USD Dollar (USD) – The Dollar was up against most of the other major currencies as escalating unrest in North Africa and the Middle East pushed investors towards safe investments like the Dollar and commodities. The earthquake in New Zealand also gave an additional boost to the dollar. Wall Street was closed yesterday due to the bank holiday in the US. Crude oil surged to a new two year high owing to the situation in Libya, and in the end strengthened by 6.3%, closing at $95.40 a barrel. Gold (XAU) rose by 1.7% and closed at $1406 an ounce. Today, CB consumer confidence is expected to rise from 60.60 to 63.00.

Euro (EUR) – The Euro declined a bit in Forex trading against the Dollar as escalations mounted in Libya and in Bahrain, which caused investors to buy the Dollar as a refuge. The EUR/USD is still facing the resistance level of 1.3750 on the daily chart. If the pair breaks this level, the Euro will continue with its bullish trend. If not, the Euro will probably start to decline towards 1.36 and even less. Overall, EUR/USD traded with a low of 1.3647 and with a high of 1.3712. Today, the GfK German Consumer Climate is expected at 5.80 vs. 5.70 prior.

EUR/USD – Last: 1.3587

Resistance

1.3630

1.3685

1.3720

Support

1.3545

1.3475

1.3430

British Pound (GBP) – The Pound weakened from a three week high against the Dollar as escalating political unrest in the Middle East supported safety assets. The GBP/USD’s resistance on the daily chart is 1.6300, and as long as the pair is trading above 1.6150 and above the 20 moving average on the daily chart, the Pound is very bullish. Overall, GBP/USD traded with a low of 1.6204 and with a high of 1.6252. Today, Public Sector Net Borrowing is expected to weak from 15.30B to 0.70B.

GBP/USD – Last: 1.6162

Resistance

1.6200

1.6270

Support

1.6150

1.6080

1.5985

Japanese Yen (JPY) –The Yen fluctuated against the Dollar during the European session in the end closed almost unchanged as concern that unrest in the Middle East will spread, boosted demand for safer assets like the Yen and the Dollar. The earthquake in New Zealand created an initial boost for the Yen, but Moody’s downgrading of Japan’s bond rate counteracted that surge. The USD/JPY main support is still at 83.00, and if the pair breaks below this level, the Dollar will probably continue to decline towards the 82.00 level. If the rate crosses the 83.55 level, it will probably rise to 84.00 and more. Overall, USD/JPY traded with a low of 83.05 and with a high of 83.54. No economic data is expected today.

USD/JPY-Last: 83.27

Resistance

83.55

83.75

84.00

Support

83.00

82.80

Canadian dollar (CAD) – The Canadian Dollar rose versus the US Dollar as crude oil jumped sharply to a new record since 2008, drifting the Canadian Dollar as well.  The USD/CAD’s support is still located at the 0.9800 level, and as long as the pair is trading below the 20 moving average on the daily chart and below 0.9900, the momentum of the Canadian Dollar is positive. Overall, USD/CAD traded with a low of 0.9821 and with a high of 0.9872. Today, Core Retail Sales are expected at 0.70% vs. 1.00% prior and Retail Sales at -0.10% vs. 1.30% prior.

USD/CAD – Last: 0.9860

Resistance

1.0030

1.0205

1.0380

Support

0.9815

0.9800

 

 

 

 

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