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CURRENCY TRADING SUMMARY – 21^st June (00:30 GMT)

U.S. Dollar Trading (USD) ended the week little loved with most pairs remaining at week highs against the greenback. With little data out, the markets turned to US Equities which finished at month highs. Risk appetite was further boosted over the weekend with China announcing they would ‘enhance renminbi flexibility’. In US stocks, DJIA +16 points closing at 10450, S&P +1 points closing at 1117 and NASDAQ +2 points closing at 2309.

The Euro (EUR) traded in a tight and quiet range close to the 1.2400 level with the market supported on dips. Germany’s PPI jumped to 0.9% in May y/y from 0.6% previously. The Single currency gapped higher on Monday morning following China’s move and will be looking to test 1.2500 if the positive environment continues. EUR/USD traded with a low of 1.2355 and a high of 1.2417 before closing at 1.2390. Looking ahead, ECB President Trichet speaks.

The Japanese Yen (JPY) was strong against the USD as the USD/JPY remained heavy towards the close struggling to gain traction under Y91. Most Crosses were buoyant however in the ‘risk on’ environment. GBP/JPY remains near Y135 and AUD/JPY in striking distance of Y80. Overall the USDJPY traded with a low of 90.45 and a high of 90.85 before closing the day around 90.70 in the New York session.

The Sterling (GBP) was not immune to quiet trading into the weekend with a rally in Europe sold back to support under 1.4800. UK Public Debt borrowing was 16bn in May, slightly less then 18.2bn forecast. Preliminary Mortgage Approvals came in near expectations at 51k vs. 48k previously. Overall the GBP/USD traded with a low of 1.4775 and a high of 1.4885 before closing the day at 1.4800 in the New York session.

The Australian Dollar (AUD) was the best performing currency on Friday and surged at the Monday open as the heavily Chinese linked economy was supported from the revaluation talk. The news is positive also in reducing trade tensions with the US. Overall the AUD/USD traded with a low of 0.8652 and a high of 0.8725 before closing the US session at 0.8720.

Oil & Gold (XAU) Fresh year high again on Friday, surging on the break above $1250. Overall trading with a low of USD$1243 and high of USD$1262 before ending the New York session at USD$1257 an ounce. Maintained recent strength extending the rally slightly higher. WTI Oil Closed +$0.39 at $77.18 a barrel.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.2045	1.2242	1.2385	1.2453	1.2672
USD/JPY	88.87	89.81	90.75	91.09	92.12
GBP/USD	1.4505	1.4646	1.4820	1.4918	1.5054
AUD/USD	0.8427	0.8506	0.8770	0.8865	0.9027
XAU/USD	1210.00	1227	1257	1280	1300.00
OIL/USD	75	78.00	78.10	79.50	80.00

Euro – 1.2385

Initial support at 1.2242 (June 17 low) followed by 1.2045 (June 11 low). Initial resistance is now located at 1.2453 (May 28 high) followed by 1.2672 (May 21 high)

Yen – 90.75

Initial support is located at 89.81 (May 27 low) followed by 88.97 (May 20 low). Initial resistance is now at 91.09 (June 18 high) followed by 92.12 (June 14 high).

Pound – 1.4820

Initial support at 1.4646 (Jun 17 low) followed by 1.4505 (Jun 11 low). Initial resistance is now at 1.4918 (May 13 high) followed by 1.5054 (May 10 high).

Australian Dollar – 0.8770

Initial support at 0.8506 (June 15 low) followed by the 0.8427 (June 10 low). Initial resistance is now at 0. 8865 (May 17 high) followed by 0.9027 (May 17 high).

Gold – 1257

Initial support at 1227 (June 16 low) followed by 1210 (June 7 low). Initial resistance is now at 1280 (1241.97 plus 1.618 of 1227.09- 1251.18) followed by 1300 (Round Number).

