Euro/Usd weerstanden voor 9 mei 2011

[Armijn]

Coming Up Today (all times GMT)
GBP - Halifax House Price Index (08:30)
CAD - Housing Starts (12:15)
AUD - Trade Balance (01:30)
EURUSD

On Friday, rumors that Greece was considering leaving the Eurozone sparked intense fears in the market and sent the euro from $1.4580 to $1.4315. During the week-end, European officials have strongly denied the likeliness of this scenario, hinting that Greece could soon enter a new phase aimed at restructuring its debt. Over the last trading sessions, many reasons have pushed speculators to sell aggressively the common currency. The ECB’s decision to avoid any indication on future interest rate policy triggered profit selling in the EURUSD, a downward trend which continued with the sudden decline of commodity markets, and accelerated with Greece’s problems. It is now to be seen whether the EURUSD pair can manage to stage a technical rebound over the $1.4315 support level, with $1.4450 and $1.4500 as next targets.

EURUSD Support/Resistance: 1.4315/1.4450

EURGBP Support/Resistance: 0.8750/0.8830

GBPUSD

Last week, the decline in all PMI indices (construction, manufacturing and services) contributed to bring vulnerability in the GBPUSD pair, as market participants worried about the lack of positive signals from the UK economy. Despite a higher-than-expected jump in producer prices in April, investors have reduced their inflation expectations in the light of the recent plunge in energy prices. With crude oil back under $100 a barrel, inflation pressures could decrease and comfort the BoE in its accommodative strategy. Today, investors will be reviewing April’s Halifax home index. If housing demand continues to remain constrained, it could limit the rebound of the GBPUSD.

GBPUSD Support/Resistance: 1.6340 / 1.6460

GBPJPY Support/Resistance: 131.40 / 132.70

USDJPY

Friday’s US Non-Farm payrolls data contributed to revive the USD against the JPY and the CHF. Despite the advance of weekly initial claims (+474k) and the increase of the unemployment rate (at 9.0%), investors chose to focus on the positive trend of job creation, as well as the drop of energy prices. If commodities prices maintain their current level, US consumer demand could accelerate, which could help the USD eye further gains with ¥81.00 as next resistance.

USDJPY Support/Resistance: 80.00/81.00