Tuesday, November 20, 2012

Daily Market Analysis – Markets Beginning to Get Speculative Fever



Given the positive reaction in the markets as of late, one can assume that investors and traders are expecting good news down the road. Perhaps the harbinger of good news will come from US Fed Chairman Bernanke, who will be speaking at 12:15.  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.   Just yesterday saw the pair reach 1.2819. The currency is trading at 1.2803, close to its next resistance level at 1.2820. If the pair heads to the downside, the first target is 1.2764 followed by 1.2720. At 8:30, data on US housing is being released.

Resistance
R1: 1.282
R2: 1.288
R3: 1.292
Support
S1: 1.2764
S2: 1.2725              
S3: 1.269


 

AUDUSD

From Friday’s 1.0287, the pair has risen all the way to 1.0424. It’s currently trading at 1.0397 and if the currency heads downwards, its first support level is 1.0350 followed by 1.0310.

Resistance
R1: 1.042
R2: 1.045
R3: 1.048
Support
S1: 1.0395
S2: 1.036
S3: 1.0305

 

GBPUSD

The GBPUSD has recovered considerable since reaching 1.5827 last week.  Its currently trading at 1.5910 and getting above 1.5925 opens up the possibility for a rise to 1.5960. On the downside, its first support level is 1.5900 followed by 1.5875. 

Resistance
R1: 1.5925
R2: 1.596
R3: 1.6015
Support
S1: 1.5900
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 is in a trading range. 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 currently trading at $1733.26 and targets on the upside are $1738.38 and $1747.12. On the downsides its targets are at $1728.85 and $1721.26.

Resistance
R1: 1734.05
R2: 1738.38
R3: 1747.12
Support
S1: 1728.85
S2: 1721.26
S3: 1717.23

 

Daily Calendar for Tuesday, November 20th  
Time
Currency
Event
Actual
Forecast
Previous
08:30 EST
USD
Housing Starts

0.840M
0.872M
12:15 EST
USD
Fed Chairman Bernanke




Successful Trading!

Jacob Fendrich
Senior Market Analyst

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