By HotForex | Daily Forex Analysis | Wed, Apr 18, 2012
The Cable rose yesterday after the positive CPI data. The Consumer
Price Index rose 3.5 percent in March and its still above the 2 percent
target of Bank of England. The Retail Price Inflation in the United
Kingdom fell to 3.6 percent y/y in March, compared to 3.7 percent in
February. Today we have the Claimant Count Change and the MPC Meeting
Minutes due from the UK. Support for the GBPUSD is seen at 1.5866 and
resistance is seen at 1.5969. The Inside View indicator on HotForex
shows that 54 percent of the traders are long on the GBPUSD.
EURUSD
The Spanish debt concerns continue to put pressure on
the single European currency and EURUSD dropped about 0.6 percent
yesterday. Luis de Guindos – Economy minister of Spain admitted that the
nation is heading towards its second recession since 2009, as the
Spanish 10-year government bond yields spiraled above 6 percent. At
first the EURUSD traded higher after the positive economic data from the
Eurozone. The ZEW economic sentiment climbed to 23.4 in April, from
22.3 in March. Later on the French President Nicolas Sarkozy, stated
that a weak Euro is good for the Euro-zone’s exports. Currently the pair
is trading around 20 pips below the yesterday’s close. Support for the
EURUSD is seen at 1.3085 and resistance is seen at 1.3170. The Inside
View indicator on HotForex shows that 54 percent of the traders are
short on the EURUSD.
AUDUSD
The AUDUSD rallied yesterday after IMF global growth
update. The IMF raised the growth outlook for 2012 to 3.5% from the 3.3%
predicted in a January, spurring demand for high-yielding assets. The
pair broke the resistance and reached the levels around 1.0418. Support
for the AUDUSD is seen at 1.0322 and resistance is seen at 1.0417. The
Inside View indicator on HotForex shows that 73 percent of the traders
are short on the AUDUSD.
USDCAD
The USDCAD dropped yesterday after a signal from Bank
of Canada that it might need to start raising interest rates. BoC
maintained its target for overnight rate at 1.0 percent. Today we have
the BoC Monetary Policy Report and the Boc Press Conference due from
Canada. Support for the USDCAD is seen at 0.9864 and resistance is seen
at 0.9957. The Inside View indicator on HotForex shows that 92 percent
of the traders are long on the USDCAD.
