Monday, November 26, 2012

Daily Market Analysis – Volume Returns to Market after Holiday



Today’s market should see more action after the light volume markets saw during the US Thanksgiving holiday. The market’s should see even more volatility beginning on Tuesday with the UK’s 4th quarter GDP announcement.  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 EUR/USD has been in a steady uptrend since reaching a low of 1.2661 nearly 10 trading days ago.   Its currently trading at 1.2954 and the pair is right below major resistance. If the pair heads to the downside, the first target is 1.2940 followed by 1.29. On the upside, if it breaks through resistance, the first target is 1.2990 followed by 1.3020. At 7am, the eurozone will release numbers for the GfK German Consumer Climate. This report is a measure of consumer confidence in economic activity and higher than expected readings are bullish for the  Euro.

Resistance
R1: 1.2990
R2: 1.3020
R3: 1.3085
Support
S1: 1.2940
S2: 1.290                 
S3: 1.2835




AUDUSD

Also facing overhead resistance is the AUDUSD. It’s currently trading at 1.0449 and if the currency heads downwards, its first support level is 1.0445 followed by 1.0415. Breaking above 1.0470 gives the pair a shot at 1.0490.

Resistance
R1: 1.047
R2: 1.049
R3: 1.052
Support
S1: 1.0445
S2: 1.0415
S3: 1.039


GBPUSD

Friday’s trading saw the GBPUSD reach a high of 1.6050.  Its slightly down from that level, currently trading at 1.6011. If the pair breaks above that level its next target is 1.6075 followed by 1.6135. Targets on the downside are 1.6015 and 1.5970.

Resistance
R1: 1.605
R2: 1.6075
R3: 1.6135
Support
S1: 1.6015
S2: 1.597
S3: 1.5925


 

Gold

Friday’s trading finally saw Gold break out of its sideways consolidation pattern with a high of $1754.17. If the market continues higher, its next target on the upside is $1757.84 followed by $1764.59. On the downside, support levels to be aware of are $1739.65 and $1732.50.

Resistance
R1: 1757.84
R2: 1764.59
R3: 1777.42
Support
S1: 1739.65
S2: 1732.50
S3: 1721.60

 

Daily Calendar for Monday, November26th


Time
Currency
Event
Actual
Forecast
Previous
07:00 EST
EUR
GfK German Consumer Climate

6.2
6.3
16:45 EST
NZD
Trade Balance

-536M
-791M

Successful Trading!

Jacob Fendrich
Senior Market Analyst
      

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