Daily Market Analysis – European markets are Showing Green Today

European markets are in the positive, shrugging off worse than expected German unemployment numbers. It could be that market participants are choosing to focus on the better than expected Spanish quarterly GDP data. Whether this is the start of a new trend remains to be seen. Due to the hurricane, US markets will be closed. 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.

EURUSD 

The pair continues to show resilience as it refuses to fall below the 1.2880 level. Its currently trading right below resistance at 1.2942. Its next target on the upside is 1.3010. On the downside, the most important level to watch for seems to be 1.2880. If it drops below this, that will be give some hope to those bearish on the currency. 

Resistance	R1: 1.2960	R2: 1.2990	R3: 1.3025
Support	S1: 1.2915	S2: 1.2885	S3: 1.2850

GBPUSD

From the end of September its high was 1.6309 and it reached a low of 1.5913 just last week. It’s currently trading at 1.6059 and those who are bullish are watching to see if the pair will break out of its current downward channel to once again reclaim its September highs. Otherwise its business as usual with it’s next level of support coming in at 1.6005.

Resistance	R1: 1.6085	R2: 1.614	R3: 1.618
Support	S1: 1.604	S2: 1.6005	S3: 1.595

 

  

USDCAD
Fx traders bearish on the USDCAD must be pretty frustrated with the pair’s recent strength. So far this month the pair has rallied all the way from .9734 in early October to today’s high of 1.0019. If the market is going to reverse direction its first support level comes in at .9995, followed by .9970. Bank of Canada’s Governor Carney, who has more influence over the CAD’s value than any other person, will be speaking at 15:30.

Resistance	R1: 1.002	R2: 1.0035	R3: 1.007
Support	S1: 0.9995	S2: 0.997	S3: 0.993

 

 Gold

Gold is currently trading at $1712.78.  It remains to be seen whether the most recent low at $1698.51. If this in fact was the low, then on the upside we should watch for $1722.30 and then $1731.50. On the downside, the first target is $1698.75, followed by $1690.14.

Resistance	R1: 1712.20	R2: 1722.30	R3: 1731.50
Support	S1: 1698.75	S2: 1690.14	S3: 1681.80

 

Daily Calendar for Tuesday, October 30

Time	Currency	Event	Actual	Forecast	Previous
04:00 EST	EUR	Spanish GDP(QoQ)	-0.3%	-.4%	-.4%
04:55 EST	EUR	German Unemployment Change	20k	10k	12k
15:30 EST	CAD	BoC Gov Carney Speaks
20:30 EST	AUD	Building Approvals(MoM)		1.0%	6.4%

Successful Trading!

Jacob Fendrich
Senior Market Analyst

http://www.CMTrading.com 

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