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WEEKLY REVIEW FOR 16 - 20.01, 2012


Euro: The European currency made another great attempt to recover against the U.S. dollar and rotate its well-established down trend. After reaching a new low of $1.2627 against the US dollar on Monday due to lowering credit ratings of some Europeans countries by Standard & Poor rating agency on Friday, January 13 the Euro currency started its big snap back. On that day, the good news of placement of the government bonds of France were supported for currency positive trading dynamics. On Tuesday, the Euro rose against the background of report on China‘s GDP which was better than expected. In details, the report showed the increase to 8.9% versus forecasted 8.7% in fourth quarter of 2011 year. The support for the Euro currency was also provided by the results of the auction on government bonds of Belgium. Belgium attracted 2.96 billion euro with planned target of 3.0 billion euro. The currency continued growing as well as after the successful result of auction of bonds of the European Financial Stability Facility (EFSF). The published by the German institute ZEW report, whose index value showed improvement in Germany and the EU as a whole had also positive influence for the trading dynamics of the Euro. The currency recorded its daily high of $ 1.2807 mark. Against the background of making attempts to force the Greek private lenders such as banks, insurance companies and hedge funds to agree to cancel 50% of the country's debt in their holding the euro was rising during the Wednesday’s trading sessions. On Thursday, the results of the auctions of Germany’s government bonds, which raised 3.44 billion euro for 2 years as well as of Portugal’s bonds of 2.5 billion euro with targeted 2-2.5 billion euro, were also supportive for the Euro currency. The Euro continued to strengthen against major currencies amidst the positive results of auctions of Spain and France governments bonds. All in all, the Euro has recovered by almost 2% against the U.S. dollar and added 230 points by the end of this week.

US Dollar: The dollar fell against major currencies against the background of positive dynamics in the Asian, European and U.S. stock markets. The investors were also buying the risky assets. The declined demand for relatively safe assets started to be appeared after the published information by IMF which informed of increasing its lending resources to $ 500 billion in order to protect the global economy. The American dollar continued to decline against its major competitors amid signs of U.S. economic recovery and rising stock prices of Asian, European and American companies.

British Pound: The GBP/USD pair traded mostly in uptrend direction and has almost the same dynamics with the Euro currency .Friday even showed this couple increase by 1.5% or 230 points, after the positive data on retail sales.
Australian dollar: The Australian dollar rocketed sharply today at the beginning of the Asian session against a background of stronger than expected data on China‘s GDP which grew in fourth quarter of 2011 year. The currency traded at its highs against of almost all its competitors. Even though, the employment report in Australia showed job losses of 29 300 in December 2011, the currency continued its uptrend which was primarily supported by the demand for risky assets.
________________________________________

WEEKLY TECHNICAL ANALYSIS FOR 23 - 27. 01, 2012

EURUSD
The pair has broken Moving Average (500) and trying to reach support at 1.25667. If the pair stays above this level the pair will return to MA (500) and Fibonacci level 38% at 1.30624. If the pair declines below 1.25667 the pair will decline to the next Fibonacci level 50% at 1.21216.
Resistance: 1.28800, 1.33427, 1.37441
Support: 1.25667, 1.20280, 1.17063

GBPUSD
The pair may try to decline to Fibonacci 23% at 1.53340.
Resistance: 1.59962, 1.64274, 1.68504
Support: 1.52523, 1.48532, 1.43344

USDCHF
The pair has reached Moving Average (100) and may stay below this level 0.93264.
Resistance: 0.96597, 0.99031, 1.04060
Support: 0.93264, 0.91074, 0.88022

USDJPY
The pair has declined to support level at 76.535.
Resistance: 80.244, 83.330, 86.836
Support: 76.535, 73.126, 69,117

AUDUSD
The pair is trying to break upper level of the triangle and aiming to 1.05810.
Resistance: 1.05810, 1.07806, 1.09604
Support: 1.03847, 1.01873, 1.00031



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WEEKLY REVIEW FOR 23 - 27.01, 2012


