U.S. Dollar Trading (USD) with little movement seen in the markets overnight the Dollar finished roughly where it began against most pairs. Weekly Jobless Claims were strong at 421k vs. 435k forecast. In US stocks, DJIA -2 points closing at 11370, S&P +4 points closing at 1233 and NASDAQ +7 points closing at 2616. Looking ahead, November Trade Balance is forecast at -43.5bn vs. -44bn previously.

The Euro (EUR) fell from day highs above 1.3300 after Ireland was downgraded by Fitch and Standard & Poors. The market slid below 1.3200 but when US stocks remained supported by strong data the Euro bounced back to the mid 1.3200 region. EUR/USD traded with a low of 1.3163 and a high of 1.3324 before closing at 1.3240. Looking ahead, November WPI is previously at -0.3%.

The Japanese Yen (JPY) struggled to push above multimonth resistance at Y84.40 and spent most of the day with a slight downside bias. Support was found at Y83.50. Q3 GDP at 1.1% vs. 1.0% forecast y/y.  Overall the USDJPY traded with a low of 83.50 and a high of 84.13 before closing the day around 83.70 in the New York session.

The Sterling (GBP) The BoE meeting was a non event with the central bank holding at 0.5% as expected and leaving the Asset Purchase Program at 200bn. Cable fell tracking the Euro lower but found support at 1.5700, finishing in the middle of the recent range. Overall the GBP/USD traded with a low of 1.5710 and a high of 1.5844 before closing the day at 1.5765 in the New York session. Looking ahead, November PPI forecast at 0.4% vs. 0.6% previously.

The Australian Dollar (AUD) the Aussie jumped on very strong November Jobs Numbers at +54k vs. +20k  forecast. The Unemployment rate fell to 5.2% vs. 5.4% previously. AUD/USD found solid resistance at 0.9880 and eased back to 0.9820. Overall the AUD/USD traded with a low of 0.9778 and a high of 0.9886 before closing the US session at 0.9840.

Oil & Gold (XAU) edged higher orbiting around the $1390 level. Overall trading with a low of USD$1380 and high of USD $1394 before ending the New York session at USD$1388 an ounce. Traded in a 200 point range but finished only slightly higher. WTI Oil Closed +$0.29 at $88.57 a barrel.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.2969	1.3165	1.3245	1.3323	1.3401
USD/JPY	82.32	83.46	83.80	84.41	85.40
GBP/USD	1.5581	1.5669	1.5770	1.5841	1.5965
AUD/USD	0.9625	0.9739	0.9855	0.9939	1.000
XAU/USD	1362.00	1371	1389	1404	1438
OIL/USD	87.0	88.00	88.75	90.00	91.00

Euro – 1.3245

Initial support at 1.3165 (Dec 9 low) followed by 1.2969 (Nov 30 low). Initial resistance is now located at 1.3323 (Dec 9 high) followed by 1.3401 (Dec 7 high)

Yen – 83.80

Initial support is located at 83.46 (Dec 8 high) followed by 82.32 (50% retrace of 80.22-84.41). Initial resistance is now at 84.41 (Nov 29 high) followed by 85.40 (Sept 24 high).

Pound – 1.5770

Initial support at 1.5669 (Dec 8 Low) followed by 1.5581 (Dec 3 low). Initial resistance is now at 1.5841 (Dec 9 high) followed by 1.5965 (Nov 23 high).

Australian Dollar – 0.9855

Initial support at 0.9739 (Dec 3 low) followed by the 0.9625 (Dec 2 low). Initial resistance is now at 0.9939 (Dec 3 high) followed by 1.0000 (Psychological Resistance).

Gold – 1389

Initial support at 1371 (Dec 3 low) followed by 1362 (Nov 30 low). Initial resistance is now at 1404 (Dec 8 high) followed by 1438 (1329.70 plus 1315.45-1424.60).

Oil – 88.40

Initial support at 88.00 (Intraday Support) followed by 87.00 (Intraday Support). Initial resistance is now at 90.00 (Intraday Resistance) followed by 91.00 (Intraday Resistance).

