Tuesday, November 12, 2013

Market Analysis – Tuesday, November 12th 2013

Last week’s action was hugely profitable for those traders fortunate enough to be on the right side of the market. Still to come are some very significant economic events on Wednesday that could give some volatility to the various markets. More specifically, there will a report on UK’s employment numbers(GBP claimant count change), words from US Fed Chairman Ben Bernanake and Japanese Quarterly GDP numbers. Those looking for additional assistance, we at CMTrading are here to help those looking to profit in the financial markets.

It’s currently trading at 1.3385 and has fallen close to 500 pips in the course of only a few trading days. Targets on the upside are 1.3395 and 1.3421. On the downside targets are 1.3367 and 1.3331.

R1:  1.3395
R2:  1.3421
R3:  1.3453
S1:  1.3367
S2:  1.3331
R3:  1.3306



The currency has fallen nearly 400 pips since its high of 1.6256 on October 20th.  It’s difficult to determine whether support will hold or if tomorrow’s employment numbers will cause it to go even lower. Below is a table of important support and resistance levels.

R1:  1.5920
R2:  1.5975
R3:  1.6018
S1:  1.5860
S2: 1.5820
R3:  1.5790



The currency has advanced almost 200 pips in 3 short trading days. Tomorrow’s big report is Japanese quarterly GDP numbers – expect dramatic moves in this currency

R1:  99.79
R2:  99.91
R3:  100.00
S1:  99.47
S2:  99.13
R3:  98.92


No comments:

Post a Comment