Market Analysis – Tuesday, October 1st 2013

For those traders and investors waiting to see a big move in the markets, tomorrow’s calendar of events should provide that action. Not only will there be an an ECB press conference, but we will also hear words from US Fed Chairman Bernanke. Additionally we will be receiving US employment numbers. It should be an action packed day. 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 1.3545 and remains within reach of the yearly high of 1.3710. Targets on the upside are 1.3595 and 1.3640. On the downside targets are 1.3520 and 1.3480.

RESISTANCE	R1:  1.3550	R2:  1.3595	R3:  1.3640
SUPPORT	S1:  1.3520	S2:  1.3480	R3:  1.3460

 

GBP/USD

Major pullbacks on the GBPUSD have been rare. Since July the GBPUSD has seen a meteoric 1400 pip rise all the way from the low 1.48’s. The major target on the upside remains at 1.6380 and the downside target is 1.5995.

RESISTANCE	R1:  1.6260	R2:  1.6290	R3:  1.6305
SUPPORT	S1:  1.6210	S2: 1.6175	R3:  1.6135

 

NZD/USD

The currency has been rangebound for the past 5 trading days between .8216 and .8341. If it breaks through these ranges, it’s upside target is .8388 and the downside target is .8156.

RESISTANCE	R1:  .8293	R2:  .8325	R3:  .8341
SUPPORT	S1:  .8258	S2:  0.8213	R3:  0.8158