By HotForex | Daily Forex Analysis | Thu, Apr 12, 2012
The EURUSD rose yesterday as concerns over Spain’s financial crisis
slightly eased. The Prime Minister of Spain stated that the country
would not require a bailout and that the Spain’s deficit target remains
“unconditional”. He also added that the government would push forward
the program to tackle tax and employment fraud this month. Reforms in
the banking and healthcare systems are also expected as well as
privatizations in public sector assets.
Following these comments the pair moved about 70 pips higher currently trading at 1.3140. Support for the EURUSD is seen at 1.3063 and resistance is seen at 1.3164. The Inside View indicator on HotForex shows that 53 percent of the traders are short on the EURUSD.
Following these comments the pair moved about 70 pips higher currently trading at 1.3140. Support for the EURUSD is seen at 1.3063 and resistance is seen at 1.3164. The Inside View indicator on HotForex shows that 53 percent of the traders are short on the EURUSD.
GBPUSD
The Cable rose on higher risk appetite yesterday
reaching the levels around 1.5937. UK’s Retail Sales Monitor report
showed an increase giving hope that the economy is starting to recover.
Today we have the Trade Balance data from the United Kingdom due.
Support for the GBPUSD is seen at 1.5850 and resistance is seen at
1.5939. The Inside View indicator on HotForex shows that 67 percent of
the traders are short on the GBPUSD.
AUDUSD
The AUDUSD is trading higher this morning after a strong
Australian jobs data released during the Asian session. The
unemployment rate in the country remains steady at 5.2 percent in March.
The newly added jobs are 44.000 which is a very strong number after
loosing over 15.000 in February. Support for the AUDUSD is seen at
1.0270 and resistance is seen at 1.0393. The Inside View indicator on
HotForex shows that 72 percent of the traders are short on the AUDUSD.
USDCAD
The USDCAD lost some of its gains after the better than
forecasted Canadian housing data. The Canada Mortgage and Housing
Corporation reported that annual rate of housing starts was 215600 units
in March, compared to 205300 units in February. Analysts were expecting
a decline at 202000 units. Support for the USDCAD is seen at 0.9980 and
resistance is seen at 1.0050. The Inside View indicator on HotForex
shows that 79 percent of the traders are short on the USDCAD.
Important releases and events
EUR: ECB Monthly Bulletin; Industrial Production m/m
GBP: Trade Balance; MPC Member Posen Speaks
USD: PPI m/m; Trade Balance; Unemployment Claims; Core PPI m/m; FOMC Member Lockhart Speaks; FOMC Member Raskin Speaks
CAD: Trade Balance; NHPI m/m