Daily Market Analysis – Markets Stand at a Turning Point

In glancing over the various markets, it’s interesting to note that most of the major markets are set to end the year substantially higher than the start. Even the “ill-fated” EUR/USD that many had predicted the demise of is up nearly 3% for the year. Clearly it pays better to be a technician of the markets rather than taking the fundamental analysis of the market.  For the short term, however, trading the news can have its advantages. On today’s agenda there are several important news events to be aware of. At 8:30am are US initial jobless claims with expectations for a slightly lower reading than last week’s number.  This report will be followed by US New Home Sales at 10:00am with expectations for a better report than the previous month.  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 1.3274.  On the downside, targets to be aware of are 1.3183 followed by 1.3135. If the pair breaks higher, 1.3303 is the first target followed by 1.3351.

Resistance	R1: 1.3267	R2: 1.3303	R3: 1.3351
Support	S1: 1.3183	S2: 1.3135	S3: 1.3099

NZDUSD

Its currently trading at .8202 with targets on the downside at .8153 and .8111.  On the upside its first target is .8237 followed by .8280. 

Resistance	R1: .8237	R2: .8280	R3: .8321
Support	S1: .8153	S2: .8111	S3: .8069

 

 

 

GBPUSD

 

The GBPUSD is currently trading at 1.6185. Current targets on the upside are 1.6203 followed by 1.6233. On the downside targets are 1.6163 and 1.6124.

Resistance	R1: 1.6203	R2: 1.6233	R3: 1.6270
Support	S1: 1.6163	S2: 1.6124	S3: 1.6110

 

Gold

For those bullish on Gold, its been a rough ride over the last several weeks. Since reaching a high of $1754.17 on November 23^rd, it has tumbled all the way to $1635.54. It’s currently trading at $1655.49. If gold heads lower, price levels to watch are $1631.22 and $1622.18.

Resistance	R1: 1665.00	R2: 1687.53	R3: 1695.09
Support	S1: 1641.80	S2: 1631.22	S3: 1622.18

Daily Calendar for Thursday, December 27^th   

Time	Currency	Event	Actual	Forecast	Previous
08:30	USD	Iniitial Jobless Claims		32000K	3225K
10:00	USD	New Home Sales		378K	368K

Successful Trading!

Jacob Fendrich
Senior Market Analyst

http://www.CMTrading.com 

      

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