Oil – 78.10

Initial support at 78.00 (Intraday Support) followed by 75.00 (Intraday Support). Initial resistance is now at 79.50 (Intraday Resistance) followed by 80.00 (Intraday Resistance).

Source: Easy Forex

Recommended Forex Brokers: AvaFX and Forex Yard

Last week’s currency trading review

The Dollar was on the backfoot for most of the week as stock markets staged an impressive rebound. Heavily overbought, the USD was ripe for profit taking and the market did so in a broad based fashion. April’s Trade Balance was -40.3bn vs. -40.8bn forecast and US Retail Sales Slumped -1.2% vs. 0.2% forecast for the first negative reading in 8 months. On a Positive note, UoM Consumer Confidence soared to a 2 year high at 75.5 in June. The Euro was bought up quite aggressively on comments from the head of the Chinese pension Fund that the Euro will survive the crisis and that the he was more concerned about their US debt holdings. Also helping sentiment towards the single currency was the improvement in the ECB’s GDP outlook and positive comments from President Trichet after the ECB Rate Meeting where they at 1.0%. The EUR/USD gained +1.19% closing at 1.2119, after opening the week at 1.1967.

The Japanese Yen lost ground against most currencies but stayed in a range against the USD as the two safe haven currencies competed for the weakest performance of the week. AUD/JPY soared in the ‘risk on’ environment up over 3Yen and EUR/JPY also did very well reclaiming the Y110 level after testing support at 108 in recent weeks. Q1 GDP was confirmed at 1.2% Q/Q. The USD/JPY fell -0.29% closing at 91.63, after opening at 91.90 previously. The GBP made small gains but underperformed as heavy EUR/GBP buying on Friday hurt the Pound going into the weekend. The market is paying close attention to the new government’s fiscal outlook and the coming budget will by closely scrutinized. The GBP/USD gained +0.66% closing at 1.4548 after opening at 1.4452. The AUD was the best performing currency in the market as the fundamentals of the commodity based economy continued to outshine the rest of the market and it was only risk aversion keeping the Aussie at lower levels. With the rebound in stocks the market covered shorts quickly testing 0.8500 into the weekend. May Employment change was very strong at 26k vs. 20k forecast and the Unemployment rate dropped to 5.2% vs. 5.4% previously. The AUD/USD gained +3.18% closing at 0.8501 after opening at 0.8231.

The forex trading week preview

In the States; On Tuesday, Net Long Term TIC Flows previously at 140.5bn. On Wednesday, May Housing Starts are forecast at 650k vs. 672k previously. Also released, May Industrial Production forecast at 0.9% vs. 0.8% previously. Also Fed Chief Bernanke speaks. On Thursday, Weekly Jobless Claims are forecast at 453k vs. 456k previously. Also released, June Philly Fed forecast at 21 vs. 21.4 previously. We will provide our previews and reviews of these data releases in the daily summary.

In the Eurozone; On Tuesday, German ZEW Survey forecast at 42 vs. 45.8 previously. On Wednesday, May CPI is forecast at 0.8% y/y. On Thursday, ECB Monthly Report Released. In the UK; On Tuesday, May CPI is forecast at 3.5% vs. 3.7% previously y/y. On Thursday, May Core Retail Sales forecast at 0.4% vs. 0.1% previously. We will provide our previews and reviews of these data releases in the daily summary.

In Japan; On Tuesday, BoJ Target Rate is forecast unchanged at 0.1%. On Friday, BoJ Monetary Policy Minutes. In Australia; On Tuesday, June RBA Minutes Released. We will provide our previews and reviews of these data releases in the daily summary.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.1881	1.2103	1.2220	1.2327	1.2453
USD/JPY	90.54	91.24	91.60	92.97	93.64
GBP/USD	1.4347	1.4505	1.4740	1.4809	1.4918
AUD/USD	0.8263	0.8427	0.8590	0.8728	0.8865
XAU/USD	1197.00	1211	1223	1252	1261.00
OIL/USD	70.00	72.50	74.80	75.00	76.00

Euro – 1.2220

Initial support at 1.2103 (June 14 low) followed by 1.1881 (June 7 low). Initial resistance is now located at 1.2327 (June 3 high) followed by 1.2453 (May 28 high)

Yen – 91.60

Initial support is located at 91.24 (June 11 low) followed by 90.54 (June 1 low). Initial resistance is now at 92.97 (May 18 high) followed by 93.64 (May 13 high).

