By HotForex | Daily Forex Analysis | Thu, Mar 29, 2012
Yesterday EURUSD slipped almost 100 pips as investors continue to remain cautious. European Finance Ministers will meet in Copenhagen tomorrow (March 30). The expectations are that they will run the 500 billion euro permanent European Stability Mechanism alongside the 200 Billion euro’s already committed to the existing temporary fund. The decision comes weeks after German Chancellor Angela Merkel warned that the
GBPUSD
The cable found support in the Asian session and it’s currently trading at around 70 pips above the lows reached yesterday. The 1.6000 level still remains a mirage as the pair trading for almost 4 month below it. The Final GDP q/q release came out at -0.3 percent compared with a forecast of -0.2 percent. Today we have series of releases from the United Kingdom which are going to be the main direction indicator, before the US Unemployment Claims release. Support for the GBPUSD is seen at 1.5841 and resistance is seen at 1.5961. The Inside View indicator on HotForex shows that 67 percent of the traders are short on the GBPUSD.
AUDUSD
AUDUSD continued to trade lower yesterday. The Australian dollar is affected on fears about the Chinese economy as economic data revealed a fall of 5.2 percent in industrial sector profits for the first two months of 2012. Currently the pair is trading near the lows of 1.0340. Support for the AUDUSD is seen at 1.0340 and resistance is seen at 1.0445. The Inside View indicator on HotForex shows that 54 percent of the traders are long on the AUDUSD.
XAUUSD
Gold traded low during yesterday’s session touching the support at 1655. This market reaction shows that investors took their profits and moved back to the US dollar. Gold made a run earlier in the week on the mention of monetary easing from the Fed Chairman Ben Bernanke, but failed to push over the 1700 figure. Support for XAUUSD is seen at 1654 and resistance is seen at 1696.
Gold traded low during yesterday’s session touching the support at 1655. This market reaction shows that investors took their profits and moved back to the US dollar. Gold made a run earlier in the week on the mention of monetary easing from the Fed Chairman Ben Bernanke, but failed to push over the 1700 figure. Support for XAUUSD is seen at 1654 and resistance is seen at 1696.
Important releases and events
GBP: Nationwide HPI m/m; MPC Member Fisher Speaks; BOE Credit Conditions Survey; Net Lending to Individuals m/m
EUR: German Unemployment Change
CAD: RMPI m/m; Annual Budget Release
USD: Unemployment Claims; Final GDP q/q; Fed Chairman Bernanke Speaks