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 |
