Daily Market Analysis – Bad News May Already Be Priced into the Market

So far this week we’ve seen worse than expected reports in just about every area of the economy. Here’s a recap of those negative reports: German ZEW Economic Sentiment Figures, UK’s Jobless Claims, Yearly German GDP, UK Retail Sales, US Retail Sales and US FOMC minutes. Also adding fuel to the fire was the negative comments of Bank of England’s Mervyn King. Today’s important reports from the US are CPI numbers and Initial Jobless Claims at 8:30am. Following these reports we will get the Philadelphia Fed Manufacturing Index data at 10:00am plus Fed Chairman Bernanke will be speaking at 13:20. 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 

Since reaching 1.2660 earlier in the week, the pair has traded upwards to the 1.2755 level with little regard for the stream of negative economic news. The first target on the upside is 1.2788 followed by 1.2835. On the downside, the pair has support at 1.2690 followed by 1.2660. 

Resistance	R1: 1.276	R2: 1.279	R3: 1.2875
Support	S1: 1.2715	S2: 1.266	S3: 1.261

 

AUDUSD

After yesterday’s high of 1.0458, the pair has so far reached 1.0330 today. If the downward trend continues, its next target is 1.0303 followed by 1.0246. Upside targets for the currency are 1.0384 and 1.0418. 

Resistance	R1: 1.0385	R2: 1.04	R3: 1.0440
Support	S1: 1.0330	S2: 1.0303	S3: 1.0246

GBPUSD

The GBPUSD fell all the way to 1.5827 today.  Its next level of support is at 1.5800 followed by 1.5760. On the upside, the first resistance level is 1.5860 followed by 1.5915. 

Resistance	R1: 1.5860	R2: 1.5915	R3: 1.6020
Support	S1: 1.5830	S2: 1.58	S3: 1.5760

 

Gold

Gold is currently trading at $1723.53 and for the up move to continue, getting above $1726.85 could lead the way to $1732.90. On the downside, its first level of support is at $1717.46 followed by $1705.50. 

Resistance	R1: 1726.85	R2: 1732.90	R3: 1737.90
Support	S1: 1717.46	S2: 1705.50	S3: 1698.60

Daily Calendar for Thursday, November 15^th  

Time	Currency	Event	Actual	Forecast	Previous
02:00 EST	EUR	German GDP(YoY)	0.4%	0.8%	0.5%
02:00 EST	EUR	German GDP(QoQ)	0.2%	0.2%	0.3%
04:30 EST	GBP	Retail Sales(YoY)	0.6%	1.7%	2.4%
04:30 EST	GBP	Retail Sales(MoM)	0.8%	-0.1%	0.5%
08:30 EST	USD	CPI(YoY)		2.1%	2.0%
08:30 EST	USD	CPI(MoM)		0.1%	0.6%
08:30 EST	USD	Initial Jobless Claims		375k	355k
10:00 EST	USD	Philadelphia Fed Manufacturing Index		2.0	5.7
13:20 EST	USD	Fed Chairman Bernanke Speaks

Successful Trading!

Jacob Fendrich
Senior Market Analyst

http://www.CMTrading.com 

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