Last
week’s action was hugely profitable for those traders fortunate enough to be on
the right side of the market. Still to come are some very significant economic
events on Wednesday that could give some volatility to the various markets.
More specifically, there will a report on UK’s employment numbers(GBP claimant
count change), words from US Fed Chairman Ben Bernanake and Japanese Quarterly
GDP numbers. Those looking for additional assistance, we at CMTrading are here
to help those looking to profit in the financial markets.
It’s currently trading at 1.3385
and has fallen close to 500 pips in the course of only a few trading days.
Targets on the upside are 1.3395 and 1.3421. On the downside targets are 1.3367
and 1.3331.
|
RESISTANCE
|
R1: 1.3395
|
R2: 1.3421
|
R3: 1.3453
|
|
SUPPORT
|
S1: 1.3367
|
S2: 1.3331
|
R3: 1.3306
|
GBP/USD
The currency has fallen nearly
400 pips since its high of 1.6256 on October 20th. It’s difficult to determine whether support
will hold or if tomorrow’s employment numbers will cause it to go even lower. Below
is a table of important support and resistance levels.
|
RESISTANCE
|
R1: 1.5920
|
R2: 1.5975
|
R3: 1.6018
|
|
SUPPORT
|
S1: 1.5860
|
S2: 1.5820
|
R3: 1.5790
|
USD/JPY
The currency has advanced
almost 200 pips in 3 short trading days. Tomorrow’s big report is Japanese quarterly
GDP numbers – expect dramatic moves in this currency
|
RESISTANCE
|
R1: 99.79
|
R2: 99.91
|
R3: 100.00
|
|
SUPPORT
|
S1: 99.47
|
S2: 99.13
|
R3: 98.92
|
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