Daily Market Analysis – S&P 500 Down 4% for the Week

It appears that the elation over Obama’s victory was temporary as most of the markets, with the exception of Gold, have experienced significant weakness in the last couple of trading days. Neither did the European Central Bank press conference or the better than expected US and Canadian trade balance data provide any sort of rise in the markets. These are classic signs that market has chosen its direction, at least for the time being. 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 

After reaching 1.2875, the currency pair has fallen all the way to 1.2697. Its next major level of support comes in at 1.2624. On the upside, the pair will need to get above 1.2785 before its next resistance at 1.2835. 

Resistance	R1: 1.2725	R2: 1.2745	R3: 1.2780
Support	S1: 1.272	S2: 1.268	S3: 1.263

 
AUDUSD

The currency has traded between 1.0330 and 1.0480 this past week. Currently trading at 1.0371, its next support level is at 1.0350 and below that the target is 1.0330.  On the upside, the first target is at 1.0405 followed by 1.0435. 

Resistance	R1: 1.0405	R2: 1.0435	R3: 1.0480
Support	S1: 1.035	S2: 1.0330	S3: 1.0305

USDCAD

The USDCAD is currently trading at 1.0006.  Its next level of resistance on the upside is 1.0031 followed by 1.0057. On the downside, the first support level is .9997 followed by .9973. 

Resistance	R1: 1.0031	R2: 1.0057	R3: 1.0079
Support	S1: 0.9997	S2: 0.9973	S3: 0.9965

 

Gold

Gold has rallied impressively since setting a low of $1672.50 to begin the week.  It has since exploded to $1738.50. For the up move to continue, getting above $1743.75 could lead the way to $1754.5. On the downside, its first level of support is at $1726.80 followed by $1712.39. 

Resistance	R1: 1743.75	R2: 1754.50	R3: 1764.59
Support	S1: 1726.80	S2: 1712.39	S3: 1693.13

Daily Calendar for Friday, November 9^th  

Time	Currency	Event	Actual	Forecast	Previous
02:00EST	EUR	German CPI(YoY)	2.0%	2.0%	2.0%
04:30 EST	GBP	Trade Balance	-8.4B	-8.9B	-10.0B
08:30 EST	USD	Import Price Index(MoM)	0.5%	0.0%	1.1%
09:55 EST	USD	Michigan Consumer Sentiment	84.9	83.0	82.6

Successful Trading!

Jacob Fendrich
Senior Market Analyst

http://www.CMTrading.com 

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