Daily Market Analysis – Volume Returns to Market after Holiday

Today’s market should see more action after the light volume markets saw during the US Thanksgiving holiday. The market’s should see even more volatility beginning on Tuesday with the UK’s 4^th quarter GDP announcement.  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 EUR/USD has been in a steady uptrend since reaching a low of 1.2661 nearly 10 trading days ago.   Its currently trading at 1.2954 and the pair is right below major resistance. If the pair heads to the downside, the first target is 1.2940 followed by 1.29. On the upside, if it breaks through resistance, the first target is 1.2990 followed by 1.3020. At 7am, the eurozone will release numbers for the GfK German Consumer Climate. This report is a measure of consumer confidence in economic activity and higher than expected readings are bullish for the  Euro.

Resistance	R1: 1.2990	R2: 1.3020	R3: 1.3085
Support	S1: 1.2940	S2: 1.290	S3: 1.2835

AUDUSD

Also facing overhead resistance is the AUDUSD. It’s currently trading at 1.0449 and if the currency heads downwards, its first support level is 1.0445 followed by 1.0415. Breaking above 1.0470 gives the pair a shot at 1.0490.

Resistance	R1: 1.047	R2: 1.049	R3: 1.052
Support	S1: 1.0445	S2: 1.0415	S3: 1.039

GBPUSD

Friday’s trading saw the GBPUSD reach a high of 1.6050.  Its slightly down from that level, currently trading at 1.6011. If the pair breaks above that level its next target is 1.6075 followed by 1.6135. Targets on the downside are 1.6015 and 1.5970.

Resistance	R1: 1.605	R2: 1.6075	R3: 1.6135
Support	S1: 1.6015	S2: 1.597	S3: 1.5925

 

Gold

Friday’s trading finally saw Gold break out of its sideways consolidation pattern with a high of $1754.17. If the market continues higher, its next target on the upside is $1757.84 followed by $1764.59. On the downside, support levels to be aware of are $1739.65 and $1732.50.

Resistance	R1: 1757.84	R2: 1764.59	R3: 1777.42
Support	S1: 1739.65	S2: 1732.50	S3: 1721.60

 

Daily Calendar for Monday, November26^th

Time	Currency	Event	Actual	Forecast	Previous
07:00 EST	EUR	GfK German Consumer Climate		6.2	6.3
16:45 EST	NZD	Trade Balance		-536M	-791M

Successful Trading!

Jacob Fendrich
Senior Market Analyst

http://www.CMTrading.com 

      

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