Written by Anthony Darvall

Source: Easy Forex

Recommended Forex Brokers: AvaFX and Forex Yard

USD in a trading range as US observes Thanks Giving!

• The Dollar Traded quietly during yesterdays US market holiday. The majors traded inside recent ranges with little fresh news to move the markets beyond. Risk aversion took a small break during the day however as the Asian session begun risk aversion trickled back in the market once again pushing the EURUSD back to its lows.  In Asia the focus was on the Korean peninsula standoff which dampened appetite further. US stocks remained unchanged yesterday due to Bank Holiday for Thanks Giving.
• The Euro (EUR) was able to find support at the 1.3300 level with ECM Member Weber stating the Euro is a long term project and that it was possible to increase the size of the EU bailout fund. Euro zone Government Bonds continue to be under pressure with Spanish and Portugal yields rising. EUR/USD traded with a low of 1.3285 and a high of 1.3389 before closing at 1.3335. Looking ahead, German October Import Prices forecast at 0.1% vs. 0.3% previously.

Currency to watch out for: EURUSD & USDJPY

• § The EURUSD pivot point is at 1.3280 with a preference to enter into Long positions at 1.3290
• § The USDJPY pivot point is at 83.50 with a preference to enter Long positions at 83.90

Today’s calendar and market movers:

• § Switzerland KOF Indicator for November forecasted at 2.1
• § Canada Budget Balance for September is out with previous month -5.81 bio

Equity Markets:

• US equities were closed yesterday with a market holiday. The European bourses were positive with the FTSE up at 0.74% the DAX and the CAC closing up at 0.82% and at 0.34% respectively. The NIKKEI and the HSI at the time of writing is -0.4% and -0.98% respectively.

Source: Easy Forex

Recommended Forex Brokers: AvaFX and Forex Yard

U.S. Dollar Trading (USD) a very large successful GM IPO and positive developments regarding the Irish EU/IMF Bailout. The Mood change began in Asia with stocks then beginning a 24hour global stock market rally. November Philadelphia Fed jumped to 22 vs. 5 forecast. In US stocks, DJIA +173 points closing at 11181, S&P +18 points closing at 1196 and NASDAQ +38 points closing at 2514. Looking ahead, Fed Chief Bernanke Speaks.

The Euro (EUR) jumped higher on speculation Ireland would be forced to accept bailout funds. ECB member and Irish Central Bank Head Honohan said the expected Ireland to receive a loan worth tens of billions. EUR/USD traded with a low of 1.3540 and a high of 1.3669 before closing at 1.3640. Looking ahead, ECB President Trichet speaks today.

The Japanese Yen (JPY) popped higher on the very good US Philly Fed numbers to fresh month highs above Y83.80. The market is beginning to focus on the topside with improving US data and improving risk sentiment helping the Yen Crosses rally. Overall the USDJPY traded with a low of 83.08 and a high of 83.81 before closing the day around 83.55 in the New York session.

The Sterling (GBP) Solid economic data and risk on environment helped Cable rally back above the key 1.6000 level. GBP/JPY surge past Y134 as October Retail Sales jumped 0.5% m/m. The CBI November Industrial trends Survey improved to -15 from -28 previously. Overall the GBP/USD traded with a low of 1.5886 and a high of 1.6058 before closing the day at 1.6040 in the New York session.

The Australian Dollar (AUD) tracked the improvement in investor sentiment to reclaim 0.9900. AUD/JPY in particular was strong pushing above Y82.50. The market will be watching to see if the Aussie can resume its uptrend or whether parity will remain a short term barrier. Overall the AUD/USD traded with a low of 0.9805 and a high of 0.9908 before closing the US session at 0.9880.

