UFXBank Daily Review - January 13, 2010

Written by ForexCult Team
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Daily Review 13/01/2010 

USD Dollar (USD) – The Dollar posted mix results across the board. US Markets finished lower, stocks declined by the end of today’s trading session after the worst than expected fundamentals released from the U.S. economy. Trade balance deficit came out at -36.4B in the month of November, worst than expected -34.5B. The Dow Jones fell by 0.34% and NASDAQ lost 1.30%. Commodities also fell. The Crude oil tumbled but managed to close above 80$ a barrel. Gold (XAU) collapsed and closed at 1127$ an ounce. Today, The Federal Budget Balance is expected at -92B vs. -120.3B previously.
EURO (EUR) – The Dollar rose against the Euro. The European currency failed to stay above the 1.4550 level and struggling to hold the critical support of 1.4480. Risk aversion could be extended in the market after bad reports that came out in the US also favoring the downside of the cross. On the technical view, if the 1.4480 level fails to hold, a downside back to 1.44 could be seen. Overall, EUR/USD traded with a low of 1.4452 and with a high of 1.4545. Today, The French CPI is expected at 0.3% vs. 0.1% previously.
EUR/USD – Last: 1.4480

Resistance    1.456    1.459    1.463
Support    1.4465    1.4415    1.4385



British Pound (GBP) &ndash