.60322.
Resistance: 1.63316, 1.64636, 1.65706
Support: 1.62050, 1.60322, 1.58543
USDCHF
The pair will be able to reach 0.85939 in case if 0.84685 is broken.
Resistance: 0.84685, 0.85939, 0.87214
Support: 0.83541, 0.82483, 0.81356
USDJPY
If the pair breaks 80.438 the pair will try to reach Moving Average (100) at 81.399.
Resistance: 80.438, 81.399, 82.219
Support: 79.707, 79.070, 78.345
AUDUSD
The pair is declining to 1.05332. If this level is broken the pair will decline to 1.04407.
Resistance: 1.06164, 1.07005, 1.07739
Support: 1.05332, 1.04407, 1.03535

Market review for 20.06.2011: Decision regarding the Greece bailout will be announced in the beginning of July.

Asian and European trading sessions:

Euro: The EU Finance Ministers meeting was held this weekend. The fact that no agreement was formed over the bailout of Greece pressured the euro on Monday. The EUR/USD demonstrated a negative dynamics during the Asian and European trading sessions.
Moody’s credit agency stated that the credit rating of Italy would be decreased, due to the released Italian GDP results. The EUR/USD dropped to its minimums of $1.4192.
In addition, the released today German producer prices dropped to 6.1% against the forecasted 6.3%.
US Dollar: Demand for the save-heaven assets grew in the light of European problems. Greenback strengthened against its competitors.
British Pound: The GBP.USD pair dropped to the lows of $1.6100 following the euro.
Japanese Yen:

American trading session:
US Dollar: During the American session the trading dynamics changed. Since the decision regarding the Greek bailout would be positive, the euro started to strengthen based on the increased optimism of the market participants.
The EUR/USD rehabilitated and reached the $1.43 mark, and the GBP/USD pair strengthened at the $1.6200 level.

Market review for 16.06.2011: Greenback under pressure.

Asian and European trading sessions:
Swiss Frank: According to the released information, the Swiss National bank left the principal rate unchanged at the previous level of 0.25%. As a result, the Swiss frank strengthened.
Euro: The euro continued t drop during the morning trading today and reached its three-week lows of 1.4090 as markets continued to be concerned over the debt issues in Greece. But the statement of the ECB representative, Mr. Reine, supported the euro. He mentioned, that once Greece would reduce its budget expenses, the IMF and EC would allocate financial support to Greece.
British Pound: The pound dropped during the morning trading to the $1.6140 range. The publication of the UK statistics today reinforced the pressure on the sterling.
Retail sales dropped for 1.6% against the expected 0.6%.
Japanese Yen: The USD/JPY traded in the range of Y80.80-Y81.00.

Oil: Oil traded around the $94.95 mark per barrel.
Gold: Gold continued to trade in the previous range with maximum of $1529.00 per ounce.

American trading session:
US Dollar: The release of the negative US fundamentals pressured the greenback on Thursday. In particular, the Philadelphia Federal index dropped to the -7.7 level, while the forecasted level was at the 7.0 mark.
The EUR/USD closed the trading day at the $1,4200 level.

Technical analysis for 16/06

EURUSD
The pair has declined to Moving Average (100) at 1.41780.
Resistance: 1.42996, 1.44400, 1.46222
Support: 1.41780, 1.40690, 1.39600
GBPUSD
The pair is trading between Fibonacci retracement 38.2% and Moving Average (100) 1.62050.
Resistance: 1.63316, 1.64636, 1.65706
Support: 1.62050, 1.60322, 1.58543
USDCHF
The pair has broken 0.84685 and aiming to 0.85939.
Resistance: 0.85939, 0.87214, 0.88418
Support: 0.84685, 0.83541, 0.82483
USDJPY
The pair has broken 80.438 and aiming to Moving Average (100) at 81.399.
Resistance: 81.399, 82.219, 83.065
Support: 80.438, 79.707, 79.070
AUDUSD
The pair is declining to 1.05332.
Resistance: 1.06164, 1.07005, 1.07739
Support: 1.05332, 1.04407, 1.03535

Market review for 15.06.2011: Negative rally of the euro, EUR/USD drops to 1,4150.

Asian and European trading sessions:
Euro: Wednesday saw a negative rally of the euro as a result of the uncertain situation with Greece and reinforced concerns that Greece would eventually go into default. European leaders could not agree on any specific decision regarding Greek debt crises and concluded to meet again on June 19-th. EU Financial Ministers will try to form an agreement on the bailout terms for Greece.
US Dollar: Consequently the US dollar showed considerable growth against all major currencies. The released today negative US fundamentals did not stop the greenback positive rally.
British Pound: The sterling followed the euro drop and the GBP/USD decreased to $1.6250 level.
Japanese Yen: The USD/JPY traded in the range of Y80.40-Y80.85.
Australian Dollar: The Reserve Bank of Australia Governor, Glenn Stevens, mentioned in his speech that the interest rate would be increased by the RBA soon. Therefore, the Australian dollar rate strengthened on Wednesday and kept the positive dynamics throughout the day.
Oil: Oil was under pressure due to the European crises speculations.
Gold: Gold showed decrease as well and the rate dropped to $1,517.10 mark per ounce. Later the gold recovered to the $1527 level per ounce.

American trading session:
Euro: The EUR/USD closed the trading day at the minimums of $1,4150.
British Pound: The GBP/USD dropped to $1,6200.

Technical analysis for 15/06

EURUSD
If 1.42996 is broken the pair will decline to Moving Average (100) at 1.41780.
Resistance: 1.44400, 1.46222, 1.47342
Support: 1.42996, 1.41780, 1.40690
GBPUSD
The pair is trading between Fibonacci retracement 38.2% and Moving Average (100) 1.62050.
Resistance: 1.64636, 1.65706, 1.67165
Support: 1.63316, 1.62050, 1.60322
USDCHF
The pair has reached 0.84685. If this level is broken the pair will rise to 0.85939.
Resistance: 0.84685, 0.85939, 0.87214
Support: 0.83541, 0.82483, 0.81356
USDJPY
If the pair stays below 80.438 the pair may decline to 79.707.
Resistance: 80.438, 81.399, 82.219
Support: 79.707, 79.070, 78.345
AUDUSD
The pair has risen to 1.07005.
Resistance: 1.07005, 1.07739, 1.08413
Support: 1.06164, 1.05332, 1.04407

Market review for 14.06.2011: China demonstrates industrial production growth.

Asian and European trading session:
Euro: The released economic statistics in China demonstrated industrial production growth (actual value of 13.3% growth against the 13.1% forecasted), which pressured the demand for the low-risk currencies and the high-yielding assets increased. As a result the EUR/USD reached the $1.4470 maximums.
Later on the rate decreased to the $1.4420 temporary minimums.
US Dollar: The greenback was under pressure in anticipation of the weak US fundamentals. The demand for the save-heaven assets dropped, which reinforced the negative impact on the US dollar rate.
British Pound: The pound strengthened as well, and the GBP/USD grew to the $1.6440 level. Minimums were reached at the $1.6375 mark.
Japanese Yen: According to the forecasts, the Bank of Japan left the principal rate unchanged at the previous level of 0.10%.
Oil: Oil prices decreased today to the $97.19 level per barrel.

American trading session:
Japanese Yen: The USD/JPY pair closed the trading day at the level of Y80,45.
US Dollar: According to the released information, the US Advance retail sales drop was not as serious as forecasted: decrease for 0.2% against the expected drop of 0.5%. And the Producer price index turned out to be above expectations: 0.2% against the forecasted 0.1%.

Technical analysis for 14/06

EURUSD
The pair declined to 1.42996. If this level is broken the pair will decline to Moving Average (100) at 1.41780.
Resistance: 1.44400, 1.46222, 1.47342
Support: 1.42996, 1.41780, 1.40690
GBPUSD
The pair has declined to Moving Average (100) at 1.62050.
Resistance: 1.63316, 1.64636, 1.65706
Support: 1.62050, 1.60322, 1.58543
USDCHF
The pair has reached 0.84685. If this level is broken the pair will rise to 0.85939.
Resistance: 0.84685, 0.85939, 0.87214
Support: 0.83541, 0.82483, 0.81356
USDJPY
If the pair stays below 80.438 the pair may decline to 79.707.
Resistance: 80.438, 81.399, 82.219
Support: 79.707, 79.070, 78.345
AUDUSD
The pair has declined to 1.05332.
Resistance: 1.06164, 1.07005, 1.07739
Support: 1.05332, 1.04407, 1.03535

Market review for 13.06.2011: New earth-quakes in New-Zealand pressured the national currency.

Asian and European trading session:
New-Zealand Dollar: Two new earth-quakes were recorded in New-Zealand today, which reduced the New-Zealand dollar rate against the greenback.
Euro: The EUR/USD pair traded in the range of $1.4320-$1.4360 during the morning trading. Financial problems of Greece reinforced their pressure on the euro. The S&P credit agency decreased the rating of Greece again. But the euro managed to keep strength against the US dollar.
Market participants are watching closely the discussion of the EU and the IMF regarding the bailout package for Greece.
US Dollar: US Dollar weakened against its major competitors today.
British Pound: The GBP/USD pair traded in the range of $1.6215-$1.6245. Sterling started to grow and reached the $1.6300 level during the European trading session.
Japanese Yen: The USD/JPY pair grew to the Y80.69 level as the Japanese yen weakened over the speculations that the bank of Japan would introduce new measures to stimulate the Japanese economy.
Oil: Oil rate decreased to the $98.26 mark per barrel.
Gold: The gold price dropped as well and reached the $1,528 minimums per ounce.

American trading session:
Euro: The EUR/USD pair reached the $1,4400 maximum during the American trading session.
Japanese Yen: The Japanese yen managed to stabilize during the American trading session, since the demand for the risky assets started to decrease.

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Market review for 09.06.2011: ECB and BoE leave principle rates unchanged.

Asian and European trading sessions:
Euro: In anticipation of the ECB interest rate decision, and particularly of the Jean-Claude Trichet speech, the euro rate increased and the EUR/USD pair strengthened at the level of $1.4650. According to the expectations, the ECB interested would be increased in July.
Today the ECB left the principal rate unchanged at the 1.25% level.
US Dollar: On Thursday the US dollar managed to win back its previously lost positions against its major competitors.
British Pound: The GBP/USD consolidated at the $1.6450 mark after yesterday’s weakness (due to the possibility that the Moody’s credit agency would reduce the AAA credit rating of England).
According to the expectations, the Bank of England left the principal rate unchanged at the previous level of 0.5%.
Japanese Yen: The USD/JPY showed maximums at the Y80.30 mark.
Australian Dollar: Australian Employment change demonstrated growth only for 7.8K against the forecasted growth for 25K. As a result, the Australian dollar dropped against the greenback. Expectations, that the RBA would increase its principal rate, dropped.

American trading session:
British Pound: The GBP/USD pair decreased to the $1,6360 level by the end of the day.

Technical analysis for 9/06

EURUSD
The pair is aiming to 1.47342.
Resistance: 1.47342, 1.48550, 1.50630
Support: 1.46222, 1.44400, 1.42996
GBPUSD
The pair has tested Fibonacci retracement 38.2% and declining. If the pair is able to break 1.63316 the pair will decline to 1.62050.
Resistance: 1.64636, 1.65706, 1.67165
Support: 1.63316, 1.62050, 1.60322
USDCHF
The pair has declined to 0.83541.
Resistance: 0.84685, 0.85939, 0.87214
Support: 0.83541, 0.82483, 0.81356
USDJPY
If the pair stays below 80.438 the pair may decline to 79.707.
Resistance: 80.438, 81.399, 82.219
Support: 79.707, 79.070, 78.345
AUDUSD
The pair has broken 1.06164 and aiming to 1.05332.
Resistance: 1.06164, 1.07005, 1.07739
Support: 1.05332, 1.04407, 1.03535

Market review for 08.06.2011: Demand for the save-heaven assets grows.

Asian and European trading sessions:
Euro: Wednesday saw the growing demand for the save-heaven currencies and the drop of the euro. Representatives of the IMF stated that financial help of the Portuguese fund could lead to considerable risks. In addition, the released Euro-zone fundamentals did not render any support to the euro. The German industrial production dropped to 9.6% against the forecasted 10.0%.
The EUR/USD pair reached the $1.4640 minimums.
British Pound: The sterling followed the euro and the GBP/USD dropped to the $1.6420 level. The credit agency “Moody’s” stated that the UK could have its credit rating decreased, if the UK economy continued to be so weak.
Japanese Yen: As a save-heaven currency, the yen showed considerable stabilization against the competitor currencies.
The USD/JPY pair demonstrated minimums at the Y79.70 level.
Oil: Oil prices decreased to the $98.46 level per barrel. During the OPEC meeting, which is taking place in Vienne now, quotas could be raised to meet demand.
Gold: Gold rate dropped as well to the $1,533.40 mark per ounce.

American trading session:
US Dollar: According to the Beige Book release from today, four regions demonstrated slow-down of the US economical growth rate. The head of the FRS, Ben Bernanke, mentioned in his previous speech that economical growth of the previous period has been uneven and “disappointingly slow”.

