By HotForex | Daily Forex Analysis | Tue, Apr 03, 2012
The United States stocks rose yesterday sending the Dow Jones Industrial
Average index to its highest levels. The ISM Manufacturing PMI rose to
53.4 from 52.4 released the previous month. The Unemployment Rate in the
Eurozone jumped to 10.8 percent, a year 14 high giving signs that the
economy in the Euro area is likely to slip into recession for the first
quarter this year sending the EURUSD to as low as 1.3276. The pair found
support at these levels currently trading
in the middle of the
yesterday’s range. The week ahead is going to be busy with the FOMC
Meeting Minutes due today and the ECB Press Conference due tomorrow. On
Wednesday we also have the Minimum Bid Rate from the Eurozone which is
likely to remain unchanged. Support for the EURUSD is seen at 1.3277 and
resistance is seen at 1.3373. The Inside View indicator on HotForex
shows that 60 percent of the traders are short on the EURUSD.
AUDUSD
AUDUSD rallied about 100 pips up yesterday after the
positive data from China which came during the weekend. After reaching
highs around 1.0460 the pair lost momentum and it’s currently trading
just below the 1.0400 level. The Reserve Bank of Australia kept the
rates at 4.25 percent. Tomorrow we have the Trade Balance release due
from Australia. Support for the AUDUSD is seen at 1.0365 and resistance
is seen at 1.0457. The Inside View indicator on HotForex shows that 70
percent of the traders are short on the AUDUSD.
GBPUSD
UK’s Manufacturing PMI surprised everyone yesterday
rising to 52.1 from 51.5 released previously. GBPUSD managed to find
minor support above the 1.6000 level. Today we have the Construction PMI
releases from the United Kingdom which is expected to come at 53.6
which is better than the previous releases. The Economic Calendar is
heating up ahead in the week as we have series of releases on Wednesday
and the Official Bank Rate on Thursday. Support for the GBPUSD is seen
at 1.5979 and resistance is seen at 1.6062. The Inside View indicator on
HotForex shows that 70 percent of the traders are short on the GBPUSD.
USDCAD
The Loonie slipped about 100 pips yesterday reaching the
support levels around 0.9890. We can often see correlation between the
USDCAD and the Oil futures. If you take a look at the charts on both
instruments you will notice that both rallies are similar, but in
different direction. The FOMC Meeting Minutes from the United States
might cause another rally on the pair. Ahead in the week we have very
important releases from Canada on Thursday. Support for the USDCAD is
seen at 0.9890 and resistance is seen at 0.9967. The Inside View
indicator on HotForex shows that 92 percent of the traders are long on
the USDCAD.
Important releases and events
GBP: Construction PMI
EUR: Final GDP q/q
USD: Factory Orders m/m; FOMC Meeting Minutes; FOMC Member Williams Speaks