Pound – 1.4740

Initial support at 1.4505 (Jun 11 low) followed by 1.4347 (Jun 8 low). Initial resistance is now at 1.4809 (June 14 high) followed by 1.4918 (May 12 high).

Australian Dollar – 0.8590

Initial support at 0.8427 (June 11 low) followed by the 0.8263 (June 10 low). Initial resistance is now at 0. 8728 (0.505 retrace of 0.9388 – 0.8068) followed by 0.8865 (May 17 high).

Gold – 1223

Initial support at 1211 (June 7 low) followed by 1197 (June 4 low). Initial resistance is now at 1252 (Jun 8 high) followed by 1261 (1123.90 plus 1.618 of 1085.3-1170.1).

Oil – 74.80

Initial support at 72.50 (Intraday Support) followed by 70.00 (Intraday Support). Initial resistance is now at 75.00 (Intraday Resistance) followed by 76.00 (Intraday Resistance).

Source: Easy Forex

Recommended Forex Brokers: AvaFX and Forex Yard

CURRENCY TRADING SUMMARY – 2^nd June (00:30 GMT)

U.S. Dollar Trading (USD) Stock markets rallied aggressively in the US session after a poor lead from Europe on better than expected ISM manufacturing in May which fell to 59.7 vs. 60.4 previously. Also strong, April Construction spending jumping 2.7% vs. 0.1% previously. News that Lebanon had fired on Israeli Planes late in the US session sent risk aversion higher sent stocks sharply lower and Dollar higher. In US stocks, DJIA -122 points closing at 10024, S&P -18 points closing at 1070 and NASDAQ -7 points closing at 2222. Looking ahead, April Pending Home Sales Change forecast at 5.0 vs. 5.3%.

The Euro (EUR) broke through year lows at 1.2140 to test fresh lows before staging a solid recovery rally on the stock market gains at the start of the US session. German Unemployment Change was good at -45k vs. -20k forecast but EU Unemployment rate jumped to 10.1% vs. 10.0%. EUR/USD traded with a low of 1.2110 and a high of 1.2356 before closing at 1.2230. Looking ahead, April PPI is forecast at 0.7% vs. 0.6% previously.

The Japanese Yen (JPY) risk aversion was met by bargain hunters and the prospect of political turmoil in Japan. The USD/JPY gyrated around the Y91 level although solid US data did push the pair higher. GBP/JPY was the stand out performer as the Pound led the recovery. Overall the USDJPY traded with a low of 90.52 and a high of 91.47 before closing the day around 91.10 in the New York session. UPDATE PM Hayotama Resigns.

The Sterling (GBP) continued to outperform the rest of the market as the collapse of the Prud/AIG deal was seen as a major GBP positive and EUR/GBP broke to fresh multi-year lows. Cable soared above resistance at 1.4600 to test 1.4700 before weakness at the end of the US stock session prompted profit taking. May Manufacturing PMI remained at 58.0. Overall the GBP/USD traded with a low of 1.4437 and a high of 1.4726 before closing the day at 1.4670 in the New York session. Looking ahead, April Mortgage Approvals are forecast at 49k vs. 48.9k previously.

The Australian Dollar (AUD) continued with recent volatility breaking below 0.8300 at the height of the Euro weakness before rebounding on solid US data. AUD/JPY buying on dips is providing support as the high yielder is still seen as the key carry trade. The RBA held at 4.5% but did provide a upbeat statement. Overall the AUD/USD traded with a low of 0.8280 and a high of 0.8447 before closing the US session at 0.8330. UPDATE Q1 GDP is 0.5% vs. 0.6% forecast but revisions of Q4 2009 were at 1.1% Q/Q.

