Monday, February 11, 2013

Daily Market Analysis – Quiet Day in the Market


Market has yet to show us its hand as for its short term direction. Tomorrow’s economic events will be more European centric and Wednesday’s big reports will be coming out of the US. In the meantime, today provides a good opportunity to get good prices without the slippage that high volatility creates.  

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.


To start the month, the pair reached a high of 1.3710 and now its trading at 1.3382.  On the downside, targets to be aware of are 1.3375 followed by 1.3350. If the pair breaks higher, 1.3425 is the first target followed by 1.3475. 

R1: 1.3425
R2: 1.3475
R3: 1.3575
S1: 1.3375
S2: 1.335
S3: 1.333


Its currently trading at 1.2495, over 270 pips lower than Thursday’s 1.2740 high. At present, targets on the downside are at 1.2450 and 1.2403.  On the upside its first target is 1.2570 followed by 1.2603.

R1: 1.2570
R2: 1.2603
R3: 1.2667
S1: 1.2450
S2: 1.2403
S3: 1.2312


The GBPUSD is currently trading at 1.5690. Current targets on the upside are 1.5765 followed by 1.5807. On the downside targets are 1.5670 and 1.5650.

R1: 1.5765
R2: 1.5807
R3: 1.5854
S1: 1.5670
S2: 1.5650
S3: 1.5625


Today has seen Gold reach a new monthly low of $1643.65. It’s slightly off its low for the day, currently trading at $1649.80. If gold heads lower, price levels to watch are $1657 and $1651.88.

R1: 1663.70
R2: 1672.49
R3: 1677.25
S1: 1644.10
S2: 1622.11
S3: 1598.40

Daily Calendar for Thursday, February 11th 2013   
NAB Business Confidence


Successful Trading!

Jacob Fendrich
Senior Market Analyst
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