Gold falls to $1,720, Oil rises to $82.40 | Learn Forex | GoLearnForex.com

Gold falls to $1,720, Oil rises to $82.40

Written by article default Wednesday, 10 August 2011 11:32

USD Dollar (USD) – In forex trading, the US Dollar traded mixed after the Federal Reserve kept the interest rate at 0.25% and for the first time in history, it was said that there are no plans to change the interest rate until June 2013 and no immediate plans to start another monetary program. This announcement caused Wall Street to recover most of the losses incurred since the US credit rate was downgraded by the S&P last week. Wall Street closed positive as the NASDAQ jumped by 5.29% and the Dow Jones rose by 3.98%. Crude oil jumped to $82.40 a barrel after the Federal Reserve meeting last night and Gold (XAU) fell to $1,720 an ounce. Today, the Crude Oil Inventories are expected at 1.50M vs. 1.00M previously.

Euro (EUR) – The Euro rose against the US dollar to almost 1.4400 after the Federal Reserve said the interest rate will remain steady at 0.25% until 2013. The EUR/USD’s momentum is still bearish below the 1.4400 level and the next support level on the daily chart is at 1.4280. Overall, the EUR/USD pair traded with a low of 1.4151 and with a high of 1.4375. Today, the German CPI is expected to remain at 0.40%.

EUR/USD – Last: 1.4334

British Pound (GBP) – The Pound closed unchanged against the US Dollar after the trade balance came out at -8.90B, worse than the expected -8.20B. As long as the GBP/USD pair is trading below the 1.6350 level, the trend of the Pound is bearish. The next support level on the one hour chart is at 1.6220. Overall, the GBP/USD pair traded with a low of 1.6175 and with a high of 1.6410. Today, the BoE Gov King speaks and the BoE Inflation Report is expected.

GBP/USD - Last: 1.6276

Japanese Yen (JPY) –The Yen strengthened against the U.S. Dollar amid concern about a U.S. economic slowdown and the euro-zone’s debt crisis, spurring demand for the Yen. The main trend of the USD/JPY is bearish and as long as the pair is trading below 77.50, the Yen is more attractive and a short position is preferred. Overall, USD/JPY traded with a low of 76.69 and with a high of 77.84. No major economic data is expected today.

USD/JPY-Last: 76.88

Canadian dollar (CAD) – The Canadian dollar rose against the US Dollar and recovered losses after the Federal Reserve meeting, when Crude oil jumped to $82 a barrel. The Housing Starts came out at 205K, which was better than the expected 195K. As long as the pair is trading above 0.9750, a long position is preferred, facing a strong resistance at 0.9850. Overall, USD/CAD traded with a low of 0.9764 and with a high of 1.0009. No major economic data is expected today.

USD/CAD - Last: 0.9826