Daily Market Analysis – Large Number of Potentially Profitable Trades

03/18/2013

Whether currencies are your focus or the indices or the precious metals, there are tremendously profitable opportunities available for the taking among all of these markets.  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 and the day’s economic events to better understand the current short term trends in some of the different markets.

 

EURUSD 

After closing last week’s trading at 1.3074 at, the pair has dropped like a rock reaching 1.2881. It’s currently trading at 1.2963. Price levels to watch on the downside are 1.2880 and 1.2845. If the pair breaks higher, 1.3005 is the first target followed by 1.3045. 

Resistance	R1: 1.3005	R2: 1.3045	R3: 1.3103
Support	S1: 1.2880	S2: 1.2845	S3: 1.288

EURJPY

Today saw an explosive move in the EURJPY. From Friday’s close of 1.2455, it fell nearly 300 pips to 1.2163. The pair now stands at the 1.2310 level with its first downside target at 1.2165 followed by 121.20. On the upside, the first target is 1.2330 followed by 1.2480.

Resistance	R1: 123.30	R2: 124.05	R3: 124.80
Support	S1: 1.2165	S2: 121.20	S3: 120.30

GBPUSD

After reaching 1.6379 to start the year, the pair has fallen a devastating 1500 pips to 1.4829 on March 12. It’s retraced some of the decline to its current level of 1.5134. Targets on the upside are 1.5175 followed by 1.5230. On the downside, targets are 1.5070 and 1.4975.

Resistance	R1: 1.5175	R2: 1.5230	R3: 1.5320
Support	S1: 1.5070	S2: 1.4975	S3: 1.4910

 

Gold

Gold appears to have reached its retracement target, hitting $1620 on February 26th. It’s been trading sideways over the past several weeks and is currently at $1604.   If gold heads lower, price levels to watch are $1586.25 and $1578.37.

Resistance	R1: 1605.00	R2: 1608.72	R3: 1623.03
Support	S1: 1586.25	S2: 1578.37	S3: 1560.70

 

Daily Calendar for Friday, March 18^th 2013   

Time	Currency	Event	Actual	Forecast	Previous
18:50	AUD	RBA Assist Gov Lowe Speaks
20:30	AUD	Monetary Policy Meeting Minutes

Successful Trading!

Jacob Fendrich
Senior Market Analyst

http://www.CMTrading.com 

        

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