Market Analysis – Monday, September 16 2013

Market’s gapped up to start the week, leaving wrong-sided investors and traders with the decision of whether to close their positions or to hope the markets reverse in their favor. As always, it pays to keep to risk management rules. Later in the week there will be important economic data affecting the GBP, Euro and AUD. Below are some charts outlining important markets to pay attention. For those looking for additional assistance, we at CMTrading are here to help those looking to profit in the financial markets.

 EUR/USD

It’s currently trading at 1.3354 and remains below it’s recent high of yearly high of 1.34512. Targets on the upside are 1.3405 and 1.3443. On the downside targets are 1.3291 and 1.3215.

RESISTANCE	R1:  1.3405	R2:  1.3443	R3:  1.3519
SUPPORT	S1:  1.3291	S2:  1.3215	R3:  1.3177

 

GBP/USD

For those that thought they missed the opportunity to go short this pair in the 1.60’s, well those traders have gotten their wish. On the upside, getting above 1.6008 opens the way for 1.6066.

RESISTANCE	R1:  1.6008	R2:  1.6066	R3:  1.6182
SUPPORT	S1:  1.5834	S2: 1.5718	R3:  1.5660

 

Market Analysis – Thursday, September 12 2013

This past week’s short term trend reversal has left many investors and traders scratching their heads. Both currencies and stock markets alike have been affected. The million dollar question is whether this is just a temporary pause before the overall trend reasserts itself. At times like this, it pays to be a trader rather than an investor.

EUR/USD

It’s currently trading at 1.3273 and remains below it’s recent high of 1.3451. Targets on the upside are 1.3347 and 1.3375. On the downside targets are 1.3267 and 1.3215.

RESISTANCE	R1:  1.3347	R2:  1.3375	R3:  1.3427
SUPPORT	S1:  1.3267	S2:  1.3215	R3:  1.3187

 

GBP/USD

For those that thought they missed the opportunity to go short this pair in the 1.5800’s, well those traders have gotten their wish. On the upside, getting above 1.5840 opens the way for 1.5866.

RESISTANCE	R1:  1.5866	R2:  1.5904	R3:  1.5978
SUPPORT	S1:  1.5754	S2: 1.5680	R3:  1.5642

 

NZD/USD

The pair is at the very top of it’s yearly range at .8127. Breaking above .8154 could set up the path for .8183, while downside targets are .8124 and .8110.

RESISTANCE	R1:  .8146	R2:  .8154	R3:  .8168
SUPPORT	S1:  .8124	S2:  0.8110	R3:  0.8102

 

S & P Futures

The index has been in steady uptrend since the beginning of the year with periodic pullbacks. It’s unclear if the top is in, though time will tell.

RESISTANCE	R1:  $1690.10	R2: $1703.12	R3:  $1710.14
SUPPORT	S1:  $1670.62	S2: $ 1661.10	R3:  $1651.05

Thankfully my expectations for a quiet week in the markets because of the US holiday have been proven otherwise. Across the board, all of the major markets have been showing quite a bit of volatility – not just the currencies, but the indices and commodity markets as well.  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.

EUR/USD

After straddling the upper boundary of its yearly trading range, the pair has finally began to see a sizable correction. It’s currently trading at 1.3212 with price levels to watch on the downside at 1.3190 and 1.3175. If the pair breaks higher, 1.3225 is the first target followed by 1.3255

RESISTANCE	R1:  1.3225	R2:  1.3255	R3:  1.3280
SUPPORT	S1:  1.3190	S2:  1.3175	R3:  1.3190

GBP/USD

After closing last week’s trading at 1.5495, the pair has jumped up to 1.5593. Price levels to watch on the upside are 1.5600 and 1.5640 and on the downside targets remain at 1.5570 and 1.5545.
 

RESISTANCE	R1:  1.5600	R2:  1.5640	R3:  1.5705
SUPPORT	S1:  1.5570	S2: 1.5545	R3:  1.5500

AUD/USD

This is another pair that should be on your radar. Closing last week at near lows for the month of .89001, the currency reached at high of 0.9013 in today’s trading session. It’s currently trading at .89911 with targets on the upside at .9020 and .9050. Targets on the downside are at .8995 and .8960. In overnight trading, the Reserve Bank of Australia will be making an interest rate decision – an event sure to have a major effect on the currency pair.

RESISTANCE	R1:  .9020	R2:  .9050	R3:  .9095
SUPPORT	S1:  .8995	S2:  0.8960	R3:  0.8895

 

 

 S&P500

After reaching a high of 1704.13 to start the month, the index reached low of 1624.13 on August 28th. It's currently trading at 1645.38 with targets on the upside at 1656.00 and 1666. Targets on the downside are 1641.38 and 1625.00.

RESISTANCE	R1:  1656.00	R2:  1666.00	R3:  1676.30
SUPPORT	S1:  1641.38	S2:  1625.00	R3:  1616.75

 

 

Daily Calendar for Wednesday, September 2nd, 2013   

Time	Currency	Event	Actual	Forecast	Previous
21:30	AUD	Retail Sales(MoM)		0.4%	0.0%