Technical analysis for 8/06

EURUSD
The pair is aiming to 1.47342.
Resistance: 1.47342, 1.48550, 1.50630
Support: 1.46222, 1.44400, 1.42996
GBPUSD
The pair has tested Fibonacci retracement 38.2% and declining. If the pair is able to break 1.63316 the pair will decline to 1.62050.
Resistance: 1.64636, 1.65706, 1.67165
Support: 1.63316, 1.62050, 1.60322
USDCHF
The pair has declined to 0.83541.
Resistance: 0.84685, 0.85939, 0.87214
Support: 0.83541, 0.82483, 0.81356
USDJPY
If the pair stays below 80.438 the pair may decline to 79.707.
Resistance: 80.438, 81.399, 82.219
Support: 79.707, 79.070, 78.345
AUDUSD
The pair has broken 1.07005 and aiming to 1.06164.
Resistance: 1.07005, 1.07739, 1.08413
Support: 1.06164, 1.05332, 1.04407

Market review for 07.06.2011: Euro continues to be supported by a number of factors.

Asian and European trading sessions:
Euro: On Tuesday morning we saw strengthening of the euro. German Chancellor, Angela Markel supported the euro by expressing confidence in the soon rehabilitation from the Euro-zone economic crises. ECB reconfirmed its readiness to render additional financial help to Greece, which continued to have a positive influence on the euro as well. As a result, the EUR/USD strengthened above the $1.4600 level.
The Euro-zone important news’ releases - EU retail sales and Germany Factory Orders – showed better than expected results.
Daily maximums were reached at the $1.4680 level during the European trading session.
British Pound: The sterling followed the euro and the GBP/USD pair grew to the $1.6370 mark. Maximums were tested at the $1.6470 mark.
Japanese Yen: Minimums of the USD/JPY pair were reached at the Y79.96 level. Later on the pair rehabilitated.
Australian Dollar: The Reserve Bank of Australia left its principal rate unchanged at the previous level of 4.75%. The Australian dollar rate decreased against the American dollar. The RBA supporting message stated that the current policy measures were appropriate.
Oil: Oil prices demonstrated some decrease to the $98.57 level per barrel.

American trading session:
US Dollar: The USD Consumer credit for April showed higher figures, compared to forecasted level.

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Technical analysis for 7/06

EURUSD
The pair has risen to 1.46222. If this level is broken the pair will rise to 1.47342.
Resistance: 1.46222, 1.47342, 1.48550
Support: 1.44400, 1.42996, 1.41780
GBPUSD
The pair has tested Fibonacci retracement 38.2% and declining. If the pair is able to break 1.63316 the pair will decline to 1.62050.
Resistance: 1.64636, 1.65706, 1.67165
Support: 1.63316, 1.62050, 1.60322
USDCHF
The pair has declined to 0.83541.
Resistance: 0.84685, 0.85939, 0.87214
Support: 0.83541, 0.82483, 0.81356
USDJPY
If the pair stays below 80.438 the pair may decline to 79.707.
Resistance: 80.438, 81.399, 82.219
Support: 79.707, 79.070, 78.345
AUDUSD
The pair has broken 1.07005 and aiming to 1.06164.
Resistance: 1.07005, 1.07739, 1.08413
Support: 1.06164, 1.05332, 1.04407

Market review for 06.06.2011: Euro reaches a monthly maximum against the greenback.

Asian and European trading sessions:
Euro: Euro traded around its maximum levels due to the decreased concerns over the European crises. Possibility that Euro-zone would agree on allocating additional bailout package for Greece supported the euro. The EUR/USD traded in the range of $1.4620-$1.4660.
Positive Euro-zone fundamentals were released on Monday. Euro-zone monthly producer price index for April turned out to be above forecasts: 0.9% against expected 0.8%.
According to the experts’ predictions, the ECB would leave the principal rate unchanged at the previous level of 1.25%.
US Dollar: US dollar remained weak on Monday after the negative US fundamentals release last week.
British Pound: The GBP/USD followed the euro dynamics and reached the temporary maximums of $1.6460, and then decreased to the minimums of $1.6388.
Japanese Yen: The Japanese yen rate increased as a result of the demand growth for the save-heaven currencies. The general tendency pointed out on overall slow-down of the world economical growth rate.
The USD/JPY tested minimums of Y80.00 level, as demand for the high-risk currencies started to increase.
Oil: Oil prices decreased below the $100 mark per barrel.

American trading session:
Australian Dollar: The AUD/USD pair reached maximums at the 1.0766 mark. The released Australian performance of construction index supported the national currency.

Market review for 02.06.2011: Moody’s might reconsider the US rating.

Asian and European trading sessions:
Euro: The EUR/USD pair showed considerable movement during the Thursday trading session. Euro was supported by the speech of German Chancellor, Angela Merkel, who said that “German economy growth had very positive forecast”. During the European trading session the EUR/USD grew to the maximums of $1.4490.
The Spanish bond placing was successful, which was another factor of the euro strength.
British Pound: Strong UK fundamentals supported the sterling, and the GBP/USD pair grew and reached the $1.6420 mark. The PMI construction index happened to be above the forecast.
Japanese Yen: The USD/JPY pair showed maximums during the morning trading at the level of а Y81.30 and minimums at the Y80.66 mark. The yen was pressured on Thursday due to the reinforced concerns over the national political situation in Japan.

Australian Dollar: The Australian dollar grew against the US dollar after the release of the Australian Retain sales level, which turned out to be above the expectations.

Oil: Oil prices dropped today below the $100 level per barrel.

American trading session:
US Dollar: Negative US news release pressured the greenback, which showed decrease during the American trading session. US Initial jobless claims increased above expectations. Moody’s agency mentioned that the US credit rating could be reconsidered.
Euro: Moody’s credit agency reduced the rating of Greece to Caa1.
Swiss Frank: Swiss Franck reached its new maximum against the US dollar. The national Retail prices growth level supported the Swiss frank.

Technical analysis for 2/06

EURUSD
The pair has rolled back to 1.42996. The indicators support pair to continue rising and the pair may rise to 1.44400 again.
Resistance: 1.44400, 1.46222, 1.4732
Support: 1.42996, 1.41780, 1.40690
GBPUSD
The pair has declined below Fibonacci retracement 38.2% and reached support 1.63316. If this level is broken the pair will decline to 1.62050.
Resistance: 1.64636, 1.65706, 1.67165
Support: 1.63316, 1.62050, 1.60322
USDCHF
The pair has declined to the channel line at 0.84685 and trying to close below this level. It may bring pair to test 0.83541.
Resistance: 0.84685, 0.85939, 0.87214
Support: 0.83541, 0.82483, 0.81356
USDJPY
The pair stays below 81.399, this may bring pair to 80.438.
Resistance: 81.399, 82.219, 83.065
Support: 80.438, 79.707, 79.070
AUDUSD
The pair couldn’t reach 1.07739 and declined to 1.06164. The pair is trying to break this level and aiming to 1.05332.
Resistance: 1.07005, 1.07739, 1.08413
Support: 1.06164, 1.05332, 1.04407

Market review for 01.06.2011: Speculations over the US default.

Asian and European trading session:

Euro: As concerns over the European budget crises weakened, the euro continued to strengthen during the morning trading on Wednesday. The EUR/USD pair traded in the range of $1.4380-$1.4440.

European trading session demonstrated some decrease of the euro against the greenback. European representatives could apply some measures aimed to stimulate debentures’ holders, according to the speculations.

US Dollar: Dollar was pressured in anticipation of the weak US fundamentals. In particular, the US labor market was expected to drop.

British Pound: The GBP/USD pair traded in the range of $1.6440-$1.6480. But the released today UK Purchasing Manager Index could not render any support to the national currency. The GBP PMI manufacturing dropped to 52.1 against the forecasted 54.1. As a result, the sterling rate decreased to the temporary minimum of $1.6380.

Japanese Yen: The USD/JPY pair traded in the range of Y81.14 – Y81.50.

Oil: Oil continued to trade around its maximums, at the level of $102.90 per barrel.

Gold: The gold rate was around the $1,532.90 level per ounce.

American trading session:

US Dollar: According to the Bloomberg publication, American congressmen decided not to increase the maximal limit of the national debt. As a result, speculations regarding the possible US default, reinforced. This default may be the first one in the US history.
The greenback showed decrease after the release of the weak fundamentals. ISM manufacturing dropped to 53.5 against the forecasted 57.2. ADP employment growth was much lower expectations: 38K against the predicted 175K.

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Technical analysis for 1/06

EURUSD
The pair has reached resistance at 1.44400. If this level is broken the pair will rise to 1.46222.
Resistance: 1.46222, 1.4732, 1.48550
Support: 1.44400, 1.42996, 1.41780
GBPUSD
The pair has grown up to 1.65706 and started to roll back. At the moment support level is 1.64636, if the pair declines below this level the pair will decline to 1.63316.
Resistance: 1.65706, 1.67165, 1.68756
Support: 1.64636, 1.63316, 1.62050
USDCHF
The pair has declined to the channel line at 0.84685. This level may give support and the pair may roll back to 0.85939.
Resistance: 0.85939, 0.87214, 0.88418
Support: 0.84685, 0.83541, 0.82483
USDJPY
The pair stays below 81.399, this may bring pair to 80.438.
Resistance: 81.399, 82.219, 83.065
Support: 80.438, 79.707, 79.070
AUDUSD
The pair is aiming to 1.07739.
Resistance: 1.07739, 1.08413, 1.09112
Support: 1.07005, 1.06164, 1.05332

Market review for 31.05.2011: Euro reaches 3-month maximum against the greenback.

Asian and European trading sessions:
Euro: Euro-zone representatives supported the possibility that Greece might receive additional financial help in order to avoid spreading of the budget crises.
The released today European fundamentals rendered additional support to the euro. In particular, German retail sales annualized showed growth for 3.6% against the forecasted 1.5%. Unemployment decreased in Germany as well. Euro-zone unemployment stayed at the previous level. As a result, the EUR/USD grew and reached the $1.4400 maximums.
Expectations for the increase of the ECB principal interest rate reinforced.
British Pound: The sterling followed the euro growth and reached the temporary maximums at the $1.6550 level.
Japanese Yen: Mooddy’s credit agency will reconsider the credit rating of Japan for its possible reduction. Therefore, the Japanese yen dropped.
The USD/JPY pair strengthened at the Y81.60 mark.
Oil: Investors’ optimism regarding the possibility of rendering additional financial support to Greece, pushed the oil prices higher. Canadian TransCanada pipeline leak increased concerns regarding the US oil inventories’ supply. Oil prices reached the $102.47 level per barrel.
Gold: Gold prices reached maximums at the $1540.80 mark per ounce.

American trading session:
Euro: The EUR/USD pair closed the week below the $1.4400 level.
British Pound: The GBP/USD decreased to the $1.6450 level.
Canadian Dollar: According to the released information, the Bank of Canada left the principal rate unchanged at the previous level of 1.00%. After that the Canadian dollar rate grew against the greenback.

Technical analysis for 31/05

EURUSD
The pair has found support at 1.39600 and aiming to 1.44400.
The pair has broken daily channel and aiming to 1.39600.
Resistance: 1.44400, 1.46222, 1.4732
Support: 1.42996, 1.41780, 1.40690
GBPUSD
The pair has grown up to 1.65706. If this level is broken the pair will rise to 1.67165.
Resistance: 1.65706, 1.67165, 1.68756
Support: 1.64636, 1.63316, 1.62050
USDCHF
The pair has declined to the channel line at 0.84685. This level may give support and the pair may roll back to 0.85939.
Resistance: 0.85939, 0.87214, 0.88418
Support: 0.84685, 0.83541, 0.82483
USDJPY
The pair is aiming to Moving Average (100) 82.219. If this level is broken the pair will rise to 83.065.
Resistance: 82.219, 83.065, 83.933
Support: 81.399, 80.438, 79.707
AUDUSD
The pair has risen to 1.07005. If the pair closes below this level the pair will decline to 1.06164.
Resistance: 1.07005, 1.07739, 1.08413
Support: 1.06164, 1.05332, 1.04407

Market review for 30.05.2011: The New-Zealand dollar hits record-breaking maximum.

Asian and European trading sessions:
New-Zealand Dollar: New-Zealand dollar demonstrated a record-breaking maximum against the greenback. New-Zealand trade balance hit a record NZD 1.113 billion on Sunday, which pushed the national currency on Monday.
Euro: EUR/USD pair showed minimums of the $1.4255 mark. Euro was under pressure on Monday, as concerns over the deteriorating European situation with the Euro-zone budget, had a negative impact on the euro. The Prime Minister of Greece, George Papandreu, insisted on the approval of additional measures aimed to reduce the budget deficit.
During the European trading session the EUR/USD showed temporary rehabilitation and reached the $1.4284 mark.
US Dollar: The greenback continued its weak dynamics during the morning trading, but managed to rehabilitate a little against the pressured euro.
British Pound: GBP/USD tested the range of $1.6460- $1.6450.
Japanese Yen: The USD/JPY pair traded in the range of Y80.75- Y80.90. Japanese yen was supported as a save-heaven against the background of the weakening euro.
Oil: Oil traded on Monday around the $100.43 level per barrel.
Gold: Gold rate increased over the concerns of the European problems, and hit the $1539 maximums per ounce.

