Daily Market Analysis – Markets Begin Week in the Positive

After last week’s gloom and doom economic data, its good to see that the market is shaking off that negativity. Today’s important economic data is the US Existing Homes Sales data that is set to be released at 10:00am. Because of the US Thanksgiving holiday, most of the volatility will be in the first half of the week.   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 

The EUR/USD has rallied nicely since reaching a low of 1.2661 last week.   The currency is currently trading at 1.2773 and is close to its next resistance level at 1.2775. To continue its short term uptrend, the pair will need to get above 1.2800. If the pair heads to the downside, the first target is 1.2720 followed by 1.2690. 

Resistance	R1: 1.2775	R2: 1.2800	R3: 1.2875
Support	S1: 1.2720	S2: 1.2690	S3: 1.266

AUDUSD

From Friday’s 1.0287, the pair has risen all the way to 1.0396. Getting above 1.0400 will clear the way to its next target at 1.0440.  If the currency heads downwards, its first support level is 1.0350 followed by 1.0310. At 18:00, the monthly CB Leading Index data will be released. This   index is designed to predict the future direction of the economy and if the reading is higher than expected this would bullish for the AUD.

Resistance	R1: 1.0385	R2: 1.04	R3: 1.044
Support	S1: 1.035	S2: 1.031	S3: 1.0285

GBPUSD

The GBPUSD has recovered considerable since reaching 1.5827 last week.  Its currently trading at 1.5915 and getting above 1.5925 opens up the possibility for a rise to 1.5960. On the downside, its first support level is 1.5910 followed by 1.5875. 

Resistance	R1: 1.5925	R2: 1.596	R3: 1.6015
Support	S1: 1.591	S2: 1.5875	S3: 1.583

 

Gold

On a long term basis, the pair has been trending higher. However, on a short term basis the precious metal has had its fair share of price swings. Over the last month, the majority of the time it has traded in a $35 range between $1700 and $1735. For a brief period of 3 trading days it reached $1672.50.  Its current targets on the upside are $1728.10 and $1734.05. On the downsides its targets are at $1717.10 and $1704.55.

Resistance	R1: 1728.10	R2: 1734.05	R3: 1738.38
Support	S1: 1717.10	S2: 1704.55	S3: 1698.38

 

Daily Calendar for Monday, November 19^th  

Time	Currency	Event	Actual	Forecast	Previous
10:00 EST	USD	Existing Home Sales		4.75M	4.75M
18:00	AUD	CB Leading Index(MoM)			-.8%

Successful Trading!

Jacob Fendrich
Senior Market Analyst

http://www.CMTrading.com 

      

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