Oil & Gold (XAU) Gold rallied sharply up $20 an ounce. Overall trading with a low of USD$1340 and high of USD $1363 before ending the New York session at USD$1360 an ounce. Oil jumped with most commodities testing $82 a barrel. WTI Oil Closed +$1.48 at $81.92 a barrel.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.3435	1.3448	1.3645	1.3825	1.4282
USD/JPY	81.66	82.40	83.55	83.99	85.40
GBP/USD	1.5762	1.5840	1.6045	1.6299	1.6458
AUD/USD	0.9542	0.9652	0.9895	1.0004	1.0212
XAU/USD	1315.00	1329	1359	1424	1500
OIL/USD	80.00	82.00	82.70	84.00	85.00

Euro – 1.3645

Initial support at 1.3448 (Nov 16 low) followed by 1.3435 (50% retrace of 1.2588-1.4282). Initial resistance is now located at 1.3825 (Nov 9 High) followed by 1.4282 (Nov 4 high)

Yen – 83.55

Initial support is located at 82.40 (Nov 15 low) followed by 81.66 (Nov 12 low). Initial resistance is now at 83.99 (Oct 5 high) followed by 85.40 (Sept 24 high).

Pound – 1.6045

Initial support at 1.5840 (Nov 16 Low) followed by 1.5762 (Oct 28 low). Initial resistance is now at 1.6299 (Nov 4 high) followed by 1.6458 (Jan 19 high).

Australian Dollar – 0.9895

Initial support at 0.9652 (Oct 27 low) followed by the 0.9542 (Oct 5 low). Initial resistance is now at 1.0004 (Nov 12 high) followed by 1.0183 (Nov 5 high).

Gold – 1359

Initial support at 1329 (Nov 16 low) followed by 1315 (Oct 22 low). Initial resistance is now at 1424 (Nov 9 high) followed by 1500 (Round Number).

Oil – 82.70

Initial support at 82.00 (Intraday Support) followed by 80.00 (Intraday Support). Initial resistance is now at 84.00 (Intraday Resistance) followed by 85.00 (Intraday Resistance).

Written by Anthony Darvall

Source: Easy Forex

Recommended Forex Brokers: AvaFX and Forex Yard

US Market holiday focus on EU peripheral spreads!

• The U.S. Dollar Traded stronger as risk aversion crept back into the market on continual growing unease with some European countries Debt issues. The G20 has failed to produce much as of yet but markets are watching closely for any friction particularly on US FED Monetary Policy. In US stocks the DJIA traded down -73 points closing at 11283 and the S&P traded  down -5 points closing at 1213 and NASDAQ -23 points closing at 2555. Looking ahead, November UoM Consumer Confidence is forecast at 63.5 vs. 61.9.The Euro was sensitive yesterday to European wide market  talk of EU-Irish bailouts and bondholders having to bear the pain in any cost of bailouts. Stocks were also under pressure as  the Euro pushed lower towards 1.3600 and the market s positioning increasingly grew with a bearish bias. EUR/USD traded with a low of 1.3607 and a high of 1.3822 before closing at 1.3650. Looking ahead, Q3 GDP forecast at 0.4% Q/Q, 1.9% Y/Y.

Currency to watch out for: EURUSD & USDJPY

• § The EURUSD pivot point is at 1.3680 with a preference to enter into Short positions at 1.3670
• § The USDJPY pivot point is at 82.10 with a preference to enter Long positions at 82.12

Today’s calendar and market movers:

• § Germany GDP Q3 expected at 0.7%
• § Euro Zone GDP for Q3 expected at 0.4% 

Equity Markets:

• US equities closed negative yesterday with the S&P500 at -0.42 % and the DJIA at -0.65%. The European bourses were mixed with the FTSE down -0.03% the DAX and the CAC closing down up at 0.05% and down at -0.54% respectively. The NIKKEI and the HSI at the time of writing is -1.39% and -1.62% respectively.