American trading session:
US Dollar: American and UK financial markets are closed today, due to the celebration of the national holidays.

Market review for 26.05.2011: Euro showed continuous growth, while greenback dropped.

Asian and European trading sessions:
Euro: Euro managed to grow against the US dollar on Thursday and kept its reached positions. The head of the ECB, Jean-Claude Trichet, supported the euro by his statement, that the ECB is watching the inflations closely, which reinforced the speculations that the interest rates could be increased.
In the morning the euro was supported by the possibility that China was going to increase its volume of purchases of European countries’ bonds. Therefore, the positive expectations for the rehabilitation of the Euro-zone budget crises increased.
The EUR/USD pair reached maximums of $1.4190 mark.
British Pound: The GBP/USD consolidated at the level of $1.6300 level. Maximums were reached at the $1.6330 mark.
Japanese Yen: The JPY/USD showed minimums at the Y81.70 level and then returned to the Y82.00 mark.
Australian Dollar: The Australian dollar rate strengthened against its competitors after the release of the Private capital expenditures in the first quarter in Australia. This indicator grew for 3.4% against the expected increase for 2.7%.
Oil: Oil prices increased and traded at the level of $100.98 mark per barrel.
Gold: Gold traded around the $1,524 mark per ounce.

American trading session:
US Dollar: Greenback decreased against the yen and the Swiss frank after the release of the weak US fundamentals. The Annualized GDP dropped below expectations and the Initial jobless claims grew above forecasts.

Technical analysis for 26/05

EURUSD
The pair has broken daily channel and aiming to 1.39600.
Resistance: 1.40690, 1.41780, 1.42996
Support: 1.39600, 1.38554, 1.37486
GBPUSD
The pair stays below 1.62050 it will bring pair to decline to 1.60322.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
If the pair breaks 0.88418 the pair will rise to 0.89635.
Resistance: 0.88418, 0.89635, 0.91079
Support: 0.87214, 0.85939, 0.84685
USDJPY
The pair is trying to decline below 81.399. It will bring pair to 80.438.
Resistance: 82.219, 83.065, 83.933
Support: 81.399, 80.438, 79.707
AUDUSD
The pair has declined to 1.05322. If this level is broken the pair will decline to 1.04407.
Resistance: 1.06164, 1.07005, 1.07739
Support: 1.05332, 1.04407, 1.03535

Market review for 25.05.2011: Swiss frank demonstrated hit historical maximum against the euro today.

Asian and European trading session:
Euro: Uncertainty and lack of consensus with the Greek budget problems pressured the euro today. The EUR/USD pair showed minimums at the $1.4000 level.
Later on the euro managed to strengthen and reach the $1.4070.
Swiss Frank: Swiss frank set a new historical maximum against the euro on Wednesday. Concerns regarding the possible slow-down of the economic rehabilitation of the region as a result of the European debt crises, pressured the euro. At the same time, possibility of the principal rates increase by the Central bank of Switzerland, supported the national currency.
British Pound: The GBP/USD pair decreased to the minimums of $1.6130 during the Asian trading session.
The released UK GDP data turned out to be at the expected level. The quarterly GDP demonstrated the 0.5% level, the yearly GDP showed 1.8% level. The GBP/USD pair grew above the $1.6200 maximums.
Japanese Yen: The USD/JPY pair traded in the range of Y81.80-Y82.10.
Oil: The oil prices traded around the $98.60 level per barrel.
Gold: Gold prices traded around the $1527.30 mark per ounce.

American trading session:
US Dollar: US Durable goods orders demonstrated unexpected drop for 3.6% in April against the forecasted decrease for 2.5%. Nevertheless, demand for high-risk assets grew.

Technical analysis for 25/05

EURUSD
The pair has broken daily channel and aiming to 1.39600.
Resistance: 1.40690, 1.41780, 1.42996
Support: 1.39600, 1.38554, 1.37486
GBPUSD
The pair stays below 1.62050 it will bring pair to decline to 1.60322.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
If the pair breaks 0.88418 the pair will rise to 0.89635.
Resistance: 0.88418, 0.89635, 0.91079
Support: 0.87214, 0.85939, 0.84685
USDJPY
The pair is trying to decline below 81.399. It will bring pair to 80.438.
Resistance: 82.219, 83.065, 83.933
Support: 81.399, 80.438, 79.707
AUDUSD
The pair has declined to 1.05322. If this level is broken the pair will decline to 1.04407.
Resistance: 1.06164, 1.07005, 1.07739
Support: 1.05332, 1.04407, 1.03535

Market review for 24.05.2011: Positive Euro-zone statistics rendered temporary support for the euro.

Asian and European trading sessions:
Euro: The euro started its growth during the Asian trading session and reached the $1.4060 mark. After the release of the European statistics on Tuesday, the euro continued its growth. German IFO – Business Climate, Current Assessment and Expectations for May turned out to be above expectations. As a result, expectations for the increase of the Euro-zone principal rate reinforced.
According to the experts’ expectations, the European budget crises would reinforce and return to the focus of the market very soon.
British Pound: Publication of the UK weak fundamentals on Tuesday pressured the sterling. Increase of the Public sector net borrowing volume had a negative impact on the national currency. But major pressure came from the statement of the Moody’s credit agency about the decrease of the credit ratings of the number of British banks.
At the same time the CBI Reported sales happened to be above forecasts: 18 against expected 11. Therefore, the GBP/USD grew to the $1.6180 level.
Japanese Yen: The USD/JPY pair showed minimums at the level of Y81.60 and started to rehabilitate.
Oil: Oil rate demonstrated strengthening due to the released forecast of Goldman Sachs and Morgan Stanley with expectations for the increased Brent oil prices.

American trading session:
US Dollar: Greenback was pressured during the American session after the release of the negative Richmond Fed Manufacturing index, which dropped to -6 against the positive forecast of 9.
As a result, the EUR/USD pair grew and reached the $1,4130 maximum and the GBP/USD pair reached the $1,6200 mark.

Technical analysis for 24/05

EURUSD
The pair has broken daily channel and aiming to 1.39600.
Resistance: 1.41780, 1.42996, 1.44400
Support: 1.40690, 1.39600, 1.38554
GBPUSD
If the pair stays below 1.62050 the pair will decline to 1.60322.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
If the pair breaks 0.88418 the pair will rise to 0.89635.
Resistance: 0.88418, 0.89635, 0.91079
Support: 0.87214, 0.85939, 0.84685
USDJPY
The pair is trying to decline below 81.399. It will bring pair to 80.438.
Resistance: 81.399, 82.219, 83.065
Support: 80.438, 79.707, 78.345
AUDUSD
The pair has declined to 1.05322. If this level is broken the pair will decline to 1.04407.
Resistance: 1.06164, 1.07005, 1.07739
Support: 1.05332, 1.04407, 1.03535

Market review for 23.05.2011: Greenback is strengthening against all competitors.

Asian and European trading sessions:
Euro: Concerns over the possible reduction of the credit rating of Italy by Standard & Poor’s credit agency, pressured the euro on Monday. Reduction of the credit rating of Greece on last Friday continued to have a negative influence on the euro as well. European budget crises pushed investors’ optimism lower.
During the elections to local authorities, that just took place in Spain, the opposition People’s Party received most of the votes, which rendered additional pressure on the euro.
Released today European PMI indices turned out to be below forecasts and lower previous month’s levels. For example, the Euro-zone PMI (composite) index was 55.4 against expected 57.3.
The EUR/USD pair dropped to the $1.4060 minimums. European trading session showed minimums of $1.3970.
US Dollar: Greenback was supported as a save-heaven currency today, and strengthened against all its competitors.
British Pound: The GBP/USD pair dropped to the $1.6110 level.
Japanese Yen: The USD/JPY pair demonstrated minimums of Y81.31 and then managed to stabilize.
Oil: Oil rate dropped today and reached the $97.60 mark per barrel.
Gold: Gold prices decreased as well and reached the $1,508.50 mark per ounce.

American trading session:
US Dollar: The American dollar was supported as a result of the stock markets and commodity markets decrease.

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Market review for 19.05.2011: Greenback drops with the release of the weak US data.

Asian and European trading sessions:
Euro: The EUR/USD pair traded in the range of $1,4202-$1,4300 during the morning trading today.
US Dollar: Greenback demonstrated stable trading today until the American trading session.
British Pound: Sterling received considerable support against the euro and the US dollar after the release of the strong UK fundamentals. The published today UK Retail sales turned out to be much higher expectations. Retail sales inc auto fuel for April demonstrated the level of 1.1% against the forecasted 0.8% and previous month’s 0.3%.
Swiss Frank: The Swiss frank was under pressure after the release of the ZEW Survey for May, which showed unexpected decrease to - 11.5.
Japanese Yen: Japanese yen dropped today after the release of the Annualized Gross Domestic Product for the first quarter, which decreased for 3.7% against the forecasted drop for only 1.9%. Japanese industry and consumer expenses were pressured as a result of the earth-quake and tsunami.
The USD/JPY pair grew and reached the Y81.95 mark.
Oil: Oil prices showed some growth on Thursday and traded around the $100.56 range per barrel.
Gold: Gold traded at the $1491.00 level per ounce.

American trading session:
US Dollar: The American trading session showed changes in the trading dynamics of the major currency pairs. The release of the weak US fundamentals pressured the US dollar. Existing home sales decreased in April when the forecast showed increase, Philadelphia Federal index dropped below expectations. Under this negative influence even the drop of the Initial jobless claims could not support the greenback.
Therefore, the EUR/USD grew above the $1.4300 mark and the GBP/USD demonstrated maximums above the $1.6200 level.

Technical analysis for 19/05

EURUSD
The pair has been able to rise to 1.42996. If this level is broken the pair will rise to 1.44400.
Resistance: 1.42996, 1.44400, 1.46222
Support: 1.41780, 1.40690, 1.39600
GBPUSD
The pair stays above 1.62050 and it may bring pair to test 1.63316. If the pair stays below 1.62050 the pair will decline to 1.60322.
Resistance: 1.63316, 1.64636, 1.65706
Support: 1.62050, 1.60322, 1.58543
USDCHF
The pair stays below 0.88418, it may bring pair to decline to 0.87214.
Resistance: 0.88418, 0.89635, 0.91079
Support: 0.87214, 0.85939, 0.84685
USDJPY
If 80.438 is broken the pair will decline to 79.707. If 81.399 is broken the pair will rise to 82.219.
Resistance: 81.399, 82.219, 83.065
Support: 80.438, 79.707, 78.345
AUDUSD
The pair is aiming to reach 1.07005.
Resistance: 1.07005, 1.07739, 1.08413
Support: 1.06164, 1.05332, 1.04407

Market review for 18.05.2011: British pound loses more than 100 points today.

Asian and European trading sessions:
Euro: EUR/USD demonstrated maximums at the level of $1.4285 and minimums of $1.4215 during the European trading session. Euro was supported by the speculations that the ECB would continue to increase the interest rates politics.
British Pound: GBP/USD pair dropped on Wednesday from $1.6290 to minimums of $1.6133 during the European trading session. A number of factors influenced this drop of the pound. UK jobless claims for April grew for the record-breaking amount of 12.4K. Claimant count rate increased for 4.6% against the forecasted increase for 4.5%.
The released today minutes of the Bank of England meeting showed, that most of the members voted for keeping the interest rate at the previous level.
New-Zealand Dollar: The released on Tuesday New-Zealand statistical data rendered considerable support to the national currency on Wednesday. The Producer price inputs and Producer price outputs showed unexpected growth for the first quarter.
Oil: Oil traded around the $97.69 level per barrel.
Gold: Gold traded at the range of $1497.00 per ounce.

American trading session:
Euro: Concerns over the restructuring of the Greek debt reinforced today, and the EUR/USD dropped below the $1.4200 level.
British Pound: The GBP/USD decreased to $1.6100 minimums.
US Dollar: Publication of the FOMC meeting rendered temporary support to the greenback, which demonstrated some possibility for the principal rates increase in the US.
Japanese Yen: The USD/JPY closed the trading around the level of Y81.50.

Technical analysis for 18/05

EURUSD
The pair has been able to rise to 1.42996. If this level is broken the pair will rise to 1.44400.
Resistance: 1.42996, 1.44400, 1.46222
Support: 1.41780, 1.40690, 1.39600
GBPUSD
The pair stays above 1.62050 and it may bring pair to test 1.63316.
Resistance: 1.63316, 1.64636, 1.65706
Support: 1.62050, 1.60322, 1.58543
USDCHF
The pair has reached 0.88418, if the pair stays below this level the pair will decline to 0.87214.
Resistance: 0.88418, 0.89635, 0.91079
Support: 0.87214, 0.85939, 0.84685
USDJPY
If 80.438 is broken the pair will decline to 79.707. If 81.399 is broken the pair will rise to 82.219.
Resistance: 81.399, 82.219, 83.065
Support: 80.438, 79.707, 78.345
AUDUSD
The pair couldn’t break 1.05332 and trying to reach 1.07005.
Resistance: 1.07005, 1.07739, 1.08413
Support: 1.06164, 1.05332, 1.04407

Market review for 17.05.2011: Financial support plan for Portugal has been approved.

