Markets Retest Highs

02/28/2013

After S&P 500 reached 1529.13 on the 19^th of February, it  fell all the way to 1481.13 on the 25^th of February and it has since rallied all the way to 1517.63, perhaps attempting to retest the high. For long term investors, this can be frustrating but for those who trade the big swings – these are the markets that traders hope for. Today’s events could determine how the markets will unfold for the coming weeks. In particular, US employment numbers and Quarterly US GDP numbers are set to be released at 8:30am. Also of interest is Tokyo Core CPI numbers set to be released at 18:30 EST, which should affect the JPY trade.  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 and the day’s economic events to better understand the current short term trends in some of the different markets.

EURUSD 

After reaching 1.3160 today, the pair is currently trading at 1.3128. On the downside, targets to be aware of are 1.3095 followed by 1.3040. If the pair breaks higher, 1.3160 is the first target followed by 1.3190. 

Resistance	R1: 1.3160	R2: 1.3190	R3: 1.3245
Support	S1: 1.3095	S2: 1.3040	S3: 1.3000

 
 

EURJPY

Its currently trading at 1.21.15, nearly 655 pips lower than its February 6^th high. At present, targets on the downside are at 120.60 and 119.15.  On the upside its first target is 121.20 followed by 121.70.

Resistance	R1: 121.20	R2: 121.70	R3: 123.20
Support	S1: 120.60	S2: 119.15	S3: 118.35

GBPUSD

The pair has fallen precipitously from yearly high of 1.6379 to its current level of 1.5206. Current targets on the upside are 1.5220 followed by 1.5255. On the downside targets are 1.5150 and 1.5120.

Resistance	R1: 1.5220	R2: 1.5255	R3: 1.5315
Support	S1: 1.5150	S2: 1.5120	S3: 1.5080

 


Gold

Gold is still completing its retracement after reaching a low of $1555.00 on the 21st. Its reached $1620.01 and is currently at $1589.83.   If gold heads lower, price levels to watch are $1576.08 and $1562.70.

Resistance	R1: 1593.50	R2: 1623.03	R3: 1630.26
Support	S1: 1587.24	S2: 1576.08	S3: 1562.70

 

 

Daily Calendar for Tuesday, February 28^th 2013   

Time	Currency	Event	Actual	Forecast	Previous
8:00	EUR	German CPI(YoY)		1.6%	1.7%
8:30	USD	GDP(QoQ)		0.6%	-0.1%
8:30	USD	Initial Jobless Claims		360K	362K
9:45	USD	Chicago PMI		54.3	55.6
18:30	JPY	Tokyo Core CPI(YoY)		-0.6%	-0.5%

Successful Trading!

Jacob Fendrich
Senior Market Analyst

http://www.CMTrading.com 

        

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