By HotForex | Daily Forex Analysis | Mon, Apr 02, 2012
Over the weekend the European Policy Makers increased the size of their
firewall to 800 billion Euro. Real fears that Greece might need to
restructure still exist and ECB added fuel to the fire by stating that a
bigger firewall will not necessarily solve the fiscal crisis. The
EURUSD remains in a trading range of about 120 pips for over 4 days. The
pair started the week with bid tone touching the levels around 1.3374
during the Asian session. Today we have the Unemployment Rate from the
Eurzone due, but we don’t expect much reaction on the market after the
release. Support for the EURUSD is seen at 1.3299 and resistance is seen
at 1.3382. The Inside View indicator on HotForex shows that 66 percent
of the traders are short on the EURUSD.
AUDUSD
The AUDUSD was opened about 100 pips higher than its
close on Friday due to significantly better than expected manufacturing
PMI data out of China released over the weekend. During the Asian
session the pair lost some of its gains dropping about 70 pips. Last
week the pair established support around the 1.0285 level. Ahead in the
week we have series of releases from Australia which are expected to
bring volatility. Support for the AUDUSD is seen at 1.0329 and
resistance is seen at 1.0446. The Inside View indicator on HotForex
shows that 54 percent of the traders are short on the AUDUSD.
GBPUSD
The Cable tested the resistance around the 1.6020 level
during the Asian session currently trading below 1.6000. This week will
be interesting for the pair with the series of events from the United
Kingdom due. On Thursday the Bank of England are set to maintain the
size of their bond-buying program when Policy Makers meet. Today we have
the Manufacturing PMI from the UK due. Support for the GBPUSD is seen
at 1.5958 and resistance is seen at 1.6036. The Inside View indicator
shows that 62 percent of the traders are short on the GBPUSD.
USA30
Dow Jones index (USA30) finished the session on Friday
higher logging 6 consecutive months of gains. The Commerce Department in
the United States released numbers that show that consumer spending in
the US increased to its bigger gain in seven months. Michigan’s survey
showed that consumer sentiment rebounded back to its highest level in
more than one year. Support for the USA30 is seen at 13132 and
resistance is seen at 13261.
Important releases and events
CHF: Retail Sales y/y; SVME PMI
GBP: Manufacturing PMI
EUR: Unemployment Rate
USD: ISM Manufacturing PMI; FOMC Member Pianalto Speaks
CAD: BOC Gov Carney Speaks