Today's Market Analysis

GKFX Pakistan 

Daily Market Analysis - 01 March 2012

EURUSD

Eurusd declined sharply yesterday and made a low of 1.3314. It is currently showing recovery. The first target is 38.2% Fib retracement at 1.3372, with the next resistance at 1.3390, which could well be the high for today, as there is still bearish pressure on the pair on daily and weekly charts.

GBPUSD

The Cable made a high of 1.5991 yesterday and declined to 1.5904 later in the day. It has been following a sideways trend since and is likely to drop today with weakening momentum showing on Stochastics and CCI. 1.5838 could well be the low for today.

Gold

Yesterday, Gold declined sharply making a low of 1688 after making a double top on 4hourly chart. It is likely to make a lower low today before starting moving northward.

Crude Oil

Crude oil made a low of 104.82 yesterday and is moving in a sideways trend this morning, with no clear indication of a breakout either way. Could well move sideways for the rest of the day.

S/R Levels

	EURUSD	GBPUSD	GOLD	OIL
R3	1.36044	1.60706	1882.9	110.49
R2	1.35445	1.60309	1836.7	108.95
R1	1.34337	1.59754	1780.6	107.90
PP	1.33738	1.59357	1734.4	106.36
S1	1.32630	1.58802	1678.3	105.31
S2	1.32031	1.58405	1632.1	103.77
S3	1.30923	1.57850	1576.0	102.72

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