Friday 8 April 2011

The German Trade Balance surplus tightens (Barcelona) - Destatis reported the German Trade Balance surplus was €11.4 bln in February whilst the Current Account surplus stood at €8.9 bln.

January's Current Account figure was revised to €7.1 bln. The Trade Balance surplus was recorded at €11.8 bln, market analysts anticipated an increase to €14.2 bln.

Forex: GBP/USD rally, might cap at 1.6400/40 - CharmerCharts (Barcelona) - Pound recovery from 1.5940 low last week has extended to 1.6400 where, according to Carol Harmer, technical analyst at CharmerCharts, the pair is likely to be capped by march high, at 1.6400 and trendline resistance at 1.6440.

The current rally is likely to be capped at 1.6400/40 resistance area, says Harmer: "Cable is in a good position to trade higher this morning, but we are looking limited initially to 1.6400 which is the previous March highs. We Also have a small trendline resistance point coming in at 1.6440 which should be the top of this immediate rally."

The potential corrective reaction, according to Harmer, should be contained by 1.6205/25 support zone: "We look for correction to hold between 1.6225 and 1.6205 over the next few sessions and this would give buyers a chance to come back into the market looking for further moves higher." 

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