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Off of late rally highs of 1 4327

Article By: ,  Financial Analyst
May 20, 2011 4:57 PM

 

EUR/USD
Range:1.4294 – 1.4337
Support:1.4048
Resistance: 1.4390
Off of late rally highs of 1.4327 with market is left waiting to see if it can maintain the week’s gains and close above at week end. US bank demand into Asia targeted reported stops above 1.4340 but move ran into decent supply sitting above 1.4330 which capped move at the 1.4337 level. A Scandinavian bank was a standout seller at the highs, with Asian sovereign sales then emerging to press the rate lower, forcing spec longs to pare back which took rate back to 1.4294. Dip attracted fresh demand with rate edging back toward the overnight highs into early Europe, as prop accounts said to be loading up ahead of the reported stops, currently around 1.4328. Offers said to remain in place from 1.4337 through to 1.4350 with stops mixed in above 1.4340. Support remains at 1.4295.
USD/JPY
Range: 81.60 – 81.84
Support: 82.50
Resistance 82.25
Closing at 81.60 (NY Session) and after posting highs of 82.23 before poor US data sent the dollar scurrying to lows of 81.47, hopes of any tightening in the US this side of 2012 receded. Early importer demand in Tokyo sent USD/JPY to 81.78 before easing back to 81.61 and trading in a 81.62/81.77 range for the rest of the session. Bids are placed at 81.50 down to 81.00 but some stops mixed in through 81.40, 81.30 and through 81.00. Offers are set at 82.10/82.20 with stops through 82.25 and 82.75.
Gold
Range: 1.494.30 – 1,499.95
Support: 1,486.50
Resistance 1,500

 

Gold closed down marginally yesterday opening the day at 1,497.20 and falling in Europe to 1,488 later extended to 1,486.40 as crude prices softened, but clawed back later as the US$ index was sold off on weaker US data to close the day at 1,493.25. Asian markets have taken the metal higher this morning to 1,497.95. Resistance is seen initially at 1,500 level and 1516.60, with support at 1,486.40 and 1,472. Spot Silver opened at 35.10 yesterday largely tracking Gold with a fall to 34.56 before closing out the day in NY marginally lower at 35.01. The metal has been edging up this morning 35.24. Support is now seen at 34.56 and 33.90 with resistance at 35.77 and 36.46.

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