Asian and European trading sessions:
Australian Dollar: The released results of the RBA meeting confirmed that at some point the Reserve Bank of Australia would need to continue increasing principal rates in Australia in order to slow down the inflation rate growth.
Euro: Euro was supported on Tuesday and one of the influencing factors was the agreement that has been reached during the meeting of the Euro-zone Financial Ministers in Brussels yesterday – financial support plan for Portugal has been approved.
At the same time the Euro-zone ZEW survey (economic sentiment) for May dropped to 13.6 against the forecasted decrease to 17.3. Therefore. the euro was pressured.
British Pound: Sterling received temporary support from the publication of the UK fundamental release today. The Consumer price index for April grew to 4.5% against the expected 4.1%. As a result, the GBP/USD pair reached the $1.6300 maximums. Expectations for the principal rates increase by the Bank of England grew.
Japanese Yen: Japanese yen was under pressure after the statement of the Bank of Japan managing director, Masaaki Shirakawa, who mentioned that “Japanese economy was in a very serious condition”.
The USD/JPY pair traded at the Y81.70 level.
Oil: Oil traded around the $97.18 level per barrel after the reached minimums at the $95.02 mark per barrel.

American trading session:
US Dollar: Investors were discouraged by the release of the negative US fundamentals on Tuesday during the American trading session. The US housing starts for April decreased to 523K against the forecasted 569K. Building permits level dropped as well.

Technical analysis for 17/05

EURUSD
The pair is trading between 1.41780 and 1.40690.
Resistance: 1.41780, 1.42996, 1.44400
Support: 1.40690, 1.39600, 1.38554
GBPUSD
The pair has declined to 1.62050, if this level is broken the pair will decline to 1.60322.
Resistance: 1.63316, 1.64636, 1.65706
Support: 1.62050, 1.60322, 1.58543
USDCHF
The pair has reached 0.88418, if the pair stays below this level the pair will decline to 0.87214.
Resistance: 0.89635, 0.91079, 0.92026
Support: 0.88418, 0.87214, 0.85939
USDJPY
If 80.438 is broken the pair will decline to 79.707. If 81.399 is broken the pair will rise to 82.219.
Resistance: 81.399, 82.219, 83.065
Support: 80.438, 79.707, 78.345
AUDUSD
The pair has declined to 1.05332. If this level is broken the pair will decline to 1.04407.
Resistance: 1.06164, 1.07005, 1.07739
Support: 1.05332, 1.04407, 1.03535

Market review for 16.05.2011: US dollar competitors are strengthening.

Asian and European trading sessions:
Euro: Euro traded at its minimums during the Asian trading session on Monday, but managed to strengthen later on.
US Dollar: International Monetary Fund chief Dominique Strauss-Kahn was taken into custody last weekend. Dominique Strauss-Kahn therefore could not be present at the planned later on meeting of the Financial Ministers of the Euro-zone, where the European budget crises and Greece bail out issues were supposed to be discussed.
As a result, the greenback strengthened against the euro and the EUR/USD reached the $1.4050 level. Later on the concerns connected with the arrest of the head of the IMF weakened, and the euro strengthened. The EUR/USD pair grew to the $1.4150 mark.
British Pound: Sterling strengthened and the GBP/USD pair grew and reached the $1.6222 maximums during the European trading session.
Japanese Yen: The USD/JPY pair traded in the range of Y80.70 - Y81.05.
Oil: Oil rate demonstrated some consolidation and traded in the range of $97.38 - $98.85 per barrel.

American trading session:
Euro: The released Euro-zone Consumer price index showed unexpected growth, which reinforced expectations for the Euro-zone interest rate increase. As a result, the EUR/USD almost reached the $1.4250 maximums.
US Dollar: The released US data could not support the American dollar today. The Empire manufacturing suddenly dropped to 11.90 against the expected 19.70.

Market review for 12.05.2011: Drop of the euro and the pound.

Asian and European trading sessions:
Euro: Thursday saw a considerable drop of the euro during the European trading session. The EUR/USD pair traded below the $1.4150 minimums. Stock markets decreased, which pressured the high-yielding assets. In addition, the Euro-zone statistics demonstrated negative Industrial production level, which turned out to be below the forecasts.
US Dollar: Morning trading demonstrated some increase of the greenback rate. But later the US dollar dropped.
British Pound: Following the euro, the sterling dropped to $1.6250 minimums. Release of the negative UK fundamentals pressured the sterling. Industrial production for March turned out to be 0.3% against its expectations of 0.8%. Manufacturing production for March was 0.2% against its forecasts of 0.3%.
Japanese Yen: Japanese yen strengthened due to the dropped demand for the risky assets.
Oil: Oil showed some increase during the daily trading and reached the $100.10 level per barrel.

American trading session:
US Dollar: The publication of the US fundamentals during the American trading session did not render any support to the greenback. Initial jobless claims increased for 434K against the forecasted 430K.
Euro: Against the background of the weakening American dollar, greenback competitors managed to win back their previously lost positions. The EUR/USD pair grew and reached the $1.4250 level.
British Pound: The GBP/USD pair grew and reached the $1.63 mark.

Technical analysis for 12/05

EURUSD
The pair has declined to support 1.41780.
Resistance: 1.42996, 1.44400, 1.46222
Support: 1.41780, 1.40690, 1.39600
GBPUSD
The pair has declined to 1.63316, if this level is broken the pair will decline to 1.62050.
Resistance: 1.64636, 1.65706, 1.67165
Support: 1.63316, 1.62050, 1.60322
USDCHF
The pair has reached 0.88418.
Resistance: 0.88418, 0.89635, 0.91079
Support: 0.87214, 0.85939, 1.84685
USDJPY
If 80.438 is broken the pair will decline to 79.707. If 81.399 is broken the pair will rise to 82.219.
Resistance: 81.399, 82.219, 83.065
Support: 80.438, 79.707, 78.345
AUDUSD
The pair has fallen to 1.06164, if this level is broken the pair will fall to 1.05332.
Resistance: 1.07005, 1.07739, 1.08412
Support: 1.06164, 1.05332, 1.04407

Market review for 11.05.2011: Tension in Greece is escalating, which pressures the euro.

Asian and European trading sessions:
Euro: Problems in Greece reached the point of escalated tension of the public and strikes among the working people. Greeks were against the actions of the Government. Therefore, the euro was under pressure today.
US Dollar: Greenback started to strengthen on Wednesday in anticipation of the strong US fundamental releases planned for tomorrow.
British Pound: Sterling followed the weakened euro first. But pound received support today due to information from the Bank of England that the UK inflation might increase and reach 5%. Possibility for the principal rate increase reinforced. As a result, the GBP/USD showed temporarily maximums of $1.6500 mark.
Japanese Yen: Japanese yen dropped as the demand for the save-heaven assets decreased. Stock markets grew.
Oil: Minor support to the oil prices was received from the concerns over the possible oil supply interruptions due to the Mississippi flood. As a result, the oil rate grew to the level of $103.96 per barrel. Later the oil rate dropped to the $102.04 range.
Gold: Gold price decreased as well and reached the $1,505.20 mark per ounce.

American trading session:
Canadian Dollar: Canadian dollar dropped as a result of the decreased oil priced. At the same time the released Canadian fundamentals were very positive, which rendered support to the national currency.
British Pound: Sterling dropped and reached the $1.6350 minimums at the end of the day.
Euro: The EUR/USD closed the trading day at the minimums of $1.4200.

Technical analysis for 11/05

EURUSD
The pair has declined to support 1.42996, if this level is broken the pair will decline to 1.41780.
Resistance: 1.44400, 1.46222, 1.47342
Support: 1.42996, 1.41780, 1.40690
GBPUSD
The pair has declined to 1.63316, if this level is broken the pair will decline to 1.62050.
Resistance: 1.64636, 1.65706, 1.67165
Support: 1.63316, 1.62050, 1.60322
USDCHF
The pair is trying to stay above 0.87214, it may bring pair to test 0.88418.
Resistance: 0.88418, 0.89635, 0.91079
Support: 0.87214, 0.85939, 1.84685
USDJPY
The pair has reached 80.43. If this level is broken the pair will decline to 79.707.
Resistance: 81.399, 82.219, 83.065
Support: 80.438, 79.707, 78.345
AUDUSD
The pair has risen to 1.08413.
Resistance: 1.09112, 1.09782, 1.10409,
Support: 1.08412, 1.07739, 1.07005

Market review for 10.05.2011: Possibility of the new credit for Greece might be discussed soon.

Asian and European trading sessions:
Euro: Concerns over the possibility that Greece debt will need to be restructured, pressured the euro during the morning trading on Tuesday. It has been also announced that Moody’s and Fitch would decrease the credit ratings for Greece as well. The EUR/USD pair showed minimums of $1,4270.
British Pound: The sterling followed the euro and decreased as well. Possibility that the Bank of England would reduce its economic forecasts pressured the pound. The GBP/USD pair reached minimums at $1.6330 mark.
Japanese Yen: Stock markets growth influenced the yen rate, and the Japanese yen dropped against the major competitors. The USD/JPY pair grew and reached Y80.90 maximums, but then returned to the Y80.50 level.
New-Zealand Dollar: New-Zealand dollar decreased after the statement of the IMF that the national currency of New-Zealand was overestimated.
Swiss Frank: The Swiss frank weakened after the released Consumer price index increase below expectations (only 0.1% growth against the forecasted increase for 0.5%).
Oil: Oil continued to grow and reached the level of $102.19 per barrel.
Gold: Gold continued to grow and the price reached $1515.20 per ounce.

American trading session:
US Dollar: Greenback dropped during the American trading session, since the demand for the save-heaven assets decreased due to the stock markets’ growth.
The EUR/USD pair won back the previously lost positions and returned to the $1.44 level.

Technical analysis for 10/05

EURUSD
The pair has declined to support 1.42996, if this level is broken the pair will decline to 1.41780.
Resistance: 1.44400, 1.46222, 1.47342
Support: 1.42996, 1.41780, 1.40690
GBPUSD
The pair has declined to 1.63316 and aiming to test 1.64636.
Resistance: 1.64636, 1.65706, 1.67165
Support: 1.63316, 1.62050, 1.60322
USDCHF
The pair is trying to stay above 0.87214, it may bring pair to test 0.88418.
Resistance: 0.88418, 0.89635, 0.91079
Support: 0.87214, 0.85939, 1.84685
USDJPY
The pair has reached 80.43. If this level is broken the pair will decline to 79.707.
Resistance: 81.399, 82.219, 83.065
Support: 80.438, 79.707, 78.345
AUDUSD
The pair has reached 1.07739, if this level is broken the pair will decline to 1.07005.
Resistance: 1.07739, 1.08412, 1.09112
Support: 1.07005, 1.06164, 1.05332

Market review for 09.05.2011: S&P reduced credit rating of Greece.

Asian and European trading sessions:
Euro: Speculations regarding possible withdrawal of Greece from the Euro-zone were not confirmed, since during the meeting of the Ministers of Finances of the Euro-zone countries this question was not discussed. As a result, the EUR/USD pair tried to strengthen above the $1.4400 level during the Asian trading session.
But later the announcement that the S&P credit agency reduced the credit rating of Greece to B level and noted that new reductions were possible, pressured the euro. Therefore, the EUR/USD dropped to $1.4250.
At the same time the unexpected increase of the German exports for March rendered support to the euro.
British Pound: Sterling tried to strengthen as well and traded in the range of $1.6330-$1.6410 on Monday. But the released UK data pressured the pound. The Halifax house prices showed an unexpected drop for 3.7%, while the decrease was forecasted for 3.0%. In addition, the forecast of the UK GDP was decreased.
The GBP/USD pair dropped to $1.6350 minimums.
Japanese Yen: The USD/JPY pair traded in the range of Y80.50-Y80.95.
Australian Dollar: Australian dollar demonstrated growth on Monday in anticipation of the forecasted Chinese trade balance with increased imports, which is planned to be released on Tuesday.
Oil: The beginning of this week saw the growth of the oil prices. The oil prices grew and reached the $102.74 mark per barrel.

American trading session:
US Dollar: During the American trading session the greenback demonstrated weakening due to the increased oil prices. As a result, the EUR/USD rehabilitated and reached the $1.4350 level and the GBP/USD grew to the $1.6400 mark.

Market review for 05.05.2011: ECB leaves the rates unchanged. Dramatic drop of the euro.

Asian and European trading sessions:
Euro: Thursday saw a considerable decrease of the euro. Following the announcement, that the ECB left the principal rate unchanged at the previous level of 1.25%, the statement of the ECB head, Jean-Claude Trichet, read that the Euro-zone rates would not be increased for some time now.
The released Euro-zone statistics pressured the euro as well. The German Factory orders for March resulted at the 9.7% level, much lower than the expected 15.4%.
As a result, the EUR/USD pair dropped from the maximums of $1.4870 to the minimums of almost $1,45 level.
British Pound: Sterling was also under pressure today. The released UK fundamentals could not support the national currency. The GBP PMI services turned out to be 54.3, which was lower than its forecast of 56.0.
According to the expectations, the Bank of England left the principal rate unchanged at the record-breaking minimal level of 0.5%.
The GBP/USD pair dropped from the maximums of $1.6530 to minimums of $1,6400.
Australian Dollar: Published today Retail Sales for March dropped for 0.5%, when the expected growth of this indicator was for the 0.5%. As a result, the Australian dollar decreased against the greenback.
Japanese Yen: The USD/JPY pair showed minimums of Y79.55.
Oil: Oil continued to drop, and the price reached the minimum of $100 mark per barrel.
Canadian Dollar: Canadian dollar decreased as a result of the oil prices’ drop.

