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Market Insights 7 June 2011

Headlines

RBA kicks things off with the central bank widely expected to hold rates at 4.75%.
Yen is near a month high as slowing growth boost demand for safety from the uncertain greenback.
Oil dropped for a third day in New York speculation that OPEC may increase output when it meets tomorrow.
Gold dropped last night after seeing gains after Friday’s U.S. jobs report
Equity markets started the week off with the Dow down 0.50%, S&P down 1.08% and Nasdaq down 1.11%,
the Nikkei is up 0.21%

AUD/USD
Resistance
1.0780
Support
1.0600
Market Sentiment

Bullish

No real change for the AUD/USD with the pair remaining trapped in the trading range, with support seen at 1.0600 and
resistance at 1.0780. All eyes are on today's RBA rate decision, due at 2.30pm AEST, with the majority of the market
believing there will be no change. However, this means there is clearly upside risk, and any surprise move or change in tone
could see the Aussie surge upwards.

XAU/USD
Resistance
1555.00
Support
1525.00
Market Sentiment

Bullish

Gold pushed above resistance overnight but was unable to hold those new highs. As we have discussed, with gold so close to
all-time highs, we are likely to see some selling and congested trade around these levels. However, the overall picture looks
bullish, and traders will be looking to build new longs around 1525/30.
EUR/USD
Resistance
1.4670
Support
1.4400/50
Market Sentiment

Bullish

The Euro eased lower over the last 24 hours after seeing very strong gains at the end of the last week. We would not be
surprised to see this weakness continue, with the market looking for a move back to support at 1.4400/50 before taking new
longs.

GBP/USD
Resistance
1.6500
Support
1.6300
Market Sentiment

Neutral

Like the EUR, we've seen the GBPUSD also ease back, heading back to support at 1.6300. The most recent price action
suggests a weakening of the bullish tone, and traders will be watching the 1.6300 level carefully. Any break below 1.6300
could see a rapid move to 1.6100.

USD/JPY
Resistance
80.70
Support
80.00
Market Sentiment

Bearish

The dollar-yen's falls have been halted at major support at 80.00 but we have seen very little signs of a bounce from this level.
Traders are watching the 80.00 level very carefully in the expectation that a break below this level will see heavy selling. First
support below this level is seen at 79.60.
AUD/JPY
Resistance
87.60
Support
85.00
Market Sentiment

Range

Still nothing happening on this pair as it continues to consolidate after its massive moves in March. The market is still
expecting an upside break on this pair but it has been extremely slow going. A break of 85.00 would be seen as bearish.

OIL
Resistance
100.00
Support
98.00
Market Sentiment

Bearish

Crude continued to be hit as markets worried about the future prospects for economic growth. Crude has now headed back to
support at 98.00/20 and any break below this will be seen as bearish.

Economic Calendar & Pivot Points


F/Cast Last F/Cast Last
» AUD: Cash Rate 4.75% 4.75% » USD: Fed Chairman Bernanke
» AUD: RBA Rate Statement »
» CHF: CPI m/m 0.0% 0.1% »
» EUR: Retail Sales m/m 0.4% -0.9% »

Pivot Points AUD/USD XAU/USD EUR/USD GBP/USD USD/JPY AUD/JPY CRUDE OIL
Open 1.0729 1543.80 1.4579 1.6354 80.11 85.95 98.89
R3 1.0840 1563.84 1.4748 1.6551 80.76 87.25 102.22
R2 1.0804 1558.66 1.4703 1.6505 80.57 86.85 101.44
R1 1.0765 1551.23 1.4647 1.6431 80.34 86.39 100.11
PP 1.0729 1546.05 1.4602 1.6385 80.15 85.99 99.33
S1 1.0690 1538.62 1.4546 1.6311 79.92 85.53 98.00
S2 1.0654 1533.44 1.4501 1.6265 79.73 85.13 97.22
S3 1.0615 1526.01 1.4445 1.6191 79.50 84.67 95.89

Forex Capital Trading – Ph 1800 ForexCT


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