Market review for 08.05.12: A diverse parliament of Greece will not be able to reach a compromise in the formation of the government.

Forex Metal Daily Newsletter Send to a Friend |  Visit our website |  Unsubscribe Wednesday, 09 May 2012 DAILY REVIEW  for 08.05, 2012   A diverse parliament of Greece will not be able to reach a compromise in the formation of the government.   Asian and European trading sessions:     Euro: The EUR/USD pair traded lower at the Asian and European sessions. It was on the way to test the lows of the previous day. All these were on the background of the background of news which came from Athens revealing the fact that the new government of Greece could not be still formed. Also after the French President Nicolas Sarkozy, a partner and supporter of German Chancellor Angela Merkel was defeated at the election by the socialist Francois Hollande the rumors came to the markets about the possible revising of economy measures in Europe. These rumors increased investors' concerns about the worsening of the situation with the debt crisis in Euro zone. What was done is a very diverse parliament was formed, which will not be able to reach a compromise in the formation of the government. The only positive news that prevented currency from falling to new lows today was a report on industrial production in Germany, the results of which recorded a growth in March and were significantly higher than forecasts. The EUR/USD couple showed a low of the European session around $1.2982 level.     British Pound: The GBP / USD couple traded down in the Asian and declined to $1.6154 area. The currency came under pressure mostly for same reasons as the Euro. The GBP / USD pair accelerated its move at the beginning of the European session falling to the lows of $1.6124.     Japanese Yen: Against the background of growing of Asian markets the demand for the yen was limited. The USD / JPY pair during the Asian trading firstly grew to the highs of Y80.05 than steeply fell under the pivot point to the lows of Y79.81.     Australian dollar: One more negative day for the Australian dollar which weakened again against its competitors on the news of growing the trade deficit in the country's to a five-year maximum. Analysts expected the figure will be -1.40B, however the official data showed that Australia 's trade balance changed more than expected and went up from -0.75B (last month) to -1.59B.       American trading session:   British Pound: The reaction of the pound fell against the dollar after a report showed that UK house prices fell in April was falling to the lows of previous session of $1.6124.The index fell to - 19 from - 11 in March, which was announced by the  Royal Institution of Chartered Surveyors. The values ??below zero means that the more analysts expect lowering the prices rather than their increasing.     Gold: While the dollar was strengthening and the market traded on news of political situation in Europe the Gold prices were falling. The Gold fell today by 2.65% below support which was at the $1.611 area. The cost of the June gold futures on the COMEX today fell to $ 1595.4 per troy ounce close to the lows of 2012 year.   Oil: The Oil dropped today on the background of the speech of the minister of Saudi Arabia who mentioned the high oil prices and the weakening of the euro against the dollar after the election results in Greece and France. The cost of the June WTI's futures on the NYMEX fell to $ 95.48 per barrel today.    ______________________________________________________________________   TECHNICAL ANALYSIS for 09.05, 2012   EURUSD The pair has reached neckline of Triple Top and if stays below 1.30277 the pair will workout the figure, the end maybe expected at 1.26897, after breaking 1.28630. Resistance:  1.30277, 1.31674, 1.33143 Support:  1.28630, 1.26897, 1.25690 GBPUSD The pair stays below 1.62050, if the pair stays below this level the pair will decline to 1.60322. Resistance:  1.62050, 1.63316, 1.64636 Support:  1.60322, 1.58543, 1.56722 USDCHF The pair has broken triangle's upper line but left unclosed gap at 0.91835. Resistance:  0.93069, 0.93949, 0.95074 Support:  0.92026, 0.91079, 0.89635 USDJPY The pair is trading between two Moving Averages (100 and 200) 80.438 and 79.707. If the pair breaks 79.707 the pair will decline to 79.070. Resistance: 80.438, 81.399, 82.219 Support:  79.707, 79.070, 77.539 AUDUSD The pair has reached the median line at 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. 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