“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.
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.
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.
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.
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.
Daily Calendar for Thursday, November 29th
3rd Quarter GDP
Continuing Jobless Claims
Initial Jobless Claims
Pending Home Sales(MoM)
Senior Market Analyst
Senior Market Analyst
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