GCI Forex News - GBP/USD: UK mortgage approvals rose less-than-expected in November, indicates BBA

GBPUSD Movement

For the 24 hours to 23:00 GMT, GBP fell marginally against the USD and closed at 1.6114, after

UK’s British Banker’s Association (BBA) reported that the number of new mortgages approved in November rose to 33,634 approvals from a revised 33,128 approvals in October. The expected level was 34,500.

In the Asian session, at GMT0400, the pair is trading at 1.6119, with the GBP trading marginally higher from yesterday’s close.

The pair is expected to find support at 1.6056, and a fall through could take it to the next support level of 1.5994. The pair is expected to find its first resistance at 1.6192, and a rise through could take it to the next resistance level of 1.6265.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

GCI Forex News - USD/JPY: Dollar rises against the Yen

USDJPY Movement

For the 24 hours to 23:00 GMT, the USD strengthened 0.78% against the JPY and closed at 85.69, as the Japanese Prime Minister, Shinzo Abe, promised that his new government would take bold steps to ensure that the yen weakens.

On the economic front, the Small Business Confidence Index in Japan, increased slightly to a reading of 43.8 in December, compared to a reading of 43.3 recorded in November.

In the Asian session, at GMT0400, the pair is trading at 85.85, with the USD trading 0.19% higher from yesterday’s close.

The pair is expected to find support at 85.29, and a fall through could take it to the next support level of 84.73. The pair is expected to find its first resistance at 86.14, and a rise through could take it to the next resistance level of 86.43.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

GCI Forex News - AUD/USD: Aussie trading lower on US cliff fears

AUDUSD Movement

For the 24 hours to 23:00 GMT, AUD weakened marginally against the USD to close at 1.0365, as traders backed away from riskier assets amid persistent concerns over the US fiscal cliff.

LME Copper prices declined 0.7% or $57.0/MT to $7768.3/MT. Aluminium prices rose 0.2% or $3.5/MT to $2035.3/MT.

In the Asian session, at GMT0400, the pair is trading at 1.0357, with the AUD trading marginally lower from yesterday’s close.

The pair is expected to find support at 1.0339, and a fall through could take it to the next support level of 1.0322. The pair is expected to find its first resistance at 1.0381, and a rise through could take it to the next resistance level of 1.0404.

The currency pair is trading just below its 20 Hr and 50 Hr moving averages.

GCI Forex News - USD/CHF: Swiss Franc trading higher ahead of UBS consumption indicator in Switzerland

USDCHF Movement

For the 24 hours to 23:00 GMT, the USD declined 0.36% against the CHF and closed at 0.9132.

In the Asian session, at GMT0400, the pair is trading at 0.913, with the USD trading marginally lower from yesterday’s close.

The pair is expected to find support at 0.9105, and a fall through could take it to the next support level of 0.9081. The pair is expected to find its first resistance at 0.9161, and a rise through could take it to the next resistance level of 0.9193.

Trading trends in the pair today are expected to be determined by the release of the UBS consumption indicator in Switzerland.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

GCI Forex News - Gold: Trading flat this morning

Gold Movement

On Friday Gold prices traded higher by 0.52% against the USD in the 24 hour period ending 24:00GMT, at 1657.17 per ounce.

In the Asian session, at GMT0400, Gold is trading at 1657.21, flat from Friday’s close.

Gold is expected to find support at 1645.35, and a fall through could take it to the next support level of 1633.50. Gold is expected to find its first resistance at 1664.48, and a rise through could take it to the next resistance level of 1671.75.

The yellow metal is trading just above its 20 Hr and 50 Hr moving averages.

GCI Forex News - Crude Oil: Crude Oil was pressured as investors fretted over the US fiscal cliff resolution

Crude Oil Movement

On Friday, Crude Oil prices declined 1.29% against the USD for the 24 hour period ending 24:00GMT, closing at 88.89, as uncertainty over the ability of the US to resolve a budget crisis before a year-end deadline stoked investor concerns about demand growth in the world’s top oil user.

In the Asian session, at GMT0400, Crude Oil is trading at 88.52, 0.42% lower from Friday’s close.

Crude Oil is expected to find support at 87.84, and a fall through could take it to the next support level of 87.15. Crude Oil is expected to find its first resistance at 89.33, and a rise through could take it to the next resistance level of 90.13.

Crude Oil is trading below its 20 Hr and 50 Hr moving averages.

GCI Forex News - AUD/USD: Tad higher this morning

AUDUSD Movement

For the 24 hours to 23:00 GMT on Friday, the AUD weakened 0.78% against the USD to close at 1.0398, as an impasse on talks to avert the so-called fiscal cliff in the US sapped demand for higher-yielding assets.

Over the weekend, Australia’s trade minister, Craig Emerson, indicated that the nation could achieve a trade surplus in the fiscal ending June 2013, if positive signs around household spending continue through the rest of the year.

LME Copper prices declined 0.7% or $57.0/MT to $7768.3/MT. Aluminium prices rose 0.2% or $3.5/MT to $2035.3/MT.

In the Asian session, at GMT0400, the pair is trading at 1.0405, with the AUD trading marginally higher from Friday’s close.

The pair is expected to find support at 1.0376, and a fall through could take it to the next support level of 1.0347. The pair is expected to find its first resistance at 1.0444, and a rise through could take it to the next resistance level of 1.0484.

The currency pair is trading just below its 20 Hr and 50 Hr moving averages.

GCI Forex News - USD/CAD: Canadian GDP rose in October

USDCAD Movement

For the 24 hours to 23:00 GMT on Friday, the USD rose 0.56% against the CAD to close at 0.9932.

On the economic front, consumer prices in Canada rose 0.8% in the 12 months to November, following a 1.2% gain in October. Meanwhile, the Bank of Canada’s core index recorded 1.2% inflation at the annual rate, following 1.3% in October. Separately, Canada’s gross domestic product rose to a seasonally adjusted 1.1% (YoY) in October, from 1.0% in the previous month.

In the Asian session, at GMT0400, the pair is trading at 0.9930, with the USD trading marginally lower from Friday’s close.

The pair is expected to find support at 0.9899, and a fall through could take it to the next support level of 0.9867. The pair is expected to find its first resistance at 0.9958, and a rise through could take it to the next resistance level of 0.9985.

The currency pair is trading just above its 20 Hr and 50 Hr moving averages.