By Easy-Forex | Daily Forex Analysis | Fri, Apr 20, 2012
U.S. Dollar Trading (USD)
the eagerly awaited Spanish Bond auction went off
without major drama but the subsequent rally was short-lived as rumors swept
the market that France was about to be downgraded. This was quickly discounted
and we saw the Euro once again close above 1.3100 well supported. Looking
ahead, Canadian March Core CPI forecast at 0.3% vs. 0.4% m/m.
The Euro (EUR) the false rumor of
a French downgrade was on the back of a Citibank research note and once this
was found out the market then went back to buying and is more likely to test
1.3200 then 1.3000 in coming sessions. The Sterling (GBP) the GBP/USD
consolidated the move above 1.6000 and this is good technically for the bulls
hoping to push higher still. A close this week above the level will help the
GBP/USD rally toward 1.6200 in the short term. Looking ahead, April
German Business IFO forecast at 109.5 vs. 109.8 previously. Also ahead, UK
March Retail Sales forecast at 0.5% vs. -0.8% m/m.
The Japanese Yen (JPY) the USD/JPY was
well supported grinding higher as the BOJ continues to talk down the Yen and comment
to the market with new aggressive easy measures are being considered. EUR/JPY
is back above Y107 and has bounced 200 pips in the last few days. Australian Dollar (AUD) the
AUD/USD is the most range bound currency pair in the market this week which is
very unusual for the risk currency. The AUD/JPY is supporting and grinding
higher towards Y85 level.
Oil & Gold (XAU) new week lows overnight
reversed overnight with a large rally back to $1650 before settling back to
opening levels.
OIL/USD fell down to $102 before rallying to the
close strong sitting just above $103.
Pairs to watch
EUR/USD Time to rally now downside is tested?
GBP/USD 1.6100 time to move above?
TECHNICAL COMMENTARY
Currency
|
Sup 2
|
Sup 1
|
Spot
|
Res 1
|
Res 2
|
EUR/USD
|
1.2974
|
1.2995
|
1.3145
|
1.3170
|
1.3213
|
USD/JPY
|
79.50
|
80.00
|
81.60
|
81.80
|
82.80
|
GBP/USD
|
1.5801
|
1.5842
|
1.6060
|
1.6090
|
1.6170
|
AUD/USD
|
1.0180
|
1.0230
|
1.0335
|
1.0470
|
1.0558
|
XAU/USD
|
1600.00
|
1630
|
1642
|
1664
|
1683
|
OIL/USD
|
101.00
|
102.00
|
103.30
|
105.00
|
106.00
|