Source: Easy Forex

Recommended Forex Brokers: AvaFX and Forex Yard

Last week’s currency trading review

The Dollar was sold aggressively after the FOMC statement suggested the US Central Banks was considering expanding unconventional easing measures if the US economy weakens further. Stock markets reacted very positively and the market sold the safe haven Dollar against all currencies. The Euro gained over 4 big figures on the combination of short Euro covering and weak USD. The market has now turned net long the Euro for the first time since the European debt crisis but worries still remain as Irish banking sector remains in the spotlight. German September IFO showed a modest bounce to 106.8 vs. a drop to 106.3. The EUR/USD gained +3.26% closing at 1.3488, after opening the week at 1.3048.

The Japanese Yen the effects of the BOJ intervention waned as little follow through buying emerged and the market took advantage of the higher levels to sell more USD. The Japanese government has warned it will intervene again if they feel the market moves are too one sided. The USD/JPY fell -1.96% closing at 84.20 vs. 85.85 previously. The GBP did extremely well rallying to month highs on improving investor risk appetite. The market has broken topside resistance and is looking to retest 1.6000 in coming days. MPC Meeting minutes showed an 8-1 split as expected with BoE Member Sentence once again voting for a rate hike. The GBP/USD gained +1.21% closing at 1.5821 after opening at 1.5630. The AUD traded at fresh year highs after the US rate meeting and continued to press higher tracking the rally in stock markets. September RBA minutes were very hawkish stating above trend growth would have to be managed with monetary policy. Analysts are now expecting future rate hikes this year and potential for the Aussie to reach parity.  The AUD/USD gained +2.40% closing at 0.9590 after opening at 0.9360.

The Forex Trading Week Preview

In the States; On Tuesday, September Consumer Confidence is forecast at 52.5 vs. 53.5 previously. On Thursday, Q2 GDP forecast unchanged at 1.6% Q/Q. Weekly Jobless Claims are forecast at 458k vs. 565k previously. On Friday, August Core PCE is forecast at 0.1% m/m and Personal Income is forecast at 0.3%. Also released, Sept ISM Manufacturing is forecast at 54.5 vs. 56.3 previously. We will provide our previews and reviews of these data releases in the daily summary.

In the Eurozone; On Tuesday, German CPI is forecast at 1.3% y/y. On Thursday, German Unemployment is forecast at 7.6% in September. On Friday, August Retail Sales are forecast at 3.6% y/y. In the UK, On Tuesday, Q2 GDP is forecast at 1.2% q/q. On Wednesday, September GFK Consumer Confidence is forecast at -18 vs. -18 previously. On Friday, Sept PMI Manufacturing is forecast at 54 vs. 54.3 previously. We will provide our previews and reviews of these data releases in the daily summary.

In Japan; On Wednesday, Q3 Tankan Survey is forecast at 7 vs. 1 previously.  In Australia; On Thursday, August Building Approvals is forecast at 0.0% vs. 2.3% previously. Also released, RBA Financial Stability review 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	1.2919	1.3248	1.3475	1.3493	1.3818
USD/JPY	82.88	84.04	84.30	85.93	86.70
GBP/USD	1.5297	1.5449	1.5820	1.5844	1.5999
AUD/USD	0.9314	0.9442	0.9600	0.9615	0.9850
XAU/USD	1232.00	1263	1297	1300	1324
OIL/USD	72.50	75.00	76.70	78.00	80.00

Euro – 1.3475

Initial support at 1.3248 (Sep 22 low) followed by 1.2919 (Sep 6 low). Initial resistance is now located at 1.3493 (Sept 24 High) followed by 1.3818 (Mar 17 high)

Yen – 84.30

Initial support is located at 84.04 (61.8% retrace of 1.5999-1.5297) followed by 82.88 (Sept 15 low). Initial resistance is now at 85.93 (Sep 16 high) followed by 86.70 (38.2% retrace of 92.89-81.88).

Pound – 1.5820

Initial support at 1.5449 (Sept 15 low) followed by 1.5297 (Sep 7 low). Initial resistance is now at 1.5844 (Sep 24 high) followed by 1.5999 (Aug 6 high).

Australian Dollar – 0.9600

Initial support at 0.9442 (Sept 21 low) followed by the 0.9314 (Sep 14 low). Initial resistance is now at 0.9615 (Sep 24 high) followed by 0.9850 (July 15, 2008 high).

