Market review for 05.03.12: The negative outlook for China's GDP increased demand for safe haven currencies.

Forex Metal Daily Newsletter Send to a Friend |  Visit our website |  Unsubscribe Tuesday, 06 Mar 2012 Daily review for 05.03, 2012 The negative outlook for China's GDP increased demand for safe haven currencies.   Asian and European trading sessions:     Euro: During the Asian session the EUR / USD pair traded sideways between $ 1.3182 -$ 1.3212. The market expected today's statistics on the in Retail Sales in the Euro zone. At the beginning of the European session the Euro currency continued its downtrend and the EUR/USD couple declined to its daily low of $1.3159. The report on Retail Sales in the European Union, which came out better than expected (in January (+0.3% (MoM) and 0.0% (YoY)) did not influence much the trading dynamics of the European currency.   U.S. Dollar: The pullback of the European stock markets from their session lows put pressure on the U.S dollar at the end of the European trading session and greenback retreated from highs against major currencies.   British Pound: The GBP / USD couple during the Asian session the pair fell to $ 1.5809 area. The report on the Purchasing Manager Index of the UK service sector put some pressure on British Pound today. The February's value PMI was below forecasts. The GBP / USD pair showed a minimum of $ 1.5784, at the beginning of session. However, the pair was able to restore and update the highs of $ 1.5872 level at the European session.     Japanese Yen: The yen continued to rise against all 16 major currencies. The USD / JPY during the Asian session the pair fell to its daily low of Y81.14. The main reason for this trend continuation was a publication of outlook for China's GDP, which confirmed China's GDP contraction for the 2012. In details, the Prime Minister of China, Mr. Wen Jiabao stated that it would be a decrease to 7.5 % from targeted 8% for the growth of national economy in 2012. This news triggered tendency of market participants do not to take risks today, therefore the demand for the currencies with the safe haven status had increased. Also, the technical factor of recent deep oversold of Japan currency provided support for that kind of trading dynamics.   Australian dollar: On the background of negative news regarding the slowdown of the growth of Chinese economy, the Australian dollar weakened against most major currencies. This situation also contributes for lowering demand for commodities for Australia.       American trading session:   Euro:  The Euro received support which came from the statements of the Minister of Finance of Greece, Mr. Venizelos who said that Greece would not need third rescue package after conducting a bond swap.   Gold: March Gold futures price fell today to 1695.4 dollars per troy ounce. The investors concerned for the economic development of China and the Euro zone. The price of gold was falling amid decreased demand for commodities today.   Oil: April WTI oil futures price were traded today in the range of 105.48 - 107.38 dollars per barrel.    ___________________________________________________________________       TECHNICAL ANALYSIS  for 06.03, 2012   EURUSD The pair has declined to below Moving Average (100) and may break support 1.31674 and decline to 1.30277. Resistance:  1.33143, 1.34882, 1.35984 Support:  1.31674, 1.30277, 1.28630 GBPUSD The pair has drawn Head and Shoulders. MACD also has formed divergence that supports pair to start workout of the figure. The first aim is at 1.56722 if the pair declines below 1.58543.   Resistance:  1.60322, 1.62050, 1.63316 Support:  1.58543, 1.56722, 1.54842 USDCHF The pair has found support at 0.91079 and trying to rise to 0.92026. Resistance:  0.92026, 0.93069, 0.93949 Support:  0.91079, 0.89635, 0.88418 USDJPY The pair has reached Moving Average (500) at 81.399 and may roll back to 79.707. Resistance: 81.399, 82.219, 83.065 Support:  80.438, 79.707, 79.070 AUDUSD The pair has drawn Triple Top and testing Neckline support 1.06164. MACD divergence supports pair to start workout the figure. If 1.06164 is broken the pair will decline first to 1.05332. Resistance: 1.07005, 1.07739, 1.08413 Support: 1.06164, 1.05332, 1.04407   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.