High-risk currencies start the week with a negative trend.
Asian and European trading sessions:
Euro: On Monday the euro dropped against all counterparts. Market tension over the today’s EC meeting in Brussels pressured the euro. The Financial ministers of the EU countries will discuss the measures, aimed to overcome the European debt crises, the amount of the stabilization fund and the necessity of the financial support for Portugal.
The EUR/USD pair dropped to the level of $1,3245.
US Dollar: The US dollar consolidated on Monday as the euro weakened. The President of the FRS, Ben Bernanke, mentioned in his statement, that the new recession was unlikely to happen. As a result, the greenback received additional support.
British Pound: The sterling also decreased and the GBP/USD rate dropped to $1,5650 mark.
Japanese Yen: The USD/JPY pair showed maximums at the level of Y83.00.
Australian Dollar: The Australian dollar rate weakened, as the speculations that the Australian principal rate would be left unchanged this week, reinforced. According to the released data, the Australian GDP showed minimal growth last week, which pressured the national currency as well.
New-Zealand Dollar: The principal rate of New-Zealand is expected to be left at the previous level as well, which pressured the New-Zealand dollar too.
Oil: The oil prices demonstrated growth and the rate reached $89.47 mark per barrel. But the trend is negative due to the general strengthening of the American dollar.
American trading session:
Euro: The euro decreased even more, as a result of the EU disagreement on the Ireland bailout issue.
Canadian Dollar: According to the forecasts, the principal rate would be left unchanged at the level of 1.00% on Tuesday.
Technical analysis for 7/12
EURUSD
The pair couldn’t stay below Fibonacci retracement 38.2% at 1.30987 and aiming to the next Fibonacci level 50% at 1.34882.
Resistance: 1.34882, 1.35985, 1.37486
Support: 1.33143, 1.31674, 1.30277
GBPUSD
The pair is under Moving Average 1.57814. Once the pair closes above this level the pair will rise to 1.58543 and 1.60322.
Resistance: 1.58543, 1.60322, 1.62050
Support: 1.56722, 1.54842, 1.53482
USDCHF
The pair’s support is 0.97130. If this level is broken the pair will rise to the next level at 0.99608. Resistance is 0.98750. If this level is broken the pair will decline to the next support at 0.97130.
Resistance: 0.98750, 0.99608, 1.00466
Support: 0.97892, 0.97130, 0.96480
USDJPY
The pair has declined to trendline. If the pair closes below 82.219 the pair will continue declining to 81.399
Resistance: 83.065, 84.866, 85.960
Support: 82.219, 81.399, 80.438
AUDUSD
The pair is trying to continue rising. If the pair stays above 0.98436 it will be a bear’s sing. If the pair closes below 0.98436 the pair will decline to 0.97423 and 0.96464.
Resistance: 0.99207, 1.00067, 1.00907
Support: 0.98436, 0.97424, 0.96464
Asian and European trading sessions:
Euro: On Monday the euro dropped against all counterparts. Market tension over the today’s EC meeting in Brussels pressured the euro. The Financial ministers of the EU countries will discuss the measures, aimed to overcome the European debt crises, the amount of the stabilization fund and the necessity of the financial support for Portugal.
The EUR/USD pair dropped to the level of $1,3245.
US Dollar: The US dollar consolidated on Monday as the euro weakened. The President of the FRS, Ben Bernanke, mentioned in his statement, that the new recession was unlikely to happen. As a result, the greenback received additional support.
British Pound: The sterling also decreased and the GBP/USD rate dropped to $1,5650 mark.
Japanese Yen: The USD/JPY pair showed maximums at the level of Y83.00.
Australian Dollar: The Australian dollar rate weakened, as the speculations that the Australian principal rate would be left unchanged this week, reinforced. According to the released data, the Australian GDP showed minimal growth last week, which pressured the national currency as well.
New-Zealand Dollar: The principal rate of New-Zealand is expected to be left at the previous level as well, which pressured the New-Zealand dollar too.
Oil: The oil prices demonstrated growth and the rate reached $89.47 mark per barrel. But the trend is negative due to the general strengthening of the American dollar.
American trading session:
Euro: The euro decreased even more, as a result of the EU disagreement on the Ireland bailout issue.
Canadian Dollar: According to the forecasts, the principal rate would be left unchanged at the level of 1.00% on Tuesday.
Technical analysis for 7/12
EURUSD
The pair couldn’t stay below Fibonacci retracement 38.2% at 1.30987 and aiming to the next Fibonacci level 50% at 1.34882.
Resistance: 1.34882, 1.35985, 1.37486
Support: 1.33143, 1.31674, 1.30277
GBPUSD
The pair is under Moving Average 1.57814. Once the pair closes above this level the pair will rise to 1.58543 and 1.60322.
Resistance: 1.58543, 1.60322, 1.62050
Support: 1.56722, 1.54842, 1.53482
USDCHF
The pair’s support is 0.97130. If this level is broken the pair will rise to the next level at 0.99608. Resistance is 0.98750. If this level is broken the pair will decline to the next support at 0.97130.
Resistance: 0.98750, 0.99608, 1.00466
Support: 0.97892, 0.97130, 0.96480
USDJPY
The pair has declined to trendline. If the pair closes below 82.219 the pair will continue declining to 81.399
Resistance: 83.065, 84.866, 85.960
Support: 82.219, 81.399, 80.438
AUDUSD
The pair is trying to continue rising. If the pair stays above 0.98436 it will be a bear’s sing. If the pair closes below 0.98436 the pair will decline to 0.97423 and 0.96464.
Resistance: 0.99207, 1.00067, 1.00907
Support: 0.98436, 0.97424, 0.96464