Market review for 16.05.12: The ECB has stopped cash transactions with some Greek banks.

Forex Metal Daily Newsletter Send to a Friend |  Visit our website |  Unsubscribe Thursday, 17 May 2012 DAILY REVIEW  for 16.05, 2012  The ECB has stopped cash transactions with some Greek banks.   Asian and European trading sessions:     Euro: The Euro reached its lowest level in four months falling slightly below the $ 1.2700 level on the background of announcement of the early elections in Greece, which will be held on June 17. The fact that the Greek politicians could not use the last chance to form a government made an early parliamentary election inevitable. The big intraday push down to the EUR/USD's today's lows at 1.2688 level occurred due to the information that the ECB has stopped cash transactions with some Greek banks.     U.S. Dollar: The dollar continued its rally against major currencies against the backdrop of the continuing decline of Asian stocks. Also, the market participants expected today's publication of the protocol of the last meeting of the FOMC which was held on April 24-25.   British Pound: The Pound declined at the Asian session against its major competitors. The GBP / USD pair continued yesterday's fall. The reason that pound fell during the European session was the publication of the report of the Bank of England on the situation with inflation in the country in the first quarter of the 2012. The British Central Bank lowered forecasts for economic growth in the country and raised its forecast for inflation thus increased market participants' expectations regarding the continuation of the Bank of England policy of quantitative easing. The GBP / USD pair fell sharply during the report announcement even breaking the $1.5900 level and recording the low of today at ??$ 1.5890 mark. Later the couple was able to bounce to the area of ??$ 1.5950.   Japanese Yen: The yen continued its decline against the dollar after the published report on Machine orders The results showed that in March on monthly basis the volume of orders fell to -2.8 % after rising 2.8% at the previous month. The USD / JPY pair rose above yesterday's highs to the region of $80.53.       American trading session:   Euro: The fall of the euro against the dollar was limited due to the technical factors. During the session the EUR/USD couple bounced from the important $1.2700 level and strengthened to the $1.2757 region which was a high of today.     Gold: The Gold prices also bounced back from a 10- month lows and strengthened to the line of resistance of 8 May the 1552.5 level. A number of technical signals indicated the possibility of early correction in gold prices. The region of $ 1520 per troy ounce, the strong level of support in the area of lows of September and December 2011 has not yet broken. The cost of the June gold futures on the COMEX today closed this day at $ 1542.90 per troy ounce.   Oil: Oil fell to its lowest level in six months of $91.8 on the previous trading session. However, due to the technical oversold the Oil futures did continue moving lower and pull back sharply to the level of  $94.01.The pressure that oil prices came under was due to the  report from the Energy Department, which reported that oil inventories  rose last week to 2.128 million barrels. The cost of the June futures WTI on the NYMEX closed this day at $ 92.8 a barrel.     ______________________________________________________________________   TECHNICAL ANALYSIS for 17.05, 2012    EURUSD The pair is worked out Triple Top and declined to 1.26897.  Resistance:  1.28630, 1.30277, 1.31674 Support:  1.26897, 1.25690, 1.23907 GBPUSD The pair has broken 1.60322 and aiming to 1.58543. Resistance:  1.60322, 1.62050, 1.63316 Support:  1.58543, 1.56722, 1.54842 USDCHF The pair is aiming to 0.95074. Resistance:  0.95074, 0.96220, 0.97427 Support:  0.93949, 0.93069, 0.92026 USDJPY The pair is trading between two Moving Averages (100 and 200). If the pair breaks 79.707 the pair will decline to 79.070.  If the pair breaks 80.438 the pair will rise to 81.399. Resistance: 80.438, 81.399, 82.219 Support:  79.707, 79.070, 77.539 AUDUSD The pair has tested Fibonacci 23% 0.98733 and rolling back to 1.00067. Resistance:  1.00067, 1.00907, 1.01744 Support: 0.99207, 0.98436, 0.97423       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.