Euro: The euro fell at the beginning of the week on Monday’s Asian session amid continuing disagreement in the negotiations on restructuring the debt of the Greece. Came later positive dynamics for the currency were on the background of speculations that the heads of the European countries at meeting in Brussels will take decisive actions to address the debt crisis in the region. One of the main topics of the meeting were the situation in Greece. The euro stepped back from the three-week highs on Tuesday. The investors and traders were taken profits on their opened before positions on Euro currency. Moreover, many market participants took cautious positions and did not want to open any long positions on Euro currency against the background of the prolonged negotiations on Greek debt. This issue was the main reason for the falling confidence of market participants which fell along with the euro currency on Wednesday. The Euro dropped against its major competitors. Thursday’s and Friday’s sessions the European currency spent in a relatively small range 1.3085 -1.3175 against the U.S. dollar and the EUR/USD pair closed its week very close to 1.3200 level.
US Dollar: This week had very negative effect on the U.S. currency. The Greenback came under pressure on all of its competitors. After sales on Monday ,the Tuesday’s sessions though provided some positive support for the currency. The investors' attentions were pointed towards the started two-day’s meeting of the Federal Open Market Committee of US. Also, the trading dynamics of U.S. dollar were positively affected by the growing demand for safe haven assets against the background of the negative dynamics on the main European stock exchanges. The U.S. dollar dropped steeply against almost all of its major competitors during Thursday’s sessions on the background of FOMC’s decision. The committee decided to leave the interest rate unchanged at 0, 25% value and stated that this rate is going to be kept till 2014 year. The USDX index decreased by almost 1.1% to 79.12 value.
British Pound: The pound fell after the report of GDP in Britain on Wednesday, which showed decrease in the 4th quarter by 0.2 % when expectations of a decline were by only 0.1%. The British pound still continues to feel itself not quite confident.
Japanese Yen: The yen fell against almost all of its major competitors after the Bank of Japan lowered the forecast of the economic growth for next year. In details, Japan, for the first in 31 years, reported a deficit of annual trade balance recording a deficit of $ 205.1 billion yen in 2011.
________________________________________

WEEKLY TECHNICAL ANALYSIS FOR 30.01 - 3. 02, 2012


EURUSD
The pair has broken Moving Average (500) and reached 1.25667 where the pair found support and rolled back to 1.31784.
Resistance: 1.33427, 1.37441, 1.41130
Support: 1.28800, 1.25667, 1.20280

GBPUSD
The pair may try to decline to Fibonacci 23% at 1.53340.
Resistance: 1.59962, 1.64274, 1.68504
Support: 1.52523, 1.48532, 1.43344

USDCHF
The pair has declined to 0.91074. If this level is broken the pair will decline to 0.88022.
Resistance: 0.93264, 0.96597, 0.99031
Support: 0.91074, 0.88022, 0.85633

USDJPY
The pair has declined to support level at 76.535.
Resistance: 80.244, 83.330, 86.836
Support: 76.535, 73.126, 69,117

AUDUSD
The pair has reached 1.05810.
Resistance: 1.05810, 1.07806, 1.09604
Support: 1.03847, 1.01873, 1.00031




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WEEKLY REVIEW FOR 30.01 - 3.02, 2012

