Tuesday, January 29, 2013

Daily Market Analysis – Markets Ripe with Opportunity



01/29/2013

Choppy trading conditions have characterized the last several trading day – this could be a sign that the markets are carving out a top or the markets are forming another base before pushing higher. Today is light with economic activity, however tomorrow should provide more clarity on the path of the markets for the near term. 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 1.3459 and is currently trading at 1.3440.  On the downside, targets to be aware of are 1.3425 followed by 1.3405. If the pair breaks higher, 1.3460 is the first target followed by 1.3475. 

Resistance
R1: 1.3460
R2: 1.3475
R3: 1.3500
Support
S1: 1.3425
S2: 1.3405                           
S3: 1.3350




AUDUSD

Its currently trading at 1.0446, over 60 pips higher than its January low of 1.0384. Targets on the downside are at 1.0430 and 1.0405.  On the upside its first target is 1.0455 followed by 1.0475.

Resistance
R1: 1.0455
R2: 1.0475
R3: 1.0525
Support
S1: 1.0430
S2: 1.0405
S3: 1.0385




 

GBPUSD

The GBPUSD is currently trading at 1.5709. Current targets on the upside are 1.5750 followed by 1.5820. On the downside targets are 1.5670 and 1.5650.

Resistance
R1: 1.5710
R2: 1.5750
R3: 1.5820
Support
S1: 1.5670
S2: 1.5650
S3: 1.5605


 

Gold

So far in the month of January, Gold has reached a low of $1625.68. It’s currently trading at $1661.16. If gold heads lower, price levels to watch are $1657 and $1651.88.

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 29th  2013   
Time
Currency
Event
Actual
Forecast
Previous
10:00
USD
CB Consumer Confidence

64.0
65.1
16:45
NZD
Building Consents(MoM)

6.0%
-5.4%
18:50
JPY
Retail Sales(YoY)

0.3%
1.3%

Successful Trading!

Jacob Fendrich
Senior Market Analyst
      

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