CM Trading Blog

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%