Thursday, November 29, 2012

Daily Market Analysis – In the words of Jesse Livermore

“The price pattern reminds you that every movement of importance is but a repetition of similar price movements, that just as soon as you can familiarize yourself with the actions of the past, you will be able to anticipate and act correctly and profitably upon forthcoming movements.” With that said, we’re back into familiar territory with the markets getting into overbought territory and close to overhead resistance. Economic events to be aware of today are US 3rd quarter GDP and US employment data due to be released at 8:30am. For those interested in a more in depth analysis, we at CM trading are here to assist those who are interested in profiting from the financial markets.

EURUSD

Earlier this week the pair reached 1.3007 and then sold off to 1.2879 the next day. The currency has recovered most of that drop to its current price of 1.2989. If the market is to continue on the upside it will need to get above the 1.3007 level. On the downside, targets to be aware of are 1.2925 followed by 1.2880.
 
Resistance
R1: 1.2960
R2: 1.30
R3: 1.3025
Support
S1: 1.2925
S2: 1.2880
S3: 1.2835

 

AUDUSD

After reaching 1.0489, the pair fell to 1.0427. Its currently trading at 1.0463 with targets on the downside at 1.0435 and 1.0425. On the upside its first target is 1.0480 followed by 1.0495.
Resistance
R1: 1.0480
R2: 1.0495
R3: 1.0515
Support
S1: 1.0435
S2: 1.0425
S3: 1.0395
 

GBPUSD
This week has seen the GBPUSD reach 1.6056, followed by a drop to 1.5961. Current targets on the downside are 1.5900 followed by 1.5885. On the upside targets are 1.5960 and 1.6015.
Resistance
R1: 1.6020
R2: 1.6055
R3: 1.6090
Support
S1: 1.6000
S2: 1.5960
S3: 1.5925

 

Gold

Gold has seen a wide trading range this past week. Its high was $1752.03 to start the week and it hit $1705.80 in yesterday’s trading. Targets on the upside are $1728.10 and $1737.90. If gold heads lower, price levels to watch are $1718.80 and $1712.55.

Resistance
R1: 1728.10
R2: 1737.90
R3: 1743.10
Support
S1: 1718.80
S2: 1712.55
S3: 1705.80
 
 

Daily Calendar for Thursday, November 29th
Time
Currency
Event
Actual
Forecast
Previous
08:30
USD
3rd Quarter GDP
2.8%
2.0%
08:30
USD
Continuing Jobless Claims
3323k
3337k
08:30
USD
Initial Jobless Claims
390k
410k
10:00
USD
Pending Home Sales(MoM)
0.8%
0.3%
Successful Trading!

Jacob Fendrich
Senior Market Analyst
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