Daily Forex and Market NewsFOREX
The Euro is still above 1.2800 after recovering from 1.2710 and might still test 1.2880-900. USDJPY is trading between 76.55-77.05. USDCHF did not rise above 0.9500 with strength and now might test 0.9330 and then .99320.
MARKETS
The US Dow closed up 96.88 at 12578. This came on a report showing a better recovery in industrial production at 0.4%.
Asian markets are up as China is considering relaxing the capital requirements for commercial banks. The Nikkei is up 113 at 8663 and the Shanghai is up 15 to 2281.
COMMODITIES
Crude has short term resistance at 102.00 and then at 102.50. We see support now at 100.00.
Gold might test the resistance at 1680. 1670 and 1675 are key levels to watch as well.
Daily Forex Analysis: The Euro Inches Higher
EUR/USD: This market has been inching higher and has now reached the trend line resistance. This line is coming from the highs reached in December and January.
We might see a test of the resistance at 12945. We see strong resistance, a monthly high, at 1.3076. The resistance at 1.2945 is a key level. If that holds we might see a shift in the structure towards he support levels.
A move above 1.3076 might then see the market testing 1.3200.
EUR/USD" title="EUR/USD" width="1371" height="548">
Daily Forex Analysis: The Aussie Might be Forming a Top Soon
AUD/USD: We might be seeing a top being formed soon with the next high.
We have strong resistance to watch from the trend line which was at 1.0465 on Wednesday. We also have a key and psychological resistance level at 1.0500 and a level at 1.0577.
Alternatively, a fall below the support at 1.0253 might test support levels at .9860 and 1.0045.
AUD/USD" title="AUD/USD" width="1344" height="516">
The Kiwi Trades Near Resistance
NZD/USD: The market is now trading at resistance. If this level holds we could test support at .7980. If the Kiwi falls below that level, we might then test .7912. Below that level we see supports at .7770 and .7650.
Alternatively, a move higher might test the resistance at .8106. This is the 50% retracement of the decline we saw from 2011.
NZD/USD" title=" NZD/USD" width="1372" height="455">