Daily Market Analysis – Markets Looking Toppy

02/20/2013

In particular, the s&p 500 has had quite a run with its all-time high within range.  One has to wonder if we’ll see some kind of pullback in the near future.  Today’s big events will be US Producer Price Index numbers  and Housing Starts at 8:30am EST and then at 14:00 EST the US FOMC Meeting Minutes will be released. Both events should provide a fair amount of volatility in the markets.  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. Below are the charts to better understand the current short term trends in some of the different markets.

EURUSD 

After reaching 1.3436 today, the pair is currently trading at 1.3369. On the downside, targets to be aware of are 1.3355 followed by 1.3330. If the pair breaks higher, 1.3395 is the first target followed by 1.3430. 

Resistance	R1: 1.3395	R2: 1.3430	R3: 1.3455
Support	S1: 1.3355	S2: 1.3330	S3: 1.330

EURJPY

Its currently trading at 1.2511, nearly 80 pips lower than yesterday’s 1.2589 high. At present, targets on the downside are at 1.2490 and 1.2455.  On the upside its first target is 1.2540 followed by 1.2585.

Resistance	R1: 1.2540	R2: 1.2585	R3: 1.2655
Support	S1: 1.2490	S2: 1.2455	S3: 1.2380

GBPUSD

Following this morning’s economic reports, the pair has fallen from 1.5434 to it’s current level of 1.5302. Current targets on the upside are 1.5335 followed by 1.5355. On the downside targets are 1.5270 and 1.5200.

Resistance	R1: 1.5335	R2: 1.5355	R3: 1.5445
Support	S1: 1.5270	S2: 1.5200	S3: 1.5000

 

Gold

Today has seen Gold reach a new monthly low yet again of $1588.70. It’s slightly off its low for the day, currently trading at $1593.10. If gold heads lower, price levels to watch are $1576.08 and $1562.70.

Resistance	R1: 1623.03	R2: 1630.26	R3: 1642.50
Support	S1: 1587.24	S2: 1576.08	S3: 1562.70

 

Daily Calendar for Tuesday, February 20^th 2013   

Time	Currency	Event	Actual	Forecast	Previous
4:30	GBP	Claimant Count Change	-12.5k	-5.0k	-15.8k
4:30	GBP	MPC Meeting Minutes
8:30	USD	Core PPI(YoY)		1.6%	2.0%
8:30	USD	Housing Starts		0.925M	0.954M
14:00	USD	FOMC Meeting Minutes

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.