Gold – 1297

Initial support at 1263 (Sept 15 low) followed by 1232 (Aug 31 low). Initial resistance is now at 1300 (Round Number) followed by 1324 (1263.20 plus 1.618 of 1236.80-1274.95).

Oil – 76.70

Initial support at 75.00 (Intraday Support) followed by 72.50 (Intraday Support). Initial resistance is now at 78 (Intraday Resistance) followed by 80.00 (Intraday Resistance).

Written by Anthony Darvall

Source: Easy Forex

Recommended Forex Brokers: AvaFX and Forex Yard

The Dollar traded weaker overnight giving up most of yesterday’s gains as Asian equities rebounded. However with US stocks remaining under pressure and Euro Zone peripheral risks resurfacing the Dollar may resume its strength across the board as safe haven appetite comes back. Weekly Jobless Claims caused concern again at 484 vs. 465k and is creeping higher in recent weeks. The DJIA traded down -58 points closing at 10320 and the S&P traded down -5 indicating fear over the pace of US economic growth. Looking ahead, July Retail Sales are expected to come in at 0.5% vs.-0.5% previously. Also released, August Consumer Confidence forecast at 69.3 vs. 67.8 previously. USDJPY price action yesterday was between 84.93 – 86.18.

European banking concerns remained in the spotlight as well as renewed fears over the funding abilities of EU peripheral economies such as Ireland and lower than expected GDP growth for Greece which spooked the markets. As fears intensified Euro crosses were sold across the board whilst the JPY, CHF and USD benefited due to safe haven demand. EUR/JPY was volatile on Japanese intervention fears but a rally in Asia was sold aggressively in Europe after weak economic data. June Industrial Production fell -0.1% vs. 0.7% forecast. EUR/USD traded with a low of 1.2781 and a high of 1.2934 before closing at 1.2830. Looking ahead, Q2 German GDP forecast at 1.3% vs.0.2% previously and Q2 EU GDP forecast at 0.7% vs. 0.2% previously.

Currency to watch out for: EURUSD & USDJPY

• The EURUSD pivot point is at 1.2900 with a preference to enter into Short positions at 1.2890
• The USDJPY pivot point is at 85.75 with a preference to enter Long positions at 85.80

Today’s calendar and market movers:

• Germany GDP Q2 is forecasted at 1.3%
• Euro Zone GDP for Q2 is forecasted at 0.7%
• United States Retail Sales for July is expected at 0.5%
• Michigan Sentiment for August is expected at 69.3

Equity Markets:

US equities closed negative yesterday with the S&P500 at -0.54% and the DJIA at -0.57%. The European bourses were mixed with the FTSE up 0.4% the DAX and the CAC closing at -0.31% and -0.20% respectively. The NIKKEI and the HSI at the time of writing is 0.47% and 0.07% respectively.

Source: Easy Forex

Recommended Forex Brokers: AvaFX and Forex Yard

EU Morning Report – USD Under Pressure, Euro Tests 1.3100

• The Euro (EUR) was strong in Europe pushing to month highs above 1.3100. The German Unemployment Rate fell to 7.6% in July with a drop of 20k unemployed. The market stalled above 1.3100 and when stocks turned negative in the US session the pair fell back to 1.3050 supports. EUR/USD traded with a low of 1.2976 and a high of 1.3109 before closing at 1.3070.

• The Sterling (GBP) was strong tracking the Euro higher but the market stalled at 1.5660 twice and this prompted a pullback late in the day towards 1.5580 supports. The GBP/JPY was especially heavy falling near 2 Yen over the past 2 days. July Nationwide July House Prices fell -0.5% m/m. Overall the GBP/USD traded with a low of 1.5578 and a high of 1.5665 before closing the day at 1.5620 in the New York session.

• Oil & Gold (XAU) Gold kept to a $10 range inside $1160-70. Overall trading with a low of USD$1159 and high of USD $1170 before ending the New York session at USD$1166 an ounce. Crude rebounded on USD weakness reversing 3 days of losses. WTI Oil Closed +$1.37 at $78.36 a barrel.

