Thursday, December 27, 2012

Daily Market Analysis – Markets Stand at a Turning Point



In glancing over the various markets, it’s interesting to note that most of the major markets are set to end the year substantially higher than the start. Even the “ill-fated” EUR/USD that many had predicted the demise of is up nearly 3% for the year. Clearly it pays better to be a technician of the markets rather than taking the fundamental analysis of the market.  For the short term, however, trading the news can have its advantages. On today’s agenda there are several important news events to be aware of. At 8:30am are US initial jobless claims with expectations for a slightly lower reading than last week’s number.  This report will be followed by US New Home Sales at 10:00am with expectations for a better report than the previous month.  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 

So far today, the pair has reached 1.3274.  On the downside, targets to be aware of are 1.3183 followed by 1.3135. If the pair breaks higher, 1.3303 is the first target followed by 1.3351.

Resistance
R1: 1.3267
R2: 1.3303
R3: 1.3351
Support
S1: 1.3183
S2: 1.3135              
S3: 1.3099




NZDUSD

Its currently trading at .8202 with targets on the downside at .8153 and .8111.  On the upside its first target is .8237 followed by .8280. 
Resistance
R1: .8237
R2: .8280
R3: .8321
Support
S1: .8153
S2: .8111
S3: .8069
 
 
 
GBPUSD
 
The GBPUSD is currently trading at 1.6185. Current targets on the upside are 1.6203 followed by 1.6233. On the downside targets are 1.6163 and 1.6124.

Resistance
R1: 1.6203
R2: 1.6233
R3: 1.6270
Support
S1: 1.6163
S2: 1.6124
S3: 1.6110


 

Gold

For those bullish on Gold, its been a rough ride over the last several weeks. Since reaching a high of $1754.17 on November 23rd, it has tumbled all the way to $1635.54. It’s currently trading at $1655.49. If gold heads lower, price levels to watch are $1631.22 and $1622.18.

Resistance
R1: 1665.00
R2: 1687.53
R3: 1695.09
Support
S1: 1641.80
S2: 1631.22
S3: 1622.18



Daily Calendar for Thursday, December 27th   
Time
Currency
Event
Actual
Forecast
Previous
08:30
USD
Iniitial Jobless Claims

32000K
3225K
10:00
USD
New Home Sales

378K
368K

Successful Trading!

Jacob Fendrich
Senior Market Analyst
      

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