Oil & Gold (XAU) pushed higher on Euro concerns and alternate investment demand. Overall trading with a low of USD$1215 and high of USD$1229 before ending the New York session at USD$1224 an ounce. Crude Oil was softer on concerns about EU and China Demand. WTI Oil Closed $1.39 at $72.50 a barrel.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.2000	1.2110	1.2215	1.2453	1.2587
USD/JPY	89.81	90.61	91.15	91.88	92.97
GBP/USD	1.4231	1.4366	1.4670	1.4722	1.4918
AUD/USD	0.8067	0.8202	0.8325	0.8552	0.8579
XAU/USD	1185.00	1202	1225	1229	1250.00
OIL/USD	69.50	70.00	72.35	75.00	76.00

Euro – 1.2215

Initial support at 1.2110 (June 1 low) followed by 1.2000 (Round Number). Initial resistance is now located at 1.2453 (May 28 high) followed by 1.2587 (May 24 high)

Yen – 91.15

Initial support is located at 90.61 (May 28 low) followed by 89.81 (May 27 low). Initial resistance is now at 91.88 (May 20 low) followed by 92.97 (May 18 high).

Pound – 1.4670

Initial support at 1.4366 (Mary 27 low) followed by 1.4231 (May 20 low). Initial resistance is now at 1.4722 (June 1 High) followed by 1.4918 (May 13 high).

Australian Dollar – 0.8325

Initial support at 0.8202 (May 27 low) followed by the 0.8067 (May 25 low). Initial resistance is now at 0. 8552 (May 28 low) followed by 0.8579 (Feb 5 low).

Gold – 1225

Initial support at 1202 (May 28 low) followed by 1185 (May 25 low). Initial resistance is now at 1229 (Key level) followed by 1250 (1123.90 plus 1.618 of 1085.3-1170.1).

Oil – 72.35

Initial support at 70.00 (Intraday Support) followed by 69.50 (Intraday Support). Initial resistance is now at 72.50 (Intraday Resistance) followed by 75.00 (Intraday Resistance).

Source: Easy Forex

Recommended Forex Brokers: AvaFX and Forex Yard

CURRENCY TRADING SUMMARY – 5th April (00:30GMT)

U.S. Dollar Trading (USD) was broadly stronger in thin trading after the March Jobs report showed +162k new jobs and solid revisions in February and January. The March Unemployment Rate was steady at 9.7%. USD/JPY ticked higher into the Y94 region but ran out of steam above the Y94.60. EUR/USD slipped below 1.3500 before steadying into the close. US stocks were closed. Looking ahead, March ISM Services forecast at 54 vs. 53 previously. Looking ahead, February Pending Home Sales are forecast at 0.6% vs. -7.6% previously.

The Euro (EUR) the Strong USD after the Jobs data was the only move on Note on Easter Friday with support under the 1.3500 tested and holding. EUR/GBP continued to be pressured at the 0.8880 support with many feeling it is only a matter of time before the level breaks down. Next support of note is at the 0.8812. Overall the EUR/USD traded with a low of 1.3475 and a high of 1.3591 before closing at 1.3495. Looking ahead, Bank Holiday in Europe.

The Japanese Yen (JPY) the rally continued on the USD/JPY closing in the mid Y94 region as the market continues to push US Treasury Yields higher and Global stocks rally. AUD/JPY pushed Y97 and GBP/JPY tested Y144 as the risk currencies outperform. Overall the USDJPY traded with a low of 93.66 and a high of 94.69 before closing the day around 94.63 in the New York session.

The Sterling (GBP) bowed to the broad USD strength but held up better than most currencies as the Pound rally remains intact and risk appetite strong. Gains against the Euro and Yen continued and further gains are likely given the relatively low base from which the rally started. Overall the GBP/USD traded with a low of 1.5183 and a high of 1.5296 before closing the day at 1.5192 in the New York session.

