Market Analysis – Wednesday, October 23rd 2013

Yesterday’s US employment data was much worse than expected and was the catalyst for the drastic move lower in the US dollar. This move had a ripple effect and was what propelled many of the other financial markets higher.  Today’s correction could be nothing more than a consolidative move or it could be indicative of a trend change. Only time will tell. Tomorrow’s big economic events revolves around US employment numbers at 13:30 GMT and US home sales at 15:00 GMT. Those looking for additional assistance, we at CMTrading are here to help those looking to profit in the financial markets.

 EUR/USD

It’s currently trading at 1.3762 and yesterday the pair reached its yearly high of 1.3791. Targets on the upside are 1.3791 and 1.3825. On the downside targets are 1.3744 and 1.3714.

RESISTANCE	R1:  1.3791	R2:  1.3825	R3:  1.3883
SUPPORT	S1:  1.3744	S2:  1.3714	R3:  1.3697

 

NZD/USD

The currency broke out of its range on October 14^th to reach yesterday’s high of .8542.  It has since sold off dramatically to its current price of .8384 and has bounced off the top of its previous trading range. Below is a table of important support and resistance levels.

RESISTANCE	R1:  .8405	R2:  .8430	R3:  .8445
SUPPORT	S1:  .8343	S2: .8302	R3:  .8271