The IMF Board approved two new credit packages to limit and fight the spreading of the debt crisis.
Asian and European trading sessions:
Euro: The Euro recovered against most major competitors after the credit rating agency Moody’s confirmed the U.S. credit rating at the AAA level. The EUR/USD pair continued rising and recorded its today’s high at $1.3566 area, even despite the fact that a representative of the German authorities said that Germany had no additional plans to address the EU debt crisis.
US Dollar: The US dollar retreated against the major currencies amid positive dynamics in the main European stock markets and US indices’ futures and decreasing demand for safe-haven assets.
British Pound: The GBP/USD pair traded within $1.5618 to $1.5688 levels. The report, which recorded decline in Public Sector Net Borrowing in the UK did not support for the pair.
Japanese Yen: The yen fell against most major currencies after a leading credit rating agency, Moody’s confirmed the U.S. credit rating at the highest AAA level, thereby reduced demand for Japan’s currency as safe-haven asset.
American trading session:
After the announcement of IMF Board’s approval of two new credit packages for increasing the credit available to fight the spreading of the debt crises, the Euro and other risky assets had a push to grow.
Oil: The WTI oil future on the NYMEX trading rose for the first time in four days by 1.02 dollars to 97.72 dollars per barrel. The drop of the oil, which started last week happened amid fears that the new sanctions against Iran and protests in Egypt would lead to a breach of oil delivers.
Gold: The Gold went up to 1698.95 dollars per troy ounce. The main reason for that was the weakness of the US dollar.
Technical analysis for 23/11
Technical analysis for 23/11
EURUSD
The pair stays above Fibonacci 50% 1.35000. The pair may rise to 1.35984.
Resistance: 1.35984, 1.37486, 1.38554
Support: 1.34882, 1.33143, 1.31674
GBPUSD
The pair has reached support level at 1.56722 and trying to break it. This may bring pair to test 1.54842.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53482, 1.52063
USDCHF
The pair has rolled back to 0.91079 and trying to rise to 0.92026.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair is aiming to test Moving Average (100) at 77.539.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
AUDUSD
The pair has reached support 0.98436 and trying to break it. The pair may continue declining to 0.97423.
Resistance: 0.98436, 0.99207, 1.00067
Support: 0.97423, 0.96579, 0.95611