By HotForex | Daily Market Analysis | Wed, Mar 28, 2012
EURUSD fell from the reached highs yesterday, but overall the pair
remains in range-bound trading. Yesterday the Chairman of the US Federal
Reserve Ben Bernanke said that the Central Banks around the world will
struggle to stimulate growth. The US CB Consumer Confidence report came
out just a little bit worse than the forecast. Today we have another
round of data releases from the United States and Europe. Investors will
be focused on the German Prelim CPI m/m, M3 Money Supply y/y from the
Eurozone and the Core Durable Goods Orders m/m
from the US. Support for the EURUSD is seen at 1.3291 and resistance is seen at 1.3367. The Inside View indicator on HotForex shows that 58 percent of the traders are short on the EURUSD.
from the US. Support for the EURUSD is seen at 1.3291 and resistance is seen at 1.3367. The Inside View indicator on HotForex shows that 58 percent of the traders are short on the EURUSD.
GBPUSD
UK stocks made a drop of around 0.5 percent yesterday.
GBPUSD touched the critical level of 1.6000, but remained below as
investors lacked conviction to hold on the high levels. Today we have
the Final GDP figures and the Current Account from the UK due for
release. Positive readings may be enough to kick the GBPUSD out of the
trading range we have seen during the past session. Support for the
GBPUSD is seen at 1.5919 and resistance is seen at 1.5990. The Inside
View indicator on HotForex shows that 74 percent of the traders are
short on the GBPUSD.
AUDUSD
The Australian dollar last gains against its US
counterpart yesterday. The fall of the pair has stopped just below the
support of 1.0437 and currently the pair is trading right below it. With
the lack of local data releases the pair price action is driven mostly
by the data from the United States. Support for the AUDUSD is seen at
1.0420 and resistance is seen at 1.0542. The Inside View indicator on
HotForex shows that 52 percent of the traders are long on the AUDUSD.
Important economic releases and events
EUR: German Prelim CPI m/m; M3 Money Supply y/y
GBP: Current Account; Final GDP q/q
USD: Core Durable Goods Orders m/m; Durable Goods Orders m/m; Crude Oil Inventories