Currency to watch out for: EURUSD & GBPUSD

• The EURUSD pivot point is at 1.3040 with a preference to enter into Long positions at 1.3040
• The GBPUSD pivot point is at 1.5580 with a preference to enter Long positions 1.5580

Today’s calendar and market movers:

• EUR CPI Flash estimate y/y at 1.8%
• EUR Unemployment Rate expected at 10%
• CAD GDP m/m estimated to increase by 0.1%
• USD Advance GDP q/q expected at 2.5%
• USD Advance GDP Price Index expected q/q expected at 1.1%

Equity Markets:

• US equities closed negative yesterday with the DJIA and the SP500 closing -0.29% and -0.42% respectively.  The European bourses were also negative with the FTSE closing -0.11% the DAX and the CAC closing up at -0.72% and -0.50%. The NIKKEI and the HSI at the time of writing is -1.64% and -0.53% respectively.

Source: Easy Forex

Recommended Forex Brokers: AvaFX and Forex Yard

ECB and BoE leave interest rates unchanged!

• The dollar weakened yesterday as risk appetite kicked-in following ECB President Trichet’s press conference. The ECB monetary stance had not altered however Trichet’s upbeat attitude permeated confidence across the board. The Euro Zone, Trichet’s says, was growing at a moderate pace and that the latest string of data was very good. He also highlighted that the markets have tended to be extremely pessimistic about the European economy however data have not confirmed such a stance. When quizzed about the stress tests however he was reluctant to provide further information saying that everything they wanted to know would be addressed in the release date of the stress tests. Some market participants are arguing that the stress tests are not stringent enough and the results will not bring the necessary confidence in the markets. Others argue that the release of certain scenarios may show that some banks are insolvent and spark another bout to safety in the expense of the financial system. Overall price action in the EURUSD was between 1.2617 – 1.2710.
• In the UK we had the BoE policy rate decision which left interest rates unchanged as widely expected. The GBPUSD had made considerable headway this week following the MPC minutes that showed one member of the BoE diverged from the rest voting for a rate hike. Although economic strength is not supportive for rate hikes a string of higher than expected inflation is worrisome and may deem the need for a hike so as to tame such fears. Industrial production figures were released yesterday which were widely encouraging. The year on year figure came in at 2.6% and the month on month at 0.7% indicating a pickup in activity and casting some hope over the economy. The big fear for UK growth now is the deficit reductions undergone by the new government. Let it be known that almost half of the UK economy equates to the size of government expenditure and a sharp reduction in this spending may jeopardize UK growth. GBPUSD price action was between 1.5173 – 1.5130.

Currency to watch out for: EURUSD & USDJPY

• The EURUSD pivot point is at 1.2620 with a preference to enter into Long positions at 1.263
• The USDJPY pivot point is at 88.25 with a preference to enter Long positions at 88.30

Today’s calendar and market movers:

• German CPI is expected at 0.9%
• The UK Trade Balance is expected to come to GBP -7 Bn
• Canadian Unemployment is estimated at 8.1%
• Finally, US wholesale Sales are expected at 0.5%

Equity Markets:

• US equities were closed positive yesterday with the S&P500 closing at 0.94% and the DJIA closing at 1.20%. The European bourses were positive yesterday with the FTSE up 1.81% the DAX and the CAC closing at 0.71 % and 1.57% respectively. The NIKKEI and the HSI at the time of writing is 0.72% and 1.45% respectively.

Source: Easy Forex

Recommended Forex Brokers: AvaFX and Forex Yard

Pound Skids to 10 Month Low

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

U.S. Dollar Trading (USD) had a mixed day with strength against the Pound and Euro not being replicated against risk currencies such as CAD and AUD which tracked stock markets higher. February ISM manufacturing slipped to 56.5 vs. 57.5 forecast. In US stocks DJIA +78 points closing at 10400, S&P +11 points closing at 1115 and NASDAQ +35 points closing at 2273. Looking ahead, Weekly Redbook previously at 1.6% m/m.

