Daily Market Analysis – Short Term Market Bottom

With the string of disappointing economic reports plus the EU budget talks collapsing, there was little reason for the global markets to go higher. Well the good news is the week has finally come to an end and hopefully a floor has been found that the markets can propel higher from.  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 

Bouncing off 1.2662, the EUR/USD reached 1.2801 in Thursday’s trading session.  The currency is currently trading at 1.2740 and is close to its next support level at 1.2715. To continue its short term uptrend, the pair will need to get above 1.2800.

Resistance	R1: 1.28	R2: 1.284	R3: 1.2875
Support	S1: 1.275	S2: 1.2715	S3: 1.266

 
 
AUDUSD

From 1.0458, the pair fell all the way to 1.0306. Its currently trading at 1.0332 and will need to get above 1.0386 for pair to reverse its short-term downtrend.  If the downward trend continues, its next target is 1.0306 followed by 1.0246. 

Resistance	R1: 1.034	R2: 1.036	R3: 1.0385
Support	S1: 1.0305	S2: 1.027	S3: 1.023

USDCAD

The USDCAD bounced off support at .9996 its current 1.0017.  Its current target on the downside is at 1.0001 followed by .9989. On the upside, the first resistance level is 1.0220 followed by 1.0031. At 08:30 there will be a report on foreign securities purchases. If this reading is lower than expected it will be bearish for the CAD.  

Resistance	R1: 1.0022	R2: 1.0031	R3: 1.0043
Support	S1: 1.0001	S2: .9989	S3: .9980

 

Gold

Gold has fallen all the way from $1737.85 to its current price at $1709.91. Its low for the week was $1704.83 and it will need to hold above this level or face the possibility of reaching $1698.80. On the upside, its first level of resistance is at $1716.49 followed by $1721.23. 

Resistance	R1: 1716.49	R2: 1721.23	R3: 1728.10
Support	S1: 1704.83	S2: 1698.80	S3: 1687.84

 

Daily Calendar for Friday, November 16^th  

Time	Currency	Event	Actual	Forecast	Previous
08:30 EST	CAD	Foreign Securities Purchases		7.4B	6.90B
09:00 EST	USD	TIC Net Long-Term Transacations		75.0B	90.0B
09:15 EST	USD	Industrial Production(MoM)		0.2%	0.4%

Successful Trading!

Jacob Fendrich
Senior Market Analyst

http://www.CMTrading.com 

      

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