Daily Market Analysis –Markets Await ADP Nonfarm Data

European market data released so far hasn’t sparked any noticeable moves in the markets. It looks like we’ll have to wait for the US market’s open before volatility returns. Chief among all of the US data are ADP Nonfarm Employment Data, Initial Jobless Claims and the ISM Manufacturing Index numbers.  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

Currently trading at 1.2927, its heading downwards towards its first support at 1.2915 which is followed by 1.2885.  Pending the release of the heavily watched ADP Nonfarm Employment Change at 8:15 am, this could cause an abrupt shift in the market’s direction. Shortly following this report are the Initial Jobless Claims that if higher than expected could be bearish for the EURUSD. At 10:00am are the ISM Manufacturing Index numbers that if better than expected could be bullish for the EURUSD. On the upside, levels to watch for the currency are 1.2960 followed by 1.2990.

Resistance	R1: 1.2945	R2: 1.2975	R3: 1.302
Support	S1: 1.291	S2: 1.2885	S3: 1.2845

AUDUSD

The pair is trading at 1.0373 and is bumping its head against overhead resistance at 1.0380. If it breaks above this level, 1.040 becomes a possibility. In the other direction, 1.0350 is the first support and then more significant support below that is 1.0325. At 20:30, the Australian Quarterly Producer Price Index numbers will be reported that if better than expected will be bullish for the currency.

Resistance	R1: 1.038	R2: 1.040	R3: 1.042
Support	S1: 1.035	S2: 1.0325	S3: 1.0305

USDCAD

Fx traders bullish on the USDCAD have no reason to be disappointed. The Pair is trading at 1.0004 above major resistance and appears to be forming a base that could become its new critical support level. Even if the market falls to .9890, it would still be in the context of its current uptrend.   

Resistance	R1: 1.002	R2: 1.0045	R3: 1.0055
Support	S1: 0.9985	S2: 0.996	S3: 0.994

 

Gold

Gold has been stair-stepping higher since reaching a low of $1698.51 early last week. Its trading at $1723.28 and looks poised to reach its next upside target at $1731.50.  In the near term, its most recent low remains strong support. 

Resistance	R1: 1727.30	R2: 1731.50	R3: 1739.40
Support	S1: 1707.80	S2: 1698.75	S3: 1690.14

Daily Calendar for Wednesday, November 1^st  

Time	Currency	Event	Actual	Forecast	Previous
8:15EST	USD	ADP Nonfarm Employment Change(QoQ)		135K	162K
8:30EST	USD	Initial Jobles Claims		370k	369k
10:00EST	USD	ISM Manufacturing Index		51.2	51.5
20:30EST	AUD	PPI(QoQ)		1.2%	0.5%

Successful Trading!

Jacob Fendrich
Senior Market Analyst

http://www.CMTrading.com 

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