Monday, April 29, 2013

Forex Market Analysis


Economic News for the week of April 29th to May 3rd

Monday
Tuesday
Wenesday
Thursday
 
Friday
USD (1:30 GMT)  – Pending Home Sales
CAD (1:30 GMT) – GDP
USD (3:00PM) – Consumer Confidence
GBP (9:30 GMT) – Manufacturing PMI
USD (1:15 GMT) ADP Non-Farm Employment
USD (3:00 GMT) ISM Manufacturing PMI
USD – (19:00 GMT) FOMC Statement
EUR ( 12:45 GMT) Minimum Bid Rate
EUR (13:30 GMT) – Trade balance
EUR (13:30 GMT) – ECB Press Conference
USD (13:30 GMT) – Trade Balance
USD –(13:30 GMT) Unemployment Claims
GBP (9:30 GMT) – Services PMI
USD (13:30 GMT) – Non Farm Employment Change
USD (13:30 GMT) – Unemployment Rate
USD (15:00 GMT) Non-Manufacturing PMI

 

Technical Trading Gameplan for week of April 29th to May 3rd

Markets stand at a turning point this week, with investors and traders focusing on the upcoming FOMC meeting on Wednesday, May 1st. If the dollar index continues its long term upward climb, then this may give some of the hot games a rest for the time being.  For those interested in a more in-depth anaysis, we at CM Trading are here to help those that want to profit from the financial markets. Below is an overview of how one can expect to profit from this week's swings in the various markets.

EUR/USD



RESISTANCE
R1:1.31884
R2:1.33055
R3:1.36440
SUPPORT
S1:1.29979
S2:1.27245
R3:1.23100

The beginning of this month saw the 1.2750 level tested multiple times and its rise to 1.32 and its subsequent decline to its current 1.3065, has many wondering if we'll see a retest of that low in the near future. One can't help but wonder if any of the number of issues plaguing the Eurozone will resurface, leaving the euro vulnerable to downward swings.

USD/JPY

 
RESISTANCE
R1: 99.94
R2: 101.45
R3: N/A
SUPPORT
S1: 96.195
S2:  92.485
R3: N/A

 After closing close to the 100 mark last week, the USDJPY couldn’t seem to continue its upward momentum and has lost some steam this week. Although not a clear indication that it’s now a short, trading lightly with quick profits on the downside may prove to be a profitable trading plan.

USD/ZAR

 
RESISTANCE
R1: 9.30415
R2: 9.33041
R3:
SUPPORT
S1:  9.05440
S2:  808841
R3:

The USDZAR has been in a steady stairstep advance since its yearly low on January 2nd of 8.4120. It’s currently trading at support at the 9.0624 and will need to hold this level or face the possibility of reaching 9.009.

GOLD

 
RESISTANCE
R1:  1,52948
R2: N/A
R3:N/A
SUPPORT
S1:  1,202.50
S2: N/A
R3: N/A

Gold must be a source of frustration for those insisting that it's going to astronomical levels. Fortunately, we at CM Trading have continued to offer the advice that this is a trader's market and the era of long term buy and hold is no longer a valid way to show a profitable return at the year's end. In the short term the commodity has been trying to regain some of its losses from last week.

S & P FUTURES

 

RESISTANCE
R1: 1,577ish
R2: New High
R3: New high
SUPPORT
S1: 1,480ish
S2: 1,411.05
R3: 1,201.65

The S&P 500 reached an all-time high of 1592.13 on April 11 and saw a retest of that high at 1587.38 on April 25th. There is certainly indication that there is HEAVY resistance around the 1577 mark; however breaking above these levels could set the stage for a move to 1650.

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