By HotForex | Daily Forex Analysis | Fri, Apr 20, 2012
EURUSD traded between the support and resistance levels yesterday. Today
the 2 second of the G20 Meetings and the first day of the IMF meetings
are taking place and are can be one of the factors that will drive the
markets. Yesterday the Spanish 10 year yields rose to higher than their
previous auction, they remained below 6% at 5.86% relieving concern of
unsustainable borrowing costs. The US Unemployment Claims rose to 386K
and the Existing Home Sales and the Philly Fed Manufacturing Index also
showed negative results which added to the volatility on the pair.
The
United States dollar is under pressure again and it’s currently trading
around 1.3140. Today we have the German Ifo Business Climate due on the
calendar. Support for the EURUSD is seen at 1.3082 and resistance is
seen at 1.3172. The Inside View indicator on HotForex shows that 59
percent of the traders are short on the EURUSD.
GBPUSD
It was a quiet session for the Cable with no data
from the United Kingdom yesterday. During the Asian session the pair
made a small upside move, but it’s really hard to tell where the pair
will go from the current levels. Today we have the Retail Sales m/m
release from the UK on the calendar. The expectation from the analysts
are for a 0.4 percent increase. Support for the GBPUSD is seen at 1.6007
and resistance is seen at 1.6077. The Inside View indicator on HotForex
shows that 88 percent of the traders are short on the GBPUSD.
AUDUSD
The AUDUSD failed to break the recent ranges despite the
concern of the European bond yields and the lack of the US equity
markets. The pair fell from the recent highs at 1.0383 and its currently
trading around 1.0330. The Import Prices q/q release from Australia
showed a -1.2 percent drop. Ahead in the session the price action of the
AUDUSD might be affected by the IMF and G20 scheduled meetings. Support
for the AUDUSD is seen at 1.0390. The Inside View indicator on HotForex
shows that 57 percent of the traders are short on the AUDUSD.
Important releases and events
EUR: German Ifo Business Climate
GBP: Retail Sales m/m
CAD: Core CPI m/m; CPI m/m
IMF Meetings
G20 Meetings