Euro: The Euro had correction against the U.S. dollar, after its five days growth. Market participants expected the results of EU summit which started in Brussels for the reason of conducting agreement to restructure the debt of Greece.
On Tuesday, the support for the Euro currency was provided by the speech of the Prime Minister of Greece Mr. Papademos Lucas, who expressed his hope that an agreement with the European Union, the European Central Bank and the International Monetary Fund can be achieved by the end of the week. At the European trading session the Euro was pressured by the macroeconomic data, which was worse than expected and, therefore, reduced demand for risky assets. In particular, German retail sector reported decrease in sales by 0.9% and unemployment in the EU even matched the level of forecasts, but at the same time reached record levels for the region of 10.4%.
The EUR / USD the declined to $1.3027, its Wednesday’s low. The market participants were expected a negative result of auction on Portugal government bonds. The European session started with a big rally of the euro. The currency ran during all session against almost all its main competitors after published report on the index of business activity in the manufacturing sectors of France, Germany and the EU, which was better than expected. Also support the euro currency had rumors that the Greek authorities will finally reach an agreement with private creditors.
The euro continued to strengthen against the dollar during the Thursday’s Asian trading session after German Chancellor Angela Merkel stated that Europe should be united in protecting the stability of the euro currency. The positive dynamics for the euro were also supported by the results of the auction of government bonds of France and Spain, where the demand for French bonds was pretty much high. However, at the European session the euro currency suffered by dropping to $1.3085 lows after the head of the Euro group Mr. Junker noticed that negotiations regarding the Greek debt with investors are passing very hard.
The positive report of U.S labor market, and as the result of it, the massive dropping of the U.S. dollar, could not strengthen the positions of the euro currency on Friday, February 3rd.
US Dollar: In his speech, on Tuesday, the Greece Prime Minister Papademos pointed out that the negotiations with private creditors are in a positive progress. This news provided some support for the risky assets and reduced demand for the U.S. dollar as a currency with a “safe haven” status.
The Wednesday American trading session saw the falling of the U.S dollar against 14 of the 16 most traded currencies. The demand for safe assets decreased after report of PMI Manufacturing in China and positive report of ISM Prices in United States
The dollar weakened against almost all of its 16 competitors, against the background of rising the Asian market indices and stocks on Thursdays and Fridays trading sessions.
British Pound: The results of the published Purchasing Managers ' Index (PMI) provided support for the British pound. The PMI rose by 2.4 percentage points to 52.1% mark in the first month of 2012, which is the maximum value over the past eight months.
Japanese Yen: Against the background of the problems in euro zone the Yen accumulated a lot of long positions. The yen continued rising against its competitors. However, at the end of the week on Friday, the Yen fell against the dollar to Y76.70 area showing that the investors and trades were aware of possible intervention of Central Bank of Japan.
Australian and New Zealand dollars: The appetite of investors and traders for high-yield assets as well as the growing of the Stock markets were provided positive support for the Australian and New Zealand dollars trading dynamics.
________________________________________

WEEKLY TECHNICAL ANALYSIS FOR 6 - 10. 02, 2012


EURUSD
The pair is trying to stay above Fibonacci 38% 1.30542.
Resistance: 1.33427, 1.37441, 1.41130
Support: 1.28800, 1.25667, 1.20280

GBPUSD
The pair is aiming to the Moving Average (100) at 1.59962.
Resistance: 1.59962, 1.64274, 1.68504
Support: 1.52523, 1.48532, 1.43344

USDCHF
The pair has declined to 0.91074. If this level is broken the pair will decline to 0.88022.
Resistance: 0.93264, 0.96597, 0.99031
Support: 0.91074, 0.88022, 0.85633

USDJPY
The pair has declined to support level at 76.535. If this level is broken the pair will decline to 73.126.
Resistance: 80.244, 83.330, 86.836
Support: 76.535, 73.126, 69,117

AUDUSD
The pair has reached 1.07806 and may roll back to 1.05810.
Resistance: 1.07806, 1.09604, 1.11831
Support: 1.05810, 1.03847, 1.01873




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WEEKLY REVIEW FOR 6 - 10.02, 2012

Euro: On Monday, the euro fell against almost all major currencies during the Asian session, on the eve of speech, of the Greek leaders, who had to report to international lenders about the progress made on economic reforms. The published report on manufacturing orders in Germany, the results of which in December were higher than forecasted, temporary supported the Euro currency and the EUR / USD couple strengthened to $1.3100 area. The additional pressure on the euro on Tuesday was provided by the report on industrial production in Germany, which in December recorded an increase by only 0.9% with forecasted 4.3%, therefore was much worse than expected. Though, the trading dynamics were suddenly changed and the euro currency boosted against all major currencies amid speculation about the possible agreements between the creditors and the Greek government. During Wednesday and Thursday the euro continued its uptrend supported by speeches of Prime Minister of Greece Lucas Papademos who was promising that an agreement regarding the international help can be reached even before Friday. The euro raised to a $1.3320 level, two -month highs against the U.S. dollar, but fell on Friday to $1.3160 area.
British Pound: One of the main themes for pound trading dynamics was the announcement of new round of asset purchase program for 50 billion pounds ($ 79 billion) that will be running by the Bank of England .The pound regained its previous losses and was driven by this news. The other main theme was also the decision on interest rate of England. The 0.50 % with 0.50% forecasted, this decision was announced during and meant that the Bank of England deceived to keep the rate unchanged. The GBP / USD pair rose during this week and reached the levels of $ 1.5920, its highest level since the beginning of this year. As expected, the Bank of England increased its bond purchase program by 50 billion pounds to the level of 325 billion pounds.
Australian dollar: The Australian dollar continued it’s up trade which was started on previous week, supported by the decision of the Reserve Bank of Australia not to lower the discount rate. The Central bank of Australia decided to keep the interest rate at 4.25% level. The Australian dollar rose against all 16 major currencies.
New Zealand dollar: The New Zealand dollar also continued to feel very confident. However, “kiwi” fell after the consumer price index in China in January rose by 4.5% compare with forecasted 4.0% and recorded increase by 4.1% in December.
________________________________________

