Thankfully my expectations for a quiet week
in the markets because of the US holiday have been proven otherwise. Across the
board, all of the major markets have been showing quite a bit of volatility –
not just the currencies, but the indices and commodity markets as well. 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.
EUR/USD
After straddling the upper boundary of its yearly trading range, the pair has finally began to see a sizable correction. It’s currently trading at 1.3212 with price levels to watch on the downside at 1.3190 and 1.3175. If the pair breaks higher, 1.3225 is the first target followed by 1.3255
RESISTANCE
|
R1: 1.3225
|
R2: 1.3255
|
R3: 1.3280
|
SUPPORT
|
S1: 1.3190
|
S2: 1.3175
|
R3: 1.3190
|
GBP/USD
After
closing last week’s trading at 1.5495, the pair has jumped up to 1.5593. Price
levels to watch on the upside are 1.5600 and 1.5640 and on the downside targets
remain at 1.5570 and 1.5545.
RESISTANCE
|
R1: 1.5600
|
R2: 1.5640
|
R3: 1.5705
|
SUPPORT
|
S1: 1.5570
|
S2: 1.5545
|
R3: 1.5500
|
AUD/USD
RESISTANCE
|
R1: .9020
|
R2: .9050
|
R3: .9095
|
SUPPORT
|
S1: .8995
|
S2: 0.8960
|
R3: 0.8895
|
S&P500
After reaching a high of 1704.13 to start the month, the index reached low of 1624.13 on August 28th. It's currently trading at 1645.38 with targets on the upside at 1656.00 and 1666. Targets on the downside are 1641.38 and 1625.00.
RESISTANCE
|
R1: 1656.00
|
R2: 1666.00
|
R3: 1676.30
|
SUPPORT
|
S1: 1641.38
|
S2: 1625.00
|
R3: 1616.75
|
Daily
Calendar for Wednesday, September 2nd, 2013
Time
|
Currency
|
Event
|
Actual
|
Forecast
|
Previous
|
21:30
|
AUD
|
Retail Sales(MoM)
|
0.4%
|
0.0%
|
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