American trading session:
US Dollar: Greenback rehabilitated from its previous losses and strengthened today. Demand for the save-heaven assets grew and the commodity markets’ prices went down.
Dollar strengthened in spite of the negative US fundamentals, released today. The US initial jobless claims grew to 474K against the expected drop to 410K.

Technical analysis for 5/05

EURUSD
If the pair stays below 1.48550 the pair will decline to 1.47342.
Resistance: 1.48550, 1.49592, 1.50630
Support: 1.47342, 1.46222, 1.44400
GBPUSD
The pair has reached support 1.64636 and aiming to 1.65706.
Resistance: 1.65706, 1.67165, 1.68756
Support: 1.64636, 1.63316, 1.62050
USDCHF
The pair has declined to 0.85939.
Resistance: 0.87214, 0.88418, 0.89635
Support: 0.85939, 1.84685, 0.83541
USDJPY
The pair has reached 80.43. If this level is broken the pair will decline to 79.707.
Resistance: 81.399, 82.219, 83.065
Support: 80.438, 79.707, 78.345
AUDUSD
The pair has reached 1.07005, if this level is broken the pair will decline to 1.06164.
Resistance: 1.07739, 1.08412, 1.09112
Support: 1.07005, 1.06164, 1.05332

Market review for 04.05.2011: Expectations for the ECB and BoE rate decisions.

Asian and European trading sessions:
Euro: Investors avoided risks on Wednesday in anticipation of the ECB interest rate decision this week. Released Euro-zone fundamentals pressured the euro, since the data turned out to be negative. European PMI indices were below expectations. Euro-zone retail sales volume decreased below forecasts.
British Pound: Publication of the UK data could not support the pound either. GBP nationwide house prices dropped below expectations. GBP PMI turned out to be 53.3, which was below the forecasts of 55.9.
Japanese Yen: Tomorrow Japan continues to celebrate national holidays.
Gold: Gold continued its decrease and reached minimums of $1507.70 mark per ounce.

American trading session:
Euro: Euro grew during the second part of the day on Wednesday. Euro reached its 17-months maximum against the US dollar. The EUR/USD pair traded at the level of $1,4900.
British Pound: Sterling grew as well as a result of the speculations that the Bank of England would increase principal rates.
US Dollar: Greenback dropped against the euro and the pound as a result of the released weak US statistics today. In particular, the ADP employment dropped in April to 179K against the forecasted level of 195K. The ISM non-manufacturing composite index showed decrease to 52.8 against the expected 57.5.
Canadian Dollar: Canadian dollar dropped against the greenback due to the decreased oil prices.

Technical analysis for 4/05

EURUSD
If the pair stays below 1.48550 the pair will decline to 1.47342.
Resistance: 1.48550, 1.49592, 1.50630
Support: 1.47342, 1.46222, 1.44400
GBPUSD
The pair has reached support 1.64636.
Resistance: 1.65706, 1.67165, 1.68756
Support: 1.64636, 1.63316, 1.62050
USDCHF
The pair has declined to 0.85939 and may roll back to 0.87214.
Resistance: 0.87214, 0.88418, 0.89635
Support: 0.85939, 1.84685, 0.83541
USDJPY
The pair has reached 81.399. If this level is broken the pair will decline to 80.438.
Resistance: 82.219, 83.065, 83.933
Support: 81.399, 80.438, 79.707
AUDUSD
The pair has reached 1.07739, if this level is broken the pair will decline to 1.06164.
Resistance: 1.08412, 1.09112, 1.09782
Support: 1.07739, 1.07005, 1.06164

Market review for 03.05.2011: Demand for the save-heaven assets grows.

Asian and European trading sessions:
Australian Dollar: According to the expectations, the Reserve Bank of Australia left the principal rate unchanged at the level of 4.75%. Australian dollar dropped due to the decreased demand for the commodity currencies.
Euro: The EUR/USD pair showed maximums above the $1.4820 level during the Asian session. But later the euro decreased to the minimums of $1.4752.
US Dollar: After the liquidation of Osama Ben Laden, the possibility of the terrorist attacks grew, and the demand for the save-heaven assets increased. Stock markets dropped.
British Pound: Negative UK fundamentals, released today, pressured the pound. The manufacturing purchasing manager index for April dropped to the level of 54.6 against the expected 57.0. Minimums of the GBP/USD pair were set at the $1.6460 mark.
Expectations for the increase of the principal rate by the Bank of England dropped.
Japanese Yen: Japanese financial markets were closed today due to the celebration of the national holiday.
The yen was supported as the demand for the save-heaven assets grew. The USD/JPY rate dropped to the Y80.80 minimums.
Canadian Dollar: According to the results of the elections in the Canadian Parliament, the Conservative party and the Prime Minister Steven Harper won for the third year in a row. As a result, Canadian dollar increased.
Oil: Oil prices continued to be under pressure, oil traded at the $113.00 mark per barrel.
Gold: Gold rate showed decrease as well and dropped to $1532.05 level per ounce.

American trading session:
US Dollar: The released today US factory orders for March showed considerable growth (3.0% against the forecasted 2.0%), which supported the evidence of the increased rehabilitation growth rate of the American economy.

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Technical analysis for 3/05

EURUSD
If the pair stays below 1.48550 the pair will decline to 1.47342.
Resistance: 1.48550, 1.49592, 1.50630
Support: 1.47342, 1.46222, 1.44400
GBPUSD
The pair has reached resistance level at 1.67165and may roll back to 1.65706.
Resistance: 1.67165, 1.68756, 1.70802
Support: 1.65706, 1.64636, 1.63316
USDCHF
The pair has broken 0.87214 and may decline to 0.85939.
Resistance: 0.87214, 0.88418, 0.89635
Support: 0.85939, 1.84685, 0.83541
USDJPY
The pair has reached 81.399. If this level is broken the pair will decline to 80.438.
Resistance: 82.219, 83.065, 83.933
Support: 81.399, 80.438, 79.707
AUDUSD
The pair has reached 1.09112, if this level is broken the pair will decline to 1.08412.
Resistance: 1.09112, 1.09782, 1.10409
Support: 1.08412, 1.07739, 1.06164

Market review for 02.05.2011: Greenback shows a temporary consolidation.

Asian and European trading sessions:
US Dollar: US Dollar strengthened after the official announcement of the liquidation of the terrorist #1 Usama Ben Laden. Market participants were optimistic during the Asian trading session.
Euro: Strengthening of the US dollar on Monday lead to the decrease of the EUR/USD pair to the $1,4800 level.
British Pound: The GBP/USD decreased to the $1,6800 mark during the morning trading as well.
Japanese Yen: The US dollar strengthening lead to the increase of the USD/JPY pair to the Y81,50 level.
Australian Dollar: The Australian dollar rate dropped today in anticipation of the Reserve Bank of Australia meeting, where the principal rate should be left unchanged.
Oil: Oil decreased and traded at the level of $112.70 per barrel. Minimums were reached at the level of $110.55 per barrel.
Gold: Gold decreased as well to the level of $1,550.70 per ounce.

American trading session:
Japanese Yen: On Tuesday the financial markets in Japan will be closed due to the celebration of the Constitution Day.
US Dollar: The publication of the US ISM manufacturing index for April influenced the decrease of the American dollar during the American trading session. The index turned out to be at the level of 60.4 against the 61.2 level for the previous month. Forecasts and concerns over the possibility that the FRS would continue keeping the principal rates at the minimal positions reinforced.

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Market review for 28.04.2011: US dollar shows a general weakening with a temporary rehabilitation.

Asian and European trading sessions:
US Dollar: Greenback continued to demonstrate decrease against its major competitors. The FRS decision to maintain the extra-low principal rates’ politics pressured the US dollar.
Nevertheless, the temporary correction followed the excessive drop of the dollar, and the greenback managed to rehabilitate and win back previously lost positions.
Euro: Due to the US dollar weakening during the Asian trading session the EUR/USD grew and reached the $1,4881 maximums.
British Pound: The sterling followed the euro, and the GBP/USD increased to $1,6745 level.
Japanese Yen: The USD/JPY pair reached the Y81,40 range.
Bank of Japan left the principal rate unchanged today at the previous level of 0,00%-0,10%, which was expected.
Oil: Oil traded at the level of $113.16 per barrel.
Gold: Gold continued to grow and tested the $1534.00 maximums per ounce.

American trading session:
US Dollar: Negative US fundamentals were released during the American trading session. Unemployment growth and US GDP, which turned out to be below forecasts, did not have a strong influence on the greenback dynamics.

Technical analysis for 28/04

EURUSD
If the pair stays below 1.48550 the pair will decline to 1.47342.
Resistance: 1.48550, 1.49592, 1.50630
Support: 1.47342, 1.46222, 1.44400
GBPUSD
The pair has reached resistance level at 1.67165.
Resistance: 1.67165, 1.68756, 1.70802
Support: 1.65706, 1.64636, 1.63316
USDCHF
The pair has broken 0.88418 and declined to 1.87214.
Resistance: 0.88418, 0.89635, 0.91079
Support: 0.87214, 0.85939, 1.84685
USDJPY
The pair has reached 81.399. If this level is broken the pair will decline to 80.438.
Resistance: 82.219, 83.065, 83.933
Support: 81.399, 80.438, 79.707
AUDUSD
The pair has reached 1.09112.
Resistance: 1.09112, 1.09782, 1.10409
Support: 1.08412, 1.07739, 1.06164

Market review for 27.04.2011: S&P Credit agency reduced the credit rating of Japan to negative level.

Asian and European trading sessions:
Euro: The EUR/USD reached maximums at the $1,4710 level during the morning trading.
US Dollar: Greenback reached its 16-month minimum against the euro on Wednesday. It is expected that the FRS would discuss further measures of economy stimulation.
Australian Dollar: The Australian dollar renewed its historical maximum against the US dollar due to the strong fundamentals, that were released today. The Consumer prices index for the first quarter turned out to be higher than expectations and above its previous volume: 3.3% against the forecasted 3.0%.
Expectations for the interest rate increase by the Reserve Bank of Australia reinforced.
British Pound: The GBP/USD rate also grew and the pair reached maximums of $1,6520.
Increased UK Gross Domestic Product for the first quarter supported the pound growth. As a result, the sterling hit the $1.6580 range.
Japanese Yen: S&P Credit agency reduced the credit rating of Japan to negative level. As a result, the national currency dropped. The USD/JPY pair grew to the Y82.30 mark.
Oil: Oil traded at the level of $111.00 per barrel.
Gold: Gold rate also increased to $1,506.70 level per ounce.

American trading session:
US Dollar: Greenback decreased against the euro after the FOMC meeting. Principal rate was left at the previous minimal level of 0-0.25% and the quantitative easing program would be completed in June, as it has been planned.
Euro: The EUR/USD grew to the level of $1,4790.
British Pound: The GBP/USD rate reached the $1,6620 maximum.

Technical analysis for 27/04

EURUSD
The pair is aiming to test 1.47342.
Resistance: 1.47342, 1.48550, 1.49592
Support: 1.46222, 1.44400, 1.42996
GBPUSD
The pair has reached 1.65706 and rolling back to 1.64636.
Resistance: 1.65706, 1.64636, 1.67165
Support: 1.63316, 1.62050, 1.60322
USDCHF
The pair has broken 0.88418 and declined to 1.87214.
Resistance: 0.88418, 0.89635, 0.91079
Support: 0.87214, 0.85939, 1.84685
USDJPY
The pair has reached 81.399.
Resistance: 82.219, 83.065, 83.933
Support: 81.399, 80.438, 79.707
AUDUSD
The pair has reached 1.08412 and may roll back to 1.07739.
Resistance: 1.08412, 1.09112, 1.09782
Support: 1.07739, 1.06164, 1.05332

Market review for 26.04.2011: USD/CHF hits new historical minimum.

Asian and European trading sessions:

US Dollar: On Tuesday morning the US dollar strengthened. But during the European trading session the greenback dropped in anticipation of the FRS meeting, planned for Wednesday. It is expected that the interest rate would be left unchanged as well as the current monetary policy.
Euro: The EUR/USD pair grew and reached the $1,4600 level against the background of the weakening greenback. $1.4652 maximum was reached during the European trading session.
British Pound: The GBP/USD pair grew to the $1,6500 mark following the euro growth. European trading session showed maximums of $1.6533 level.
Japanese Yen: USD/JPY pair is trading in the range of Y81.55 – Y81.80.
Oil: Oil traded at the level of $111.10 per barrel.
Gold: Gold is trading at the level of $1501.25 per ounce, which is below the maximum which has been reached on Monday. Gold is under pressure due to fixing profits by the investors.

