The Euro boosted on rumors of early agreement between Greece authorities and creditors.
Asian and European trading sessions:
Euro: The euro currency during the Asian trading session fell against its major competitors against the backdrop of continuing concerns about Greece’s ability to cooperate with EU regarding its huge debt. The EUR / USD pair fell to $1.3089 level. Also, the additional pressure on the euro was provided by the report on industrial production in Germany, which in December recorded an increase by only 0.9% with forecasted 4.3%, therefore was much worse than expected. Closer to the end of the European trading session, the euro currency boosted against other major currencies, reaching a session high of $ 1.3181 against the U.S. dollar amid speculation about the possible agreements between the creditors and the Greek government.
Australian dollar: Today, the Central bank of Australia decided to keep the interest rate at 4.25% level. These news provided support for the national currency and the Australian dollar rose against all 16 major currencies.
American trading session:
British Pound: The GBP / USD continued to accumulate long positions and as the result rose to new highs showing the maximum of the day at $ 1.5902 area.
US Dollar: After the Chairman of Fed Reserve Mr. Bernanke in his speech noticed that in the next two years inflation will be remained at the 2% mark or even below it the U.S. dollar dropped against its major competitors. The dollar index fell to its lowest level since December.
Japanese Yen: The USD / JPY pair continued it’s up trade which was started on previous week and rose to Y76.96 level at the American trading session.
Gold: Gold grew on rumours of early agreement between Greece authorities and creditors. The cost of the February gold futures on the COMEX today rose to 1744.9 dollars per ounce.
Oil: The fears of possible threats of Iran to stop oil exports to several countries in Europe were supported for increasing prices on oil futures. The March WTI oil futures rose to its daily maximum of 99.07 dollars per barrel.
Technical analysis for 08/02
EURUSD
The pair had drawn Flag on daily graph. The end of the figure maybe at 1.34882.
Resistance: 1.33143, 1.34882 1.35984
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair has broken 1.58543 and reached Moving Average (500) which is the resistance level for the pair.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair is testing support 0.91079 again. If this level is broken the pair will decline to 0.89635.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair has broken support 76.463 and trading round this support.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
AUDUSD
The pair is aiming to 1.08413.
Resistance: 1.08413, 1.09112, 1.09782
Support: 1.07739, 1.07005, 1.06164