By HotForex | Daily Forex Analysis | Fri, Mar 30, 2012
Eurozone finance ministers are expected to increase the overall rescue
facilities. It has been suggested that the EFSF will be combined with
the ESM resulting in an aggregate firewall of 940 billion Euro. An
increase of the contribution in the European debt crisis has been key
for the IMF. Yesterday the EURUSD failed to hold onto levels above
1.3300 falling to a low of 1.3250. After the strong Asian session the
pair pushed higher recovering its losses currently trading at levels
around
1.3340. Today we have series of releases from the Eurozone, but
most of the investors will be focused on the meeting in Copenhagen.
Support for the EURUSD is seen at 1.3253 and resistance is seen at
1.3371. The Inside View indicator on HotForex shows that 62 percent of
the traders are short on the EURUSD.
GBPUSD
The worse than expected GDP reading for the last quarter of 2011 pushed the Cable below the 1.5900 mark. Finding support at 1.5868 the performance on the pair improved and the GBPUSD pushed up reaching highs around 1.5989. The 1.6000 mark is very important for all investors and a breakout of it today might cause a rally up. Support for the GBPUSD is seen at 1.5886 and resistance is seen at 1.5990. The Inside View indicator on HotForex shows that 75 percent of the traders are short on the GBPUSD.
AUDUSD
The Australian dollar dropped across the board yesterday after Treasurer Wayne Swan said that in order for the government to meet its budget surplus pledge, further spending cuts will be required. After reaching lows around the 1.0300 levels AUDUSD found support and pushed higher at the end of the US session reaching the levels where it started yesterday during the Asian session. Currently the pair is trading around 1.0400. Support for the AUDUSD is seen at 1.0324 and resistance is seen at 1.0427. The Inside View indicator on HotForex shows that 51 percent of the traders are long on the AUDUSD.
USDCAD
USDCAD remains mixed after pushing slightly above parity yesterday the pair lost its gains during the Asian session. Today we have the GDP m/m release. Canada is unique with its fresh monthly GDP data. Positive reading of the release might push the pair lower retesting the support around 0.9900 area. Support for the USDCAD is seen at 0.9951 and resistance is seen at 1.0010. The Inside View indicator on HotForex shows that 64 percent of the traders are long on the USDCAD.
Important releases and events
EUR: German Retail Sales m/m; French Consumer Spending m/m; CPI Flash Estimate y/y; ECOFIN Meetings
CHF: KOF Economic Barometer
CAD: GDP m/m
USD: Core PCE Price Index m/m; Personal Spending m/m; Chicago PMI; Revised UoM Consumer Sentiment