Approaching the end of the week, the currency market offers us a more excellent trading opportunities, then we knew in the monthly report from the European Central Bank (ECB) that the current interest rates are appropriate and inflation remains moderate . As a result, the first reaction of the euro has been to depreciate against the dollar 50 pips, while at the sterling and the yen weakened 15 and 45 pips respectively. Among other things, the dollar has gained momentum against a basket of currencies, after publication of the Beige Book from the U.S. Federal Reserve (FED), where again the monetary authority again referred to a modest economic recovery, although stability depend on the labor and housing sector, central themes that have wreaked havoc on the American country.

For its part, China is not surprising we disclosed after the Gross Domestic Product in the first quarter of 2010 has exceeded expectations, as it fell by 11.9% when estimated a recovery of 11.5%. However, although the data is significantly positive, we must be attentive to the statements that might herald the Chinese government to control the risks of overheating in the economy, as well as a change in monetary policy to curb rally inflation. Remember that tomorrow starts the Summit BRIC (Brazil, Russia, India and China) in Brasilia. Among the topics to be discussed are the global financial crisis, economic recovery and development of the Yuan currency has been on the core issues after Washington press for a future revaluation. It should be noted that the group, constitutes 20% of the economy, 42% of the population, 14.6% of GDP and 12.8% of global trade, rather than data taken into account.
For the next few hours, the eyes will be across the ocean with the Initial jobless, the Empire State Manufacturing Survey of New York, March industrial production and long-term TIC Flows in the U.S..

In the securities field, good quarterly results from JP Morgan Chase and Intel Corp., with the upturn in China’s 1Q GDP have led to selective Asian maximum of 22 months, while in Europe, the floor of the old continent operates on the rise, with the prospect of U.S. macro data and Q earnings from Google will exceed expectations.

With regard to raw materials, the WTI barrel makes a technical bounce after a sharp downward correction, to trade at this time to 85.77 dollars on the New York Mercantile House (NYMEX). Since the beginning of the session, crude depreciated 0.3% since the start of session. For the next few hours, traders await an intraday spike to the ceiling located in 86.07, then consolidated between 85.25/85.38 dollars.

Levels and key trends:

EUR / USD (euro against the dollar): The euro has lost during the morning of 1.36, which has precipitated the price up to 1.3536, a level of interest in advance. It is close to closing the gap around the week it opened. The 1.3536 can hold and is an area where operators seek euro bullish positions. A low, losing 1.3536, the pair slip up to 1.35, second area of potential upward bounce. This is also where lie the 200-day Moving Averages in an hour. Therefore, a level not easily broken, however if successful could precipitate the pair in the direction of 1.34.

USD / JPY (dollar against the yen): Yesterday the dollar’s aspirations were dashed when they crossed 200 days in MM graph of a time in the 93,608, maximum area weekly. Today, after yesterday’s bounce from about 92.87, the MM discussed have again turned to the price. Therefore, we must be attentive to them, as a perforation of them could make the two new roofs made weekly. The objective here would be 94.03, but down the road you will find the maximum of 93,787 last Friday in the. To do this, should rebound strongly from the 93. A low, losing the support of 93 yen per dollar. If the yen is very strong, could try to reach the weekly minimum.

GBP / USD (Pound against the dollar): The pound has not kept about 1.55, which has led the pair to break the upward trend that had drawn from at least April 8. In these moments, found some support in the 1.54 with lows yesterday. If you continue giving levels, the goal is set at 1.5337, the minimum weekly. The Bull, could rebound on the rise looking to los1.5437 1.54.

XAU / USD (ounce of gold against the dollar): The yellow metal could result in a sale if you lose interest in the rising trend, which currently is being conducted. In 1148.6, could be the next stop, where he will meet with the MM 200 days in one hour. A stronger sales could look for 1144. An exaggerated movement downwards, could look past levels situated in 1141/39. Upward trend or remain on the bounce in the MM could push the pair looking for $ 1,160 an ounce.

Opportunities of the day:

USD / CAD (Canadian dollar against the U.S. dollar): The price after having drilled parity levels, after having served a noise level of 0.9951 has been turned and it seems that the price starts to seek immediate resistance located at 1.0019. This shift may have two interpretations: 1. That price will make a pullback on the line has been drilled and 2. The price has hit bottom and begin a gradual recovery and appreciation against the dollar. The maximum strength of this break would give scope to reach the next level of resistance located at 1.0026 but the price should create supports for the climbing has consistency.

EUR / GBP (Euro against the pound): The pair has found a strong resistance on 0.8864, which has brought the price to close the gap that opened the week. It is hoped that by continuing the downward trend, continue to seek new lows of 0.8751 with the following objectives. However, it would not be surprising if the minimum goes up on Friday. On the other hand, both levels are areas where you could turn the price. The aim must be to be about 0.88, mainstay of the week. From a fundamental standpoint, the spread between the Greek and German bond is put back above 400 basis points, thanks to rumors that the European bureaucracy could make that money does not arrive on time.