UFXBank Daily Review - March 23, 2010

Written by ForexCult Team
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Daily Review 23/03/2010 

USD Dollar (USD) –
The Dollar weakened against most majors after US market and commodities climbed, tempting the investors to buy higher yielding asset. NASDAQ and Dow Jones advanced by 0.88% and 0.41% respectively as a reaction to Obama’s health care plan approval. Crude oil rose by 0.8% closing at 81.6$ a barrel and Gold (XAU) weakened   by 0.7% closing at 1099.8$ an ounce. Today, Existing Home Sales are expected to weak from 5.05M to 5.01M and Treasury Secretary Geithner Speaks.
EURO (EUR) – The Euro rose from a three-week low against the Dollar as European leaders tried to allay concerns that they were unprepared to aid Greece, easing pressure on higher-yielding assets. The EUR/USD has been trading downwards in the last three days therefore a short position is preferred, the main support is at 1.3450. Overall, EUR/USD traded with a low of 1.3463 and with a high of 1.3568.Today, Belgium NBB Business Climate is expected at -4.1 vs. -7.0 prior.
EUR/USD – Last: 1.3561

Resistance    1.3569    1.3626    1.3695
Support    1.3500    1.3463   


British Pound (GBP) &ndash