Asian and European trading sessions:

Date Review : 5/06/2012

Euro: The EUR / USD pair tested the level $ 1.2380 during the Asian session on the background of fears that European leaders would not agree on new measures for overcoming the debt crisis in Euro zone.

U.S. Dollar: The dollar rose against a background of falling of Asian stock markets on the background of negative economy statistics from China and Europe. As it was posted by the Federation of Logistics and Purchasing of China the PMI industry of the country recorded 50.4 points in May, which was the lowest level in the past five months. The unemployment rate in the 17 euro zone countries remained at a highest mark of 11% in April in monthly terms, unchanged from the revised in March.

British Pound: During the Asian and European sessions the GBP / USD pair was trading between $ 1.5340 -$ 1.5380 in relatively narrow range on the background that the UK financial markets were closed today due to National holiday as well as on lack of macroeconomics data for today.

Japanese Yen: The USD / JPY pair was trading around Y78.15 during the Asian session and after breaking the resistance level of Y78.20 moved higher to theY78.34 area. The reason that the dollar strengthened against the yen was the fact that the treasuries’ yields rebounded from a record low for the first time in four days. Also, the statements the of Minister of Finance of Japan Mr. Azumi 's about the readiness to take " decisive action " in order to reduce the "excessive movement" of the national currency which were made by June 1 contributed to correction in USD / JPY pair after the three-day of fall.

Australian dollar: The Australian currency dropped today against its competitors on the early Asian session in anticipation of tomorrow's meeting of the Reserve Bank of Australia, where the RBA would probably reduce interest rate by 25 basis points to 3.5%.

American trading session:

 

Euro: The Euro continued to trade higher throughout the American trading session against the background of politicians’ discussions the possible restructuring of the banking sector of euro area as well as the good news from Portugal. The information that the Vice -President of the European Commission, Mr. Olli Rehn as the European regulator was considering the possibility of direct recapitalization of banks through the mechanism of the euro area financial fund of stability had supported the Euro currency and the EUR/USD pair went to the $1.2500 area.

U.S. Dollar: As it was reported today, the volume of Industrial Orders in the U.S. in April 2012 decreased by 0.6 % compared to the analysts’ expectation of predicting their growth by 0.2 %.This news was not supportive for the Dollar and was the reason of its decline during the session against major traded currencies.

Gold: After the Friday’s monster move by almost 60$ the June’s gold futures traded in a range $1608, 2-$1627, 8 per troy ounce on the COMEX today. The Gold futures rose due to increased investment demand for physical Gold caused by fears of further worsening the debt problems in the euro zone.

Oil: The cost of the WTI July’s futures on the NYMEX today rose to the level of $ 83.82 per barrel. Before this correction the Oil prices hit the lowest level in eight months against the backdrop of weak statistics on Industrial Orders in the U.S. in April as well as negative reports on China’s economy.
 

Technical analysis for 5/06

 

EURUSD
The pair is rolling back to 1.25690.
Resistance:  1.25690, 1.26897, 1.28630
Support:  1.23907, 1.21813, 1.19332

GBPUSD
The pair has reached Fibonacci 23%  1.53482.
Resistance:  1.54842, 1.56722, 1.58543
Support:  1.53482, 1.52063, 1.50594

USDCHF
The pair has tested channel line and rolling back to 0.95074.
Resistance:  0.96220, 0.97427, 0.98512
Support:  0.95074, 0.93949, 0.93069

USDJPY
If the pair stays above 78.345 the pair will rise to 79.070. If the pair stays below 78.345 the pair will decline to 77.539.
Resistance: 79.070, 79.707, 80.438
Support:  78.345, 77.539, 76.463

AUDUSD
The pair is trying to stay above 0.97423, it may bring pair to test 0.98436.
Resistance:  0.98436, 0.99207, 1.00067
Support: 0.97423, 0.96579, 0.95611

Source : https://forex-metal.com