Daily Market Analysis – Quiet Start to the Trading Week

With the US markets closed because of Veterans Day, the real action for the week won’t start until Tuesday. This may be a dramatic week for the markets, as most are sitting at critical support levels.  German ZEW Economic Sentiment data will be the big event for Tuesday. On Wednesday, the Bank of England Inflation Report, the US FOMC Minutes plus US retail sales will be closely watched. Let’s watch to see how the markets responds to the previously mentioned events and for the second half of the week we will hopefully have a better picture of where the markets are headed.  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 at 1.2708, the currency is sitting at a very crucial level. Its next major level of support comes in at 1.2624. On the upside, the pair will need to get above 1.2735 before its next resistance at 1.2785. 

Resistance	R1: 1.2735	R2: 1.2785	R3: 1.2825
Support	S1: 1.262	S2: 1.267	S3: 1.2685

AUDUSD

The currency is currently trading at 1.0435. Its first target on the upside is 1.0440 followed by 1.0480.  On the downside, its first support is at 1.0395 followed by 1.0380. At 19:30, the National Australia Bank(NAB) business confidence index rates are being reported. Any number above zero is considered bullish for the pair.

Resistance	R1: 1.044	R2: 1.0480	R3: 1.0518
Support	S1: 1.0395	S2: 1.0380	S3: 1.0355

GBPUSD

The GBPUSD broke through critical support and is currently trading at 1.5903 after having reached 1.5879.  Its next level of support is at 1.5850 followed by 1.5835. On the upside, the first resistance level is 1.5920 followed by 1.5960.  At 19:00 the Royal Institution of Chartered Surveyors(RICS) House Price Balanceis being reported. This report is the leading indicator of house price inflation and if lower than expected could have bearish implications for the pair.

Resistance	R1: 1.5920	R2: 1.5960	R3: 1.6020
Support	S1: 1.5885	S2: 1.585	S3: 1.5835

Gold

Gold is starting the week on a bullish note. Its currently trading at $1737 and for the up move to continue, getting above $1743.75 could lead the way to $1754.5. On the downside, its first level of support is at $1726.80 followed by $1712.39. 

Resistance	R1: 1743.75	R2: 1754.50	R3: 1764.59
Support	S1: 1726.80	S2: 1712.39	S3: 1693.13

 

Daily Calendar for Monday, November 12^th  

Time	Currency	Event	Actual	Forecast	Previous
19:00 EST	GBP	RICS House Price Balance		-15.0%	-15.0%
04:30 EST	AUD	NAB Business Confidence			0

Successful Trading!

Jacob Fendrich
Senior Market Analyst

http://www.CMTrading.com 

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