The Australian Dollar (AUD) held close to the 0.9200 level as AUD/JPY buying countered USD strength after the NFP data. Strong Gold and Oil are underpinning the Aussie’s strength along with the RBA rate hike possibility on Tuesday. AUD/NZD is holding above 1.3000 nicely and could resume its recent uptrend. Overall the AUD/USD traded with a low of 0.9184 and a high of 0.9214 before closing the US session at 0.9187.

Oil & Gold (XAU) traded in a tight range above $1120 for the majority of the day. Overall trading with a low of USD$1117 and high of USD$1127 before ending the New York session at USD$1120 an ounce. Crude Oil was Closed for trading on Easter Friday.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.3247	1.3270	1.3530	1.3591	1.3608
USD/JPY	91.09	91.77	94.40	94.64	95.10
GBP/USD	1.4784	1.4975	1.5270	1.5327	1.5382
AUD/USD	0.8936	0.8978	0.9215	0.9216	0.9250
XAU/USD	1085.00	1102	1126.00	1133	1145.00
OIL/USD	83.80	85	85.80	86	88.00

Euro – 1.3530

Initial support at 1.3270 (March 26 low) followed by 1.3247 (May 6 low). Initial resistance is now located at 1.3591 (April 1 high) followed by 1.3608 (0.618 of 1.3818-1.3268)

Yen – 94.40

Initial support is located at 91.77 (Mar 25 low) followed by 91.09 (Mar 24 low). Initial resistance is now at 94.64 (Aug 25 high) followed by 95.1 (0.618 of 101.44-84.83).

Pound – 1.5270

Initial support at 1.4975 (Mar 30 low) followed by 1.4784 (Ma low). Initial resistance is now at 1.5327 (Mar 31 high) followed by 1.5382 (Mar 19 high).

Australian Dollar – 0.9215

Initial support at 0.8978 (Mar 4 low) followed by the 0.8936 (Mar 1 low). Initial resistance is now at 0.9216 (Mar 30 high) followed by 0.9250 (March 17 high).

Gold – 1126

Initial support at 1085 (Mar 24 low) followed by 1078 (Feb 12 low). Initial resistance is now at 1118 (Mar 31 high) followed by 1133 (Mar 17 high).

Oil – 85.80

Initial support at 85.00 (Intraday Support) followed by 83.80 (Intraday Support). Initial resistance is now at 86.00 (March high) followed by 88.00 (Intraday Resistance).

Source: Easy Forex

My recommended Forex Broker is Forex Yard.

CURRENCY TRADING SUMMARY – 2nd April (00:30GMT)

U.S. Dollar Trading (USD) continued to find sellers as the market sold the safe haven currency in favor of riskier investments. Economic data is steadily improving with weekly jobless claims falling to 439k vs. 445k previously and March ISM Manufacturing jumping to 59.6 vs. 56.5 previously. In US stocks, DJIA +70 points closing at 10927, S&P +8 points closing at 1178 and NASDAQ +4 points closing at 2402. Looking ahead, March Non Farm Payrolls forecast at 190k vs. -36k previously. The Unemployment rate is forecast to stay at 9.7%.

The Euro (EUR) the rally continued for a second day as traders were optimistic that the global recovery including Europe was on track. EUR/JPY tracked above Y127 for the first time since January 28^th. German Retail Sales were weaker than expected at -0.4% vs. -0.1% forecast m/m. Overall the EUR/USD traded with a low of 1.3459 and a high of 1.3593 before closing at 1.3585. Looking ahead, Easter Bank Holiday.

The Japanese Yen (JPY) the market pushed the USD/JPY to fresh multimonth highs just above Y94 ahead of the very important US job figures today. Q1 TANKAN Survey at -14 vs. -13 forecast and -24 previously. Most crosses extended there respective rallies except for CHF/JPY which was lower on intervention by the Swiss central bank. Overall the USDJPY traded with a low of 93.26 and a high of 94.08 before closing the day around 92.85 in the New York session.

