Market review for 17.10.2011: : Europe may need more time to solve the problem of sovereign debt.

Forex-Metal Daily Market Review and Technical Analysis Send to a Friend |  Visit our website |  Unsubscribe Tue, 18 Oct  2011 Daily review for 17.10, 2011 Market review for 17.10.11: Europe may need more time to solve the problem of sovereign debt.   Asian and European trading sessions: Euro: The euro fell against the Japanese yen and US dollar during the Asian trading session (minimum of $1.3822 during this session). Much of this negative rally was caused by the profit fixation of the long positions. The Euro continued falling down through all European session as well ($1.3739 lows) because the investors and traders were not encouraged by the results of the G20 summit, which ended in Paris during the weekend. None of the specific measures to resolve the current crisis have been proposed at this summit.   US Dollar: Decline in the stock market indices supported the US Dollar today.   British Pound: The pound dropped against the dollar and the yen amid existing fears that additional incentives of the Bank of England would not be enough to revive economic growth. The GBP/USD pair has shown minimums in area of $1.5730 during the European trading session.   Japanese Yen: The yen strengthened slightly against the US Dollar against the background of the situation in the EU. During the Asian trading session the USD/JPY pair showed its daily high in the area of Y77.45, but  later during the European trading session the pair dropped steeply and set the low of this day at Y76.595 level. Australian Dollar: The Australian dollar fell ahead of tomorrow's Reserve Bank of Australia meeting. Gold: Today's trade range was around the $1664 - $1694 level per ounce. Oil: set its new highs at $88.16, but closed the day at the $86.36 mark per barrel.   American trading session: Commodity currencies (Canadian, New Zealand and Australian dollars) updated daily minimums against the United States dollar. The British pound fell for the first time in four days against the dollar after Ernst & Young agency reduced the growth forecast for the UK. technical analysis for 18.10, 2011 EURUSD The pair has tested Fibonacci level 61% at 1.38871 and rolled back to 1.37486. The pair may continue declining to 1.35984. Resistance:  1.38554, 1.39600, 1.40690 Support:  1.37486, 1.35984, 1.34882 GBPUSD The pair has worked out Double Bottom. Resistance:  1.58543, 1.60322, 1.62050 Support:  1.56722, 1.54842, 1.53482 USDCHF The pair has declined to 0.89635. If this level is broken the pair will decline to 0.88418. Resistance:  0.91079, 0.92026, 0.93069 Support:  0.89635, 0.88418, 0.87214 USDJPY If the pair stays below 76.463 the pair will decline to 75.425. If the pair stays above 76.463 the pair will rise to 77.539.   Resistance: 77.539, 78.345, 79.070 Support:  76.463, 75.425, 74.414 AUDUSD The pair has tested Moving Average (100) at 1.02879 and rolling back to 1.00907. Resistance:  1.01744, 1.02558, 1.03535    Support:  1.00907, 1.00067, 0.99207   Useful Links Discuss currency news with other traders in FX2Day forum: https://fx2day.net/forum/mvnforum/index Download free demo platform: https://forex-metal.com/home/download Ready to open a real account to start trading? You can do it here: https://forex-metal.com/accounts/new Did you know that you can earn commission simply for referring a friend to us? There are 3 commission options you can choose from. To learn more please visit our Introducing Brokers page: https://forex-metal.com/broker_inquiries/new Watch our new commercial at YouTube: http://www.youtube.com/watch?v=o0fQEydv-3M Open Account |  Economic Calendar |  PIP Value Calculator |  Forex for Beginners   Forex Metal T: 1-866-464-0944 F: 1-800-689-8298 E: info@forex-metal.com You are receiving this e-mail because you have subscribed to free daily FX news via Forex-Metal.com website. If you do not want to receive any e-mail messages from us please send a message to support@forex-metal.com with UNSUBSCRIBE in the subject line. Please do not reply to this newsletter.