Daily Market Analysis –Markets Wait for Further Clues

Following the release of US Nonfarm Data on Friday, markets sold off and appear to be waiting for the next batch of economic data before deciding where to go next.  Of special note this week are interest rate decisions coming from the European Central Bank(ECB), the Bank of England(BoE) and the Reserve Bank of Australia(RBA).  Aside from economic data, there will be the US presidential election on Tuesday, November 6^th. Historically, market volatility is twice as high during national elections.   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 sitting on its 1.2792 support level, the EURUSD’s next level down is at 1.2750. Below that, its next target is at 1.2633.  On the upside, its first resistance level is 1.2850 followed by 1.2910. 

Resistance	R1: 1.2945	R2: 1.291	R3: 1.2850
Support	S1: 1.2750	S2: 1.279	S3: 1.2815

 

AUDUSD

The pair is currently trading near the sessions lows at 1.0345 and its next level down is at 1.0330. If it breaks above this level, 1.0305 becomes a possibility. In the other direction, 1.04 is the first resistance followed by 1.0420. At 22:30, the Reserve Bank of Australia will be announcing its interest rate decision. If this rate is higher than expected, this could cause the currency to rise.

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

USDCAD

The USDCAD is currently trading at .9960.  Its next level target on the upside is .9985 followed by 1.0015. On the downside, the first support level is .99.35 followed by .9920.  At 8:30am Canadian Building Permits data is being reported. If this number is higher than expected, this would be bullish for the CAD.  

Resistance	R1: .9960	R2: .9985	R3: 1.0015
Support	S1: 0.9935	S2: 0.9920	S3: 0.9900

 

 
Gold

Gold took a major hit lower on Friday, falling all the way from the day’s high of $1716.65 to a low of $1674.52. Its currently trading at $1678.55 and its next level of support is at $1670.44 followed by $1655.00. On the upside, its first target is at $1695.75 followed by $1707.84.

Resistance	R1: 1695.75	R2: 1707.84	R3: 1716.23
Support	S1: 1670.44	S2: 1665.00	S3: 1655.30

 

Daily Calendar for Monday, November ^5th

Time	Currency	Event	Actual	Forecast	Previous
08:30 EST	CAD	Building Permits(MoM)		-3.0%	7.9%
22:30 EST	AUD	Interest Rate Decision		3.00%	3.25%

Successful Trading!

Jacob Fendrich
Senior Market Analyst

http://www.CMTrading.com 

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