The Sterling (GBP) tracked the Euro higher on general risk appetite to test 1.5300. GBP/JPY traded above Y143 for the first time since Feb 17 and is turning aggressively bullish as the trade gains momentum. EUR/GBP traded briefly below 0.8880 but failed to follow through. Overall the GBP/USD traded with a low of 1.5179 and a high of 1.5301 before closing the day at 1.5270 in the New York session.

The Australian Dollar (AUD) Regained the 0.9200 level as Oil and Gold rallied heavily and risk appetite helped the high yielding currency. AUD/NZD reclaimed the 1.3000 level after an IMF report put the NZD as overvalued by 10-15%. February Trade Balance forecast at -1924mn vs. -1300 forecast. Overall the AUD/USD traded with a low of 0.9153 and a high of 0.9219 before closing the US session at 0.9195.

Oil & Gold (XAU) broke higher above resistance at $1119 to trade in the $1120′s. Overall trading with a low of USD$1111 and high of USD$1128 before ending the New York session at USD$1126 an ounce. Staged another impressive rally to break and close for the week above $85 a barrel. Crude Oil was up +$1.39 ending the New York session at $83.76.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.3247	1.3270	1.3575	1.3591	1.3608
USD/JPY	91.09	91.77	93.80	94.64	95.10
GBP/USD	1.4784	1.4975	1.5270	1.5327	1.5382
AUD/USD	0.8936	0.8978	0.9200	0.9216	0.9250
XAU/USD	1085.00	1102	1125.00	1133	1145.00
OIL/USD	83.80	85	85.30	86	88.00

Euro – 1.3575

Initial support at 1.3270 (March 26 low) followed by 1.3247 (May 6 low). Initial resistance is now located at 1.3591 (April 1 high) followed by 1.3608 (0.618 of 1.3818-1.3268)

Yen – 93.80

Initial support is located at 91.77 (Mar 25 low) followed by 91.09 (Mar 24 low). Initial resistance is now at 94.64 (Aug 25 high) followed by 95.1 (0.618 of 101.44-84.83).

Pound – 1.5270

Initial support at 1.4975 (Mar 30 low) followed by 1.4784 (Ma low). Initial resistance is now at 1.5327 (Mar 31 high) followed by 1.5382 (Mar 19 high).

Australian Dollar – 0.9200

Initial support at 0.8978 (Mar 4 low) followed by the 0.8936 (Mar 1 low). Initial resistance is now at 0.9216 (Mar 30 high) followed by 0.9250 (March 17 high).

Gold – 1125

Initial support at 1085 (Mar 24 low) followed by 1078 (Feb 12 low). Initial resistance is now at 1118 (Mar 31 high) followed by 1133 (Mar 17 high).

Oil – 85.20

Initial support at 85.00 (Intraday Support) followed by 83.80 (Intraday Support). Initial resistance is now at 86.00 (March high) followed by 88.00 (Intraday Resistance).

Source: Easy Forex

My recommended Forex Broker is Forex Yard.

CURRENCY TRADING SUMMARY – 5th March (00:30GMT)

U.S. Dollar Trading (USD) was strong even as stock markets remained positive as the EUR/USD slumped after the ECB announcement and USD/JPY rallied on increasing US Bond Yields. Weekly Jobless Claims improved to 469k vs. 496k. January Pending Home Sales fell -7.2% tracking a broad set of weak housing data in January. In US stocks, DJIA +47 points closing at 10396, S&P +4 points closing at 1122 and NASDAQ +11 points closing at 2292. Looking ahead, February NonFarm Payrolls forecast at -50k vs. -20k previously and the Unemployment rate is forecast at 9.8% vs. 9.7%.

