Global equity and currency markets are
continuing to show strength as we head into the end of the trading week. Already
released today were better than expected UK Retail Sales. US employment data
and the Philadelphia Fed Manufacturing Index numbers will be released later
today. Also happening is the EU summit in Brussels, where European leaders will
continue to discuss the economic situation of the European Union. 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.
EURUSD
The
pair is trading at 1.3105 and appears ready to break above important resistance
at 1.3170, which would lead to the possibility of reaching the mid-1.32 level.
As long as the pair holds above 1.30, the pair will remain in its current
uptrend. Data coming of the US are Continuing Jobless Claims and Initial Job
Claims at 8:30 EST. If these numbers are positive, it could be bullish for the
EURUSD. Also due to be released is the Philadelphia Fed Manufacturing Index numbers at 10 EST that if better
than expected could be bearish for the EURUSD.
Resistance
|
R1:
1.314
|
R2: 1.3175
|
R3: 1.327
|
Support
|
S1: 1.2970
|
S2:1.3015
|
S3: 1.3085
|
Following
this morning’s release of UK Retail Sales, the stream of positive economic data
continues to give more hope that the pairs uptrend may continue. After bouncing off support at around the
1.6110 level, it climbed up to 1.6170 where it faces resistance. If the pair
breaks convincingly above this level, 1.6215 is the next price objective.
1.6110 continues to be a significant support level for the pair to hold above
for those fx traders bullish on the pair.
Resistance
|
R1:
1.6180
|
R2: 1.614
|
R3: 1.6215
|
Support
|
S1: 1.6110
|
S2: 1.6045
|
S3: 1.5975
|
The pair has been trading sideways since the end of September between .9726 and .9885. It’s now near the bottom of this range. It’s currently at .9776 and its price could be affected by the Canadian Wholesale Sales number being released at 8:30 EST.
Resistance
|
R1:
0.979
|
R2: 0.9825
|
R3: 0.987
|
Support
|
S1: 0.9765
|
S2: 0.9745
|
S3: 0.973
|
Gold
Shifting our analysis from the currencies, we can see that Gold continues to form a floor around support at the $1743 level. It will need to get above $1759.63 if the shiny metal is to continue higher.
Resistance
|
R1:
1759.63
|
R2: 1764.59
|
R3: 1777.40
|
Support
|
S1: 1743.70
|
S2: 1731.5
|
S3: 1722.30
|
Daily
Calendar for Thursday, October 18
Time
|
Currency
|
Event
|
Actual
|
Forecast
|
Previous
|
4:30 EST
|
GBP
|
Retail Sales(YoY)
|
2.5%
|
2.1%
|
2.5%
|
4:30 EST
|
GBP
|
Retail Sales(MoM)
|
0.6%
|
0.4%
|
-.1%
|
8:30 EST
|
CAD
|
Wholesale Sales(MoM)
|
0.2%
|
-0.6%
|
|
8:30 EST
|
USD
|
Continuing Jobless Claims
|
3275K
|
3273K
|
|
20:30EST
|
USD
|
Initial Jobless Claims
|
365K
|
339K
|
|
22:00EST
|
USD
|
Philly Fed Manufacturing Index
|
1.0
|
-1.9
|
Successful
Trading!
Jacob Fendrich
Senior Market Analyst
Jacob Fendrich
Senior Market Analyst
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