Posted on 07 July 2011.
- The latest happening on the Interbank Foreign Excahnge is the disappointing retail sales of the Austrailian dollar. Although, no change is expected in the situation, however, the RBA decision is yet to be taken and will monitored closely so as to get signs whether the RBA is concerned about the inflation issue or not.
- In respect to the news related to pound sterling, it is that it moved itself up 1.6100 in a single night but the GBP was unable to maintain this level and showed a bearish trend for the British pound to US dollars and is expected to lower down at a level of 1.5920.
- The gold rates on the Forex market moved upwards to the highest point of 1500 and this situation will lead the traders to create short positions in the market. Gold prices can be turned back to a rate of 1480, but the rumors of setting it at 1510 blurs the image.
- Silver showed a bearish scenario in the Forex markets but till the evening there were signs of it coming back to the top position. The only problem is that gold rates too, are presenting a bearish trend because of which many traders will wait for many shorting opportunities that will come next.
- Oil prices remained constant due to the US market closed for Independence. Speaking of short term, the traders are to stay in the range as the support is expected to be 94.00 and resistance is settled at 95.80.
