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UFXBank Daily Review - April 27, 2010

Written by ForexCult Team
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Daily Review 27/4/2010

USD Dollar (USD) – The Dollar weakened versus most majors as investors became more optimistic regarding the future of the Euro zone as a result of more developments on the Greek bailout plan. NASDAQ declined by -0.28% and Dow Jones finished unchanged on a choppy trading day. Crude Oil weakened by -1.4% closing at 83.97$ a barrel. Gold (XAU) remained almost unchanged closing at 1,153.4$ an ounce. Today, CB Consumer Confidence is expected stronger with 53.6 versus 52.5 prior. Fed Chairman Bernanke is due to testify in Washington.

EURO (EUR) –The Euro gained versus the Dollar and was little changed versus the other majors as traders await more announcements regarding Greece's bailout. Overall, EUR/USD traded with a low of 1.3291 and a high of 1.3416. EUR/USD is still trading beneath its 50 day MA and is likely to struggle with the 1.35 resistance. Today, ECB President Trichet will speak in Chicago.
EUR/USD - Last:  1.3375

Resistance    1.3420    1.3515   
Support    1.3290    1.3270    1.3205

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British Pound (GBP) –