American trading session:
Swiss Frank: Demand for the risky assets dropped, and the USD/CHF hit new historical minimum at the level of 0,8750.
US Dollar: During the American trading session the greenback continued to drop. Negative US fundamentals pressured the national currency. The S&P Case-Shiller composite-20 index decreased for 3.3% compared to the previous year.
Market participants are waiting for the results of the head of the FRS, Ben Bernanke, press conference after the FOMC meeting.

Technical analysis for 26/04

EURUSD
The pair has reached 1.46222 and may roll back to 1.44400.
Resistance: 1.46222, 1.47342, 1.48550
Support: 1.44400, 1.42996, 1.41780
GBPUSD
The pair has reached 1.65706 and rolling back to 1.64636.
Resistance: 1.65706, 1.64636, 1.67165
Support: 1.63316, 1.62050, 1.60322
USDCHF
The pair has declined to 0.88418.
Resistance: 0.89635, 0.91079, 0.92026
Support: 0.88418, 0.87214, 0.85939
USDJPY
The pair has broken 82.219 and aiming to 81.399.
Resistance: 82.219, 83.065, 83.933
Support: 81.399, 80.438, 79.707
AUDUSD
The pair has reached 1.07739 and rolling back to 1.06164.
Resistance: 1.07739, 1.08412, 1.09112
Support: 1.06164, 1.05332, 1.04407

Market review for 25.04.2011: Bank of Japan might increase its credit program, aimed to support the rehabilitation process.

Asian and European trading sessions:
Euro: During the morning trading on Monday the EUR/USD demonstrated trading at the range of $1.4520-$1.4600. Euro strengthened against the greenback due to expectations for the strong Euro-zone fundamentals to be published this week. Possibility of the ECB interest rate increase grew.
Maximum of the EUR/USD pair was reached at the $1.4628 level.
US Dollar: Asian and European trading sessions showed weakening of the US dollar.
British Pound: The GBP/USD pair traded in the range of $1.6490-$1.6550.
Japanese Yen: Japanese yen started the week with a decrease as a result of the speculations that Bank of Japan might increase its credit program, aimed to support the rehabilitation of the national industry from the earth quakes. It is expected that the Bank of Japan would leave the principal rate unchanged.
Minimum of the USD/JPY was reached at the Y81.88 mark.
Oil: Oil is trading at the level of $113.00 per barrel.
Gold: Gold continued to trade around its maximums of $1513.50 per ounce.

American trading session:
US Dollar: American trading session demonstrated a change in the trading dynamics of the greenback. US dollar strengthened against its major competitors due to the drop of the American stock markets. Demand for the risky assets dropped.
Decrease of the US new home sales data supported the greenback as a save-heaven currency.

Market review for 21.04.2011: Rehabilitation of the US dollar.

Asian and European trading sessions:
Australian Dollar: Release of the strong Australian fundamentals supported the national currency, and the Australian dollar hit a 29-year maximum against the US dollar. The Producer price index grew and turned out to be at the level of 1.2%, which was above the forecasted 1.0%. Expectations for the further increase of the interest rate reinforced.
Euro: Thursday morning saw continuing strengthening of the euro. The EUR/USD grew to the $1,4650 mark.
American Dollar: Greenback was under pressure due to the increased demand for the high-risk assets.
British Pound: Sterling rate increased to the $1.6600 level. The released UK retail sates data was above forecasts, which supported the pound.
Japanese Yen: The USD/JPY pair traded in the range of Y81,80 - Y82,00.

Oil: US dollar weakening resulted in the oil rate growth to the level of $112.40 per barrel.
Gold: Gold set today its new historical maximum at the level of $1509 per ounce.

American trading session: On Friday the Financial markets of the US, Canada, European countries, Australia and New-Zealand will be closed due to the Easter holidays.
Euro: EUR/USD decreased and traded in the range of $1,4500-$1,4550.
American Dollar: US dollar rate rehabilitated and won back its previously lost positions.
Oil: During the second part of the day the oil rate showed some decrease due to the strengthening of the American dollar.

Technical analysis for 21/04

EURUSD
The pair is aiming to 1.46222.
Resistance: 1.46222, 1.47342, 1.48550
Support: 1.44400, 1.42996, 1.41780
GBPUSD
The pair is aiming to test resistance 1.64636.
Resistance: 1.64636, 1.67165, 1.68756
Support: 1.63316, 1.62050, 1.60322
USDCHF
The pair has declined to 0.88418.
Resistance: 0.89635, 0.91079, 0.92026
Support: 0.88418, 0.87214, 0.85939
USDJPY
The pair is aiming to 82.219. If this level is broken the pair will decline to 81.399.
Resistance: 83.065, 83.933, 84.866
Support: 82.219, 81.399, 80.438
AUDUSD
The pair has broken 1.07005 and aiming to 1.07739.
Resistance: 1.07739, 1.08412, 1.09112
Support: 1.07005, 1.06164, 1.05332

Market review for 20.04.2011: US dollar weakness brings competitors to new maximums.

Asian and European trading sessions:

US Dollar: The US real estate statistics, which was released on Tuesday, had a very positive impact on the market participants’ optimism. This influence lasted on Wednesday as well, and risky assets received substantial support. As a result, investors moved out their funds from the US dollar.

Australian Dollar: As a risky asset, the Australian dollar rate increased against the US dollar, and hit a new historical maximum.

Canadian Dollar: Canadian dollar rate grew against the American dollar due to the strong consumer price indices data, which was released in Canada yesterday.

Euro: EUR/USD pair showed growth above the $1.4400 level. Released today German producer prices demonstrated decrease, but this did not have any negative impact on the euro dynamics.

British Pound: The GBP/USD pair grew and strengthened at the level of $1.6400. But this growth was only temporary, since after the release of the Bank of England meeting, the pound was under pressure. According to the expectations, the principal rate would not be increased at the next BoE meeting. Eventually, the sterling decreased to the $1.6300 range.

Japanese Yen: Japanese yen strengthened against the greenback as well. The USD/JPY pair dropped to the Y82.50 level.

Oil: Oil rate maximum was reached at the $109.84 mark per barrel.

Gold: Gold renewed its historical maximum at the level of $1504.50 per ounce against the background of the weakened US dollar.

American trading session:

Euro: Euro closed the trading day at the maximums of $1.4500.

Technical analysis for 20/04

EURUSD
The pair is aiming to 1.44400.
Resistance: 1.44400, 1.46222, 1.47342
Support: 1.42996, 1.41780, 1.39600
GBPUSD
The pair is aiming to test resistance 1.63316, if this level is broken the pair will rise to 1.64636.
Resistance: 1.63316, 1.64636, 1.67165
Support: 1.62050, 1.60322, 1.56722
USDCHF
The pair is trying to break 0.89635, this will bring the pair to rise to 0.91079.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
USDJPY
The pair is aiming to 82.219. If this level is broken the pair will decline to 81.399.
Resistance: 83.065, 83.933, 84.866
Support: 82.219, 81.399, 80.438
AUDUSD
The pair couldn’t break 1.04407 and aiming to test again 1.06164.
Resistance: 1.06164, 1.07005, 1.07739
Support: 1.05332, 1.04407, 1.03535

Market review for 19.04.2011: The rally of the euro and the pound.

Asian and European trading sessions:
Euro: Tuesday saw strengthening of the euro. Several factors supported euro today. Greece placed its bonds successfully. In addition, Euro-zone released strong statistics today. The PMI manufacturing and PMI services data of most of the European countries were above expectations.
Negative US fundamentals supported the euro strengthening as well.
Expectations for the increase of the ECB interest rate reinforced. The EUR/USD pair grew to the maximums of $1.4315.
US Dollar: The released diverse US fundamentals did not support the US dollar. The Housing starts data showed a decrease to 7.2% against the predicted 8.6%. At the same time the Building permits grew above expectations.
British Pound: The pound rate increased as well today, and the GBP/USD pair traded in the range of $1.6230-$1.6310.
Japanese Yen: The USD/JPY pair traded in the range of Y82.30-Y82.70.

Canadian Dollar: The released today Canadian Consumer Price index for March increased for 3.3% against the forecasted growth of 2.8%. As a result, the Canadian dollar strengthened against the greenback.
Oil: Oil prices reached strengthened around the $107.65 range per barrel.
Gold: Gold hit its new historical maximum today at the level of $1499 per ounce.

American trading session:
Euro: The EUR/USD pair managed to reach the level of $1.4350 by the end of the trading day.
British Pound: The sterling grew as well and the GBP/USD almost reached the $1.6350 mark.

Technical analysis for 19/04

EURUSD
The pair has declined to 1.41780. The next support is at 1.40690, resistance 1.42996.
Resistance: 1.44400, 1.46222, 1.47342
Support: 1.42996, 1.41780, 1.39600
GBPUSD
The pair is aiming to support 1.62050. If this level is broken the pair will decline to 1.60669.
Resistance: 1.63316, 1.64636, 1.67165
Support: 1.62050, 1.60322, 1.56722
USDCHF
The pair is trying to break 0.89635, this will bring the pair to rise to 0.91079.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
USDJPY
The pair is aiming to 82.219. If this level is broken the pair will decline to 81.399.
Resistance: 83.065, 83.933, 84.866
Support: 82.219, 81.399, 80.438
AUDUSD
The pair has drawn Double Top. If the pair breaks 1.04407 the pair will decline to 1.03535 and 1.0270.
Resistance: 1.05332, 1.06164, 1.07005
Support: 1.04407, 1.03535, 1.02705

Market review for 18.04.2011: Save-heaven assets are popular again.

Asian and European trading sessions:
New-Zealand Dollar: The New-Zealand dollar rate dropped against the competitor currencies after the release of the Consumer price data in New Zealand. According to the published information, the Consumer prices increased only for 0.8%, when the forecasted growth was at the 1.0% level.
Euro: The week started with the decrease of the euro. The EUR/USD pair demonstrated minimums at the level of $1.4350. The euro was pressured as a result of the speculations that the Greece would not be able to avoid default.
Elections in Finland also had a negative influence on the euro. One of the leading political parties “True Finns” is against the EC plan to render financial support to the European countries. Official results of the elections would be published later. The Parliament of Finland would probably block the decision to offer financial support to Portugal. New EUR/USD minimums were set at the $1.4265 mark.
US Dollar: Greenback was in demand on Monday, as concerns over the European debt crises reinforced.
British Pound: The GBP/USD pair dropped below the $1.6300 mark. Trading day minimums were set at the $1.6240 range.
Japanese Yen: The USD/JPY pair decreased to the Y82.60 level, but then managed to rehabilitate.
Gold: Gold rate showed new historical maximum at the $1496.90 level per ounce.

American trading session:
US Dollar: The released decision of the credit agency Standard & Poor’s to reduce the credit rating of the US from stable to negative rendered temporary support to the greenback competitors. As a result, the EUR/USD managed to grow and hit the $1.4350 maximum, and the GBP/USD rate increased to the $1.6300 level.

New Currency Pairs Added

We have recently added the following pairs for trading:

NZDCAD (New Zealand dollar versus Canadian dollar),
USDHKD (US Dollar versus Hong Kong Dollar),
USDTRY (US Dollar versus Turkish Lira).

Our clients can now trade more than 50 currency pairs with fixed tight spreads starting from 1 pip. To view our spreads for all currency pairs, visit https://forex-metal.com/home/contract_parameters

Market review for 14.04.2011: General weakening of the US dollar

Asian and European trading session:
New-Zealand Dollar: The New-Zealand dollar reached its 5-months maximum against the US dollar after the results of the New-Zealand state bonds auction publication, when government managed to raise funds in the amount of $556 million.
Australian Dollar: Australian dollar rate managed to rehabilitate on Thursday, due to the Asian stock markets growth.
Euro: Euro demonstrated growth against the US dollar during the Asian trading session, due to the speculations regarding the further increase of the principal interest rate by the ECB in a faster pace, compared to the FRS interest rate decisions. As a result, the EUR/USD reached maximums above the $1.4500 level.
European trading session changed the euro dynamics. Concerns over the budget problems of Greece and Ireland pressured the euro. EUR/USD minimums were set at the $1.4362 mark.
US Dollar: Thursday saw a general weakening of the US dollar.
British Pound: The GBP/USD pair showed minimums at the level of $1.6285, and then grew for 100 basic points.
Japanese Yen: The USD/JPY pair reached minimum at the Y83.16 level.
Oil: Decrease of the US oil supply resulted in the oil prices growth. Oil rate increased to the $107.33 level per barrel.

American trading session:
US Dollar: Negative US fundamentals could not render any support to the greenback. The released producer price index dropped below expectations. Initial jobless claims volume grew above forecasts. Therefore, the EUR/USD managed to grow and closed the trading day at the level of $1.4500.

