By HotForex | Daily Forex Analysis | Fri, Apr 13, 2012
EURUSD traded higher yesterday as Industrial Production came out
slightly better than expected. The pair lost a bit of its gains later in
the session after the Italian bond auction. Italy auctioned 2.8 billion
Euro of three-year bonds on offer, at an average yield of 3.89 percent,
compared to 2.76 percent in last month. ECB indicated in its own
monthly report that the moderate economic recovery seen recently is
subject to downside risks as inflation threatens to devalue the Euro.
Today the price action of the pair will be mostly driven by the US
economic releases. Support for the EURUSD is seen at 1.3110 and
resistance is seen at 1.3212. The Inside View indicator on HotForex
shows that 58 percent of the traders are short on the EURUSD.
GBPUSD
The Cable also traded higher yesterday despite the
negative UK Trade Balance data. Today we have the PPI Input m/m from the
United Kingdom on the calendar which is expected to come at 1.2
percent. Support for the GBPUSD is seen at 1.5900 and resistance is seen
at 1.5984. The Inside View indicator on HotForex shows that 61 percent
of the traders are short on the GBPUSD.
USDCAD
The USDCAD traded lower yesterday breaking the
support at 0.9980 and reaching levels around 0.9936. The New House Price
Index in Canada rose 0.3 percent compared to 0.1 percent increase the
previous month. The Trade Balance dropped to $0.29 billion, compared to
$1.9 billion on January. Support for the USDCAD is seen at 0.9936 and
resistance is seen at 1.0010. The Inside View indicator on HotForex
shows that 52 percent of the traders are long on the USDCAD.
AUDUSD
The AUDUSD was one of the best performers
yesterday. The pair rallied up over 150 pips reaching 1.0451. In the
Asian session the AUDUSD lost some of its gains after Chinese economy
expanded at the weakest pace in nearly three years in the first quarter
of 2012, with growth decelerating more than expected from the fourth
quarter of 2011. Support for the AUDUSD is seen at 1.0350 and resistance
is seen at 1.0453. The Inside View Indicator on HotForex shows that 69
percent of the traders are short on the AUDUSD.