WEEKLY TECHNICAL ANALYSIS FOR 13 - 17. 02, 2012



EURUSD
The pair is trying to stay above Fibonacci 38% 1.30542 and aiming to 1.33427.
Resistance: 1.33427, 1.37441, 1.41130
Support: 1.28800, 1.25667, 1.20280

GBPUSD
The pair is aiming to the Moving Average (100) at 1.59962.
Resistance: 1.59962, 1.64274, 1.68504
Support: 1.52523, 1.48532, 1.43344

USDCHF
The pair has declined to 0.91074. If this level is broken the pair will decline to 0.88022.
Resistance: 0.93264, 0.96597, 0.99031
Support: 0.91074, 0.88022, 0.85633

USDJPY
The pair is aiming to support 76.535.
Resistance: 80.244, 83.330, 86.836
Support: 76.535, 73.126, 69,117

AUDUSD
The pair has broken Triangle, the end of the figure maybe expected at 1.10695.
Resistance: 1.07806, 1.09604, 1.11831
Support: 1.05810, 1.03847, 1.01873



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WEEKLY REVIEW FOR 13 - 17.02, 2012

Euro: The euro rose against almost all of its competitors during both Monday’s sessions on the background of positive news published by Greek parliament which approved a plan of reducing budget expenses required to obtain financial assistance from the IMF and the EU. All these decisions were made against the backdrop of fierce clashes between demonstrators and police on the streets of Athens. On Tuesday, the EUR / USD pair showed negative dynamics before sharp pull back to the highs of $1.3216. The main reason for this pull back were positive results of auctions of government bonds of Italy, which confirmed that Italy attracted 6 billion euro against a target 3.75-6.0 billion euro. Also, the positive statistics from German’s ZEW institute, which recorded a reduction of borrowing costs, supported the Euro currency’s positive dynamics. The Euro started Wednesday with the resuming its downtrend. However, for the first four hours of the Asian trading session the trading dynamics for the currency were changed to an opposite positive direction. The reason for that was an announcement of the representatives of the People's Bank of China, who said that the country will participate in the settlement of the debt crisis in Europe. The negative result of the report on GDP in euro zone, which is in the 4th quarter decreased by 0.3%, put pressure on the Euro and the Euro currency fell against is competitors.On Thursday, the euro pulled sharply back to previous day highs on the backdrop of published information that the European Central Bank agreed to exchange Greek bonds for the new securities within the assistance program for this country. The European currency continued to growth on Friday and the EUR / USD pair returned to the highs of $1.3200
US Dollar: The U.S. currency attempted to recover some of its losses of the previous week. These attempts were supported by increased demand for safe assets on Tuesday after rating agency Moody's downgraded the credit ratings of six European countries, including Italy, Portugal and Spain. However, by the end of the week, because of the positive economic data from the United States, the appetite for risky assets aroused and the U.S. dollar again came under pressure.