The Euro (EUR) lost ground after the ECB held rates at 1.0% and described the current levels as appropriate with economic growth uneven. EUR/JPY held its own as stock markets improved but EUR/AUD slumped back close to the key 1.50 handle. Also released, Q4 GDP confirmed at 0.1%. Overall the EUR/USD traded with a low of 1.3551 and a high of 1.3714 before closing at 1.3570. Looking ahead, January Factory Orders are forecast at 1.5% vs. -2.3% m/m.

The Japanese Yen (JPY) suffered a major reversal of fortune against the USD with the 3 month Libor turning to the dollars favor for the first time since August 2009. General USD strength and solid crosses also underpinned. GBP/JPY is beginning to rally from 9 month lows at Y132. Overall the USDJPY traded with a low of 88.12 and a high of 89.27 before closing the day around 89.10 in the New York session.

The Sterling (GBP) rallied on heavy GBP/JPY buying in New York to trade above 1.5100 but this was short lived as the Euro fell back late in the day and the pair ended on a slightly weakish footing. EUR/GBP moved lower but is still contained inside the 90-91 range. The BOE held at 0.5% and kept the Asset Purchase Program at 200bn. Overall the GBP/USD traded with a low of 1.5004 and a high of 1.5139 before closing the day at 1.5040 in the New York session. Looking ahead, February PPI input is forecast at 0.25 vs. 2% previously m/m.

The Australian Dollar (AUD) tracked the EURO lower as AUD/JPY broke down through Y80 in early Europe before heavy buying emerged later in New York to keep the AUD/USD near the 0.9000 level. January Trade Balance was at -1.2bn vs. -1.5bn forecast. Overall the AUD/USD traded with a low of 0.8977 and a high of 0.9056 before closing the US session at 0.9040.

Oil & Gold (XAU) fell back as the strong USD discouraged commodity buying. Overall trading with a low of USD$1125 and high of USD$1142 before ending the New York session at USD$1132 an ounce. Held ground as the improving sentiment countered the stronger dollar. Crude Oil was down -$0.30 ending the New York session at $80.60.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.3436	1.3552	1.3580	1.3736	1.3788
USD/JPY	87.37	87.74	89.10	89.50	90.36
GBP/USD	1.4855	1.4959	1.5030	1.5136	1.5209
AUD/USD	0.8863	0.8936	0.8995	0.9086	0.9147
XAU/USD	1121.00	1125	1132.00	1144	1161.00
OIL/USD	78.00	80	80.50	82.00	82.50

Euro – 1.3580

Initial support at 1.3552 (Mar 4 low) followed by 1.3436 (Mar 2 low). Initial resistance is now located at 1.3732 (Mar 3 high) followed by 1.3788 (Feb 17 high)

Yen – 89.10

Initial support is located at 87.74 (Dec 10 low) followed by 87.37 (Dec 9 low). Initial resistance is now at 89.50 (Feb 26 high) followed by 90.36 (Feb 23 high).

Pound – 1.5030

Initial support at 1.4959 (Mar 3 low) followed by 1.4855 (Mar 2 low). Initial resistance is now at 1.5136 (Mar 4 high) followed by 1.5209 (Mar 1 low).

Australian Dollar – 0.8995

Initial support at 0.8936 (Mar 1 low) followed by the 0.8863 (Feb 26 low). Initial resistance is now at 0.9086 (Mar 3 high) followed by 0.9147 (Jan 21 high).

Gold – 1132

Initial support at 1125 (Mar 4 low) followed by 1111 (Mar 1 low). Initial resistance is now at 1144 (Mar 3 high) followed by 1161 (Jan 11 high).

Oil – 80.50

Initial support at 80.00 (Intraday Support) followed by 78.00 (Intraday Support). Initial resistance is now at 82.00 (Intraday Resistance) followed by 82.50 (Intraday Resistance).

Source: Easy Forex

My recommended Forex Broker is Forex Yard.

