Daily Market Analysis – Markets Ripe with Opportunity

01/29/2013

Choppy trading conditions have characterized the last several trading day – this could be a sign that the markets are carving out a top or the markets are forming another base before pushing higher. Today is light with economic activity, however tomorrow should provide more clarity on the path of the markets for the near term. 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 1.3459 and is currently trading at 1.3440.  On the downside, targets to be aware of are 1.3425 followed by 1.3405. If the pair breaks higher, 1.3460 is the first target followed by 1.3475. 

Resistance	R1: 1.3460	R2: 1.3475	R3: 1.3500
Support	S1: 1.3425	S2: 1.3405	S3: 1.3350

AUDUSD

Its currently trading at 1.0446, over 60 pips higher than its January low of 1.0384. Targets on the downside are at 1.0430 and 1.0405.  On the upside its first target is 1.0455 followed by 1.0475.

Resistance	R1: 1.0455	R2: 1.0475	R3: 1.0525
Support	S1: 1.0430	S2: 1.0405	S3: 1.0385

 

GBPUSD

The GBPUSD is currently trading at 1.5709. Current targets on the upside are 1.5750 followed by 1.5820. On the downside targets are 1.5670 and 1.5650.

Resistance	R1: 1.5710	R2: 1.5750	R3: 1.5820
Support	S1: 1.5670	S2: 1.5650	S3: 1.5605

 

Gold

So far in the month of January, Gold has reached a low of $1625.68. It’s currently trading at $1661.16. If gold heads lower, price levels to watch are $1657 and $1651.88.

Resistance	R1: 1698.72	R2: 1704.48	R3: 1718.10
Support	S1: 1681.86	S2: 1675.10	S3: 1663.73

 

Daily Calendar for Wednesday, January 29^th  2013   

Time	Currency	Event	Actual	Forecast	Previous
10:00	USD	CB Consumer Confidence		64.0	65.1
16:45	NZD	Building Consents(MoM)		6.0%	-5.4%
18:50	JPY	Retail Sales(YoY)		0.3%	1.3%

Successful Trading!

Jacob Fendrich
Senior Market Analyst

http://www.CMTrading.com 

      

Risk Warning: Contracts for Difference (CFDs)  and foreign exchange products are leveraged products and may not be suitable for everyone. They are highly speculative and involve a significant risk of loss. Please ensure that you fully understand the risks involved. More information can be found from our "Risk Disclosure" statement. . The content offered in this email is for information purposes only and should not be interpreted as a solicitation to offer purchase or sale of any financial instrument. The information on which this communication is based has been obtained from sources we believe to be reliable, but we do not guarantee its accuracy or completeness. All expressions of opinion are subject to change.