British Pound: The GBP / USD couple fell to $ 1.5685 level on Tuesday’s sessions. The pound was under pressure on the background of a reduction of the forecast for the UK’s credit rating by international rating agency, Moody. The forecast was lowered from "stable” to “negative". The pound demonstrated on Thursday its best performance against the dollar after British consumer confidence recorded an improvement in January. In details, the confidence index reached 47 values compare to forecasted 40, which was considered as a big jump. On this news, the GBP / USD couple strengthened to $1.5810 area.
Japanese Yen: On Monday, after the report on Japan gross domestic product which recorded a decrease in its change of more than expected, the yen fell against major currencies. In details, the Japanese economy contracted by 2.3 % by the end of Q4 compares to forecast change of only 1.3%.On the backdrop of the decision of the Bank of Japan to increase asset purchase program by 10 trillion yen to 65 trillion yen the yen fell against almost all major currencies on Tuesday. The USD / JPY pair was rising during almost each day of this week supported by the previous technical set up which was occurred after the last intervention of the Bank of Japan with reaching the level of Y79.5
________________________________________

WEEKLY TECHNICAL ANALYSIS FOR 20 - 24. 02, 2012




EURUSD
The pair has reached 1.33427 and rolling back to 1.130617.
Resistance: 1.33427, 1.37441, 1.41130
Support: 1.28800, 1.25667, 1.20280

GBPUSD
The pair is aiming to the Moving Average (100) at 1.59962.
Resistance: 1.59962, 1.64274, 1.68504
Support: 1.52523, 1.48532, 1.43344

USDCHF
The pair has declined to 0.91074. If this level is broken the pair will decline to 0.88022.
Resistance: 0.93264, 0.96597, 0.99031
Support: 0.91074, 0.88022, 0.85633

USDJPY
The pair is aiming to 80.244. The pair may try to reach Moving Average (100) at 82.245.
Resistance: 80.244, 83.330, 86.836
Support: 76.535, 73.126, 69,117

AUDUSD
The pair has broken Triangle, the end of the figure maybe expected at 1.10695.
Resistance: 1.07806, 1.09604, 1.11831
Support: 1.05810, 1.03847, 1.01873


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If you would like to receive the bonus, please contact us at [email protected] and confirm the bonus amount you would like to receive, at the time your account is being funded. REPRESENTATIVES WANTED!
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WEEKLY REVIEW FOR 20 - 24.02, 2012

Euro: The Euro started this week trading positively against its competitors on the background of meeting of EU finance ministers in Brussels. Tuesday saw the Euro’s big boost after the report of an agreement for providing assistance to Greece. The EUR / USD pair rocketed to the highs of $1.3295 in just 30 min time period. Later on, the euro currency pulled down giving back 100 pips on fears that the reaching agreement on financial aid to Greece will not be the end of the current debt crisis. On Wednesday, the publication of weak PMI in France, Germany and the EU as a whole had a negative effect on euro trading dynamics and pressured the currency during both sessions. Also, the announcement of the Fitch credit rating agency, which reduced the credit rating of Greece to the "C" from “CCC " did not provide any support. The published Thursday’s results of February IFO business climate index in Germany showed a growth to the level of 109.6 points, the highest level in seven months versus predicted 108.6 points and the values for January at 108.3 points. On this positive news the euro currency rallied against its competitors and the EUR / USD pair grew up to its session high at $ 1.3342 mark. Closer to the end of this week the EUR / USD was tested the $1.3485 highs, rising by 2.8% since the start of this week.
U.S. Dollar: On Monday, against the background of positive dynamics at the Asian stock markets, the U.S. dollar fell against most major currencies. The reason for this positive was the Saturday’s announcement of Bank of the People's of China, which reduced 50 basis points from mandatory requirements for the reserve of funds of Chinese banks. The dollar grew to a six-month high against the yen to the level of Y80.35 on Wednesday showing the clear evidence that the U.S. economic is about to recovery in the nearest future. These positive expectations were reduced the possibility of starting the 3d round of quantitative easing program by the Fed. On Thursday, the dollar fell on the background of published report on Initial Jobless Claims, the number of which remained almost unchanged, at a four -year minimum, becoming another testimony for the improvement of the U.S. labor market. As the result, this fact was prompting investors to reduce the demand for safe assets this day. By the end of the week on Friday the U.S. dollar index confirmed its decrease by almost 1.7%.
British Pound: The pound fell to lows of $1.5661against the U.S. dollar after the publication of the protocol of the last meeting of the Bank of England on Wednesday. In the published minutes of the meeting was noted that the Committee of the Bank of England expects the decline in inflation in 2012. The GBP / USD pair grew up on Thursday’s sessions, restoring yesterday's losses. The GBP / USD couple rose to the level of $ 1.5724. Although, the report on the balance of factory orders from the Confederation of British Industry was significantly better than expected, the trading dynamics of pound did not get any effect. Toward the Friday’s close, the pound strengthened against the backdrop of a weakening dollar to this week start level.
Japanese Yen: The reason for the Japanese Yen falling on Monday was the report of the Japan government which stated that the Japan's exports declined in January, due to the strong national currency and the weakness of World global demand. The yen dropped against almost all major currencies. The report also provided information regarding the country's trade deficit, which widen to 1.48 trillion ¥ ($ 19 billion), while exports fell by 9.3 percent. The Yen continued dropping on Tuesday, showing that the interest of investors has changed and they likely to buy higher-yielding assets rather then hold the Japanese currency instead. On Wednesday, the representative of the Ministry of Finance of Japan said that the yen is falling due to the easing of monetary policy by Bank of Japan and the Greek agreement. As the result of this week, the Yen closed at the highest level since the beginning of this year, the Y81.00 level.
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WEEKLY TECHNICAL ANALYSIS FOR 27.02 - 2. 03, 2012




