Monday, January 21, 2013

Daily Market Analysis – Markets Remain at Multi-Month Highs

01/21/2013


For those that have been following the recent price action in the various financial markets, it should be apparent that 2013 is going to be a profitable one for those that know how to trade in both directions.  Today's trading action should be relatively quiet as the US markets are closed because of the Martin Luther King holiday.  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 1.3331 and is currently trading at 1.3317.  On the downside, targets to be aware of are 1.3221 followed by 1.3196. If the pair breaks higher, 1.3278 is the first target followed by 1.3341. 

Resistance
R1: 1.3330
R2: 1.3370
R3: 1.3397
Support
S1: 1.3295
S2:  1.3255                           
S3: 1.3175




Its currently trading at 1.05156, over 40 pips lower than its Friday high of 1.0557. Targets on the downside are at 1.0505 and 1.0485.  On the upside its first target is 1.0525 followed by 1.0550.

Resistance
R1: 1.0525
R2: 1.0550
R3: 1.0575
Support
S1: 1.0505
S2: 1.0485
S3: 1.0470


GBPUSD

The GBPUSD is currently trading at 1.5867. Current targets on the upside are 1.5890 followed by 1.5950. On the downside targets are 1.5865 and 1.5845.

Resistance
R1: 1.5890
R2: 1.5950
R3: 1.5995
Support
S1: 1.5865
S2: 1.5845
S3: 1.5810




Gold

So far in the month of January, Gold has reached a high of $1697.10. It’s currently trading at $1687.26.55. If gold heads lower, price levels to watch are $1684.10 and $1678.25.

Resistance
R1: 1698.72
R2: 1704.48
R3: 1718.10
Support
S1: 1681.86
S2: 1675.10
S3: 1663.73


Daily Calendar for Wednesday, January 21st  2013   
Time
Currency
Event
Actual
Forecast
Previous
TBA
JPY
Interest Rate Decision

0.10%
0.10%
Successful Trading!

Jacob Fendrich
Senior Market Analyst
      

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