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UFXBank Daily Review - April 19, 2010

Written by ForexCult Team
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Daily Review 19/04/2010 

USD Dollar (USD) – The Dollar strengthened against most majors after news on Friday that Goldman Sachs has been charged with fraud by Securities and Exchange Commission caused an immediate fall in stocks and commodities, thus spearing investors to buy the Dollar as a refuge. NASDAQ and Dow Jones weakened by 1.37% and 1.13% respectively. Crude oil fell by 2.4% closing at 84.6$ a barrel and Gold (XAU) also dropped by 2.0% closing at 1136.9$ an ounce. Today, Fed Chairman Bernanke Speaks.

EURO (EUR) –
The Euro weakened against the Dollar on speculation that Goldman Sachs will be charged with fraud. European CPI that came worse than expected at 1.4% vs. 1.5% also helped the momentum and lead investors to sell the Euro versus the Dollar.  The main resistance is located at 1.3500. As long as it trades below this level the momentum is bearish. Overall, EUR/USD traded with a low of 1.3472 and with a high of 1.3566.
EUR/USD – Last: 1.3451

Resistance  
  1.3510    1.3565    1.3695
Support    1.3440    1.3360    1.3340

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British Pound (GBP) –