Technical analysis for 14/04

EURUSD
The pair has risen to 1.44400 and may roll back to 1.42996 if stays below 1.44400.
Resistance: 1.46222, 1.47342, 1.48550
Support: 1.44400, 1.42996, 1.41780
GBPUSD
The pair has risen to 1.63316. Support maybe met at 1.62050.
Resistance: 1.64636, 1.67165, 1.67165
Support: 1.63316, 1.62050, 1.60322
USDCHF
The pair has broken support 0.89635 and aiming to 0.88418.
Resistance: 0.89635, 0.91079, 0.92026
Support: 0.88418, 0.87214, 0.85939
USDJPY
The pair couldn’t break 84.866 and rolling back to 83.065. If 83.065 is broken the pair will decline to 82.219.
Resistance: 83.933, 84.866, 85.960
Support: 83.065, 82.219, 81.399
AUDUSD
The pair is aiming to 1.05332.
Resistance: 1.05332, 1.06164, 1.07005
Support: 1.04407, 1.03535, 1.02705

Market review for 13.04.2011: Greece announced of the necessity to write off part of its debt

Asian and European trading sessions:
New-Zealand Dollar: The New-Zealand dollar showed growth on Wednesday after the released on Tuesday increased house price data.
Euro: The EUR/USD pair strengthened in the range of $1.4500. Market participants expected the publication of the strong Euro-zone Industrial production data. EUR/USD maximum was reached at the $1.4520 mark.
Nevertheless, the released Euro-zone fundamentals showed unexpected decrease. The Euro-zone Industrial production for February showed a decrease to 0.4% compared to forecasted 0.8%.
Greece announced of the necessity to write off part of its debt, so that the normal development of the country would still be possible. As a result, the EUR/USD dropped to the $1.4450 minimums.
British Pound: Diverse GB labour market data was released today. The Jobless claims change for March increased for 0.7K, but the UK unemployment rate grew to 7.8% (which was below the expected level).
The GBP/USD pair demonstrated its maximum at the level of $1.6280.
Japanese Yen: The USD/JPY pair managed to reach the Y84.00 level.
Oil: Oil rate showed some decrease on Wednesday, and the price dropped to the $106.23 mark per barrel, due to concerns over the slow-down of the demand for the oil inventories.
Gold: Gold traded at the level of $1,461.20 mark per ounce.

American trading session:
US Dollar: Released today US Advance Retail sales for March decreased. But the Beige Book Economic survey publication was positive, which rendered support for the greenback and resulted in its temporary growth against its competitors.

Forex-Metal Offers Higher Trading Leverage

We are happy to announce the launch of a new "Change leverage" feature inside the Trader's cabinet. This new feature will allow Forex-Metal clients to set the desired leverage from inside their Trader's Cabinet, a private area of the website where each client has all the forex and CFD trading tools available at his/her fingertips.
Traders can change the leverage to suit their trading strategies and needs. The maximum possible leverage allowed is 1:1100, however, we want to remind our customers that although high leverage may increase potential profits, it also carries a higher degree of risk. Our Company offers a leverage of 1:50 to accounts with a balance above $10000. Leverage of 1:100 applies to accounts with the balance of up to $10000, 1:200 to accounts with up to $5000 balance, 1:300 to accounts with up to $3000 balance, 1:500 to accounts with up to $1000 balance, and 1:1100 to accounts with up to $50 balance. Automatic leverage control system will adjust the leverage whenever the account balance changes.
We are committed to delivering more capabilities to our clients to provide the best trading experience.

Technical analysis for 12/04

EURUSD
The pair has risen to 1.44400 and may to roll back to 1.42996.
Resistance: 1.44400, 1.46222, 1.47342
Support: 1.42996, 1.41780, 1.40690
GBPUSD
The pair has risen to 1.63316. The pair couldn’t break this level and may return to 1.62050.
Resistance: 1.63316, 1.64636, 1.67165
Support: 1.62050, 1.60322, 1.58543
USDCHF
If the pair stays below 0.91079 the pair will decline to 0.89635.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
USDJPY
The pair couldn’t break 84.866 and rolling back to 83.933. If 83.933 is broken the pair will decline to 83.065.
Resistance: 84.866, 85.960, 86.861
Support: 83.933, 83.065, 82.219
AUDUSD
The pair is rolling back. Support maybe met at 1.03535.
Resistance: 1.05311, 1.06164, 1.07005
Support: 1.04407, 1.03535, 1.02705

Market review for 11.04.2011: Correction of the euro.

Asian and European trading sessions:
Euro: This week started with some decrease of the euro rate, since market participants considered that the former rally of the euro was excessive. The EUR/USD traded in the range of $1,4420-$1,4480.
The released announcement of the Minister of Finance of Greece, that the country would need financial support, rendered additional pressure on the euro dynamics on Monday. According to some experts’ opinion, the euro was ready for a correction, and the growth period was over.
US Dollar: Greenback received support on Monday due to the reached agreement concerning the reduction of the US budget expenses for $38 billion.
British Pound: Today sterling tried to test the maximum of $1,6400. During the day the GBP/USD pair reached minimums in the range of $1.6310.
Japanese Yen: The USD/JPY pair dropped to the Y84.5 level. The Japanese yen was growing against the major currencies after the 7.1 magnitude earth-quake, which struck Japan again today.
Oil: Oil is trading around the $111.60 mark per barrel. Growth of the oil prices was a result of the increased concerns over the oil inventories’ supply from the Middle East and North Africa.

American trading session:
British Pound: According to the experts’ opinion, pound might continue testing maximum levels. Today the GBP RICS house price balance for March demonstrated a better result: -23% against the forecasted -24% level and last month’s -26%.

Market review for 07.04.2011: Portugal applies for financial support.

Asian and European trading session:
Australian Dollar: The Australian dollar hit the new historical maximum against the greenback after the released today unexpected Employment growth in Australia to the level of 37.8K against the forecasted growth only for 24.0K. Unemployment rate decreased as well.
Euro: Portugal applied for financial support from European Union. As a result, the euro demonstrated a decrease and the EUR/USD pair dropped to $1.4260. Experts expected Portugal to apply for help but were concerned that the crises would spread on Spain as well.
According to the forecasts, the ECB increased today the interest rate to the 1.25%. Therefore, the euro reacted with some growth (euro was still under negative influence from Portugal). The EUR/USD managed to reach the $1.4293 maximum.
British Pound: British Pound decreased today after the announcement of the Bank of England that the interest rate would stay at the previous level of 0.5%. The GBP/USD pair showed minimums at the $1.6297 mark.
Japanese Yen: The recent drop of the yen was too extreme, therefore, on Thursday the yen started to rehabilitate as market participants were buying the yen at its low rate level.
According to the expectations, the Bank of Japan left the principal rate unchanged at the previous level of 0.1%.
The USD/JPY rate decreased to Y84.89 minimums. The announcement of a new earthquake in Japan today with magnitude of 7.4 resulted in the strengthening of the national currency against the US dollar.
Oil: Oil prices demonstrated growth and the rate reached the $110.23 maximum per barrel.
Gold: Gold traded around the $1464.20 level per ounce (showed some strengthening).

American trading session:
British Pound: British Pound managed to rehabilitate during the American trading session, and the GBP/USD pair reached the level of $1.6300.

Technical analysis for 07/04

EURUSD
The pair is under resistance of median line and testing this level. If the pair stays above 1.42996 the pair will try to rise to 1.44400. But the indicators show that rollbacks maybe expected. The pair may decline to support line at 1.42996.
Resistance: 1.42996, 1.44400, 1.46222
Support: 1.41780, 1.40690, 1.39600
GBPUSD
The pair has risen to 1.63316. If this level is broken the pair will rise to 1.64274.
Resistance: 1.63316, 1.64636, 1.67165
Support: 1.62050, 1.60322, 1.58543
USDCHF
The pair is trading between 0.93069 and 0.92026.
Resistance: 0.93069, 0.93949, 0.95047
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair is aiming to Moving Average (500) at 87.479.
Resistance: 85.960, 86.861, 87.728
Support: 84.866, 83.933, 83.065
AUDUSD
The pair is trying to break 1.04407.
Resistance: 1.04407, 1.05311, 1.06164
Support: 1.03535, 1.02705, 1.01744

Market review for 06.04.2011: US dollar continues to loose its positions

Asian and European trading sessions:
Euro: Market participants are waiting for the results of the ECB meeting which is planned for tomorrow. The euro was supported today in anticipation of the interest rate increase. Asian trading session showed maximums of the EUR/USD pair at the level of $1.4270.
During the European trading session the EUR/USD pair hit the $1.4315 maximum. Considerable increase of the German factory orders rendered additional support to the euro.
US Dollar: The US dollar continued to loose its positions against the major currencies.
British Pound: The GBP/USD pair showed growth to the $1.6364 mark. But after the release of the GB Industrial production data, which demonstrated unexpected decrease below the forecasts, the pound dropped. The released today GB Halifax house prices showed a decrease as well.
As a result, the GBP/USD pair dropped to $1.6262 minimums.
Japanese Yen: According to the expectations, the Bank of Japan would leave the principal rate at the previous level of 0.1% today.
The USD/JPY pair reached maximum of Y85.52 level.
Oil: Oil prices showed a negative rally for the second day.
Gold: Gold rate continued to be supported by the increased demand for gold against the reinforced concerns over the Euro-zone budget crises and nuclear problem in Japan. Today’s maximum was reached at the $1460.95 mark per ounce.

American trading session:
British Pound: The sterling managed to rehabilitate and win back the previously lost positions.

Technical analysis for 06/04

EURUSD
The pair is under resistance of median line. This is a strong level and the pair may takes time to break it. Also roll backs can be expected.
Resistance: 1.42996, 1.44400, 1.46222
Support: 1.41780, 1.40690, 1.39600
GBPUSD
The pair has risen to 1.63316. If this level is broken the pair will rise to 1.64274.
Resistance: 1.63316, 1.64636, 1.67165
Support: 1.62050, 1.60322, 1.58543
USDCHF
The pair is trading between 0.93069 and 0.92026.
Resistance: 0.93069, 0.93949, 0.95047
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair is aiming to Moving Average(500) at 87.479.
Resistance: 85.960, 86.861, 87.728
Support: 84.866, 83.933, 83.065
AUDUSD
The pair has returned to 1.03535.
Resistance: 1.03535, 1.04407, 1.05311
Support: 1.02705, 1.01744, 1.00907

Market review for 05.04.2011: Released data influenced the currency dynamics.

Asian and European trading sessions:
Australian Dollar: The Reserve Bank of Australia published the interest rate decision today. According to the expectations the interest rate was left unchanged at the previous level of 4.75%. The Australian dollar rate was not influenced by the rate publication. At the same time the released Trade balance was weaker than the forecasts, as a result, the national currency dropped against the greenback.
Euro: Euro and other major currencies demonstrated diverse dynamics on Tuesday. Published today economic releases had strong influence on the investors’ decisions. The EUR/USD pair dropped to the minimums of $1.4148 after the release of the Euro-zone Retail sales data, which turned out to be below expectations. The published PMI data could not render support to the euro either.
US Dollar: During the Asian and European trading sessions the greenback demonstrated strengthening against the major currencies. Expectations for the increase of the principal rate by the FRS reinforced.
British Pound: At first the pound followed the weakness of the euro and the GBP/USD traded in the range of $1.6100-$1.6140. But the released today GB PMI data was much higher than its forecast: 57.1 against the 52.6. Therefore, the GBP/USD showed a strong increase and reached the $1.6250 maximums.
Market participants are waiting for the release of the UK interest rate decision, which is planned for this week.
Japanese Yen: Yen was under pressure since the demand for the save-heaven assets decreased. The USD/JPY pair traded in the range of Y84.16 – Y84.42.
Gold: Gold reached the maximum of $1450.14 per ounce and started to decrease. Investors fixed the profits.
American trading session:
US Dollar: During the American trading session the trading dynamics changed, due to the release of the relevant fundamentals in the US and minutes of the FOMC meeting. The ISM Non-manufacturing composite index dropped below its forecasts. Expectations of the future monetary program are still very unclear. As a result, the US dollar turned out to be under pressure.
Euro: The EUR/USD pair reached the maximum of $1.4246.
British Pound: The GBP/USD almost hit the $1.6300 maximum.

Technical analysis for 05/04

EURUSD
The pair is under resistance of median line. This is a strong level and the pair may takes time to break it. Also roll backs can be expected.
Resistance: 1.42996, 1.44400, 1.46222
Support: 1.41780, 1.40690, 1.39600
GBPUSD
The pair is aiming to 1.62050.
Resistance: 1.62050, 1.64636, 1.67165
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair is declining and aiming to 0.91079.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88417
USDJPY
The pair has reached Moving Average (200) at 83.573.
Resistance: 84.866, 85.960, 86.861
Support: 83.933, 83.065, 82.219
AUDUSD
The pair is rolling back to 1.02705.
Resistance: 1.03535, 1.04407, 1.05311
Support: 1.02705, 1.01744, 1.00907

Affiliate commissions

Affiliate commissions have been paid for the month of March.

To find out how you can earn commission for referring other customers to us please contact our support staff or visit

https://forex-metal.com/broker_inquiries/new

Forex-Metal Introduces Free Android Trading Application

We are happy to announce introduction of mobile trading solution, specifically designed for Android devices, in addition to already available full-featured trading application for iPhone, iPad, and iPod and PDA devices.
Forex-Metal DroidTrader, powered by Forex On The Go Technology, allows free mobile MT4 trading for all new and existing clients. Along with Forex-Metal MT4 iTrader application for iPhones, key features of Forex-Metal DroidTrader include trading from a real-time live tick chart, ability to use all symbols available, place Buy and Sell orders, place pending orders, set Stop-Loss and Take-Profit, close and modify existing orders, view past history as well as real time profit/loss of live trades.
Additional features include:
• real-time interactive currency charts
• live economic news calendar
• real-time market price overview
• Fibonacci Retracement Calculator
• Pivot Point Calculator
• Profit Calculator
and much more.
The application is available for free download at

https://market.android.com/details?id=com.forexonthego.android.forexmetal&feature=search_result

Keep in touch with Forex Metal on Facebook.