EURUSD
The pair has broken 1.33427 and aiming to the Moving Average (200) at 1.3857.
Resistance: 1.37441, 1.41130, 1.44835
Support: 1.33427, 1.28800, 1.25667

GBPUSD
The pair has reached the Moving Average (100) at 1.59962 and moving back to 1.56615.
Resistance: 1.59962, 1.64274, 1.68504
Support: 1.52523, 1.48532, 1.43344

USDCHF
The pair is aiming to test support at the Fibonacci level 38% at 0.88434.
Resistance: 0.91074, 0.93264, 0.96597
Support: 0.88022, 0.85633, 0.82723

USDJPY
The pair has broken 80.244. The pair will try to reach Moving Average (100) at 82.245.
Resistance: 83.330, 86.836, 90.909
Support: 80.244, 76.535, 73.126

AUDUSD
The pair has broken Triangle, the pair is trading around resistance. If 0.07806 is broken the pair will continue rising to 1.09604.
Resistance: 1.07806, 1.09604, 1.11831
Support: 1.05810, 1.03847, 1.01873


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WEEKLY REVIEW FOR7 - 11.05, 2012
Euro: The Euro was driven by the political news this week. On Monday, it fell steeply against major traded currencies on the results of elections in France. The France got a new president, Mr. Francois Hollande, a representative of the Socialist Party of France. Loss of the former president Mr. Nicolas Sarkozy French influenced negatively the Euro’s trading dynamics. The currency fell against the US dollar to the three months lows, the region of $1.2956, showing the biggest drop since September 2011. The report on industrial orders in Germany, which on the monthly basis in March was significantly better than expected provide some positive support for the currency. The Euro also compensated some of its losses this day due to support provided by speech of the representative of the Government of Germany, who noted that the relationship between German Chancellor, Ms.Angela Merkel and the new President of France, Mr. Francois Hollande will be kept and developed successfully. The second negative news for Euro was the information from Athens revealing the fact that the new government of Greece could not be still formed. This issue increased investors’ concerns about the worsening the situation with the debt crisis in Euro zone. The only positive news that prevented currency from falling to new lows was a report on industrial production in Germany, the results of which recorded a growth in March and were significantly higher than forecasts. On Wednesday, the arose fears of investors were based on increasing the probability that the Greece can reject the cost-saving measures or even leave the euro zone. The EUR / USD pair dropped steeply at the beginning of the European session to new lows of $ 1.2930 area. All in all, these negative news might give a suggestion that the EUR / USD couple after breaking the important technical support level of 1.30 on the way to the next important support level of $1.29.
U.S. Dollar: On the backdrop of increasing demand for safe-haven assets due to the fears based on probability of the worsening the situation with the debt crisis in Euro zone as well as on the fact of losing the elections of France by the Mr. Nicolas Sarkozy the dollar raised against most major currencies. The Dollar Index recorded a new highs at the level of 80.437 growing by weekly 1.1%. Even the positive report on producer price index on Friday did not have any negative impact on its direction.
British Pound: The reaction of the pound after the report showed that UK house prices fell in April was falling against the dollar to the lows of $1.6124.The house index fell to - 19 from - 11 in March as it was announced by the Royal Institution of Chartered Surveyors. On Wednesday, the GBP / USD pair declined to new lows of $1.6097 amid the investors’ anticipations of meeting of the Bank of England. The recent disappointed report on UK’s GDP raised the expectations of further measures of the Bank of England for stimulating the British economy. The GBP / USD pair continued its downtrend to new lows of $ 1.6065. Accordingly to the announcement of the Bank of England on Thursday, the interest rate was kept unchanged at the rate of 0.50% and the quantitative easing program of asset purchasing remained at the same level of 325 billion pounds. The GBP / USD pair showed some weakness moving firstly to the lows of $ 1.6090 but then giving a big strength growing to the area of $ 1.6177 in a 1 hour time period.

