Daily Market Analysis – World Markets Struggle to Find Firm Support

Recent market weakness could be attributed to disagreement among European finance chiefs over financial aid disbursements to Greece.  As well, already released today was the German ZEW Economic Sentiment data that was worse than expected.  Among tomorrow’s important economic reports is a speech from Bank of England’s Mervyn King, US FOMC meeting minutes plus US retail sales numbers. These reports could provide the positive data that the financial world is hoping for to reverse the market’s current trend.  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 has been on a downtrend since reaching 1.3128 in mid-october. Currently sitting at 1.2719, the first target on the downside is 1.2690 followed by 1.2640. On the upside, the pair will first need to get to 1.2670 followed by 1.2640. 

Resistance	R1: 1.2737	R2: 1.2778	R3: 1.2815
Support	S1: 1.2670	S2: 1.264	S3: 1.254

AUDUSD

The currency is currently trading at 1.0435. Its first target on the upside is 1.0440 followed by 1.0480.  On the downside, its first support is at 1.0395 followed by 1.0380. At 18:30, the Westpac Consumer Sentiment data is going to be released followed by the quarterly price index at 19:30.

Resistance	R1: 1.0440	R2: 1.0480	R3: 1.050
Support	S1: 1.0395	S2: 1.0365	S3: 1.033

GBPUSD

The GBPUSD broke through support and is currently trading at 1.5895 after having reached 1.5857.  Its next level of support is at 1.5850 followed by 1.5825. On the upside, the first resistance level is 1.5915 followed by 1.5940.  Tomorrow at 04:30 the UK’s claimant count change data is being reported. These numbers indicate the change of unemployed people and a higher than expected number may be bearish for the GBP.

Resistance	R1: 1.5915	R2: 1.5940	R3: 1.5965
Support	S1: 1.5850	S2: 1.5830	S3: 1.5770

 

Gold
Gold is currently trading at $1731.10 and for the up move to continue, getting above $1732.90 could lead the way to $1737.90. On the downside, its first level of support is at $1717.46 followed by $1705.50.

Resistance	R1: 1732.90	R2: 1737.90	R3: 1742.40
Support	S1: 1717.46	S2: 1705.50	S3: 1698.60

 

Daily Calendar for Tuesday, November 13^th  

Time	Currency	Event	Actual	Forecast	Previous
05:00 EST	EUR	German ZEW Economic Sentiment	-15.7	-9.8	-11.5
18:30 EST	AUD	Westpac Consumer Sentiment			1.0%
19:30 EST	AUD	Wage Price  Index(QoQ)		0.8%	1.0%

Successful Trading!

Jacob Fendrich
Senior Market Analyst

http://www.CMTrading.com 

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