Stay up to date with the news and interact with other traders via our Facebook page www.facebook.com/ForexMetalBroker

We now also have additional regional pages available in your native language:

Indonesia: www.facebook.com/ForexMetalIndonesia

Australia: www.facebook.com/ForexMetalAustralia

France: www.facebook.com/ForexMetalFrance

Middle East: www.facebook.com/ForexMetalMiddleEast

Nigeria: www.facebook.com/ForexMetalNigeria

Germany: www.facebook.com/pages/Forex-Metal-Germany/124009751002190

Hungary: www.facebook.com/pages/Forex-Metal-Hungarian/149414691790095

Italia: www.facebook.com/pages/Forex-Metal-Italian/118699071537482

Japan: www.facebook.com/pages/Forex-Metal-Japanese/185272334851307

Malaysia: www.facebook.com/pages/Forex-Metal-Malaysian/154060447987818

Portugal/Brazil: www.facebook.com/pages/Forex-Metal-Portuguese-Brazil/118639368211128

Spain: www.facebook.com/pages/Forex-Metal-Spain/125528540852695

Turkey: www.facebook.com/pages/Forex-Metal-Turkish/191898887515693

Russia: www.facebook.com/pages/Forex-Metal-Russia/192805590746497

China: www.facebook.com/pages/Forex-Metal-China/188754647821309

Czech Republic: www.facebook.com/pages/Forex-Metal-Czech/118669488208300

Click on the link above to access any of our Facebook pages and let’s stay connected.

Trade Forex with your iphone, ipad or Android.

Last week we have introduced a free trading application for Android phones. Together with our mobile and iphone apps we cover most of the mobile devices available. It is easy to trade forex "on the go". You can now access your Forex Metal trading account from your smartphone, iphone,

ipad or Android at any time, no matter where you are. To start using these amazing trading

apps please visit the Mobile Trading page on our site at https://forex-metal.com/home/mobile_dealing for download instructions.

Don't have a trading account yet? Open one today and claim your 30% deposit bonus!

Affiliate commissions

Affiliate commissions have been paid for the month of February.

To find out how you can earn commission for referring other customers to us please contact our support staff or visit

https://forex-metal.com/broker_inquiries/new

Forex-Metal Announces the Launch of a New Website for South-East Asia region

We are pleased to announce the launch of our new South-East Asia based website, forex-metal.co.id . The new website has the same look and feel as our English, Russian, German, French, Chinese, and Arabic websites, however its principal language is currently set as Bahasa, to appeal to customers in Indonesia and Malaysia.
Forex-metal.co.id features downloadable state-of-art Metatrader 4 platform for real and demo trading, information about White Label Solution, affiliate and fund manager programs, educational materials and analytics, including economic calendar, technical and fundamental analyses, tutorials, pip value calculator and much more.
For additional information, visit http://forex-metal.co.id/

Affiliate commissions

Affiliate commissions have been paid for the month of January.

To find out how you can earn commission for referring other customers to us please contact our support staff or visit

https://forex-metal.com/broker_inquiries/new

New currency pairs added

Three new currency pairs have been added to our trading platform last week.

Clients will now be able to trade

NZDCAD (New Zealand Dollar vs Canadian Dollar),
USDHKD (United States Dollar vs Hong Kong Dollar), and
USDTRY (United States Dollar vs Turkey Lira).

Forex-Metal clients can now trade more than 50 currency pairs with very tight spreads. To view Forex-Metal’s competitive spreads for all currency pairs, visit https://forex-metal.com/home/contract_parameters

Looking for a specific pair that we don't have? Talk to our support specialist at support@forex-metal.com and maybe we would be able to accommodate your trading needs.

At the same time we would like to announce that trading in silver instrument (XAGUSD) is temporarily suspended until 1st February 2011. We are sorry for the inconvenience.

Affiliate commissions

Affiliate commissions have been paid for the month of December.

To find out how you can earn commission for referring other customers to us please contact our support staff or visit

https://forex-metal.com/broker_inquiries/new

Jingle Bells forex trading competition

We are happy to announce that our Jingle Bells forex trading competition has come to the end.
Wow! What a contest it has been! Many traders took part in it and used their trading skills to the maximum. Well done everybody!
And the winners are:
1st place – account number 4920 from Kenya,
2nd place – account number 4780 from Indonesia,
3rd place - account number 4949 from Indonesia also.

We ask the lucky winners to contact our support staff and advise your trading account number to receive your prize.
We remind you that this time every participant is eligible to receive a cash prize just for participating in the competition. To claim your prize please contact our support at support@forex-metal.com and advise your trading account number or if you do not have one yet, you can open one here https://forex-metal.com/accounts/new_2
Once again, thanks for taking part in this exciting competition. We wish you success in trading and send you our season's greeting and wish you a Happy New Year 2011!

Our spreads on gold and silver have been seriously reduced.

Gold and silver are on the rise again and many traders are taking advantage of this to try to make profit out of the bullish trend. We are happy to announce that we have reduced our low spreads even further and the spread for both, gold and silver is only 50 points. Feel free to take advantage of the new tight spreads and happy trading. Details of all our forex pairs as well as gold, silver and oil instruments could be found here: https://forex-metal.com/home/contract_parameters

New Currency Pairs Added

Three new currency pairs have been added to our trading platform this week. Clients will now be able to trade
CADCHF (Canadian dollar vs Swiss Franc),
EURNZD (Euro vs New Zealand Dollar), and
GBPNZD (Great Britain Pound vs New Zealand Dollar).

Forex-Metal clients can now trade more than 50 currency pairs with very tight spreads. To view Forex-Metal’s competitive spreads for all currency pairs, visit https://forex-metal.com/home/contract_parameters
Looking for a specific pair that we don't have? Talk to our support specialist at support@forex-metal.com and maybe we would be able to accommodate your trading needs.

Holiday Schedule

Due to Christmas and New Year's Eve holidays our trading schedule for the holiday period will be as follows:
On 24th of December 2010 we will close at 2pm GMT and will re-open as normal on the following Monday, 27th December 2010.
Then on 31st December we will close trading at 2pm GMT and will re-open at the usual time on Monday, 3rd January 2011.
We would like to take this opportunity and to wish all our valued customers a very happy and prosperous year 2011!

Affiliate commissions

Affiliate commissions have been paid for the month of October.

To find out how you can earn commission for referring other customers to us please contact our support staff or visit

https://forex-metal.com/broker_inquiries/new

The "Jingle Bells" trading championship has begun.

Our final trading competition for this year has began. We welcome all registered participants and wish you all good luck. For all those who haven't joined the competition yet, the main details of the championship are:

Takes place from 22nd November 2010 to 24th December 2010

This is a demo competition - you are playing with virtual cash. But the prizes are absolutely real!
The prizes are as follows:
* 1st place — 500 USD;
* 2nd place — 250 USD;
* 3rd place — 100 USD.

Plus EVERY participant even if he is not a winner will receive a cash prize at the end of the competition. Absolutely everyone if welcome to participate. For more details and to register please visit this page: https://forex-metal.com/promotions/competition

Affiliate commissions

Affiliate commissions have been paid for the month of October.

To find out how you can earn commission for referring other customers to us please contact our support staff or visit

https://forex-metal.com/broker_inquiries/new

Affiliate commissions for September

Affiliate commissions have been paid for the month of September.

To find out how you can earn commission for referring other customers to us please contact our support staff or visit

https://forex-metal.com/broker_inquiries/new

Watch our new commercial on YouTube!

Watch our new commercial: a humorous look at how exciting forex trading could be: http://www.youtube.com/watch?v=o0fQEydv-3M

New deposit option - Credit cards

We are now able to accept major credit cards to fund trading accounts. VISA, Mastercard and other cards are accepted (please refer to the FAQ section for a full list of accepted cards). Your account can be loaded at any time using credit cards, just use the Credit Cards option in the Deposit Funds page menu:

https://forex-metal.com/fund_transactions/new

If you have any questions about using the credit cards deposit option, please contact our support staff at payments@forex-metal.com

New deposit option added - ClickandBuy

We have added ClickandBuy as a new deposit option. It allows you to fund your account by credit card or via bank account.
Transfers from ClickandBuy system are automated, your trading account will be credited immidiately when we receive the deposit.
If you have any questions please contact our support staff at payments@forex-metal.com.

Account deposits are now automated.

Deposits via Liberty Reserve are now automated.

It means that your trading account will be credited instantly when you deposit funds via Liberty Reserve.

If you have any questions please contact our payments department at payments@forex-metal.com.

Changes in Customer Support operating hours.

Starting from next week Our phone and chat support will be operating practically 24 hours a day on weekdays.
Live phone and chat operators will be available from 9am GMT on Monday until 6pm GMT Friday.
Live support is closed on Saturday and Sunday, however you can still contact our technical support staff even on weekends via the e-mails and contact forms available on the site.

Oil contracts rollover.

Our Brent crude oil contract (Oil) trades between 07:15 and 21:00 GMT
Our WTI crude oil contract (WTI) trades between 01:15 and 22:00 GMT

The oil contracts are based on the front month (June) of the ICE contracts:
The Forex-Metal oil contracts roll monthly on the day before the ICE Brent front month expiry on the settlement of the front spread


Next rollover will take place on 12/06/2009

Spreads reduced on EUR crosses.

During night time trading hours spreads on the following pairs have been reduced by 1 pip: EURCHF, EURJPY, EURGBP.

Also spreads reduced by 5 pips on GBPCAD.

For a complete forex contracts spreads and conditions visit https://forex-metal.com/home/contract_parameters

Spreads are reduced on all AUD and NZD crosses.

Due to popular demand we are extending the "Happy Hour" for AUD and NZD. Now, starting this week trade AUD and NZD crosses with lower spreads every Monday, Wednesday and Friday between 12pm and 5pm GMT. The spreads on all AUD and NZD crosses are reduced by 1 pip during these hours.

New FX pairs added, spreads reduced.

New pairs added for trading: CADJPY and AUDNZD. If you do not see them in your trading terminals, please contact our support staff.
At the same time spreads have been reduced on USDJPY and GBPUSD to 2 pips and 3 pips respectively.

WTI oil is available for trading

WTI oil contract has been added for trading.
It represents the US light sweet crude oil contract and is available for trading alongside our standard Brent Crude Oil contract.
Minimum trade size 0.1 lot.
If you do not see either Oil or WTI instruments in your terminal and would like to be able to trade them, please contact our support staff via support@forex-metal.com.

New! No swaps accounts now available!

We now offer trading accounts without daily swaps being calculated for each open position. This is particularly suitable for those customers, who's religious believe do not permit lending money or receiving interest payments.
Please contact our customer support at support@forex-metal.com if you are interested in a no swap account.

Forex-Metal announces a Happy Hour:

Every Wednesday, between 12pm and 17pm GMT spreads on all AUD and NZD crosses will be reduced by one pip.

Excellent oportunity to try out your trading strategies with reduced spreads on many cross pairs.

If you don't have a trading account yet, you can open one here https://forex-metal.com/accounts/new

New leverage 1:500

New leverage of 1:500 is now available upon request for accounts with current balance of up to $500. This practically means that with every $1 you can open a forex position for $500. The new leverage applies only to forex instruments and does not apply to CFDs.

White Label Partnership

Do you have experience, potential clients and want to operate your own forex brokerage business? Then talk to our Business Devepoment department about creating your own trading platform which would operate under your business name. We invite industry professionals to join our White Label program. For more details please contact our staff at info@forex-metal.com.

New! Free ATM card from Forex-Metal.

Get a Free ATM debit card and $100 cash when you open a new trading account with us.
Please contact our support staff for details at
info@forex-metal.com.

New crosses added

We have added the following new FX pairs this week: USDNOK, USDDKK, USDSEK, EURNOK, EURDKK, EURSEK. These pairs include currenies of Nothern European countries Norway, Denmark and Sweden against USD and EUR. To date we have a total of 33 currency pairs available for trading. More currencies to come soon. Full contracts' details are available here: https://forex-metal.com/home/contract_parameters

Trading Gold and Silver

Take advantage of the rising gold prices! Precious metals have always been an excellent investment choice for retail and institutional investors alike.
Spot metals: gold and silver are available to trade from your terminal. You can find them among your FX pairs listing as XAUUSD (gold) and XAGUSD (silver).

2 pips spread on EURUSD

Our spread on EUR/USD has been reduced to 2 pips. Apart from the majors (EUR/USD, USD/JPY, GBP/USD, USD/CHF), we have a wide range of other currency pairs available. In most cases the spread is only 3-4 pips.

Crude Oil is now available for trading.

Crude Oil has been added to our list of instruments. You can open a position on OIL starting from as little as 0.1 lot.

Index CFDs

CFD provides a convenient way to trade major indices. There is no commission to pay for trading, transactions can be done 24 hours a day and risk can be limited by using the stop-loss function when placing orders. The price follows the underlying index and provides the same level of liquidity as if you would trade index futures.