Daily Market Analysis – Volatility Fills Markets with Opportunities

Currency traders have had many chances to profit from the recent swings in the fx markets. Another possible opportunity exists with the release of the US Michigan consumer sentiment figures at 9:55am. More specifically this report will measure both current and future economic conditions and if higher than expected this would be bullish for the USD. 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

Early in today’s trading session the pair reached 1.2821 and then promptly sold off to 1.2736.  The currency has recovered most of that drop to its current price of 1.2803. If the market is to continue on the upside it will need to get above the 1.2830 level. On the downside, targets to be aware of are 1.2770 followed by 1.2736.

Resistance	R1: 1.2812	R2: 1.284	R3: 1.2875
Support	S1: 1.2785	S2: 1.2765	S3: 1.2736

 

AUDUSD

After reaching 1.0393, the pair quickly dropped to 1.0344. Its currently trading at 1.0364 with targets on the downside at 1.0343 and 1.0305.  On the upside its first target is 1.0379 followed by 1.0393.

Resistance	R1: 1.0379	R2: 1.0393	R3: 1.0424
Support	S1: 1.0343	S2: 1.0305	S3: 1.0287

 

GBPUSD

Today’s GBPUSD price pattern has seen it reach 1.5828, followed by a drop to 1.5882 and then a rise to 1.5940. Current targets on the downside are 1.5900 followed by 1.5885. On the upside targets are 1.5960 and 1.6015.

Resistance	R1: 1.5940	R2: 1.5960	R3: 1.6015
Support	S1: 1.59	S2: 1.5885	S3: 1.5855

 

Gold

After reaching $1719.23, the shiny metal hit a high of $1728.91 today. Its currently trading at $1726.40 and it remains to be seen how much longer Gold will continue to trade rangebound. On the upside targets are at $1728.10 and $1737.90. Levels on the downside to watch for are $1718.80 followed by $1712.55.

Resistance	R1: 1728.10	R2: 1737.90	R3: 1743.10
Support	S1: 1718.80	S2: 1712.55	S3: 1705.80

 

Daily Calendar for Wednesday, November 21st  

Time	Currency	Event	Actual	Forecast	Previous
04:30	GBP	MPC Meeting Minutes
08:30	USD	Initial Jobless Claims	410k	410k	451k
09:55	USD	Michigan Consumer Sentiment		84.5	84.9

Successful Trading!

Jacob Fendrich
Senior Market Analyst

http://www.CMTrading.com 

      

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