UFXBank Daily Review - March 18, 2010

Written by ForexCult Team
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Daily Review 18/03/2010 

USD Dollar (USD) – The Dollar weakened against most majors after Wholesale prices in the U.S. fell in February more than anticipated and U.S. central banks pledged to keep interest rates near zero.  NASDAQ and Dow Jones advanced by 0.45% and 0.47% respectively, Crude Oil rose by 1.5% closing at 82.92$ a barrel, Gold(XAU) increased  by 0.14% closing at 1124.1$ an ounce. Today, Core CPI is expected to rise from -0.1% to 0.1%, Unemployment Claims are expected at 456K vs. 462K prior, Philly Fed Manufacturing Index is expected to remain at 17.6.
EURO (EUR) – The Euro declined from a five-week high versus the Dollar after a spokesman for German Chancellor Angela Merkel’s party said Greece should go to the International Monetary Fund if it needs aid, lowering chances of aid from the EU. If EUR/USD breaks above the resistance at 1.3820 levels a long position is preferred. Overall, EUR/USD traded with a low of 1.3726 and with a high of 1.3818.Today, Current Account is expected to rise from 1.9B to 2.9B, Trade Balance is expected at 5.1B vs. 7.0B prior.
EUR/USD – Last: 1.3719

Resistance    1.3740    1.3783    1.3818
Support    1.3711    1.3655