EURUSD: Support 1.2550 – 1.2605 Pivot: 1.2710 Resistance: 1.2765 – 1.5870
Euro: The euro was down against the U.S. dollar on Wednesday after former Greek Prime Minister Lucas Papademos admitted that the country has crafted a roadmap to exit the eurozone although the possibility of such a risk isn't likely. In Greece, the country's financial stability fund approved a EUR18 billion capital injection for the country's four top banks, however, former Prime Minister Lucas Papademos reportedly told Dow Jones newswires the possibility of a Greek exit from the eurozone was a real possibility. The pair was likely to find support at 1.2641, Friday’s low and a four-month low and resistance at 1.2868, the high of May 15. This bounce is just a short correction in profit booking side where some range will continue to trade. Stochastic has drifted below 50% zone & down side rally will continue.
GBPUSD: Support 1.5670 – 1.5720 Pivot: 1.5780 Resistance: 1.5825 – 1.5890
Pound: The pound trimmed losses against the U.S. dollar on Tuesday, pulling away from a two-day low after positive U.S. new home sales data, but a previous U.K. inflation report and uncertainty ahead of a key European summit continued to weigh. As the expected support is broken below 1.6000 and trading below the same on closing basis will open the door for 1.5880 and the support if 1.5820 is also broken and next target is expected at 1.5620 level. – 1.5550 levels where 1.5900 will be resistance level. Stochastic has given negative intersection just drifting below 20 % zone and if failed to cross resistance of 1.5900 reversals in price may be expected.
AUDUSD: Support 0.9650 – 1.9710 Pivot: 0.9820 Resistance: 0.9880 – 0.9995
The dollar rose against major world currencies in Asian trading on Wednesday, after former Greek Prime Minister Lucas Papademos said Greece can't rule out exiting the eurozone, which sparked a flight to the safety of the greenback. The news sparked demand for the greenback amid a global risk-off trading session. As per the pattern breakdown below 1.0240 it has tested the level of 0.9860 some range bounce move is expected trading below the same will bring to 0.9660 level. Stochastic are still trading below 30% zone and has again given negative intersection where fall in price is expected to test the lower level of 0.9660 – 0.9400 where selling at rise is advisable.
Gold: Support: 1541 – 1554 Pivot: 1575
Resistance: 1587 – 1607
Gold prices dropped in Asian trading on Wednesday after investors rushed to the dollar on comments from former Greek Prime Minister Lucas Papademos the country cannot rule out the possibility that it could leave the eurozone. In Greece, the country's financial stability fund approved a EUR18 billion capital injection for the country's four top banks, Gold futures were likely to test support at USD1,526.95 a troy ounce, the low on May 16, and resistance at USD1,603.35, the high from May 9. If sustain trading is seen above 1605 it will move to test 1620 to 1355$ and will enter in range bound. Sustain trading below 1550 will bring to 1530 to 1515$ in near term. Stochastic are trading negative where downside movement is expected to continue.
Silver: Support: 27.4 – 27.74 Pivot: 28.25 Resistance: 28.58 – 29.09
Silver which reverted from the level of 31.42 where resistance was respected at 31.5$ and is trading below the support of 28.5$ and sustain trading below 27$ will continue the down trend where will continue in pattern breakdown moving to test 25$ level. Sustain trading below 27$ recent low will continue for 25 –23$ immediately where further 21$ and 18$ will be the medium term target. As it’s a rule after the breakdown short recovery can be seen from 25$ and retest the level of 28 and then continue the down trend for lower level. From current level we will continue the bearish view if trading is seen below 27$ will bring to 26.5– 25 immediately. Stochastic are trading in just traded with negative intersection where trading below 27.5$ has continue downtrend.
Crude: Support: 89.9 – 90.7 Pivot: 92.01 Resistance: 92.8 - 24
Crude: Crude oil futures fell in Asian trading on Wednesday on talk Iran is increasingly willing to open its doors to nuclear inspectors, which could ease sanctions on the country and pave the way to normal oil exports. Iran cut oil exports to portions of Europe to counter economic sanctions slapped on the country, and a European Union-wide oil embargo still remains set to take effect in July. Crossover below 91$ will brings to 90.3 – 89$ levels and may go further down, where as failing to cross the same and trading above 95 will retest 99$ level. Stochastic are in mid zone with negative intersection where down fall is expected
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