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UFXBank Daily Review - April 13, 2010

Written by ForexCult Team
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Daily Review 13/4/2010

USD Dollar (USD) – The Dollar weakened versus most majors following EU agreement to help Greece with a 61 billion Dollar rescue package. NASDAQ gained by 0.16% and Dow Jones gained by 0.08% and closed above 11K for the first time since September 2008. Crude Oil weakened by -0.77% closing at 84.27$ a barrel. Gold (XAU) weakened by -0.5% closing at 1,155.3$ an ounce. Today, Trade Balance is expected with -38.5B versus -37.3B prior. Treasury Sec Bernanke will speak in Washington.

EURO (EUR) –The Euro jumped after EU offered a rescue package to Greece worth as much as 45 billion Euros. As a result yields on Greece's bond fell, over reduced speculations the country will default. Overall, EUR/USD traded with a low of 1.3566 and a high of 1.3692. EUR/USD gapped up above the 50 day moving average which is located at 1.36 and is facing a major resistance at 1.3820, but could head lower to 1.35 toward closing the gap. No major economic data expected today.
EUR/USD - Last:  1.3590

Resistance    1.3695    1.3780    1.3817
Support    1.3570    1.3505   

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British Pound (GBP) –