EUR/USD, GBP/USD and spot Gold
Mon, Mar 30 2009, 07:23 GMT
by Carol Harmer
GBP/USD
Sellers have resurfaced and pushed the market lower to 1.4160. Support is at these lower levels and it should not get through here without a struggle.
Buyers would only worry if 1.4140 lost. A loss of this support would keep the market under pressure—leading it lower for 1.4080 then 1.4020. Again would expect buyer to re-enter the market at these lower levels.
If 1.4140 does hold you should see this come back with 1.4335 looking to entice. Buyers are covering to these higher levels. Sellers would be evident however so you should not get too optimistic unless the market is back above 1.4350.
EUR/USD
Euros have come a little lower, but holding 1.3180. This is good for buyers and wood only worry about longs if the market does break this 1.3180 region.
If it does you would see fresh selling and this would push the market lower for 1. 3071 initially, with greater potential for 1.2980/70. Here you would see buyers emerge, thus would expect this point to hold.
Resistance is up at 1.3270/90. Sellers are waiting for a rise to here to enter the market. However, if a break is posted above here you would find that fresh buyers would take control and lead this higher for 1.3386. Profit taking will be evident at these higher levels, and buyers would only re-enter the market above 1.3415.
SPOT GOLD
Gold held support and should trade higher. It is only below 911.35 that it would weaken, and sellers would then push this lower with 891 then the targeted area.
At the lower levels buyers will take profits, thus expect this support to hold.
Resistance located at 925. If this point breaks fresh buying will be evident leading this higher for 941 to 946. Buyers will be taking profits at these higher levels. They would re enter the market above 946 for 950 then 954. Again expect profit taking.
