Despite being limited macro data scheduled for today, the major currency pairs we offer interesting tours, highlighting the surge of the loonie to the greenback, while the franc continues to push against the greenback., Trading at this time when lowest since October 2009. Among other things, uncertainties surrounding Greece’s fiscal position remains a key factor in the weakening of the euro. According to the comments of some members of the European Commission, it is difficult for Greece to rectify its economy, after recording a deficit of close to 12.7% of their Gross Domestic Product (GDP) without the assistance of the International Monetary Fund (IMF). However, the Hellenic prime minister, George Papandreou, has indicated that the current problems in the country should be solved without foreign aid, but stressed that he would like more support from their European neighbors.
Among other things, the motto of the old continent is still losing positions on the major majors, then published the results of the producer price index for the Eurozone. According to the Statistical Office of Germany, that industry has registered a slower contraction rate in the year, while the monthly weakened in February. In Asia, the Index of Industrial Activity in Japan has exceeded expectations, while in New Zealand credit card spending rose to 1.1% annualized, reflecting the recovery in domestic consumption. In Canada, we learned that the Consumer Price Index (CPI) has exceeded expectations, as it fell by 1.6% in the annualized rate to 0.7% in the month. As a result, the loonie can see 75 pips so far.
For the next few hours, the eyes will be on retail sales in Canada.
In stock level, the selective in the Asian region closed for the sixth straight week higher, after a rebound in financial stocks, while in Europe, the floor of the old continent operates up, highlighting the Footsie rises after Lloyds TSB announced that profits ahead of schedule, driving the value of their shares by 8%. On Wall Street U.S. futures predict a session start to fall.
With regard to raw materials, a barrel of West Texas Oil (WTI) traded at this time to 80.43 dollars in the Chamber of Commerce of New York (NYMEX). Since the beginning of session, the black gold is depreciated 0.7%, recording a daily minimum at 81.54 dollars. On the technical side, the price could be consolidated with the 23.6% of the final short stroke, while lower, considering the support is in the 81.00 dollars.
Levels and key trends:
EUR / USD (euro / dollar): The pair continues to consolidate within the range between the annual minimum and $ 1.38 per euro. Yesterday did a pullback on the braking of 1.37 to 1.36. During the morning of Europe has lost 1.36 and the objective is to break the strong support that exists in the 1,355 in the first 10 days of March. In that case, the objective is the barrier of 1.35, which may delay the movement until the kittens annually. Higher, the stand 1.355, will aim to reach the top of the range located at 1.38. If so, it would be a strong movement of the euro, as they are more than 200 pips up to 1.38. By the way, we should highlight in first instance on today’s intraday high and 1.37 along the 200-day moving averages in one hour. Finally, note in chart 4 hours bullish channel in place since late February has been broken, leaving as a first option for minimum search.
USD / JPY (dollar / yen): Observing the 4 hour chart as the pair is seen almost all of March brings in a range that we could define between 90.7 and 90. Therefore, the objective for today is to break one of the ends to which the torque starts to take a direction for the coming days. A low, will slide the monthly minimum located in the surroundings of the 61.8 fibo. The Bull, will go towards the barrier of 92 found their main resistance in the 91 yen per dollar. Finally, should not venture beyond the range delimited, we must try not to get into the middle of the ranks and look for extremes.
GBP / USD (pound against the dollar): The pound has managed to get out of the downtrend, which stood from the annual cap. However, the 200-day Moving Averages of 4 hours at the fibo 38.2 (drawn from the highest to the lowest of the year) trying to send him back to perform a new shortwave. At this time try not to lose the 1.5127, which would leave an option to attack the maximum 1.5318 yesterday. However, a movement. A low, after losing 1.52, the pair seek to unfold the downtrend. A sharp slide in the price of 1.50 could find, though, by the way we should highlight the 1.5172/27 and 1.5072. Emphasize that is finding support in the 1.5127. Finally, 4-hour chart has formed a bullish channel that could be taken into account to determine the ceiling or the floor to this day.
XAU / USD (ounce of gold against the dollar): The price of yellow metal, having hit the target in 1132 dollars per ounce, it has turned around and everything suggests that the downward movement will continue, for least to rely on the immediate line of support in the levels of $ 1120. In the event that the price breaks that support will go to find the next support line price and is targeting a certain level of importance placed on $ 1110. An alternative scenario can place it again in 1132 and a target total around $ 1137 but notes that after the price starts to look for the lines of resistance that has been created.
Opportunities of the day:
EUR / CHF (Euro against the Swiss franc): The Swiss franc is appreciating sharply after comments by Danthine, Swiss National Bank board member. He said that monetary policy can not remain standing indefinitely, and that we must begin to prepare for a rise in interest rates. That is, it has been interpreted as the interventionist policy of the Swiss National Bank is ending. However, Danthine later recanted saying that the SNB is ready to intervene if you make excessive movements CHF. Noting the evolution of the market, not have believed the change of words and points to a minimum torque of 2008 located in the 1.43 area bullish rebound potential.
USD / CAD (Canadian dollar against the U.S. dollar): The pair turned yesterday leaving a pattern strongly bullish for today, for the moment it is serving. The aim upwards will restore the area of 1.02, area operators will loonie is short. While the candle is bullish pattern, the trend is clearly bearish, but you may find a fix before going for parity. The 23.6 fibo is located in 1024, point to consider if the area drilled previously discussed. A low, on the threshold of 1.02 MM are the 200 days of an hour, the last time that came into play revolved strongly to price. The aim will be making a turn in V if you break the least today. In this case, one should bear in mind the 1.0090 support before they reach the weekly minimum of 1.0071.