Market review for 06.12.2011: Market participants’ expectations for upcoming EU economic summit supported the Euro.

Forex-Metal Daily Market Review and Technical Analysis Send to a Friend |  Visit our website |  Unsubscribe Wed, 07 Dec  2011 Daily review for 06.12. 2011   Market participants' expectations for upcoming EU economic summit supported the Euro.  Asian and European trading sessions: Euro: At the end of the Asian trading session the Euro slightly fell against its main competitors and eventually, the EUR/USD pair set its daily lows at $1.3334 area. The European session, though, brought some positive effect for Euro currency amid expectations by market participants for upcoming EU economic summit, which will be held on Thursday –Friday. Indeed, the support came after the announcement of the German Chancellor Angela Merkel, who said that the important decisions would be made on Thursday and Friday. The Euro regained its morning losses against the dollar and the EUR/USD couple strengthened to $1.3428 level.   British Pound: The GBP/USD pair showed flat trend setting its sessions low at $1.5590 and high near the $1.5662 area. Japanese Yen: Today the USD/JPY pair traded in the narrow range of Y77.62-Y77.83 during both sessions.  Australian Dollar: The big news for Australian dollar today were a decision of the Reserve Bank of Australia, which cut interest rates by 25 basis points for the second consecutive month to 4.25 %. Australian dollar fell against all major currencies at the beginning of the Asian trading session. New Zealand: The New Zealand dollar also fell amid reduced demand for risky assets. The main reason for that was the report of the Standard & Poor's agency which warned of the possible downgrades of the AAA rating of some European countries, including Germany.   American trading session: The dynamics of the Euro trading was positively affected by the report on the Germany Factory Orders, which were better than expected; in details, 5.2% versus 1 % in October.   The Swiss franc fell against all major currencies against the backdrop of November's decline in CPI by 0.5 % compared with the forecasted 0.3%.   Oil: The WTI Oil futures closed the day around the 100.68 dollars per barrel at the end of American trading session. Gold: The Gold futures had negative day and closed it at $1720.13 per ounce.          technical analysis for 07.12, 2011    EURUSD The pair has risen to 1.34882 and rolling back to 1.33143. Resistance:  1.34882, 1.35984, 1.37486 Support:  1.33143, 1.31674, 1.30277 GBPUSD The pair is trading below 1.56722 it may bring pair to 1.54842. Resistance:  1.56722, 1.58543, 1.60322 Support:  1.54842, 1.53482, 1.52063 USDCHF The pair has risen to the Moving Average (500) at 0.93069 and rolling back. The closest support for the pair is 0.92026. Resistance:  0.93069, 0.93949, 0.95074 Support:  0.92026, 0.91079, 0.89635 USDJPY The pair is aiming to 77.539. If this level is broken the pair will continue declining. Resistance: 78.345, 79.070, 79.707 Support:  77.539, 76.463, 75.425 AUDUSD The pair has risen to 1.02558. If the pair stays above this level the pair will rise to 1.03535. If the pair stays below .02558 the pair will decline to 1.01744. Resistance: 1.02558, 1.03535, 1.04407 Support:  1.01744, 1.00907, 1.00067             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.