CURRENCY TRADING SUMMARY – 16th February (00:30GMT)

U.S. Dollar Trading (USD) was little changed in a quiet day of trading keeping to tight ranges against most currencies. US was on Holiday for President’s Day and China was also away for the New Year celebrations. Looking ahead, December Long term TIC flows forecast at 50bn vs. 126bn previously. Also released, NAHB Housing Market Index forecast 16 vs. 15.

The Euro (EUR) the market is focusing on the EU finance Ministers meeting for more details on Greece support. The EUR/USD pivoted the 1.3600 for most of the day but was very quiet. Overall the EUR/USD traded with a low of 1.3578 and a high of 1.3636 before closing at 1.3600. Looking ahead, EU Finance Ministers Meeting Statement expected. Also released, February German ZEW survey forecast at 42.5 vs. 47.2 previously.

The Japanese Yen (JPY) traded in a very tight range on the USD/JPY around the Y90 level but is starting to build support below the key level. Supporting risk in the Asian session was better than expected Q4 GDP at 1.1% vs. 0.9% forecast Q/Q. Overall the USDJPY traded with a low of 89.90 and a high of 90.25 before closing the day around 90.05 in the New York session. Looking ahead, Chinese holidays continue.

The Sterling (GBP) had the widest trading range of the majors with support in the lower 1.5600 area tested before resistance above 1.5700 later in Europe. GBP/JPY is building support below Y141 but is still contained by resistance at Y141.50. Overall the GBP/USD traded with a low of 1.5610 and a high of 1.5723 before closing the day at 1.5665 in the New York session.

The Australian Dollar (AUD) found support on dips from a strong performance in Gold overnight and positive stocks in Europe. Resistance above 0.8900 is containing for now whilst the market waits for speeches from RBA Stevens and Debelle later this week. Overall the AUD/USD traded with a low of 0.8846 and a high of 0.8912 before closing the US session at 0.8895. Looking ahead, February RBA meeting minutes released.

Oil & Gold (XAU) was a solid performer testing and closing above the key $1100 level. Overall trading with a low of USD$1091 and high of USD$1103 before ending the New York session at USD$1101 an ounce. Oil was little changed with the US away. Crude Oil was down -$0.13 ending the New York session at $74.00.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.3423	1.3531	1.3600	1.3801	1.3839
USD/JPY	88.83	89.15	90.05	90.55	91.08
GBP/USD	1.5536	1.5560	1.5670	1.5776	1.5888
AUD/USD	0.8710	0.8750	0.8890	0.8921	0.8962
XAU/USD	1061.00	1078	1099.00	1111	1125.00
OIL/USD	70.00	72.50	74.10	75.00	77.00

Euro – 1.3600

Initial support at 1.3531 (May 19 low) followed by 1.3424 (May 18 low). Initial resistance is now located at 1.3801 (Feb 11 high) followed by 1.3839 (Feb 9 high)

Yen – 90.05

Initial support is located at 89.15 (Feb 8 low) followed by 88.83 (Feb 5 low). Initial resistance is now at 90.55 (0.382 of 93.77-88.56) followed by 91.08 (Feb 4 high).

Pound – 1.5670

Initial support at 1.5560 (Feb 11 low) followed by 1.5536 (Feb 8 low). Initial resistance is now at 1.5776 (Feb 5 high) followed by 1.5888 (0.382 of 1.6458-1.5536).

Australian Dollar – 0.8890

Initial support at 0.8750 (Feb 11 low) followed by the 0.8710 (Feb 10 low). Initial resistance is now at 0.8921 (Feb 2 high) followed by 0.8962 (Jan 29 high).

Gold – 1099

Initial support at 1078 (Feb 12 low) followed by 1061 (Feb 8 low). Initial resistance is now at 1111 (Feb 4 high) followed by 1125 (Feb 3 high).

Oil – 74.10

Initial support at 72.50 (Intraday Support) followed by 70.00 (Intraday Support). Initial resistance is now at 75.00 (Intraday Resistance) followed by 77.00 (Intraday Resistance).

Source: Easy Forex

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