UFXMarkets *Daily Forex Currency Trading News* 11-June-2012

Hello, it’s Monday, June 11, 2012, and I’m
Martin Smith with the daily outlook from UFX Markets. Wall Street closed the trading week in the
green as the NASDAQ rose by 0.66% closing at 2,557; the Dow Jones added 1.25% to its
value, closing at 12,636, and the S&P closed positive, strengthening by 1.20%, closing
at 1,340.10 points. U.S. stocks rallied, driving the Standard & Poor’s 500 Index to its best
weekly gain since December, amid speculation European and American central banks will join
China in trying to spur economic growth. The US Dollar fell versus most of the majors
after Euro zone finance ministers agreed to lend Spain up to 100 billion euros for its
bank rescue fund, more than an initial audit suggests it is likely to need, in an attempt
to reassure investors and erect a new firewall in the crisis. Gold (XAU) rose by 2.16%, closing at $1,604.00
an ounce, and Crude oil by 3.20%, closing at $104.70 a barrel. Trading above the support level of 1.2570
will keep the momentum of the EUR/USD positive. But if the pair fails to break 1.2710, it
may retrace to 1.2550 again. The RSI is around 62, meaning that it is still on an uptrend.
Overall, the EUR/USD traded with a low of 1.2434 and with a high of 1.2667. Today, French
Industrial Production is expected to grow by 0.10% vs. -0.90% previously. The trend for the Cable remains bullish if
it maintains its support level of 1.5480 and it may test 1.5650 again. If the pair breaks
1.5650 it may reach 1.5740 again. The trend for the AUD/USD will continue bullish
if it maintains its support level of 0.9910. Breaking 1.0020 could cause it to test the
next strong resistance level of 1.0080.

Leave a Reply

Your email address will not be published. Required fields are marked *