Daily FX Report

Daily Forex Technicals | Written by Varengold Bank | Dec 11 08 08:36 GMT |

Good morning from wonderful Hamburg. More than half of the week is over and the weekend comes with big steps closer and closer. We hope that your trading week was successful to date and wish you furthermore prosperous trades. Markets review The EUR/GBP rose on Wednesday to a new all-time-high at 0.8824 due to the fact that the British economy shrank 1 % in the three month through November, declared by a report of the National Institute for Economic and Social Research. Since the opening on December 1st at 0.8266 the EUR/GBP climbed 6.75 %. On Wednesday USD fell against most major currencies excepting JPY. The EUR/USD traded near a two-week high at 1.3070, the weakest since November 26th while the USD/JPY rose at 93.02 to its high from Tuesdays closing at 92.12. But today the JPY recovered against the USD and fell since its opening at 92.72 to 92.32 at Tokyo afternoon as a result of speculation a lack of Republican support for the U.S. automakers bailout will prompt investors to pare holdings of assets funded with Japan's currency. Australia's unemployment rate climbed to a one-year high of 4.4 %. Despite of the report there are no negative effects visible and AUD/USD closed nearly unchanged at 0.6566. New Zealand's home sales dropped 45.4 % from a year earlier near to the 19 year low in August. The NZD/USD rose yesterday to its high at 0.55 from its opening at 0.5405 Technical analysis AUD/USD Since October the AUD/USD rose close to a bullish trend line and it seems to attempt breaking the major resistance at 0.8161. A further indication for a strong market could be the Momentum. It shows that the downward movement of the last two days loses its power. If the Momentum rises over the 0.0 line it could be a signal to continuing the bullish trend GBP/USD The GBP/USD follows a bearish trend since the end of September but kept grounded at the support line of 1.4511. It seems that the GBP/USD could go for a turnaround as shown by the MACD. If the support line stays stable it could be possible to stop the bearish trend Pivot Points - Daily FX Support and Resistance Levels Daily Calendar & Key FX Events Varengold Bank IMPORTANT NOTIFICATION TO BE READ IN CONJUNCTION WITH THE CONTENTS OF THIS DOCUMENT This document is issued and approved by Varengold WPH Bank AG. The document is only intended for market counterparties and intermediate customers who are expected to make their own investment decisions without undue reliance on the information set out within the document. It may not be reproduced or further distributed, in whole or in part, for any purpose. Due to international laws/regulations not all financial instruments/services may be available to all clients. You should have informed yourself about and observe any such restrictions when considering a potential investment decision. This electronic communication and its contents are intended for the recipient only and may contain confidential, non public and/or privileged information. If you have received this electronic communication in error, please advise the sender immediately, and delete it from your system (if permitted by law). Varengold does not warrant the accuracy, completeness or correctness of any information herein or the appropriateness of any transaction. Nothing herein shall be construed as a recommendation or solicitation to purchase or sell any financial product. This communication is for informational urposes only. Any market or other views expressed herein are those of the sender only as of the date indicated and not of Varengold. Varengold reserves the right to consider any order sent electronically as not received unless it is confirmed verbally or through other means.