Wednesday, November 21, 2012

Daily Market Analysis – Volatility Fills Markets with Opportunities



Currency traders have had many chances to profit from the recent swings in the fx markets. Another possible opportunity exists with the release of the US Michigan consumer sentiment figures at 9:55am. More specifically this report will measure both current and future economic conditions and if higher than expected this would be bullish for the USD. 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

Early in today’s trading session the pair reached 1.2821 and then promptly sold off to 1.2736.  The currency has recovered most of that drop to its current price of 1.2803. If the market is to continue on the upside it will need to get above the 1.2830 level. On the downside, targets to be aware of are 1.2770 followed by 1.2736.

Resistance
R1: 1.2812
R2: 1.284
R3: 1.2875
Support
S1: 1.2785
S2: 1.2765              
S3: 1.2736


 

AUDUSD

After reaching 1.0393, the pair quickly dropped to 1.0344. Its currently trading at 1.0364 with targets on the downside at 1.0343 and 1.0305.  On the upside its first target is 1.0379 followed by 1.0393.

Resistance
R1: 1.0379
R2: 1.0393
R3: 1.0424
Support
S1: 1.0343
S2: 1.0305
S3: 1.0287

 

GBPUSD

Today’s GBPUSD price pattern has seen it reach 1.5828, followed by a drop to 1.5882 and then a rise to 1.5940. Current targets on the downside are 1.5900 followed by 1.5885. On the upside targets are 1.5960 and 1.6015.

Resistance
R1: 1.5940
R2: 1.5960
R3: 1.6015
Support
S1: 1.59
S2: 1.5885
S3: 1.5855


 

Gold

After reaching $1719.23, the shiny metal hit a high of $1728.91 today. Its currently trading at $1726.40 and it remains to be seen how much longer Gold will continue to trade rangebound. On the upside targets are at $1728.10 and $1737.90. Levels on the downside to watch for are $1718.80 followed by $1712.55.

Resistance
R1: 1728.10
R2: 1737.90
R3: 1743.10
Support
S1: 1718.80
S2: 1712.55
S3: 1705.80

 

Daily Calendar for Wednesday, November 21st  
Time
Currency
Event
Actual
Forecast
Previous
04:30
GBP
MPC Meeting Minutes



08:30
USD
Initial Jobless Claims
410k
410k
451k
09:55
USD
Michigan Consumer Sentiment

84.5
84.9

Successful Trading!

Jacob Fendrich
Senior Market Analyst
      

Risk Warning: Contracts for Difference (CFDs)  and foreign exchange products are leveraged products and may not be suitable for everyone. They are highly speculative and involve a significant risk of loss. Please ensure that you fully understand the risks involved. More information can be found from our "Risk Disclosure" statement. . The content offered in this email is for information purposes only and should not be interpreted as a solicitation to offer purchase or sale of any financial instrument. The information on which this communication is based has been obtained from sources we believe to be reliable, but we do not guarantee its accuracy or completeness. All expressions of opinion are subject to change.

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