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UFXBank Daily Review - April 22, 2010

Written by ForexCult Team
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Daily Review 22/04/2010

USD Dollar (USD) – The Dollar traded with a mixed trend versus the majors. No clear direction seems across the board. NASDAQ and Dow Jones rose by 0.17% and 0.07% respectively. Crude oil plunged after the Inventories data showed an increase of 1.9M barrels, closing at 83.4$ a barrel. Gold (XAU) increased for another day closing at 1146$ an ounce. Today, PPI is expected at 0.4% vs. -0.6% previously. The Initial Jobless Claims is expected at 450K vs. 484K previously and the Existing Home Sales is expected at 5.3M vs. 5.02M previously.
EURO (EUR) – The Euro traded near a 2 week low against the Dollar on concern that the aid package for Greece will fail to stabilize the nation’s debt crisis. The main resistance of the pair is located at 1.3500, as long it trades below this level the momentum is bearish. Overall, EUR/USD traded with a low of 1.3357 and a high of 1.3446. Today, the French PMI is expected at 56.8 vs.56.5 previously. The German Manufacturing PMI is expected unchanged at 60.2. The Manufacturing PMI is expected at 56.8 vs. 56.6 previously.
EUR/USD – Last: 1.3380
Resistance    1.3440    1.3470    1.3510
Support    1.3370    1.3340    1.3280

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British Pound (GBP) –