Japanese Yen: The Yen was in demand on Wednesday, due to the fears that the global economy recovery may be slower than expected. The USD / JPY pair continued its downtrend breaking the support at Y79.60 level and falling to the area of Y79. 41. After a board member of the Bank of Japan Mr. Sayuri Shirai noticed in his speech that the Central Bank must carefully monitor the exchange rates the yen weakened against the major traded currencies. The USD / JPY couple moved to the highs of Y79, 98.
Canadian Dollar: On the backdrop of falling Oil prices, due to a six-day decline and a record level of growth of amount of Oil in the U.S. inventories, the Canadian dollar fell to a three-month low against the U.S dollar.
Australian dollar: Despite of the positive macroeconomic statistics, which recorded a growth in retail sales in March on monthly basis by 0.9% after a revised 0.3% gain of the previous month, the Australian dollar continued its strong fall. The number of Building Approvals grew by 7.4 percent in March, after falling in February by 8.8 percent and triggered some players to take profit on their short positions taken on this currency a week ago. However, the Australian dollar continued its downtrend on one more negative day this week weakening again against its competitors on the news. That time due to the growing of the trade deficit in the country's to a five-year maximum. Analysts expected the figure will be -1.40B, however the official data showed that Australia 's trade balance changed more than expected and went up from -0.75B (last month) to -1.59B. The Australian dollar fell again, this time because of the information which the country's Prime Minister, Ms. Julia Gillard revealed to the publicity saying that, “if the country's budget will be in profit again, it will give the central bank “maximum space " to change the level of interest rates. The unemployment rate in Australia unexpectedly declined in April to the 12- month low and recorded 4.9 % against 5.2% the previous month and forecasted 5.3 % as it was reported by the Bureau of Statistics today in Sydney. This is the lowest rate since December 2008.As the result, the Australian dollar rose on these positive news. The increase on the 15,500 in the number of new work positions created had also a positive impact on the Australian currency trading dynamics. The big disappointment though for the currency was the report on China’s export which showed that the volume of exports in April grew by only 4.9%, with forecasted growth of 9.1 %.
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WEEKLY TECHNICAL ANALYSIS FOR 14 - 18.05, 2012













EURUSD
The pair had drawn Triple Top. If the pair declines below 1.28800 the pair may workout the figure and the end maybe expected at 1.26833.
Resistance: 1.33427, 1.37441, 1.41130
Support: 1.28800, 1.25667, 1.20280

GBPUSD
The pair is trading between Moving Averages (500 and 100) 1.62818 and 1.59430.
Resistance: 1.64274, 1.68504, 1.72652
Support: 1.59962, 1.52523, 1.48532

USDCHF
The pair has risen to the Moving Average (100) at 0.93264.
Resistance: 0.93264, 0.96597, 0.99031
Support: 0.91074, 0.88022, 0.85633

USDJPY
The pair is trying to break 80.244. If the pair stays below this level the pair will decline to 76.535.
Resistance: 83.330, 86.836, 90.909
Support: 80.244, 76.535, 73.126

AUDUSD
The pair is testing Moving Average (100) at 1.00353.
Resistance: 1.00592, 1.01873, 1.03847
Support: 0.97889, 0.94417, 0.89581

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[henryduncan12]

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