Daily Market Analysis – Markets Holding Steady

02/12/2013

 Excluding the gold market, both currency and equity markets are continuing their sideways to higher price action. ECB President Draghi’s speech had minimal influence over the market’s direction –  it looks like tomorrow could be the day for the big moves in the market. 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. Below are the charts to better understand the current short term trends in some of the different markets.

EURUSD 

After reaching 1.3361 yesterday, the pair is currently trading at 1.3424. On the downside, targets to be aware of are 1.3375 followed by 1.3350. If the pair breaks higher, 1.3475 is the first target followed by 1.35.

Resistance	R1: 1.3475	R2: 1.35	R3: 1.3575
Support	S1: 1.3375	S2: 1.335	S3: 1.333

 

EURJPY

Its currently trading at 1.2575, nearly 220 pips higher than the week’s 1.2346 open. At present, targets on the downside are at 1.2542 and 1.25.  On the upside its first target is 1.2603 followed by 1.2636.

Resistance	R1: 1.2603	R2: 1.2636	R3: 1.2683
Support	S1: 1.2542	S2: 1.250	S3: 1.2452

GBPUSD

Following this mornings economic reports, the pair has fallen from 1.5666 to it’s current level of 1.5596. Current targets on the upside are 1.5645 followed by 1.5715. On the downside targets are 1.5541 and 1.5487.

Resistance	R1: 1.5645	R2: 1.5715	R3: 1.5767
Support	S1: 1.5541	S2: 1.5487	S3: 1.5415

Gold

Today has seen Gold reach a new monthly low yet again of $1639.14. It’s slightly off its low for the day, currently trading at $1645.30. If gold heads lower, price levels to watch are $1639.14 and $1622.75.

Resistance	R1: 1653.60	R2: 1667.65	R3: 1683.75
Support	S1: 1639.14	S2: 1622.75	S3: 1602.15

Daily Calendar for Tuesday, February 12^th 2013
   

Time	Currency	Event	Actual	Forecast	Previous
4:30	GBP	Core CPI(YoY)	2.7%	2.8%	2.4%
9:30	EUR	ECB President Draghi
14:00	USD	Federal Budget Balance		-2.0B	-0.3B
18:30	AUD	Westpac Consumer Sentiment			0.60%

Successful Trading!

Jacob Fendrich
Senior Market Analyst

http://www.CMTrading.com 

        

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