Australian FOREX Weekly Outlook 31/03/2008
Heavy data week for the
                                                                                                                                                                                                                                             
31/03/08                                                                                                                                           
last week’s currency trading review
The Dollar continued in its run of poor economic data, mounting pressure on the greenback. Although Existing home sales figures to start the week were released at 7 month highs, data out of the
 
The forex trading week preview
In the States heavy data week coupled with another dose of volatility in global equities ensures an interesting time in trading. The story is widely expected to continue with ongoing poor reading out of the
           
In the Eurozone questions arise as to whether the Euro can continue its recent run. Data includes PMI Manufacturing and Unemployment Rate on Tuesday, Retail Sales and Trichet Speech on Thursday. In the
In
   
In Australia the RBA are widely expected to keep rates on hold come Tuesday, whilst Governor Stevens will testify in front of parliament on Friday. Retail Sales out on Friday for
We will provide our previews and reviews of these data releases in the daily summary.
 
KEY WEEKLY PIVOT LEVELS                   
                                                               
                     
                     
                                                             
Currency
Sup 2
Sup 1
Spot
Res 1
Res 2
EUR/USD
1.5408
1.5584
1.5785
1.5833
1.5904
USD/JPY
98.46
98.89
99.15
100.33
101.04
GBP/USD
1.9849
1.9927
1.9935
2.0111
2.0145
AUD/USD
0.9073
0.9122
0.9155
0.9243
0.9290
XAU/USD
912.02
934.80
928.10
952.00
954.03
·                Euro – 1.5785
Initial support at 1.5584 (Mar 26 low) followed by 1.5408 (Mar 25 low). Initial resistance is now located at 1.5833 (Mar 18 high) followed by 1.5904 (Mar 17 low).
·                Yen – 99.15
Initial support is located at 98.89 (Mar 26 low) followed by 98.46 (Mar 20 low). Initial resistance is now at 100.33 (Mar 26 high) followed by 101.04 (Mar 25 high)
·                Pound – 1.9935
Initial support at 1.9927 (Mar 26 low) followed by 1.9849 (Mar 25 low). Initial resistance is now at 2.0111 (Mar 26 high) followed by 2.0145 (61.8% retracement of the 2.0398 to 1.9737)
·                Australian Dollar – 0.9155
Initial support a 0.9122 (Mar 26 low) followed by 0.9073 (Mar 25 low). Initial resistance is now at 0.9243 (Mar 26 high) followed by 0.9290 (61.8% retracement of the 0.9499 to 0.8953 decline)
·                Gold – 928.10
Initial support at 934.80 (Mar 26 low) followed by 912.02 (Mar 25 low). Initial resistance is now at 952.0 (Mar 26 high) followed by 954.03 (38.2% retracement of the 1032.50 to 905.03 decline)