The Euro (EUR) enjoyed support in Asia on the back of proposed debt bailout of Greece but there was little follow through in Europe when no new information was released. The pair was subsequently pulled lower from heavy Cable Sales. Overall the EUR/USD traded with a low of 1.3459 and a high of 1.3659 before closing at 1.3570. Looking ahead, January PPI is forecast at 0.6% vs. 0.1% m/m previously.

The Japanese Yen (JPY) stayed within Friday’s range with most of the action kept to the crosses with GBP/JPY slumping to 10 month lows near Y132. AUD/JPY outperformed closing above the key Y80 level. Overall the USDJPY traded with a low of 88.71 and a high of 89.50 before closing the day around 89.10 in the New York session. Looking ahead, January Unemployment is forecast at 5.2% vs. 5.1% previously.

The Sterling (GBP) crashed as key supports were broken and buyers capitulated in a stoploss fueled 400 pip fall. GBP/AUD hit 25 year lows below 1.66 and EUR/GBP soared over 0.9000 to touch 0.9150 in major moves across the board. GBP/USD recovered during the US session but the sentiment is still very bearish. Overall the GBP/USD traded with a low of 1.4781 and a high of 1.5206 before closing the day at 1.4990 in the New York session.

The Australian Dollar (AUD) stayed close to the key 0.9000 level on AUD/USD supported on dips by strong Gold and risk appetite. Traders stayed on the sidelines ahead of the RBA meeting today and January Retail Sales. Overall the AUD/USD traded with a low of 0.8933 and a high of 0.9018 before closing the US session at 0.9005. January Retail Sales are forecast at 0.5% vs. -0.7% m/m. Also released, March RBA Meeting forecast to hike 0.25%.

Oil & Gold (XAU) kept to a quiet range tracking the broader changes in USD strength. Overall trading with a low of USD$1111 and high of USD$1124 before ending the New York session at USD$1117 an ounce. Fell back on weak US manufacturing data and the stronger Dollar. Crude Oil was down -$1.24 ending the New York session at $78.42.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.3424	1.3451	1.3555	1.3692	1.3788
USD/JPY	88.56	88.75	89.05	90.36	91.29
GBP/USD	1.4610	1.4704	1.4980	1.5209	1.5317
AUD/USD	0.8801	0.8863	0.8995	0.9071	0.9093
XAU/USD	1088.00	1104	1117.00	1131	1141.00
OIL/USD	77.00	78	78.70	80.00	82.50

Euro – 1.3555

Initial support at 1.3451 (Feb 25 low) followed by 1.3424 (May 18 low). Initial resistance is now located at 1.3692 (Feb 23 high) followed by 1.3788 (Feb 17 high)

Yen – 89.05

Initial support is located at 88.75 (Feb 26 low) followed by 88.56 (Feb 4 low). Initial resistance is now at 90.36 (Feb 24 high) followed by 91.29 (Feb 23 high).

Pound – 1.4980

Initial support at 1.4704 (Apr 30 low) followed by 1.4610 (April 29 low). Initial resistance is now at 1.5209 (Mar 1 high) followed by 1.5317 (Feb 26 low).

Australian Dollar – 0.8995

Initial support at 0.8863 (Feb 26 low) followed by the 0.8801 (Feb 25 low). Initial resistance is now at 0.9071 (Feb 23 high) followed by 0.9093 (Jan 25 high).

Gold – 1117

Initial support at 1104 (Feb 26 low) followed by 1088 (Feb 25 low). Initial resistance is now at 1131 (Feb 22 high) followed by 1141 (Jan 20 high).

Oil – 78.70

Initial support at 78.00 (Intraday Support) followed by 77.00 (Intraday Support). Initial resistance is now at 80.00 (Intraday Resistance) followed by 82.50 (Intraday Resistance).

Source: Easy Forex

My recommended Forex Broker is Forex Yard.