Daily Market Analysis – Markets Return to Previous Major Resistance

It remains to be seen if the action thus far is indicative of what to expect for the remainder of the week. For today, market participants will be paying attention to the US ISM Manufacturing index data at 10am. This report measures the various factors that make up business conditions and if higher than expected this could 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 

So far today, the pair has reached 1.3073.  If the market is to continue on the upside it will need to get above the 1.3082 level. On the downside, targets to be aware of are 1.3010 followed by 1.2980.

Resistance	R1: 1.305	R2: 1.308	R3: 1.3125
Support	S1: 1.302	S2: 1.2975	S3: 1.293

AUDUSD

Its currently trading at 1.0446 with targets on the downside at 1.0395 and 1.0375.  On the upside its first target is 1.0460 followed by 1.0480. At 19:30, we will get numbers on monthly Australian building approvals from the Australian Bureau of Statitstics. At 22:30 is the rate decision from the Reserve Bank of Australia(RBA). A higher than expected decision would be bullish for the AUD.

Resistance	R1: 1.0440	R2: 1.0460	R3: 1.0480
Support	S1: 1.0395	S2: 1.0375	S3: 1.0335

GBPUSD

So far today the GBPUSD has reached 1.6084. Current targets on the upside are 1.6095 followed by 1.6140. On the downside targets are 1.6025 and 1.5990.

Resistance	R1: 1.6070	R2: 1.6095	R3: 1.6140
Support	S1: 1.6025	S2: 1.5990	S3: 1.5960

 

Gold

Gold is trading at $1716.53, down from its high of $1754.20. Targets on the upside are $1728.10 and $1737.90. If gold heads lower, price levels to watch are $1712.55 and $1705.80.

Resistance	R1: 1728.10	R2: 1737.90	R3: 1743.10
Support	S1: 1712.55	S2: 1705.80	S3: 1698.80

Daily Calendar for Monday, December 3rd   

Time	Currency	Event	Actual	Forecast	Previous
10:00	USD	ISM Manufacturing Index		51.3	51.7
19:30	AUD	Building Approval(MoM)		-2.0%	7.8%
22:30	AUD	Interest Rate Decision		3.0%	3.25%

Successful Trading!

Jacob Fendrich
Senior Market Analyst

http://www.CMTrading.com  

http://cmtradingblog.blogspot.com

 

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